Chapter 61 — Chapter 61

enumerated. A. In accordance with the Uniform Licensing Act [Chapter 61, Article 1 NMSA 1978], the commission may refuse to issue a license or may suspend, revoke, limit or condition a license if the applicant or licensee has, by false or fraudulent representations, obtained a li…

license. The commission shall, before suspending or revoking any license, set the matter down for a hearing pursuant to the provisions of the Uniform Licensing Act [61-1-1 to 61-1-31 NMSA 1978]. History: 1953 Comp., § 67-24-30, enacted by Laws 1959, ch. 226, § 12; 1979, ch. 94, §…

ANNOTATIONS Repeals. — Laws 2003, ch. 22, § 7 repealed 61-29-14 NMSA 1978, as enacted by Laws 1959, ch. 226, § 13, relating to nonresident brokers, effective June 20, 2003. For provisions of former section, see the 2002 NMSA 1978 on NMOneSource.com.

The commission shall maintain a list of the names and addresses of all licensees licensed by it under the provisions of Chapter 61, Article 29 NMSA 1978, and of all persons whose license has been suspended or revoked within that year, together with such other information relative…

No action for the collection of a commission or compensation earned by any person as a qualifying broker or an associate broker required to be licensed under the provisions of Chapter 61, Article 29 NMSA 1978 shall be maintained in the courts of the state unless such person was a…

A. A foreign broker may act in the capacity of a qualifying or associate broker with respect to commercial real estate located in New Mexico; provided that prior to performing any of the real estate activities of a qualifying or associate broker, the foreign broker enters into a …

A. A nonresident licensee shall file with the commission an irrevocable consent that lawsuits and actions may be commenced against the associate broker or qualifying broker in the proper court of any county of New Mexico in which a cause of action may arise or in which the plaint…

A. Any person who engages in the business or acts in the capacity of an associate broker or a qualifying broker within New Mexico without a license issued by the commission or pursuant to Section 61-29-16.1 NMSA 1978 is guilty of a fourth degree felony. Any person who violates an…

ANNOTATIONS Recompilations. — Former 61-29-17.1 NMSA 1978, relating to disciplinary action by the New Mexico real estate commission concerning time share projects, enacted by Laws 1986, ch. 97, § 14, has been recompiled as 47-11-11.2 NMSA 1978.

The commission may impose a civil penalty on any person who is found, through a court or administrative proceeding, to have acted in violation of Chapter 61, Article 29 NMSA 1978 in an amount not to exceed one thousand dollars ($1,000) for each violation or, if the commission can…

Nothing contained in Chapter 61, Article 29 NMSA 1978 shall affect the power of cities and villages to tax, license and regulate qualifying brokers or associate brokers. The requirements hereof shall be in addition to the requirements of an existing or future ordinance of any cit…

History: 1953 Comp., § 67-24-36, enacted by Laws 1978, ch. 203, § 2; 1981, ch. 241, § 33; 1983, ch. 261, § 7; 1987, ch. 333, § 12; 1993, ch. 83, § 7; 1993, ch. 253, § 3; 2000, ch. 4, § 17; 2005, ch. 208, § 21; 2011, ch. 30, § 8; repealed by Laws 2011, ch. 85, § 11.

purpose; appropriation. A. The "real estate education and training fund" is created in the state treasury. The fund shall consist of an initial transfer of the balance in the real estate recovery fund as provided in Subsection C of this section; legislative appropriations to the …

A. As used in Chapter 61, Article 29 NMSA 1978: (1) "agency relationship" means the fiduciary relationship created solely by an express written agency agreement between a person and a brokerage, authorizing the brokerage to act as an agent for the person according to the scope of…

Sections 61-29-20 through 61-29-29 NMSA 1978 may be cited as the "Real Estate Recovery Fund Act". History: Laws 1980, ch. 82, § 1; 2022, ch. 39, § 98.

There is created in the state treasury a fund which shall be known as the "real estate recovery fund" to be administered by the real estate commission in accordance with the provisions of the Real Estate Recovery Fund Act [61-29-20 to 61-29-29 NMSA 1978]. All money received by th…

A. The commission shall collect an annual fee not in excess of ten dollars ($10.00) from each real estate licensee prior to the issuance of the next license. B. The commission shall collect from each successful applicant for an original real estate license, in addition to the ori…

requirements; recovery limitations. A. When an aggrieved person claims a pecuniary loss caused by a state-licensed qualifying broker or associate broker based upon fraud, knowing or willful misrepresentation or wrongful conversion of funds entrusted to the qualifying broker or as…

Upon receipt of a petition as required by Section 61-29-23 NMSA 1978, the commission shall conduct a hearing in substantially the same manner and with the same authority as set forth in the Uniform Licensing Act [Chapter 61, Article 1 NMSA 1978]. The commission may compromise a c…

If the commission makes a specific finding of the items enumerated in Section 61- 29-23 NMSA 1978 and determines that a claim should be levied against the real estate recovery fund, the commission shall enter an order requiring payment from the fund of that portion of the petitio…

If at any time the money deposited in the real estate recovery fund is insufficient to satisfy any authorized claim for payment from the fund, the real estate commission shall, when sufficient money has been deposited in the fund, satisfy such unpaid claims in the order that they…

When the commission makes any payment from the real estate recovery fund to a judgment creditor, the commission shall be subrogated to all rights of the judgment creditor for the amounts paid out of the fund and any amount and interest so recovered by the commission shall be depo…

The failure of any person to comply with all of the provisions of the Real Estate Recovery Fund Act [61-29-20 to 61-29-29 NMSA 1978] shall constitute a waiver of any rights pursuant to that act. History: Laws 1980, ch. 82, § 9. ANNOTATIONS

Nothing contained in the Real Estate Recovery Fund Act [61-29-20 to 61-29-29 NMSA 1978] shall limit the authority of the real estate commission to take disciplinary action against a licensee for a violation of any of the provisions of Section 61-29-12 NMSA 1978 or of the rules an…

The provisions of the Criminal Offender Employment Act [28-2-1 to 28-2-6 NMSA 1978] shall govern any consideration of criminal records required or permitted by Sections 61-29-1 through 61-29-18 NMSA 1978. History: 1953 Comp., § 67-24-20.1, enacted by Laws 1974, ch. 78, § 29.

A. The "New Mexico real estate commission" is created. The commission shall be appointed by the governor and shall consist of five members who shall have been residents of the state for three consecutive years immediately prior to their appointment, four of whom shall have been a…

programs; minimum requirements. The commission shall adopt rules providing for continuing education courses in selling, leasing or managing residential, commercial and industrial property as well as courses in basic real estate law and practice and other courses prescribed by the…

liability insurance; minimum coverage. A. In addition to the powers and duties granted to the commission pursuant to the provisions of Sections 61-29-4 and 61-29-4.1 NMSA 1978, the commission may adopt rules that require professional liability insurance coverage and may establish…

attached. The commission is administratively attached to the regulation and licensing department. History: Laws 2001, ch. 163, § 12.

criminal history background checks. A. All applicants for licensure as provided for in Chapter 61, Article 29 NMSA 1978 shall: (1) be required to provide fingerprints only upon initial licensure on two fingerprint cards for submission to the federal bureau of investigation to con…

The commission shall organize by electing a president, vice president and secretary from its members. A majority of the commission shall constitute a quorum and may exercise all powers and duties devolving upon it and do all things necessary to carry into effect the provisions of…

ANNOTATIONS Recompilations. — Former 61-29-5.1 NMSA 1978, relating to a register of time share projects and applicants for certificates of registration, enacted by Laws 1986, ch. 97, § 13, has been recompiled as 47-11-11.1 NMSA 1978.

The commission shall meet at least once each quarter-year at such time and place as may be designated by the commission president, and special meetings may be held upon five days' written notice to each of the commission members by the commission president. History: 1953 Comp., §…

Each member of the commission shall receive per diem and mileage as provided in the Per Diem and Mileage Act [10-8-1 to 10-8-8 NMSA 1978] and shall receive no other compensation, perquisite or allowance. History: 1953 Comp., § 67-24-24, enacted by Laws 1959, ch. 226, § 6; 1963, c…

A. Except as provided in Section 61-1-34 NMSA 1978, the following fees shall be established and charged by the commission and paid into the real estate commission fund: (1) for each examination, a fee established by the commission based on competitive bids for examination service…

A. Licenses shall be granted only to persons who meet the requirements for licensure prescribed by law and are deemed by the commission to be of good repute and competent to transact the business of a qualifying broker or an associate broker in a manner that safeguards the intere…

Chapter 61, Article 30 NMSA 1978 may be cited as the "Real Estate Appraisers Act". History: Laws 1990, ch. 75, § 1; 1992, ch. 54, § 1.

(Repealed effective July 1, 2030.) A. It is unlawful for any person in this state to engage or attempt to engage in the business of developing or communicating real estate appraisals or appraisal reports without first registering as a real estate appraiser trainee or obtaining a …

effective July 1, 2030.) A. Registration as a real estate appraiser trainee shall be granted only to persons who are deemed by the board to be of good repute and competent to render appraisals. B. Each applicant for registration as a real estate appraiser trainee shall have reach…

2030.) A. Licenses shall be granted only to persons who are deemed by the board to be of good repute and competent to render appraisals. B. Each applicant for a license as a state licensed residential real estate appraiser shall have reached the age of majority. C. Each applicant…

estate appraisers. (Repealed effective July 1, 2030.) A. Certified classification shall be granted only to persons who are deemed by the board to be of good repute and competent to render appraisals. B. Each applicant for a state certified residential or general real estate appra…

examination. (Repealed effective July 1, 2030.) A. All applications for registrations, licenses or certificates shall be made to the board in writing, either in person or electronically, shall specify whether registration or a license or a certificate is being applied for by the …

certificates. (Repealed effective July 1, 2030.) A. The board shall issue to each qualified applicant evidence of registration, a license or a certificate in a form and size prescribed by the board. B. The board in its discretion may renew registrations, licenses or certificates …

or certificate. (Repealed effective July 1, 2030.) A. The board, consistent with Section 61-30-7 NMSA 1978, shall refuse to issue or renew a registration, license or certificate or shall suspend or revoke a registration, license or certificate at any time when the applicant, real…

effective July 1, 2030.) A. The board may adopt rules that provide for criminal history background checks for all registrants, certified licensees and licensees to include: (1) requiring criminal history background checks of applicants for registration, certified licensure or lic…

good standing. (Repealed effective July 1, 2030.) A. Each real estate appraiser trainee, state licensed residential real estate appraiser or state certified real estate appraiser shall comply with the generally accepted standards of professional appraisal practice and the general…

A. Except as provided in Section 61-1-34 NMSA 1978, the board shall charge and collect the following fees not to exceed: (1) an application fee for real estate appraiser trainee registration, two hundred dollars ($200); (2) an application fee for a license or residential certific…

(Repealed effective July 1, 2030.) A. There is created in the state treasury the "appraiser fund" to be administered by the board. All fees received by the board pursuant to the Real Estate Appraisers Act and the Appraisal Management Company Registration Act [Chapter 47, Article …

A. The board shall adopt rules providing for continuing education programs that offer courses in real property appraisal, practices and techniques, including basic real estate law and practice. The rules shall require that every real estate appraiser trainee, state licensed resid…

2030.) A. The purpose of the Real Estate Appraisers Act [Chapter 61, Article 30 NMSA 1978] is to provide a comprehensive body of law for the effective regulation and active supervision of the business of developing and communicating real estate appraisals in response to the feder…