New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 16 - QUALIFYING BROKER: AFFILIATION AND RESPONSIBILITIES › Section 16.61.16.9 - RESPONSIBILITIES

Current through Register Vol. 35, No. 13, July 16, 2024
A qualifying broker shall, in addition to all other
				  requirements imposed by law, comply with the following:
A. Conduct the real estate brokerage business
				under the trade name and from the brokerage address or addresses registered
				with the commission.
B. Prominently
				display in the brokerage office, the qualifying broker's own license and the
				licenses of all other affiliated associate brokers conducting real estate
				brokerage business from the brokerage office; in the event of a virtual office,
				this requirement is met by displaying a legible photo or scanned image of the
				licenses on the brokerage's web site through a link labeled "real estate
				licenses.
C. Have in the brokerage
				office and available to all affiliated associate brokers and qualifying brokers
				a current copy of the state of the New Mexico real estate license law and rules
				manual.
D. Notify the commission in
				writing within 10 days of a change of the brokerage office address or telephone
				number.
E Supervise trust account
				management by brokerage owners whether or not the brokerage owners are licensed
				real estate brokers. Such trust account management will conform to other trust
				account requirements in the commission rules.
F. Maintain all transaction records for six
				years if not performing property management, and for the full term of the
				assignment if performing property management. All such records shall be
				available to the commission or any duly authorized commission representative at
				the place of business of the qualifying broker or at the commission office.
				Records may be in paper or electronic format. In the case of property managers,
				all records shall be retained for the full term of any agreement and for six
				years from the termination of the management agreement;
G. Develop written office policies describing
				duties and responsibilities of brokers within the brokerage and guidance to
				brokers in avoiding violations of state or federal laws regarding real estate
				or rules of the real estate commission. Qualifying brokers who do not supervise
				are not required to develop written office policies. Office policies shall:
(1) Be provided to each broker within the
				brokerage and must include a signed acknowledgement by broker that policies
				were received and read and that broker agrees to follow the policies;
(2) Be available for inspection, upon
				request, by any authorized representative of the commission;
(3) Include obligations for brokers to inform
				the qualifying broker of any situation in which the broker is unsure,
				untrained, or concerned;
(4)
				Include obligations for the broker to be competent;
(5) Include obligations of the qualifying
				broker to make reasonable attempts to resolve issues that arise;
(6) Include a requirement to follow the state
				and federal laws regarding real estate and the rules of the real estate
				commission;
(7) Include a
				requirement for broker to present all advertising drafts not prepared by the
				brokerage to the qualifying broker for approval; and,
(8) Include a requirement for brokers to
				renew their license on time, and to be responsible for completing continuing
				education as required by the commission rules for renewal.