New Mexico Administrative Code

The objective of Part 33 of Chapter 61 is to set forth the requirements for documentation and delivery of documentation of transactions.

Refer to 16.61.1.7 NMAC.

All transactions shall be documented and signed by all parties to the transaction.

Except as otherwise provided by law, in all circumstances it shall be the responsibility of each broker engaged in a transaction to assure that all parties to the transaction receive legible copies of any and all documents they have signed and any documents that pertain to their …

New Mexico Real Estate Commission.

Upon determination that a broker or broker applicant appears on the certified list, the commission shall: A. commence a formal proceeding as set forth in Section 11 of Part 35 to take the appropriate action under Section 8 of Part 35; or B. for current brokers only, informally no…

Prior to taking any action specified in Section 8 of Part 35, the commission shall serve upon the broker or broker applicant a written notice stating that: A. the commission has grounds to take such action, and that the commission shall take such action unless the broker or broke…

In any hearing under Part 35 of Chapter 61, relevant evidence is limited to the following: A. a statement of non-compliance is conclusive evidence that requires the commission to take the appropriate action under Section 8 of Part 35 of Chapter 61 unless; B. the broker or broker …

When an action is taken under Part 35 of Chapter 61 solely because the broker orbroker applicant is not in compliance with a judgment and order for support, the order shall state that the application or license shall be reinstated upon presentation of a subsequent statement of co…

Proceedings under Part 35 of Chapter 61 shall be governed by the Uniform Licensing Act, Section 61-1-1, et seq., or any other adjudicatory procedures adopted by the commission.

The provisions in Part 35 of Chapter 61 apply to disciplinary proceedings by this issuing agency pursuant to the Parental Responsibility Act against a license, certificate, registration or permit required to engage in a profession or occupation. The material in this Part was deri…

Part 35 of Chapter 61 is promulgated pursuant to the Parental Responsibility Act, NMSA 1978, Sections 40-50A-1 to 40-50A-13 (Ch. 25, Laws of 1995).

Permanent.

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

The objective of Part 35 of Chapter 61 is to implement the requirements of the Parental Responsibility Act as they apply to the issuance, renewal, suspension or revocation of any license required to engage in the profession by this agency under this part.

All terms defined in the Parental Responsibility Act shall have the same meanings in Part 35 of Chapter 61 as used in Part 35. A. "HSD" means the New Mexico human services department; B. "license" means a license issued by the commission that a person is required to have to engag…

If a license applicant or licensed broker is not in compliance with a judgment and order for support, the commission: A. shall deny an application for a license; B. shall deny the renewal of the license; and C. has grounds for suspension or revocation of the license.

Upon receipt of HSD's certified list of obligors not in compliance with a judgment and order for support, the commission shall match the certified list against the current list of commission brokers or broker applicants. Upon the later receipt of an application for license or ren…

New Mexico Real Estate Commission.

The provisions in Part 36 of Chapter 61 apply to anyone violating the Real Estate License Law, NMSA 1978 Section 61-29-12. The provisions in Part 36 of Chapter 61 may be of interest to anyone who may wish to file a complaint against a broker licensed by the commission, or against…

Part 36 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 36 of Chapter 61 is to set forth the procedure by which the real estate commission receives and investigates complaints against associate brokers or qualifying brokers or any other person who performs the acts of a a real estate broker in this state with or …

Refer to 16.61.1.7 NMAC.

The commission may file a complaint against any person who engages in the business or acts in the capacity of a real estate broker, real estate commission approved education sponsor or instructor, in this state with or without a New Mexico real estate license based on information…

In conducting an investigation, the commission shall give the person under investigation the opportunity to answer the complaint made against them in writing and to produce relevant documentary evidence, in accordance with the Uniform Licensing Act. If the person under investigat…

New Mexico Real Estate Commission.

New Mexico real estate associate broker or qualifying broker applicants may obtain errors and omissions coverage equivalent to the group plan from any insurance carrier subject to the following terms and conditions. A. The insurance carrier is licensed and authorized by the New M…

Applicants for licensure, transfer, and renewal shall certify compliance with this rule by submitting along with the license, transfer, or renewal application a copy of a certificate from their insurance company certifying current coverage. The commission will not issue an active…

The requirements of 16.61.5 NMAC shall be suspended if the commission through a competitive bidding and contract award process is not able to enter into a contract with a qualified insurance carrier to make available to all applicants for or holders of active New Mexico real esta…

Brokers who fail to obtain and maintain an errors and omissions insurance policy as specified herein are guilty of violating NMSA 1978 Section 61-29-4.2 of the Real Estate License Law and are subject to license suspension and revocation as provided in Section 61-29-12 A (10).

The provisions in Part 5 of Chapter 61 apply to all applicants for and holders of active New Mexico real estate broker's licenses.

Part 5 of Chapter 61 is promulgated pursuant to the Real Estate Licensing Law, NMSA 1978 Section 61-29-4.2.

Permanent.

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

The objective of Part 5 of Chapter 61 is to set forth the errors and omissions insurance coverage requirements for all applicants for and holders of active New Mexico real estate broker's licenses.

Refer to 16.61.1.7 NMAC.

Effective January 1, 2002 every active New Mexico real estate broker shall have in effect a policy of errors and omissions insurance. The commission shall enter into a contract with a qualified insurance carrier or its agent or broker to make available to all New Mexico real esta…

The group policy shall provide, at a minimum, the following terms of coverage: A. coverage of all acts for which a real estate license is required, except those illegal, fraudulent or other acts which are normally excluded from such coverage; B. an annual premium not to exceed th…

New Mexico Real Estate Commission.

The provisions in Part 6 of Chapter 61 apply to all persons wishing to qualify a corporation, partnership, or association as a real estate brokerage.

Part 6 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 6 of Chapter 61 is to set forth policies for qualifying a corporation, partnership, or association as a real estate brokerage.

Refer to 16.61.1.7 NMAC.

A. A corporation, partnership, association, proprietorship, limited liability company, or any other business entity engaged in real estate brokerage in New Mexico, except as otherwise provided in 61-29-2 (C) NMSA 1978, must employ or enter into an independent contractor agreement…

New Mexico Real Estate Commission.

The provisions in Part 7 apply to Title 16, Chapter 16 and provide relevant information about criminal background check requirements for a first-time or renewal applicant for a New Mexico real estate broker's license.