New Mexico Administrative Code

Qualifying brokers who offer property management services for others shall: A. Execute and submit to the commission, on a form provided by the commission, a declaration of intent to offer such services. Such declaration will acknowledge the qualifying broker's responsibility for …

The provisions in Part 23 of Chapter 61 apply to all licensed qualifying brokers in New Mexico.

Part 23 of Chapter 61 is promulgated pursuant to the Real Estate Licensing Law, NMSA 1978 Section 61-29-4.

Permanent.

1-1-2012, unless a later date is cited at the end of a section.

The objective of Part 23 of Chapter 61 is to set forth the requirements and procedures for the description, establishment, maintenance, retention of, and deposits to and disbursement from, trust accounts by qualifying brokers.

Refer to 16.61.1.7 NMAC.

A. Funds of others. A qualifying broker who receives money belonging to others related to a real estate transaction shall deposit same only in a trust account in an acceptable financial institution, title company or with a qualifying broker also involved in the transaction. B. De…

A qualifying broker shall have only the following types of accounts and they shall be used only for the purposes stated. A. Brokerage trust account. This account shall be used for money belonging to others related to a real estate sales transaction. Property management funds may …

New Mexico Real Estate Commission.

Brokers shall comply with applicable local, state and federal laws and ordinances concerning managing and leasing, and maintaining property for others, including but not limited to the following: A. Federal fair housing law B. New Mexico Uniform Owner-resident Relations Act C. Fe…

In addition to the rules set forth in 16.61.23 NMAC, the following also apply to property management trust and custodial accounts. A. A property management trust account shall only contain funds derived from the management of property for others and shall be clearly identified wi…

A. Owner statements. The qualifying broker shall provide the owner with a report of receipts and disbursements monthly or as required by the management agreement, showing the following: (1) previous balance; (2) funds deposited by category; (3) funds disbursed by category; and (4…

A. There shall be a signed written management agreement between the brokerage and the owner for each property managed. The agreement shall be executed prior to acting on behalf of the owner and shall specify the brokerage relationship. B. The agreement shall define the duties and…

There shall be a signed written tenancy agreement for each property or rental unit. A. Tenancy agreements shall include, but not be limited to, the following: (1) name of tenant; (2) property address or legal description including unit number (if unit number is applicable); (3) r…

The property management brokerage shall maintain office records of all properties managed for others. A. Accessibility. Records shall be maintained at or accessible from the brokerage office at the location as registered with the commission. B. Retention. All property management …

In addition to the provisions set forth above, the following special provisions apply only with respect to the management of vacation rentals. A. If gross receipts taxes and/or lodgers' taxes are due, the management agreement shall specify who or what entity is responsible for co…

All property managers hiring vendors or employees to perform maintenance, repair or renovation activities on behalf of property owners which may require a permit issued by the Construction Industries Division or an equivalent local or municipal permitting agency shall only use ve…

The provisions in Part 24 of Chapter 61 apply to all licensed New Mexico associate brokers and qualifying brokers engaged in property management.

Part 24 of Chapter 61 is promulgated pursuant to the Real Estate Licensing Law, NMSA 1978 Section 61-29-4.

Permanent.

1-1-2012, unless a later date is cited at the end of a section.

The objective of Part 24 of Chapter 61 is to establish the requirements, policies and procedures that must be met by a New Mexico real estate associate broker or qualifying broker engaged in property management for others.

Refer to Definitions 16.61.1.7 NMAC.

The commission may appoint a property management advisory committee (PMAC) with the goal of enhancing the professional competence of property managers and reducing violations and complaints about property management services.

At any time that a qualifying broker or associate broker offers or intends to offer property management services for others, the broker shall declare that intent on a form approved by the commission, and shall be subject to education and meeting attendance requirements pursuant t…

New Mexico Real Estate Commission.

All contracts and deeds conveying an interest in a time share must contain a legal description of the time share project, time share unit and interval number for which the interest is being conveyed, if applicable. The developer shall not record a conveyance instrument until afte…

The "questionnaire and application for registration of time share project" (form TS-1) shall be made on the form prescribed by the commission. Questionnaire and application forms are available upon request at the commission office.

Any individual, including a tour guide, who shows time share units or facilities to prospective purchasers, shall hold a New Mexico real estate associate broker's or qualifying broker's license. No person except the developer may participate in any part of a time share sales pres…

Every developer of a time share project registered in this state shall, in addition to any other requirements by law: A. Maintain a full and complete record of all transactions wherein that developer or any real estate associate broker or qualifying broker representing said devel…

Records to be maintained. Every developer of a time share project registered in New Mexico shall, within a reasonable time, account for and remit any money coming into his possession which belongs to others during the sale of a time share interest. Such developer shall keep such …

The provisions in Part 25 of Chapter 61 apply to developers of time shares and individuals who perform duties outlined in this Part.

Part 25 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 25 of Chapter 61 is for carrying into effect the provisions of the New Mexico Time Share Act Section 47-11-1 through 47-11-13, NMSA 1978, and to assist the New Mexico real estate commission in the administration and performance of its duties and functions.

A. "Commission" means the New Mexico real estate commission. B. "Developer" means any person creating or engaged in the business of selling ten or more of its own time shares and includes any person who controls, is controlled by or is in common control with the developer and who…

Every application for time share project registration shall be filed at the commission office upon form TS-1 (questionnaire and application for registration of time share project) and shall contain all information requested by form TS-1 applicable to the time share project. A. Re…

A. In addition to the disclosures required by Section 5 of the act, each developer shall fully and conspicuously disclose to each purchaser in the disclosure statement the following information: (1) if any part of the project is not completely constructed at the time of sale, wha…

New Mexico Real Estate Commission.

The provisions in Part 26 of Chapter 61 apply to all New Mexico associate brokers or qualifying brokers as defined herein.

Part 26 of Chapter 61 is promulgated pursuant to the Land Title Trust Fund Act, NMSA 1978 Section 58-18B-5.

Permanent.

1-1-2002, unless a later date is cited at the end of a section.

The objective of Part 26 of Chapter 61 is to set Land Title Trust Fund Act policies and procedures used to establish and operate pooled interest-bearing escrow accounts.

Refer to 16 NMAC 1.1.7.

A. Every real estate qualifying broker who maintains a trust or escrow account as required pursuant to the provisions of Subsection H of 61-29-12 NMSA 1978 may maintain a pooled interest-bearing escrow account and may deposit all customer funds into that account except for: (1) f…

New Mexico Real Estate Commission

The provisions of Part 27 of Chapter 61 apply to all real estate brokers who are licensed by a licensing jurisdiction other than the state of New Mexico.