New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 20 - TRANSACTION COORDINATOR › Section 16.61.20.8 - REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Any transaction
				coordinators involved in real estate transactions in New Mexico including
				transaction coordinators from other states must have a New Mexico broker's
				license.
B. A transaction
				coordinator performing activities for a brokerage under one ownership is not
				required to have a qualifying broker's license provided that the transaction
				coordinator is under the direct supervision of a qualifying broker of that same
				brokerage.
C. Any transaction
				coordinator providing services for multiple brokerages other than the
				transaction coordinator's own brokerage must hold a current New Mexico
				qualifying broker's license.
D. Any
				transaction coordinator providing services for a brokerage other than the
				transaction coordinator's own brokerage must have a written agreement with the
				qualifying broker of the brokerage for which those transaction coordinator
				services are being provided that details the services being provided by the
				transaction coordinator and any compensation being paid to the transaction
				coordinator for those services.
E.
				A broker who engages the services of a transaction coordinator whether within
				the broker's brokerage or outside the broker's brokerage, shall be responsible
				for disclosing the name(s) of the transaction coordinator, in writing, to the
				buyer, seller and brokers in the transaction.
F. A broker who hires a transaction
				coordinator must have a written agreement with that broker's qualifying broker
				detailing the services being provided by the transaction coordinator and any
				compensation being paid to the transaction coordinator for those services,
				including written authorization that the transaction coordinator may be paid by
				the associate broker who has hired him or her.
G. A broker who hires a transaction
				coordinator remains responsible for the transaction; the hiring of a
				transaction coordinator in no way eliminates or mitigates the broker's
				responsibilities or obligations to the broker's customer or client or to other
				brokers and parties to the transaction.
H. A transaction coordinator owes broker
				duties as delineated in
				16.61.19.8
				NMAC.
(1) The broker shall maintain any
				confidential information learned in the course of any prior agency relationship
				unless the disclosure is with the former principal's written consent or is
				required by law;
(2) Unless
				otherwise authorized in writing, a broker who is directly providing real estate
				services to a seller/owner shall not disclose the following to the
				buyer/occupant in a transaction:
(a) That the
				seller/owner has previously indicated they will accept a sales/lease price less
				than the asking or listed price of a property;
(b) That the seller/owner will agree to
				financing terms other than those offered;
(c) The seller/owner's motivations for
				selling/leasing; or
(d) Any other
				information the seller/owner has requested in writing remain confidential,
				unless disclosure is required by law;
(3) Unless otherwise authorized in writing, a
				broker who is directly providing real estate services to a buyer/tenant shall
				not disclose the following to the seller/owner in the transaction:
(a) That the buyer/tenant has previously
				indicated they will pay a price greater than the price submitted in a written
				offer;
(b) The buyer/tenant's
				motivation for buying/leasing; or