New Mexico Administrative Code

New Mexico Real Estate Commission.

The provisions in Part 17 of Chapter 61 apply to all New Mexico associate brokers.

Part 17 of Chapter 61 is promulgated pursuant to the Real Estate Licensing Law, NMSA 1978 61-29-4.

Permanent.

1-1-2000, unless a later date is cited at the end of a section.

The objective of Part 17 of Chapter 61 is to set forth the responsibilities, in addition to all other requirements imposed by law, of associate brokers.

Refer to 16.61.1.7 NMAC.

An associate broker must be affiliated with a qualifying broker in order to engage in real estate brokerage business. An associate broker may have only one associate broker's license and be affiliated with only one qualifying broker at a time. If specified in the independent cont…

An active associate broker shall: A. complete within their first year of licensure, the commission-approved new broker business practices course or the CCIM 101 course. Associate brokers who have been on inactive status since their initial licensure shall complete the new broker …

New Mexico Real Estate Commission.

A. Dual agency occurs when: (1) an associate broker or qualifying broker is agent for both a seller client and a buyer client in the same transaction; (2) an associate broker is agent for either a seller client or a buyer client, and the agent's qualifying broker is agent for the…

The provisions in Part 19 of Chapter 61 apply to all licensed associate brokers and qualifying brokers in New Mexico.

Part 19 of Chapter 61 is promulgated pursuant to the Real Estate Licensing Law, NMSA 1978 Section 61-29-4.

Permanent.

1-1-2004, unless a later date is cited at the end of a section.

The objective of Part 19 of Chapter 61 is to define the duties of real estate associate brokers and qualifying brokers, to define the various potential brokerage relationships and to define the disclosures associate brokers and qualifying brokers are required to make when working…

Refer to 16.61.1.7 NMAC.

Brokers owe specific broker duties to prospective buyers, sellers, landlords (owners), tenants as set forth herein, 16.61.19.8 NMAC. Brokers shall disclose the applicable set of broker duties owed to buyers, sellers, landlords (owners) of rental property and tenants as set forth …

Brokerages working with consumers either as customers or clients may do so through a variety of brokerage relationships. These relationships include but are not limited to a transaction broker relationship, an exclusive agency relationship or a dual agency relationship. For all r…

New Mexico Real Estate Commission.

The provisions in Part 2 of Chapter 61 apply to all licensed brokers; applicants for broker licensure in New Mexico; anyone wishing to purchase broker mailing lists, mailing labels, or license law and rules booklets; anyone who requests a written verification of licensure to be c…

Part 2 of Chapter 61 is promulgated pursuant to the Real Estate Licensing Law, NMSA 1978 Section 61-29-4.

Permanent.

1-1-2000, unless a later date is cited at the end of a section.

The objective of Part 2 of Chapter 61 is to establish the fees to generate sufficient revenues required by the commission to carry out its administrative functions.

Refer to Definitions 16.61.1.7 NMAC.

A. For each examination, a fee not to exceed ninety-five dollars ($95.00). B. For each broker's license issued, and for each renewal thereof, a fee not to exceed two hundred seventy dollars ($270.00). C. For each license transferred, a fee not to exceed twenty dollars ($20.00). I…

Fees paid to the commission pursuant to 16.61.2.8 NMAC of the commission rules are non-refundable.

New Mexico Real Estate Commission.

The provisions in Part 20 of Chapter 61 apply to all New Mexico brokers.

Part 20 of Chapter 61 is promulgated pursuant to the Real Estate Licensing Law, NMSA 1978 61-29-4.

Permanent.

January 1, 2019, unless a later date is cited at the end of a section.

The objective of Part 20 of Chapter 61 is to set forth the responsibilities, in addition to all other requirements imposed by law, of all brokers.

Refer to 16.61.1.7 NMAC.

A. Any transaction coordinators involved in real estate transactions in New Mexico including transaction coordinators from other states must have a New Mexico broker's license. B. A transaction coordinator performing activities for a brokerage under one ownership is not required …

New Mexico Real Estate Commission.

Notwithstanding the foregoing, if an associate broker or qualifying broker is a person with a disability as defined in the Americans with Disabilities Act or regulations promulgated hereunder, an unlicensed assistant may provide such additional services normally requiring a licen…

Unlicensed assistants are subject to the penalties of Section 61-29-17 and 61-29-17.2 NMSA 1978.

The provisions in Part 21 of Chapter 61 apply to all persons defined as unlicensed assistants in New Mexico.

Part 21 of Chapter 61 is promulgated pursuant to the Real Estate Licensing Law, NMSA 1978 Section 61-29-4.

Permanent.

8-15-97, unless a later date is cited at the end of a section.

The objective of Part 21 of Chapter 61 is to establish the activities in which an unlicensed assistant is permitted/not permitted to participate.

Refer to 16.61.1.7 NMAC.

An unlicensed assistant is permitted to engage in the following activities: A. obtaining information pursuant to written instructions from the responsible person from public records, a multiple listing service, listing exchange or from third party sources including, but not limit…

An unlicensed assistant is not permitted to engage in the following activities in connection with the purchase, sale or exchange of real property: A. preparing legal documents such as listing and sales contracts; B. interpreting documents, offering opinions or advice; C. dissemin…

New Mexico Real Estate Commission.

Every qualifying broker shall keep bank and office records of all funds related to all trust and custodial accounts under the qualifying broker's control, as set forth below. A. Accessibility. Records shall be maintained at or accessible from the brokerage office as registered wi…

A. Deposits. All trust account deposits shall conform to the following requirements. (1) Timeliness. All funds of others pertaining to a real estate transaction shall be deposited into the proper trust or custodial account per written agreement of the parties to the transaction. …