New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 3 - REAL ESTATE BROKER'S LICENSE: EXAMINATION AND LICENSING APPLICATION REQUIREMENTS › Section 16.61.3.10 - QUALIFYING BROKER LICENSING REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
To be eligible to apply for a New Mexico qualifying broker's
				  license, an applicant must furnish the commission satisfactory evidence of
				  completing the following:
A. Passage
				of the broker's examination pursuant to Subsection D of
				16.61.3.9
				NMAC.
B. At least four years active
				experience as a licensed associate broker during the 60-month period,
				immediately preceding the filing of the application.
C. In the case of a qualifying broker who
				will not be supervising or managing other brokers, at least two years of active
				experience as a licensed associate broker during the 60-month period
				immediately preceding the filing of the application.
D. Qualifying brokers who have qualified for
				qualifying broker status under the exception provided in subsection C, must
				document at least four years of active experience as an associate broker and
				qualifying broker before being eligible to supervise other brokers.
E. If licensed in another state, not less
				than four years' experience as the equivalent of an associate broker during the
				60-month period immediately preceding the filing of the application with
				verification in writing by the applicant's qualifying broker(s) or the state's
				applicable equivalent to a qualifying broker. A candidate for a qualifying
				broker license from another state will, in all circumstances, be required to
				fulfill all the remaining requirements, including experience, education and
				acknowledgement of responsibilities.
F. Documented qualifying transactional
				experience totaling 100 points, with at least one transaction accomplished
				during each of the four years prior to filing of the application. These
				transactions are to be verified in writing by the applicant's qualifying
				broker. Transactions involving property owned by the applicant do not count
				toward the required total. Points are awarded as follows and can be accumulated
				through any combination of the following activities:
(1) Each sale or lease transaction is deemed
				to have two sides; one side working with the buyer/tenant and the other side
				working with the seller/owner. Both transaction sides receive points.
(2) In the event of transactions handled by
				teams comprised of more than one associate broker the qualifying broker shall
				monitor the transactions to determine which associate broker is deserving of
				earning the points allowed, or the division of the allowable points among team
				members.
(3) Real estate and
				property management transactions; total points available per transaction side:
(a) Residential sales transactions: five
				points
(b) Residential lot sale
				transactions: three points
(c)
				Residential lease transactions: four points
(d) Commercial improved property sale
				transactions: eight points
(e)
				Commercial unimproved lot sale transactions: six points
(f) Commercial lease transactions: six
				points
(g) Property management
				points are accumulated as follows: Points are awarded for each location for
				which the broker has direct responsibility. Direct responsibility means acting
				as an agent for the owner and is not just collecting rent. Property management
				points are accumulated as follows:
(i)
				Residential property management: Each property receives three points, plus one
				point for each additional unit in that property to a maximum of 25 points per
				property per year. A unit is defined as a separate residence with its own
				postal address.
(ii) Commercial
				property management: Each property receives four points, plus one point for
				each individual tenant space in that property to a maximum of 25 points per
				property per year. A space is defined as a commercial location that has its own
				postal address.
(h) Farm
				and ranch/vacant land - For the purposes of this paragraph a farm or a ranch is
				defined as a property which is used for commercial agricultural purposes. Farm
				and ranch points are awarded as follows:
(i)
				Less than 100 acres, eight points.
(ii) 100 acres or more, 10 points.
(i) Limited waiver: A waiver may
				be granted by the commission to an associate broker who can demonstrate that
				their particular circumstance, i.e. size of market, lack of property types,
				health issues, force majeure, make it very difficult to obtain 100 points. The
				commission may waive up to 30 points and the transaction per year requirement.
				Written documentation and statements of proof shall be submitted with the
				application for waiver.