New Mexico Administrative Code › Title 14 - HOUSING AND CONSTRUCTION › Chapter 12 - MANUFACTURED HOUSING › Part 2 - LICENSURE REQUIREMENTS › Section 14.12.2.11 - BROKERS

Current through Register Vol. 35, No. 13, July 16, 2024
A. A manufactured
				home broker's license entitles its holder to engage in the functions authorized
				for brokers in the act. A manufactured home broker's functions are strictly
				limited to only pre-owned manufactured homes. Any person who in any manner
				engages in brokerage activities for more than one manufactured home in any
				consecutive 12-month period is required to be licensed as a manufactured home
				broker.
B. A manufactured home
				broker cannot negotiate any transaction involving the sale, exchange, renting
				or leasing of real estate unless he is licensed under the Real Estate Act of
				New Mexico.
C. Each manufactured
				home broker shall be individually licensed.
D. A manufactured home broker's role is that
				of a fiduciary to his principal.
E.
				In all transactions which require the transfer of title to a manufactured home
				and in which a manufactured home broker is involved the manufactured home
				broker must determine the status of title, including all recorded liens and
				security interests, of the manufactured home according to the title records of
				the motor vehicle division, and disclose in writing to all parties in the
				transaction the status of title of the home as shown by such records.
F. A manufactured home broker shall maintain
				a place of business, which is an actual physically, established location from
				which business can be conducted and where all documents directly related to the
				purchase, sale, trade and installation of a manufactured home within the
				preceding three years shall be available for inspection during normal business
				hours by a representative of the division. Each branch office shall also
				maintain copies of adequate records for this same inspection purpose of all
				transactions handled within the branch office.
G. A manufactured home broker shall fully
				disclose to the consumer any ownership interest of the manufactured home
				broker, either direct or indirect, in the manufactured home prior to the
				consumer's entering into any agreement for the purchase of the home.
H. All listing agreements entered into by a
				manufactured home broker shall disclose the percentage amount or fee to be
				received by the manufactured home broker upon the completion of a transaction
				under the terms of the listing agreement.
I. A manufactured home broker shall not enter
				into a net listing agreement.
J.
				Upon receipt of a written offer to purchase, a manufactured home broker shall
				promptly deliver the written offer to purchase to the seller. Upon obtaining
				written acceptance of the offer to purchase, the manufactured home broker shall
				promptly deliver true copies to the purchaser and seller. All terms of the
				transaction must be included in the written offer to purchase.
K. Before receiving a customer deposit, a
				manufactured home broker shall give to a purchaser an itemized statement of all
				approximate costs relevant to the transaction.
L. A manufactured home broker shall initiate
				the transfer of title on a manufactured home no later than 30 days from the
				completion of the transaction. A manufactured home broker shall not be
				responsible for title transfer if it is the responsibility of the purchaser's
				lienholder.
M. Prior to the closing
				between the buyer and seller, the manufactured home broker shall deliver to
				both the buyer and seller a closing statement which shall contain, but is not
				limited to, the following information:
(1) the
				purchase price;
(2) all funds paid
				and to be paid by the buyer;
(3)
				all funds received and to be received by the seller;
(4) receipt and disposition of all other
				funds relevant to the transaction;
(5) the method of assumption, disposition or
				other treatment of existing loans on the home and liens on or security interest
				in the home.