New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 1 - GENERAL PROVISIONS › Section 16.61.1.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
"Acceptable financial institution"
: is a federally insured bank,
				savings and loan or title company authorized to do business in the state of New
				Mexico.
B.
"Agency"
:
				the fiduciary relationship created solely by the express written agency
				agreement between a person and a brokerage, authorizing the brokerage to act as
				agent for the person according to the scope of authority granted in that
				express written agreement for real estate services subject to the jurisdiction
				of the commission.
C.
"Agent"
: the brokerage authorized solely, by means of an express
				written agreement, to act as a fiduciary for a person and to provide real
				estate services that are subject to the jurisdiction of the commission; in the
				case of an associate broker, "agent" means the person who has been authorized
				to act by that associate broker's qualifying broker. In the case of residential
				property management, the property manager is an agent of the owner(s) of the
				property for the purpose of performing the obligations of the owner(s) under
				the property management agreement. In the case of commercial property
				management, the property manager is an agent of the owner(s) of the property
				for the purpose of performing the obligations of the owner(s) pursuant to a
				property management agreement if the property management agreement specifically
				creates an agency relationship.
D.
"Associate broker"
: a person holding a New Mexico associate
				broker's license who is affiliated with a New Mexico qualifying
				broker.
E.
"Broker"
:
				any person holding a current New Mexico associate broker's or qualifying
				broker's real estate license.
F.
"Brokerage"
: a person, corporation, partnership or association
				qualified by a New Mexico licensed qualifying broker to conduct real estate
				brokerage activity in New Mexico.
G.
"Brokerage relationship"
: the
				relationship between a customer or client and a brokerage for the provision of
				services in connection with a real estate transaction.
H.
"Brokerage trust account"
: an
				account at an acceptable financial institution established by the qualifying
				broker for the purpose of holding money belonging to others received during a
				real estate sales transaction.
I.
"Broker duties"
: certain duties owed by brokers to prospective
				buyers, sellers, owners and tenants, and broker obligation to other brokers as
				set forth in Part
				16.61.19.8
				NMAC.
J.
"Broker in
				charge"
: a New Mexico licensed real estate broker qualified to be a
				qualifying broker who has been designated in writing by the qualifying broker
				to assume responsibility for the brokerage during a period of time when
				supervision by the qualifying broker is not possible.
K.
"Client"
: a person who has
				entered into an express written agreement with a brokerage for real estate
				services subject to the jurisdiction of the commission.
L.
"Commercial real estate"
:
				real estate that is zoned for business or commercial use by a city or county;
				or designated by a city or county to allow five or more multi-family units;
				provided that all units are located on a single parcel of land with a single
				legal description.
M.
"Core
				course"
: the four-hour commission-approved continuing education course
				that all brokers are required to complete annually as a condition of license
				renewal.
N.
"Core elective
				course":
commission-approved advanced continuing education course in
				residential transactions, commercial transactions, property management
				transactions, or vacant land/ranch transactions required once during each
				three-year cycle, core elective courses advance the broker's practice of real
				estate by one or more of the following:
(1)
				improve broker transactional expertise focusing on, but not limited to,
				contractual and disclosure forms used in the practice of real estate, real
				estate title issues, contracts, and real estate transactional negotiating
				skills;
(2) improves broker
				business practices and professionalism focusing on, but not limited to, broker
				responsibilities and duties;
(3)
				improves broker awareness of issues that impact the public and real estate
				transactions focusing on, but not limited to, land development, jurisdictional
				taxation issues; or
(4) increases
				the broker knowledge of third party services within a transaction. The number
				of core elective hours required for both associate brokers and qualifying
				brokers is further defined at
				16.61.13.8
				NMAC.