How many members serve on the New Mexico Real Estate Commission (NMREC)?
Correct Answer
D) Seven members appointed by the Governor
Under NMSA 1978, § 61-29-3, the New Mexico Real Estate Commission consists of seven members appointed by the Governor. This includes five licensed real estate brokers and two members of the public who are not licensed real estate professionals.
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Related Topics & Key Terms
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Related Concepts
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
More Practice Of Real Estate Questions
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