reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 15 - APPROVAL OF REAL ESTATE COURSES, SPONSORS, AND INSTRUCTORS › Section 16.61.15.12 - APPROVAL OF INSTRUCTORS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Commission approved course instructors. Instructors must be approved by the
				commission before teaching courses. The following requirements apply to all
				commission approved instructors.
(1) Be
				honest, truthful, reputable, professional, and competent.
(2) Submit a commission-approved application
				before presenting the course to the committee.
(3) Complete a commission approved instructor
				training course within one year of being initially approved as an instructor
				and every three years thereafter. Instructors who fail to submit documentation
				of completion of the instructor-training course will not be
				re-certified.
(4) Provide copies of
				student handouts during their course presentation.
(5) Make a minimum 15 minute presentation to
				the committee exhibiting their teaching skills and knowledge of the subject
				matter, and be prepared to answer questions. Presentations must conform to the
				generally accepted principles of education (GAPE) as established by the real
				estate educators' association (REEA).
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 16 - QUALIFYING BROKER: AFFILIATION AND RESPONSIBILITIES › Section 16.61.16.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 16 of Chapter 61 apply to all New
				  Mexico qualifying brokers.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 16 - QUALIFYING BROKER: AFFILIATION AND RESPONSIBILITIES › Section 16.61.16.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 16 of Chapter 61 is promulgated pursuant to the Real
				  Estate Licensing Law, NMSA 1978 Section
				  61-29-4.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 16 - QUALIFYING BROKER: AFFILIATION AND RESPONSIBILITIES › Section 16.61.16.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
1-1-2012, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 16 - QUALIFYING BROKER: AFFILIATION AND RESPONSIBILITIES › Section 16.61.16.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 16 of Chapter 61 is to set forth the
				  responsibilities, in addition to all other requirements imposed by law, of a
				  qualifying broker.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 16 - QUALIFYING BROKER: AFFILIATION AND RESPONSIBILITIES › Section 16.61.16.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
Refer to
				  16.61.1.7
				  NMAC.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 16 - QUALIFYING BROKER: AFFILIATION AND RESPONSIBILITIES › Section 16.61.16.8 - AFFILIATION

Current through Register Vol. 35, No. 13, July 16, 2024
A qualifying broker is responsible for all real estate
				  activities within the brokerage. A qualifying broker may serve concurrently as
				  a qualifying broker for more than one brokerage. A qualifying broker may by
				  written agreement engage the services of associate brokers and qualifying
				  brokers, provided that the terms of such agreements are consistent with the
				  responsibilities of associate brokers and qualifying brokers as set forth in
				  parts
				  16.61.16.9 NMAC
				  and
				  16.61.17.9 NMAC.
				  A qualifying broker may serve as qualifying broker and associate broker for
				  different brokerages simultaneously provided that there are written agreements
				  executed specifying the responsibilities and scope of authority that the broker
				  has for each brokerage. For purposes of this section "broker" means any
				  licensee in a brokerage who is not acting in the capacity of a supervising
				  qualifying broker.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 16 - QUALIFYING BROKER: AFFILIATION AND RESPONSIBILITIES › Section 16.61.16.10 - MITIGATING FACTORS TO QUALIFYING BROKER RESPONSIBILITIES

Current through Register Vol. 35, No. 13, July 16, 2024
Any of the following may be considered by the commission as
				  mitigating factors regarding an alleged violation of the responsibilities named
				  in
				  16.61.16.9 NMAC,
				  above
A. The qualifying broker has
				written policies guiding brokers from violating state or federal laws regarding
				real estate or rules of the real estate commission as demonstrated by all of
				the following:
(1) The qualifying broker
				demonstrates the broker received written policies and an acknowledgment that
				broker read and agreed to follow the policies;
(2) The qualifying broker can demonstrate
				access was provided to associate brokers to any of the following:
(a) Ongoing training or education sessions
				for associate brokers;
(b) Ongoing
				discussions regarding real estate practice, procedures and law, the rules of
				the commission;
(c) Ongoing
				discussions regarding completing real estate forms correctly;
(d) Ongoing discussions regarding changes to
				forms, rules and regulations, statutes and any other commission
				regulations
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 17 - ASSOCIATE BROKER: AFFILIATION AND RESPONSIBILITIES › Section 16.61.17.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 17 of Chapter 61 apply to all New
				  Mexico associate brokers.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 17 - ASSOCIATE BROKER: AFFILIATION AND RESPONSIBILITIES › Section 16.61.17.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 17 of Chapter 61 is promulgated pursuant to the Real
				  Estate Licensing Law, NMSA 1978
				  61-29-4.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 17 - ASSOCIATE BROKER: AFFILIATION AND RESPONSIBILITIES › Section 16.61.17.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
1-1-2000, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 17 - ASSOCIATE BROKER: AFFILIATION AND RESPONSIBILITIES › Section 16.61.17.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 17 of Chapter 61 is to set forth the
				  responsibilities, in addition to all other requirements imposed by law, of
				  associate brokers.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 17 - ASSOCIATE BROKER: AFFILIATION AND RESPONSIBILITIES › Section 16.61.17.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
Refer to
				  16.61.1.7
				  NMAC.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 17 - ASSOCIATE BROKER: AFFILIATION AND RESPONSIBILITIES › Section 16.61.17.8 - AFFILIATION

Current through Register Vol. 35, No. 13, July 16, 2024
An associate broker must be affiliated with a qualifying
				  broker in order to engage in real estate brokerage business. An associate
				  broker may have only one associate broker's license and be affiliated with only
				  one qualifying broker at a time. If specified in the independent contractor
				  agreement between the brokerage and the associate broker, an associate broker
				  may perform brokerage services for different qualifying brokers within the same
				  brokerage with the same ownership. A broker performing brokerage related
				  services in the capacity of a transaction coordinator for multiple brokerages
				  must have a qualifying broker's license issued by the
				  commission.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 19 - BROKER DUTIES AND BROKERAGE RELATIONSHIPS › Section 16.61.19.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 19 of Chapter 61 apply to all licensed
				  associate brokers and qualifying brokers in New Mexico.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 19 - BROKER DUTIES AND BROKERAGE RELATIONSHIPS › Section 16.61.19.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 19 of Chapter 61 is promulgated pursuant to the Real
				  Estate Licensing Law, NMSA 1978 Section
				  61-29-4.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 19 - BROKER DUTIES AND BROKERAGE RELATIONSHIPS › Section 16.61.19.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
1-1-2004, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 19 - BROKER DUTIES AND BROKERAGE RELATIONSHIPS › Section 16.61.19.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 19 of Chapter 61 is to define the
				  duties of real estate associate brokers and qualifying brokers, to define the
				  various potential brokerage relationships and to define the disclosures
				  associate brokers and qualifying brokers are required to make when working with
				  consumers.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 19 - BROKER DUTIES AND BROKERAGE RELATIONSHIPS › Section 16.61.19.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
Refer to
				  16.61.1.7
				  NMAC.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 19 - BROKER DUTIES AND BROKERAGE RELATIONSHIPS › Section 16.61.19.8 - BROKER DUTIES; DISCLOSURE

Current through Register Vol. 35, No. 13, July 16, 2024
Brokers owe specific broker duties to prospective buyers,
				  sellers, landlords (owners), tenants as set forth herein, 16.61.19.8 NMAC.
				  Brokers shall disclose the applicable set of broker duties owed to buyers,
				  sellers, landlords (owners) of rental property and tenants as set forth herein,
				  16.61.19.8 NMAC, prior to the time the broker generates or presents any written
				  document to that party that has the potential to become an express written
				  agreement and obtain from that applicable party written acknowledgement that
				  the broker has made such disclosures. Brokers shall perform all duties
				  established for brokers by the commission. In the case of prospective buyers,
				  sellers, landlord (owners) and tenants to whom the broker is not directly
				  providing real estate services, such disclosure and acknowledgment of receipt
				  shall be made through the broker who is directly providing real estate services
				  to that buyer, seller, landlord (owner) or tenant.
A. Brokers owe the following duties to
				prospective buyers, sellers, landlords (owners) and tenants:
(1) Honesty and reasonable care and ethical
				and professional conduct.
(2)
				Compliance with local, state, and federal fair housing and anti-discrimination
				laws, the New Mexico real estate license law and the real estate commission
				rules, the New Mexico Uniform Owner Resident Relations Act, and other
				applicable local, state, and federal laws and regulations.
(3) Performance of any and all written
				agreements made with the prospective buyer, seller, landlord (owner) or
				tenant.
(4) Written disclosure of
				any potential conflict of interest that the broker has in the transaction
				including but not limited to:
(a) Any written
				brokerage relationship the broker has with any other parties to the
				transaction,
(b) Any material
				interest or relationship of a business, personal, or family nature that the
				broker has in the transaction, or;
(c) Any written agreement the broker has with
				a transaction coordinator who will be providing brokerage services related to
				the transaction.
(5)
				Written disclosure of any adverse material facts actually known by the
				associate broker or qualifying broker about the property or the transaction, or
				about the financial ability of the parties to the transaction to complete the
				transaction; adverse material facts requiring disclosure do not include any
				information covered by federal fair housing laws or the New Mexico Human Rights
				Act.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 19 - BROKER DUTIES AND BROKERAGE RELATIONSHIPS › Section 16.61.19.9 - BROKERAGE RELATIONSHIPS

Current through Register Vol. 35, No. 13, July 16, 2024
Brokerages working with consumers either as customers or
				  clients may do so through a variety of brokerage relationships. These
				  relationships include but are not limited to a transaction broker relationship,
				  an exclusive agency relationship or a dual agency relationship. For all
				  regulated real estate transactions, a customer or client may enter into an
				  express written agreement to become a client of a brokerage without creating an
				  agency relationship, and no agency duties will be imposed.
A. Transaction broker: a qualifying broker,
				associate broker or brokerage that provides real estate services without
				entering into an agency relationship. The transaction broker relationship is a
				non-fiduciary relationship.
B.
				Exclusive agency: an express written agreement between a person and a brokerage
				wherein the brokerage agrees to exclusively represent as an agent the interests
				of the person in a real estate transaction. Such agreements include buyer
				agency, seller agency, designated agency, and subagency agreements.
C. Dual agency: an express written agreement
				that modifies existing exclusive agency agreements to provide that the
				brokerage agrees to act as a facilitator in a real estate transaction rather
				than as an exclusive agent for either party to the transaction.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 19 - BROKER DUTIES AND BROKERAGE RELATIONSHIPS › Section 16.61.19.10 - DUAL AGENCY RELATIONSHIP

Current through Register Vol. 35, No. 13, July 16, 2024
A. Dual agency occurs when:
(1) an associate broker or qualifying broker
				is agent for both a seller client and a buyer client in the same
				transaction;
(2) an associate
				broker is agent for either a seller client or a buyer client, and the agent's
				qualifying broker is agent for the other client in the transaction;
				and,
(3) in a transaction where a
				buyer client and a seller client are each served by different associate brokers
				in an agency relationship supervised by the same qualifying broker, and the
				qualifying broker does not choose the designated agency option, both the
				associate brokers and the qualifying broker are dual agents in the
				transaction.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 20 - TRANSACTION COORDINATOR › Section 16.61.20.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 20 of Chapter 61 is promulgated pursuant to the Real
				  Estate Licensing Law, NMSA 1978 61-29-4.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 20 - TRANSACTION COORDINATOR › Section 16.61.20.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
January 1, 2019, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 20 - TRANSACTION COORDINATOR › Section 16.61.20.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 20 of Chapter 61 is to set forth the
				  responsibilities, in addition to all other requirements imposed by law, of all
				  brokers.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 21 - UNLICENSED ASSISTANTS › Section 16.61.21.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 21 of Chapter 61 apply to all persons
				  defined as unlicensed assistants in New Mexico.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 21 - UNLICENSED ASSISTANTS › Section 16.61.21.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 21 of Chapter 61 is promulgated pursuant to the Real
				  Estate Licensing Law, NMSA 1978 Section
				  61-29-4.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 21 - UNLICENSED ASSISTANTS › Section 16.61.21.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
8-15-97, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 21 - UNLICENSED ASSISTANTS › Section 16.61.21.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 21 of Chapter 61 is to establish the
				  activities in which an unlicensed assistant is permitted/not permitted to
				  participate.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 21 - UNLICENSED ASSISTANTS › Section 16.61.21.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
Refer to
				  16.61.1.7
				  NMAC.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 21 - UNLICENSED ASSISTANTS › Section 16.61.21.8 - PERMITTED ACTIVITIES

Current through Register Vol. 35, No. 13, July 16, 2024
An unlicensed assistant is permitted to engage in the
				  following activities:
A. obtaining
				information pursuant to written instructions from the responsible person from
				public records, a multiple listing service, listing exchange or from third
				party sources including, but not limited to, surveyors, banks, appraisers and
				title companies;
B. hosting and/or
				distributing literature at an open house under the following conditions:
(1) an unlicensed assistant does not discuss,
				negotiate or solicit offers for the property or provide any information other
				than printed material prepared and approved by the responsible person;
				and
(2) the responsible person is
				present at the open house where the unlicensed assistant is located;
(3) all inquiries are referred to the
				responsible person or other associate brokers or qualifying brokers;
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 21 - UNLICENSED ASSISTANTS › Section 16.61.21.9 - PROHIBITED ACTIVITIES

Current through Register Vol. 35, No. 13, July 16, 2024
An unlicensed assistant is not permitted to engage in the
				  following activities in connection with the purchase, sale or exchange of real
				  property:
A. preparing legal documents
				such as listing and sales contracts;
B. interpreting documents, offering opinions
				or advice;
C. disseminating and
				distributing information, unless the information is in writing and is prepared
				and approved by the responsible person;
D. obtaining personal or property information
				from a client or customer of the responsible person except when acting as a
				coordinator directed by the responsible person by gathering and following up on
				information and the status of matters pertaining to the transaction after a
				contract has been executed;
E.
				picking up from or delivering to customers or clients financial documents
				prepared by title companies, lenders or other third persons for the purpose of
				obtaining signatures;
F. attending
				a closing without the responsible person present;
G. representing himself or herself as being
				an associate broker or a qualifying broker or as being engaged in the business
				of buying, selling, exchanging, renting, leasing, managing, auctioning or
				dealing with options on any real estate or the improvements thereon for
				others;
H. telephone solicitation
				of any kind designed to procure transactions requiring licensure under Section
				61-29-1
				et. Seq. NMSA 1978, including, but not limited to, procuring buyers, sellers,
				listings or appointments for listing presentations.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 21 - UNLICENSED ASSISTANTS › Section 16.61.21.10 - DISABILITY

Current through Register Vol. 35, No. 13, July 16, 2024
Notwithstanding the foregoing, if an associate broker or
				  qualifying broker is a person with a disability as defined in the Americans
				  with Disabilities Act or regulations promulgated hereunder, an unlicensed
				  assistant may provide such additional services normally requiring a license to
				  or on behalf of the associate broker or qualifying broker as would constitute a
				  reasonable accommodation so long as the unlicensed assistant is under the
				  direct control of the associate broker or qualifying broker, the associate
				  broker or qualifying broker is as close as is practical to the activity, and
				  the unlicensed assistant is not represented as being or having the authority to
				  act as an associate broker or qualifying broker. The associate broker or
				  qualifying broker shall notify the commission of the identity of all unlicensed
				  assistants who perform services normally requiring a license for the associate
				  broker or qualifying broker pursuant to this rule prior to performance of these
				  services.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 21 - UNLICENSED ASSISTANTS › Section 16.61.21.11 - PENALTIES

Current through Register Vol. 35, No. 13, July 16, 2024
Unlicensed assistants are subject to the penalties of Section
				  61-29-17
				  and
				  61-29-17.2
				  NMSA 1978.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 23 - TRUST ACCOUNTS › Section 16.61.23.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 23 of Chapter 61 apply to all licensed
				  qualifying brokers in New Mexico.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 23 - TRUST ACCOUNTS › Section 16.61.23.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 23 of Chapter 61 is promulgated pursuant to the Real
				  Estate Licensing Law, NMSA 1978 Section
				  61-29-4.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 23 - TRUST ACCOUNTS › Section 16.61.23.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
1-1-2012, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 23 - TRUST ACCOUNTS › Section 16.61.23.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
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.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 23 - TRUST ACCOUNTS › Section 16.61.23.8 - DESCRIPTION, DESIGNATION AND RECONCILIATION

Current through Register Vol. 35, No. 13, July 16, 2024
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. Designation. All
				trust accounts shall be designated on the institution's records as "trust
				account" and include the trade name of the brokerage as registered with the
				commission.
C. Electronic
				transactions. Online payments, direct deposits and other electronic
				transactions are permitted as long as each transaction can be tracked on the
				bank statement and on the property ledger.
D. Reconciliation. As defined in Subsection
				VV of 16.61.1 NMAC Section 1 of the commission rules, trust account
				reconciliation must be performed monthly and verified by the qualifying
				broker.
E. Property ledgers. Each
				trust account transaction shall be assigned to and properly accounted for in
				relation to the managed property to which it belongs (e.g. single family home,
				apartment complex or commercial property).
F. Number of trust accounts. A brokerage may
				have more than one trust account.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 23 - TRUST ACCOUNTS › Section 16.61.23.9 - TYPES OF TRUST ACCOUNTS

Current through Register Vol. 35, No. 13, July 16, 2024
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 not be placed in this trust account.
				In lieu of a brokerage trust account, a broker may deposit funds with a title
				company authorized to do business in the state of New Mexico. If a title
				company is used in lieu of a brokerage trust account, then receipt and deposit
				records shall be kept as outlined in this section.
B. Property management trust account. This
				account shall be used for money belonging to others received by a qualifying
				broker related to managing properties for others. All management commissions
				and fees may be deposited, withdrawn and tracked through the property
				management trust account as long as those commissions and fees are specified in
				the agreement between the property owner and brokerage.
C. Special trust account. In the event the
				principals to a sale transaction agree in writing that an interest bearing
				special trust account is to be established, a written agreement shall be
				prepared stating as a minimum the following:
(1) the qualifying broker shall be named as
				sole trustee;
(2) name of the
				acceptable financial institution wherein the funds are to be
				deposited;
(3) the amount of
				interest to be paid on the funds and to whom the interest shall
				accrue;
(4) the final disposition
				of principal and interest upon closing, termination or default by either party
				to the transaction; and
(5) the
				signatures of all parties to the transaction and the qualifying broker as
				trustee.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 23 - TRUST ACCOUNTS › Section 16.61.23.10 - RECORD ACCESSIBILITY, RETENTION AND INSPECTION

Current through Register Vol. 35, No. 13, July 16, 2024
Every qualifying broker shall keep bank and office records
				  of all funds related to all trust and custodial accounts under the qualifying
				  broker's control, as set forth below.
A. Accessibility. Records shall be maintained
				at or accessible from the brokerage office as registered with the
				commission.
B. Retention. All trust
				and custodial account records shall be retained for six years after the
				completion of a transaction.
C.
				Property management. All trust and custodial account records shall be retained
				for the full term of any agreement. At the termination of a management
				agreement, records shall be retained for six years from the date of
				termination.
D. Inspection. All
				financial documents shall be subject to inspection by the commission or its
				duly authorized representative at the designated location of such records or at
				the offices of the commission. The records shall include, at a minimum, clear
				indication of all funds received and disbursed on behalf of others in all real
				estate transactions wherein the qualifying broker is involved.
E. The qualifying broker is responsible for
				the maintenance and safekeeping of all trust and custodial account
				records.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 23 - TRUST ACCOUNTS › Section 16.61.23.11 - DEPOSITS, DISBURSEMENTS AND COMMINGLING

Current through Register Vol. 35, No. 13, July 16, 2024
A. Deposits. All trust account deposits shall
				conform to the following requirements.
(1)
				Timeliness. All funds of others pertaining to a real estate transaction shall
				be deposited into the proper trust or custodial account per written agreement
				of the parties to the transaction.
(2) Receipt records. A detailed record of all
				funds received shall be maintained by the qualifying broker and shall clearly
				indicate the following:
(a) date
				received;
(b) date
				deposited;
(c) from whom
				received;
(d) amount of
				deposit;
(e) property address or
				legal description including unit number (if unit number is applicable);
				and
(f) category or purpose of
				receipt (e.g., earnest money, rent, security deposit, funds from owner,
				etc.).
(3) Wrongful
				deposits. The following actions involving any trust account shall be improper
				and shall constitute commingling:
(a)
				depositing a broker's own funds into a trust or custodial account without
				disclosure to the owner of a managed property and the real estate
				commission;
(b) depositing funds in
				a trust or custodial account that are not directly related to a real estate
				transaction or a managed property except as allowed by law; and
(c) depositing funds of others in an account
				that is not a properly designated trust account.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 23 - TRUST ACCOUNTS › Section 16.61.23.12 - TRUST ACCOUNT DECLARATION AND RECORD KEEPING

Current through Register Vol. 35, No. 13, July 16, 2024
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 all property management services
				provided by the brokerage including maintenance of the records described
				below.
B. Maintain records of such
				services as provided in 16.61.23 NMAC and 16.61.24 NMAC, including:
(1) A list of all property management trust
				and custodial accounts maintained by the brokerage;
(2) The name of the bank(s) at which such
				trust or custodial accounts are maintained;
(3) Monthly trust or custodial account
				reconciliation(s) demonstrating a three-way reconciliation between the trust or
				custodial account, the bank statement, and the property ledger;
(4) Trust or custodial account year-end
				balances.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 24 - PROPERTY MANAGEMENT › Section 16.61.24.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 24 of Chapter 61 apply to all licensed
				  New Mexico associate brokers and qualifying brokers engaged in property
				  management.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 24 - PROPERTY MANAGEMENT › Section 16.61.24.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 24 of Chapter 61 is promulgated pursuant to the Real
				  Estate Licensing Law, NMSA 1978 Section
				  61-29-4.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 24 - PROPERTY MANAGEMENT › Section 16.61.24.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
1-1-2012, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 24 - PROPERTY MANAGEMENT › Section 16.61.24.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
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.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 24 - PROPERTY MANAGEMENT › Section 16.61.24.8 - PROPERTY MANAGEMENT ADVISORY COMMITTEE

Current through Register Vol. 35, No. 13, July 16, 2024
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.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 24 - PROPERTY MANAGEMENT › Section 16.61.24.9 - DECLARATION OF INTENT

Current through Register Vol. 35, No. 13, July 16, 2024
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 to
				  16.61.3.14
				  NMAC, and delineated as follows:
A.
				Qualifying brokers and associate brokers who offer or intend to offer property
				management services for others, shall as a condition of offering property
				management services, first complete the commission approved course, Uniform
				Owner-Resident Relations Act, or a commission approved equivalent property
				management related course, prior to offering such services, and in every
				subsequent three-year licensing cycle.
B. Associate brokers who offer or intend to
				offer property management services for others, shall do so only with the
				knowledge, written permission and under the supervision of their qualifying
				broker. As a condition of offering property management services, in addition to
				the course requirement in Subsection A above, the broker shall complete a
				minimum of six hours of approved continuing education courses in property
				management selected from the commission's most current approved course
				catalogue during each three-year licensing cycle.
C. Qualifying brokers who offer or intend to
				offer property management services for others, shall as a condition of offering
				such services, in addition to the course requirement in Subsection A above,
				complete a minimum of 12 hours of approved continuing education courses in
				property management selected from the commission's most current approved course
				catalogue, each three-year licensing cycle.
D. Qualifying brokers and associate brokers
				offering property management services shall attend at least one New Mexico real
				estate commission meeting, rule hearing, or disciplinary hearing for at least
				three hours, or until the commission goes into executive session, or the
				hearing/meeting ends, whichever comes first, in each three-year licensing
				cycle. Attendance may be at a live meeting/hearing or by live or recorded
				distance broadcast; but must be documented by signing into and out of the
				meeting/hearing.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 24 - PROPERTY MANAGEMENT › Section 16.61.24.10 - COMPLIANCE WITH APPLICABLE LAW

Current through Register Vol. 35, No. 13, July 16, 2024
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. Federal lead-based
				paint regulations, including provisions of the federal Environmental Protection
				Agency's lead-based paint renovation, repair and painting rule
D. Construction Industries Licensing Act
				(CILA NMSA Chapter 60 Article 13), The Manufactured Housing Act (MHA NMSA
				chapter 60 Article 14), and the LPG and CNG Act (NMSA chapter 70 Article 5).
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 24 - PROPERTY MANAGEMENT › Section 16.61.24.11 - PROPERTY MANAGEMENT TRUST AND CUSTODIAL ACCOUNTS

Current through Register Vol. 35, No. 13, July 16, 2024
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 with the banking institution as well
				as the public as a property management trust account.
B. A custodial account utilized for property
				management shall contain funds derived from the management of property for only
				one property owner and the account will be in the name of that property owner
				and will be under the care and direction of the qualifying broker. The property
				owner may have signatory or viewing rights to this account.
C. All funds received by the qualifying
				broker which are received in association with managed properties, shall be
				deposited into the property management trust account, excepting funds which are
				received for the management of property which in whole or part belongs to the
				qualifying broker, prior to any disbursements. Once deposited, the qualifying
				broker may then disburse funds as specified in the management
				agreement.
D. Unless the tenant
				occupies a property owned by the qualifying broker, deposits shall be placed in
				a property management trust account. Deposits may be held in a property
				management trust account, or may be disbursed to the owner as specified in the
				property management agreement and agreed to by the tenant.
E. Commingling of funds is not permitted. No
				funds may be deposited in a property management trust account that are not
				received in connection with a managed property except as provided for in
				16.61.23 NMAC Exceptions to commingling.
F. Property ledgers. When the property
				management trust account contains funds from the rental or lease of more than
				one property, separate accounting records shall be maintained on each
				property.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 24 - PROPERTY MANAGEMENT › Section 16.61.24.12 - REPORTS AND DOCUMENTS TO OWNERS

Current through Register Vol. 35, No. 13, July 16, 2024
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) ending
				balance.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 24 - PROPERTY MANAGEMENT › Section 16.61.24.13 - MANAGEMENT AGREEMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
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 responsibilities of the brokerage and the owner
				including, but not limited to, the following:
(1) duties to be provided by the
				brokerage;
(2) disclosure of all
				fees to be charged to owner;
(3)
				disclosure of all fees to be charged to tenant that are retained by the
				brokerage; and
(4) a question
				asking the owner to disclose the status of any foreclosure or other financial
				situation that could affect the tenant's occupancy.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 24 - PROPERTY MANAGEMENT › Section 16.61.24.14 - RESIDENTIAL TENANCY AGREEMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
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) rent amount;
(4) security deposit and other deposit
				amounts;
(5) when and where rent is
				to be paid;
(6) date property
				possession began;
(7) date property
				possession ends;
(8) all fees
				charged to the tenant; and
(9) how
				payments are to be applied to outstanding expenses/charges.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 24 - PROPERTY MANAGEMENT › Section 16.61.24.15 - RECORD ACCESSIBILITY, RETENTION AND INSPECTION

Current through Register Vol. 35, No. 13, July 16, 2024
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 records shall be retained for the duration of the contract
				and six years during a management agreement. At the termination of a management
				agreement, records shall be retained for six years from the date of
				termination.
C. Inspection. All
				records are subject to inspection by the commission or its duly appointed
				representative at or accessible from the brokerage office or at the offices of
				the commission.
D. The qualifying
				broker is responsible for the maintenance and safe-keeping of all property
				management records.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 24 - PROPERTY MANAGEMENT › Section 16.61.24.16 - VACATION RENTALS

Current through Register Vol. 35, No. 13, July 16, 2024
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 collection, reporting and/or remitting of such
				taxes. If the taxes are to be collected from the tenant by the broker or a
				third party, the management agreement shall authorize the broker or third party
				entity to collect and remit the applicable taxes from the renter.
B. Management agreements shall disclose if
				the broker is using a third party advertising or reservation service (such as
				AirBnB, VRBO, etc.)
C. Compensation
				retained by or paid to third parties who engage in advertising and/or taking
				reservations for vacation rental properties shall not be considered to be in
				violation of Subsection (3) of Section
				61-29-12 A
				NMSA 197 of the New Mexico real estate license law which prohibits real estate
				brokers from paying or receiving rebate, profit, compensation or commission to
				or from any unlicensed person.
D.
				If a broker uses an online travel agent or third party advertising entity which
				prohibits disclosure of the brokerage name and/or telephone number as
				registered with the commission, such displays are exempt from the disclosure
				requirement in Subsection B of
				16.61.32.8 NMAC.
				In this event, the broker shall ensure that the renter receives this disclosure
				promptly upon completing a rental reservation.
E. The broker shall not be required to
				deliver a copy of the Uniform Owner-Resident Relations Act to a renter of a
				vacation rental.
F. A rental
				agreement shall also include the following:
(1) arrival and departure dates;
(2) check-in and check-out times;
(3) nightly rental rate;
(4) rental deposit;
(5) security deposit;
(6) disclosure of all fees charged to the
				renter (e.g. cleaning, hot tub, phone, cable internet, resort, etc.);
(7) accommodation rules (e.g. occupancy,
				parking, smoking, pets, noise, etc.); and
(8) cancellation policy.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 24 - PROPERTY MANAGEMENT › Section 16.61.24.17 - VENDORS

Current through Register Vol. 35, No. 13, July 16, 2024
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 vendors and
				  employees who are:
A. certified or
				licensed as required by local, state or federal law; and,
B. insured or bonded.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 25 - TIME SHARE REGISTRATION › Section 16.61.25.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 25 of Chapter 61 apply to developers
				  of time shares and individuals who perform duties outlined in this
				  Part.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 25 - TIME SHARE REGISTRATION › Section 16.61.25.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 25 of Chapter 61 is promulgated pursuant to the Real
				  Estate Licensing Law, NMSA 1978 Section
				  61-29-4.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 25 - TIME SHARE REGISTRATION › Section 16.61.25.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
8-15-97, unless a later date is cited at the end of a
				  section.