Chapter 61, Chapter 61

effective July 1, 2030.) The New Mexico public accountancy board is terminated on July 1, 2029 pursuant to the provisions of the Sunset Act [12-9-11 to 12-9-21 NMSA 1978]. The board shall continue to operate according to the provisions of the 1999 Public Accountancy Act until Jul…

As used in the 1999 Public Accountancy Act: A. "accounting experience" means providing service or advice involving the use of accounting, attest, management advisory, financial advisory, tax or consulting skills as verified by a certified public accountant who meets requirements …

2030.) A. The board may: (1) appoint committees or persons to advise or assist it in carrying out the provisions of the 1999 Public Accountancy Act; (2) retain its own counsel to advise and assist it in addition to advice and assistance provided by the attorney general; (3) contr…

A. The "public accountancy fund" is created in the state treasury. All money received by the board and interest earned on investment of the fund shall be credited to the fund. B. Payments from the public accountancy fund shall be made upon warrants of the secretary of finance and…

accountant. (Repealed effective July 1, 2030.) A. An applicant for a certificate shall complete the application form provided by the board and demonstrate to the board's satisfaction that the applicant: (1) is of good moral character and lacks a history of dishonest or felonious …

competency; nonresident maintenance of competency requirements. (Repealed effective July 1, 2030.) A. The board shall grant or renew a certificate upon application and demonstration that the applicant's qualifications are in accordance with the 1999 Public Accountancy Act. B. The…

It is unlawful for a person to engage in the business or act in the capacity of real estate associate broker or qualifying broker within New Mexico without a license issued by the commission. A person who engages in the business or acts in the capacity of an associate broker or a…

A. All applications for licenses to act as qualifying brokers and associate brokers shall be made in writing to the commission and shall contain such data and information as may be required upon a form to be prescribed and furnished by the commission. The application shall be acc…

A. For all regulated real estate transactions first executed on or after January 1, 2000, no agency relationship between a buyer, seller, landlord or tenant and a brokerage shall exist unless the buyer, seller, landlord or tenant and the brokerage agree, in writing, to the agency…

A. Prior to the time a licensee generates or presents any written document that has the potential to become an express written agreement, the licensee shall give to a prospective buyer, seller, landlord or tenant a list of the licensee's duties that are in accordance with require…

A. The commission shall issue to each qualified applicant a license in the form and size prescribed by the commission. B. The license shall show the name and address of the licensee. An associate broker's license shall show the name of the qualifying broker by whom the associate …

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, §…

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…

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…

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…

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.

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…