reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 5 - ERRORS AND OMISSIONS INSURANCE › Section 16.61.5.9 - TERMS OF COVERAGE

Current through Register Vol. 35, No. 13, July 16, 2024
The group policy shall provide, at a minimum, the following
				  terms of coverage:
A. coverage of all
				acts for which a real estate license is required, except those illegal,
				fraudulent or other acts which are normally excluded from such
				coverage;
B. an annual premium not
				to exceed the amount set by statute 61-29-4.2B NMSA 1978;
C. that the coverage cannot be cancelled by
				the insurance carrier except for non-payment of the premium or in the event a
				broker becomes inactive or has their license revoked or an applicant is denied
				a license;
D. pro-ration of
				premiums for coverage which is purchased during the course of the calendar year
				but with no provision for refunds of unused premiums;
E. not less than $100,000 coverage for each
				licensed individual and entity per covered claim regardless of the number of
				brokers or entities to which a settlement or claim may apply;
F. an aggregate limit of $500,000 per
				licensed individual or entity;
G. a
				deductible amount for each claim of not more than $1,000 per claim and no
				deductible for legal expenses and defense;
H. payment of claims by the provider shall be
				on a first dollar basis and the provider shall look to the insured for payment
				of any deductible;
I. the
				obligation of the insurance carrier to defend all covered claims with payment
				of defense costs outside of policy limits;
J. coverage of a broker's use of lock boxes
				which may include a sublimit of not less than $5,000 per claim for property
				damage or loss of use of property arising from a lock box claim;
K. the ability of a broker, upon payment of
				an additional premium, to obtain higher or excess coverage or to purchase
				additional coverage from the insurance provider as may be determined by the
				provider;
L. that coverage is
				individual and license specific and will cover the associate broker regardless
				of changes in qualifying broker;
M.
				an extended reporting period of not less than 365 days;
N. a conformity endorsement allowing a New
				Mexico resident broker to meet errors and omissions insurance requirements for
				an active license in another group mandated state without the need to purchase
				separate coverage in that state.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 5 - ERRORS AND OMISSIONS INSURANCE › Section 16.61.5.10 - EQUIVALENT ERRORS AND OMISSIONS INSURANCE POLICIES

Current through Register Vol. 35, No. 13, July 16, 2024
New Mexico real estate associate broker or qualifying broker
				  applicants may obtain errors and omissions coverage equivalent to the group
				  plan from any insurance carrier subject to the following terms and
				  conditions.
A. The insurance carrier
				is licensed and authorized by the New Mexico department of insurance to write
				policies of errors and omissions insurance in this state and is in conformance
				with all New Mexico statutes.
B.
				The insurance provider maintains an A.M. Best rating of "B" or
				better.
C. The policy, at a
				minimum, complies with all relevant conditions set forth in this rule and the
				insurance carrier so certifies in a certificate issued to the insured real
				estate broker or broker applicant in a form acceptable to the commission and
				agrees to immediately notify the commission of any cancellation or lapse in
				coverage. The commission will make no independent determination of whether
				equivalent policies meet the requirements of Part 5.
D. Coverage includes all acts for which a
				real estate license is required, except those illegal, fraudulent or other acts
				which are normally excluded from such coverage.
E. Coverage cannot be cancelled by the
				insurance provider except for nonpayment of premium or in the event a broker
				becomes inactive or the license is revoked, or in the event an applicant is
				denied a license.
F. Coverage is
				for not less than $100,000 for each licensed individual and entity per covered
				claim and not less than a $500,000 aggregate limit per licensed individual or
				entity.
G. A deductible amount for
				each claim of not more than $1,000.
H. Payment of claims by the provider shall be
				on a first dollar basis and the provider shall look to the insured for payment
				of any deductible.
I. The
				obligation of the insurance carrier to defend all covered claims with defense
				costs outside of policy limits.
J.
				Coverage of a broker's use of lock boxes which may include a sublimit of not
				less than $5,000 per claim for property damage or loss of use of property
				arising from a lock box claim.
K.
				Real estate brokers or broker applicants who obtain equivalent coverage and
				wish to be on active status must present to the commission the certificate
				referred to in 16.61.5.10 NMAC:
(1) when
				renewing an active license, no later than at the time of renewal; or
(2) upon any request for reinstatement or
				activation of a license; or
(3)
				upon application for an active license.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 5 - ERRORS AND OMISSIONS INSURANCE › Section 16.61.5.11 - BROKER COMPLIANCE

Current through Register Vol. 35, No. 13, July 16, 2024
Applicants for licensure, transfer, and renewal shall certify
				  compliance with this rule by submitting along with the license, transfer, or
				  renewal application a copy of a certificate from their insurance company
				  certifying current coverage. The commission will not issue an active license to
				  a first time applicant who fails to provide proof of current coverage, and the
				  license of any active New Mexico broker who fails to provide a certificate
				  certifying current errors and omissions coverage will not be renewed or
				  transferred until such certificate is received in the commission
				  office
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 5 - ERRORS AND OMISSIONS INSURANCE › Section 16.61.5.12 - INSURANCE REQUIREMENTS SUSPENDED

Current through Register Vol. 35, No. 13, July 16, 2024
The requirements of 16.61.5 NMAC shall be suspended if the
				  commission through a competitive bidding and contract award process is not able
				  to enter into a contract with a qualified insurance carrier to make available
				  to all applicants for or holders of active New Mexico real estate broker's
				  licenses a group policy of insurance under the terms and conditions described
				  in Part 5.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 5 - ERRORS AND OMISSIONS INSURANCE › Section 16.61.5.13 - PENALTIES FOR VIOLATION

Current through Register Vol. 35, No. 13, July 16, 2024
Brokers who fail to obtain and maintain an errors and
				  omissions insurance policy as specified herein are guilty of violating NMSA
				  1978 Section
				  61-29-4.2
				  of the Real Estate License Law and are subject to license suspension and
				  revocation as provided in Section
				  61-29-12
				  A (10).
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 6 - DESIGNATION OF A QUALIFYING BROKER TO QUALIFY A REAL ESTATE BROKERAGE › Section 16.61.6.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
New Mexico Real Estate Commission.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 6 - DESIGNATION OF A QUALIFYING BROKER TO QUALIFY A REAL ESTATE BROKERAGE › Section 16.61.6.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 6 of Chapter 61 apply to all persons
				  wishing to qualify a corporation, partnership, or association as a real estate
				  brokerage.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 6 - DESIGNATION OF A QUALIFYING BROKER TO QUALIFY A REAL ESTATE BROKERAGE › Section 16.61.6.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 6 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 6 - DESIGNATION OF A QUALIFYING BROKER TO QUALIFY A REAL ESTATE BROKERAGE › Section 16.61.6.5 - 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 6 - DESIGNATION OF A QUALIFYING BROKER TO QUALIFY A REAL ESTATE BROKERAGE › Section 16.61.6.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 6 of Chapter 61 is to set forth
				  policies for qualifying a corporation, partnership, or association as a real
				  estate brokerage.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 6 - DESIGNATION OF A QUALIFYING BROKER TO QUALIFY A REAL ESTATE BROKERAGE › Section 16.61.6.7 - 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 6 - DESIGNATION OF A QUALIFYING BROKER TO QUALIFY A REAL ESTATE BROKERAGE › Section 16.61.6.8 - REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. A corporation,
				partnership, association, proprietorship, limited liability company, or any
				other business entity engaged in real estate brokerage in New Mexico, except as
				otherwise provided in 61-29-2 (C) NMSA 1978, must employ or enter into an
				independent contractor agreement with a qualifying broker(s) to qualify such
				entity to engage in real estate brokerage in the state.
B. Upon compliance with all requirements set
				out in the real estate license law and the real estate commission rules for
				licensure as a New Mexico qualifying broker, the commission shall issue a New
				Mexico qualifying broker's license to the applicant. Such license shall bear
				the name of the qualifying broker, the trade name of the brokerage that the
				qualifying broker has qualified to conduct real estate brokerage business and
				under which the brokerage will be conducting business and the address as
				registered with the commission from which the brokerage will be conducting
				business.
C. In the event a
				qualifying broker is unable for any reason to perform their qualifying broker
				duties, a corporate officer, family member or other responsible persons shall
				designate a broker in charge to conduct the brokerage business and supervise
				brokers affiliated with the brokerage until such time as an individual files a
				trade name registration form or additional license application form with the
				commission designating that individual as the qualifying broker.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 7 - FINGERPRINTING AND ARREST RECORD CHECKS › Section 16.61.7.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 7 apply to Title 16, Chapter 16 and
				  provide relevant information about criminal background check requirements for a
				  first-time or renewal applicant for a New Mexico real estate broker's
				  license.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 7 - FINGERPRINTING AND ARREST RECORD CHECKS › Section 16.61.7.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 7 of Chapter 61 is promulgated pursuant to the Real
				  Estate Licensing Law, NMSA 1978, Section
				  61-29-4.4.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 7 - FINGERPRINTING AND ARREST RECORD CHECKS › Section 16.61.7.5 - 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 7 - FINGERPRINTING AND ARREST RECORD CHECKS › Section 16.61.7.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 7 is to ensure that first-time or
				  renewal applicants for a New Mexico real estate broker's license are of good
				  repute and competent to transact the business of a qualifying broker or
				  associate broker in a manner that safeguards the interests of the
				  public.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 7 - FINGERPRINTING AND ARREST RECORD CHECKS › Section 16.61.7.7 - 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 7 - FINGERPRINTING AND ARREST RECORD CHECKS › Section 16.61.7.8 - REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. All persons
				applying for a New Mexico real estate broker's license or upgrading an
				associate broker's license to a qualifying broker's license must be
				fingerprinted as a condition of licensure .
B. Applicant fingerprints and processing fees
				are submitted electronically to the New Mexico department of public safety from
				approved live scan vendor sites for the purpose of matching applicant
				fingerprints with fingerprints in state and national arrest record databases.
				Applicants must register on the vendor web site prior to being fingerprinted.
				The vendor web site address and a list of approved live scan sites are
				available on the real estate commission web site at
www.rld.state.nm.us
.
C. To verify compliance with the
				fingerprinting requirement, applicants for licensure shall submit to the
				commission along with their license application a copy of the
				commission-approved fingerprint certification form completed by the vendor. To
				ensure that the commission is receiving the most current information available,
				fingerprinting shall be done no earlier than 21 days prior to submitting
				documents to apply for a license. The commission cannot accept fingerprints
				that are older than 21 days.
D.
				Background checks: The commission will conduct a background check on all
				applications including renewal applications and may use that information in
				determining the applicant's eligibility for licensure or renewal.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 8 - LICENSE TRANSFER › Section 16.61.8.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 8 of Chapter 61 apply to all licensed
				  New Mexico real estate brokers.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 8 - LICENSE TRANSFER › Section 16.61.8.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 8 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 8 - LICENSE TRANSFER › Section 16.61.8.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 8 of Chapter 61 is to set forth the
				  requirements and procedures for the transfer of a broker's license whenever a
				  broker is no longer transacting business at the office designated on that
				  broker's license.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 8 - LICENSE TRANSFER › Section 16.61.8.8 - REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
An associate broker may request that their license be
				  transferred to a new qualifying broker. The transfer is effective on the date
				  that the transfer fee, transfer form, and the current license are received and
				  stamped at the commission office. When an associate broker requests that their
				  license be transferred the qualifying broker or the broker in charge shall
				  within 48 hours return the license to the commission. If a license transfer
				  form is not accompanied by a certificate certifying that the associate broker
				  or qualifying broker has current errors and omissions insurance coverage, the
				  license will not be transferred until the certificate is received in the
				  commission office.
A. When a
				qualifying broker returns his or her own license to the commission for transfer
				they shall within 48 hours either mail or deliver to the commission all
				licenses issued under that license. If the brokerage is to continue operation,
				an application from a new qualifying broker, along with transfer forms and
				appropriate fees for each license, shall also be included.
B. RESERVED
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 9 - LICENSE INACTIVATION AND REACTIVATION › Section 16.61.9.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 9 of Chapter 61 apply to all licensed
				  salespersons and brokers in New Mexico.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 9 - LICENSE INACTIVATION AND REACTIVATION › Section 16.61.9.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 9 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 9 - LICENSE INACTIVATION AND REACTIVATION › Section 16.61.9.5 - 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 9 - LICENSE INACTIVATION AND REACTIVATION › Section 16.61.9.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 9 of Chapter 61 is to set forth the
				  requirements and procedures for the surrender/inactivation of a salesperson or
				  broker's license whenever a licensee is no longer transacting
				  business.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 9 - LICENSE INACTIVATION AND REACTIVATION › Section 16.61.9.7 - 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 9 - LICENSE INACTIVATION AND REACTIVATION › Section 16.61.9.8 - REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. When a broker
				requests that their license be placed on inactive status, the qualifying broker
				or broker in charge shall within 48 hours return the license to the commission.
				The license shall be inactivated and all real estate activity on the part of
				the broker shall cease.
B. When a
				qualifying broker returns their license to the commission for inactivation,
				they shall within 48 hours either mail or deliver to the commission all
				licenses issued under that license. If the brokerage is to continue operation,
				an application for a new qualifying broker, along with transfer applications
				and appropriate fees for each license, shall also be included.
C. Inactivation of a license shall take place
				at the time a license is received and stamped at the commission office. In the
				event that a license is lost, or otherwise unavailable for delivery by the
				qualifying broker to the commission office, inactivation of the license will
				take place at the time the commission receives and stamps a written
				notification from the qualifying broker that the associate broker is no longer
				affiliated with the brokerage. The qualifying broker may pay a commission to an
				associate broker whose license is on inactive status if the transaction was
				under contract while the broker was on active status. Payment of the commission
				is subject to the terms and conditions of the independent contractor agreement
				between the associate broker and the qualifying broker.
D. The voluntary inactivation of a license
				will not prevent the commission from taking disciplinary action against that
				license as provided in Section
				61-29-1
				through
				61-29-29,
				NMSA, 1978.
E. Brokers whose
				licenses are inactive are required to fulfill the following requirements of
				licensure.
(1) The payment of triennial
				renewal fees.
(2) Documentation of
				having been fingerprinted for purposes of matching with state and national
				arrest record databases.
(3)
				Completion of continuing education requirements.
(4) During the course of advertising
				personally owned property for sale, lease, or auction, disclosure that they are
				a licensed broker.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 11 - LICENSE EXPIRATION AND RENEWAL › Section 16.61.11.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 11 of Chapter 61 apply to all
				  currently licensed New Mexico real estate brokers.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 11 - LICENSE EXPIRATION AND RENEWAL › Section 16.61.11.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 11 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 11 - LICENSE EXPIRATION AND RENEWAL › Section 16.61.11.5 - 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 11 - LICENSE EXPIRATION AND RENEWAL › Section 16.61.11.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 11 of Chapter 61 is to set forth the
				  requirements and procedures for the renewal of a real estate broker's
				  license.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 12 - LICENSE SUSPENSION AND REVOCATION › Section 16.61.12.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 12 of Chapter 61 apply to brokers
				  whose licenses have been suspended or revoked by the
				  commission.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 12 - LICENSE SUSPENSION AND REVOCATION › Section 16.61.12.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 12 of Chapter 61 is promulgated pursuant to the Real
				  Estate Licensing Law, NMSA 1978 Section
				  61-29-1.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 12 - LICENSE SUSPENSION AND REVOCATION › Section 16.61.12.5 - 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 12 - LICENSE SUSPENSION AND REVOCATION › Section 16.61.12.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 12 of Chapter 61 is to set forth the
				  procedures for license suspension and revocation for violation of the real
				  estate license law or the commission rules.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 12 - LICENSE SUSPENSION AND REVOCATION › Section 16.61.12.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
Refer to Definitions
				  16.61.1.7
				  NMAC.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 12 - LICENSE SUSPENSION AND REVOCATION › Section 16.61.12.8 - DISCIPLINARY ACTIONS

Current through Register Vol. 35, No. 13, July 16, 2024
Violation of any provision of the real estate license law or
				  commission rules may be cause for disciplinary action against any person who
				  engages in the business or acts in the capacity of a real estate broker in New
				  Mexico with or without a New Mexico real estate license, up to and including
				  license suspension or revocation if the person is licensed in New Mexico, and
				  other penalties as provided by law, commission rules, or policies, in the case
				  of an unlicensed person. A person found by the commission to be engaging in
				  unlicensed real estate activity has thereby submitted to the jurisdiction of
				  the state and to the administrative jurisdiction of the commission and is
				  subject to all penalties and remedies available for a violation of any
				  provision of the real estate license law Chapter 61, Article 29 NMSA 1978 and
				  the commission rules, Title 16 Chapter 61 NMAC. Nothing herein contained shall
				  be deemed to be a restriction on any other penalty or provision provided by
				  law.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 12 - LICENSE SUSPENSION AND REVOCATION › Section 16.61.12.9 - LICENSE SURRENDER

Current through Register Vol. 35, No. 13, July 16, 2024
A. Any
				qualifying broker's or associate broker's license suspended or revoked by an
				order, stipulated agreement or settlement agreement approved by the commission
				shall be surrendered to the commission by the broker upon the delivery of the
				order to the broker by the commission, or on the effective date of the
				order.
B. All real-estate-related
				activity conducted under such license shall cease for the duration of the
				license suspension or revocation, and the license of any associate broker
				affiliated with a qualifying broker whose license is suspended or revoked shall
				be automatically placed on inactive status until a new qualifying broker or
				broker in charge is designated.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 13 - CONTINUING EDUCATION REQUIREMENTS › Section 16.61.13.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 13 of Chapter 61 apply to all brokers
				  intending to renew or reactivate their New Mexico broker
				  license.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 13 - CONTINUING EDUCATION REQUIREMENTS › Section 16.61.13.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 13 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 13 - CONTINUING EDUCATION REQUIREMENTS › Section 16.61.13.5 - 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 13 - CONTINUING EDUCATION REQUIREMENTS › Section 16.61.13.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 13 of Chapter 61 is to set forth
				  continuing education requirements for New Mexico real estate
				  brokers.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 13 - CONTINUING EDUCATION REQUIREMENTS › Section 16.61.13.9 - VERIFICATION OF COMPLETION OF COURSE WORK

Current through Register Vol. 35, No. 13, July 16, 2024
At the time of license renewal, associate brokers and
				  qualifying brokers shall submit to the real estate commission verification of
				  completion of continuing education course work.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 14 - EDUCATION AND TRAINING FUND › Section 16.61.14.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
New Mexico real estate commission, information to the
				  commission real estate brokers and to public or private persons involved in,
				  interested in, or affected by the commission's broker education
				  programs.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 14 - EDUCATION AND TRAINING FUND › Section 16.61.14.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 14 apply to Title 16, Chapter 16 and
				  provide relevant information to the commission real estate brokers and to
				  public or private persons involved in, interested in, or affected by the
				  commission's broker education programs.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 14 - EDUCATION AND TRAINING FUND › Section 16.61.14.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 14 of Chapter 61 is promulgated pursuant to the Real
				  Estate Licensing Law, NMSA, Section
				  61-29-20.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 14 - EDUCATION AND TRAINING FUND › Section 16.61.14.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
1-1-2007, 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 14 - EDUCATION AND TRAINING FUND › Section 16.61.14.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 14 of Chapter 61 is to set forth to all
				  affected persons the manner in which the education and training fund will be
				  administered by the commission.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 14 - EDUCATION AND TRAINING FUND › Section 16.61.14.8 - PROVIDERS

Current through Register Vol. 35, No. 13, July 16, 2024
The New Mexico real estate commission may enter into
				  contracts with public or private institutions or individuals to establish,
				  continue, or expand educational programs or research programs which will
				  benefit real estate brokers and the public in its potential dealings with real
				  estate brokers. Priority will be given to those programs that enhance
				  educational opportunities for New Mexico-licensed real estate associate brokers
				  and qualifying brokers, and further the real estate commission's mission of
				  protecting the public and increasing the professional competence of real estate
				  brokers.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 14 - EDUCATION AND TRAINING FUND › Section 16.61.14.9 - AMOUNTS AND TERMS OF CONTRACTS FOR EDUCATION OR RESEARCH

Current through Register Vol. 35, No. 13, July 16, 2024
The amount to be paid and the duration of any contract shall
				  be as provided for in each contract. Any amendment to a contract to increase
				  the payment or extend the time of performance shall be at the discretion of the
				  commission. No provision of any contract shall be construed as obligating the
				  commission to make any payment beyond the fiscal year in which the commission
				  enters into the contract, unless otherwise provided for in the
				  contract.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 14 - EDUCATION AND TRAINING FUND › Section 16.61.14.10 - PROPOSALS

Current through Register Vol. 35, No. 13, July 16, 2024
Proposals to enter into contracts for education or research
				  with the commission will be required to contain the following:
A. a statement of the educational objective
				of the proposed program or research;
B. a statement of how the program will
				benefit associate brokers or qualifying brokers or the public who may deal with
				them;
C. if applicable, a detailed
				course outline, the number of educational hours in the program, length of
				course, schedule of instruction, location, and anticipated number of
				participants;
D. if applicable, the
				purpose, scope, length, and place of research work;
E. a detailed cost analysis of the entire
				course or project including, but not limited to such items as source(s) of
				other funding for the program, cost of advertising, administration,
				instructors, materials, and physical facilities, and fees proposed to be
				charged to participants;
F. if
				applicable, a list of instructors who may be used and their
				credentials;
G. any academic, real
				estate, or other professional credit proposed to be awarded, subject to the
				approval of the commission;
H. such
				other information as the commission may require at the time of submission of
				the proposal or after reviewing the proposal.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 14 - EDUCATION AND TRAINING FUND › Section 16.61.14.11 - COMMISSION ACTION ON PROPOSALS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The commission shall act on all proposals
				within sixty (60) days of receipt of a written original or amended proposal and
				shall notify the applicant in writing of:
(1)
				the terms of acceptance of the proposal;
(2) the reason or reasons for rejection of
				the proposal;
(3) any further
				information needed to accept or reject the proposal;
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 14 - EDUCATION AND TRAINING FUND › Section 16.61.14.12 - REPORTS

Current through Register Vol. 35, No. 13, July 16, 2024
Within thirty (30) days of the end of the term of the
				  contract or at such other time as the commission may require, the provider
				  under contract shall provide to the commission a report of the expenditure of
				  funds under the contract, and a written report explaining how the program
				  benefited New Mexico real estate brokers and consumers. Whenever a contract for
				  education or research requires that the provider conduct courses, seminars, or
				  other educational venues, the provider shall issue to each participant who
				  successfully completes the program a certificate of course completion that
				  includes the participant's name, the course name, the number of approved credit
				  hours, and whether the course is in the education or training category of
				  approved commission courses. Within fourteen (14) days of the end of the
				  program, the provider shall send to the commission a list of all real estate
				  brokers who successfully completed the program. The commission may direct its
				  employees or representatives to monitor any contracted program at any time and
				  the providers shall be required to supply to such representatives requested
				  reasonable data upon reasonable notice.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 14 - EDUCATION AND TRAINING FUND › Section 16.61.14.13 - USE OF COMMISSION NAME

Current through Register Vol. 35, No. 13, July 16, 2024
Any advertising of a program or project funded by the
				  education and training fund must indicate that the New Mexico real estate
				  commission underwrites a portion or all of the cost of the program. Any
				  publication or any other educational materials produced as a result of a
				  contract must include indication that the New Mexico real estate commission
				  underwrites a portion or all of the cost of producing the material. All
				  participants in any program underwritten totally or in part by the New Mexico
				  real estate commission must be clearly and affirmatively made aware of the
				  participation of the New Mexico real estate commission and how they may forward
				  comments on the program to the commission. No other use of the name of the
				  commission shall be permitted without the commission's prior
				  approval.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 14 - EDUCATION AND TRAINING FUND › Section 16.61.14.14 - PRODUCT OF SERVICE - COPYRIGHT

Current through Register Vol. 35, No. 13, July 16, 2024
All materials developed or acquired by a Contractor providing
				  educational and research services funded in whole or in part by the Education
				  and Training Fund shall become the property of the New Mexico real estate
				  commission and shall be delivered to the Commission no later than the
				  termination date of the contract. Nothing produced, in whole or in part, by the
				  Contractor shall be the subject of an application for copyright other claim of
				  ownership by or on behalf of the Contractor.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 14 - EDUCATION AND TRAINING FUND › Section 16.61.14.15 - CHANGES

Current through Register Vol. 35, No. 13, July 16, 2024
No substantive changes, including schedule of programs, may
				  be made in a program under a contract for education and research without the
				  prior approval of the commission. The commission at a regularly scheduled
				  meeting may make emergency changes on a temporary basis with the prior approval
				  of the administrator of the commission subject to review and final approval.
				  All requests for changes and authorizations of changes must be made in writing
				  before they may be implemented.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 14 - EDUCATION AND TRAINING FUND › Section 16.61.14.16 - PARTICIPANTS

Current through Register Vol. 35, No. 13, July 16, 2024
Any courses offered to New Mexico licensed associate brokers
				  and qualifying brokers which the commission has underwritten in part or in
				  total must be made available to all persons regardless of race, color,
				  religion, sex, handicap, familial status, national origin, age, or membership
				  in any organization.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 14 - EDUCATION AND TRAINING FUND › Section 16.61.14.17 - EXPENDITURES

Current through Register Vol. 35, No. 13, July 16, 2024
Any funds not expended in the implementation of a contract
				  for education or research shall be returned to the commission within thirty
				  (30) days of the termination date of the contract or at such other time as the
				  commission approves.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 14 - EDUCATION AND TRAINING FUND › Section 16.61.14.18 - REVENUES

Current through Register Vol. 35, No. 13, July 16, 2024
The Real Estate Education and Training Fund shall consist of
				  an initial transfer of the balance in the Real Estate Recovery Fund in excess
				  of the $150,000 statutory minimum balance; legislative appropriations to the
				  fund; fees charged by the commission for approval of real estate education
				  sponsors, courses, and instructors; gifts, grants, donations, and bequests to
				  the fund; and income from investment of the fund. Money in the fund shall not
				  revert to any other fund at the end of a fiscal year.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 14 - EDUCATION AND TRAINING FUND › Section 16.61.14.19 - VIOLATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
Any violation of the provisions of this part, any
				  falsification or misrepresentation in a proposal for a contract for education
				  and research, or violation of any written agreement entered into with the
				  commission under this part may result in a termination of the contract and the
				  requirement that all funds paid by the commission be returned. Any provider
				  under a contract for education and research found to have not properly
				  accounted for or improperly expended all funds shall repay said funds plus
				  interest at 6 percent per annum to the commission and said recipient shall be
				  ineligible to enter into any contract for education and research with the
				  commission until said recipient first repays the fund plus interest. Should the
				  commission allege any violation under this rule, it shall provide the
				  respondent with a formal hearing under the provisions of the Uniform Licensing
				  Act.
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 16.61.15.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 15 of Chapter 61 apply to all real
				  estate pre-licensing and continuing education course sponsors and instructors
				  wishing to obtain accreditation to offer and teach real estate pre-licensing
				  and continuing education courses to New Mexico real estate
				  brokers.
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 16.61.15.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 15 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 15 - APPROVAL OF REAL ESTATE COURSES, SPONSORS, AND INSTRUCTORS › Section 16.61.15.5 - 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 15 - APPROVAL OF REAL ESTATE COURSES, SPONSORS, AND INSTRUCTORS › Section 16.61.15.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 15 of Chapter 61 is to set forth the
				  procedures and requirements for the accreditation of real estate continuing
				  education and pre-licensing sponsors, courses, and
				  instructors.
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 16.61.15.7 - 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 15 - APPROVAL OF REAL ESTATE COURSES, SPONSORS, AND INSTRUCTORS › Section 16.61.15.8 - EDUCATION ADVISORY COMMITTEE

Current through Register Vol. 35, No. 13, July 16, 2024
The commission shall appoint an education advisory committee
				  (EAC), hereinafter referred to as the committee, with the goal of upgrading and
				  improving the real estate education program in order to carry out the
				  commission's mission of protecting the public and increasing the professional
				  competence of real estate brokers. The committee shall advise the commission on
				  all matters related to broker education.
A. The committee shall meet monthly or as
				required for the purpose of evaluating applications for real estate course
				sponsors, courses, and instructors and shall make recommendations to the
				commission as to its findings.
(1) The
				committee shall use specific criteria to evaluate a course, an instructor or
				course sponsor for approval. These specific criteria shall consider both the
				instructor's depth of knowledge of the subject and the instructor's ability to
				convey that knowledge.
(2) The
				committee shall clearly state in writing to the applicant the reasons for which
				a course, an instructor or course sponsor are not approved.
(3) A sponsor or instructor applicant not
				recommended for approval by the committee may ask the commission to review the
				committee's unfavorable recommendation.
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 16.61.15.11 - APPROVAL OF COURSES

Current through Register Vol. 35, No. 13, July 16, 2024
A. Any
				pre-licensing or continuing education course must have been approved by the
				commission before the course being offered for credit. Courses must incorporate
				New Mexico law and rules when relevant. A course application form must be
				completed and submitted to the commission before consideration of a course for
				approval by the committee.
(1) Before course
				approval, the instructor teaching the course shall make a presentation before
				the committee according to presentation criteria established by the
				committee.
(2) The committee shall
				assign the number of credit hours to each course and determine whether the
				course is in the core elective, elective, or ethics categories.
(3) Commission approved pre-licensing courses
				may count for up to ten credit hours toward continuing education requirements
				for license renewal.