To qualify for payment from the Real Estate Recovery Fund, a consumer must NOT be which of the following?

Study for the New Mexico Broker State Exam. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

To qualify for payment from the Real Estate Recovery Fund, a consumer must not be a spouse of the debtor. This is because the Recovery Fund is designed to protect consumers who are harmed by the actions of licensed real estate agents, and allowing spouses of debtors to claim benefits would create a conflict of interest and potentially undermine the fund's purpose.

Family members of the agent, including spouses, are typically excluded to ensure that the fund serves its intended purpose of protecting independent consumers and to maintain the integrity of the real estate profession. Being a licensed real estate agent or a resident of New Mexico does not automatically disqualify someone from seeking compensation from the Recovery Fund when all other criteria are met.

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