New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 11 - LICENSE EXPIRATION AND RENEWAL › Section 16.61.11.8 - REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
Renewal
				period:
Every real estate license expires every three years on the last
				day of the month following the broker's birth month unless it is renewed on or
				before that date. Renewal of a license is the sole responsibility of each
				broker.
B.
Late renewal fee
				penalty:
A broker whose license has expired may reinstate their license
				without reexamination up to one year after expiration by paying a
				renewal/reinstatement fee three times the regular $270 license renewal
				fee.
C.
Exemption from late
				fee penalty for documentable medical or military reasons:
Pursuant to
				Section
				61-29-8
				NMSA 1978, a broker may be excused from paying a late license
				renewal/reinstatement fee of three times the normal $270 renewal fee if the
				broker by reason of (1) active duty military service; or (2) due to impairment
				by illness or injury, cannot complete renewal requirements. In these cases the
				broker may make application for a license renewal/reinstatement if the
				application is submitted within the one-year period after license expiration. A
				broker may apply for an exemption from the late fee under the following
				conditions and procedures:
(1)
Active
				military/reserve duty:
The broker or their spouse must have been placed
				on active military/reserve duty, and can document military orders.
(2)
Medically related impairment or
				incapacitation:
The broker, spouse or a member of the broker's immediate
				family is placed under a doctor's care, suffering from an illness or injury of
				such severity that the broker is physically or mentally incapable or otherwise
				deterred of completing renewal requirements on time, and deterred from
				submitting an application for license renewal prior to license expiration. This
				exemption includes brokers who are temporarily deterred from completing renewal
				requirements due to parental or immediate family caregiving as documentable by
				sufficient medical affidavit.
(3)
Documentation:
The broker's late renewal/reinstatement application
				must contain documentable medical evidence, or in the case of military service,
				a document that shows the effective date of return from active military duty.
				Nevertheless, in all cases, the license will be considered expired and the
				broker may not practice real estate until the broker, within the one year from
				expiration, renews/reinstates his/her license. In all cases, brokers
				renewing/reinstating late must meet all continuing education requirements due
				during the expired cycle in question.
(4)
Procedure:
Brokers seeking
				the late fee exemption under the above conditions must first contact commission
				staff prior to submittal of the late renewal application, and must submit a
				letter of explanation along with the pertinent documentation supporting late
				fee exemption request. Following commission staff review of the documentation,
				commission staff will determine the validity of the documentation. If a late
				fee exemption is granted, the commission staff will notify the broker to submit
				the late renewal application. If an exemption from the late fee is not granted,
				the broker may still submit the late renewal, but be subject to the late fee
				penalty at the time of submission.