In New Mexico, a qualifying broker receives money belonging to others in a real estate transaction. Which statement is correct?
Correct Answer
D) The money must be deposited only in a properly designated trust account at an acceptable financial institution unless another rule-approved arrangement applies
New Mexico trust-account rules require proper handling of money belonging to others. Source basis: 16.61.23 NMAC, Trust Accounts: trust account designation, records, deposits, disbursements, and commingling; checked 2026-04-30.
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Related Topics & Key Terms
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Related Concepts
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
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