reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 25 - TIME SHARE REGISTRATION › Section 16.61.25.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 25 of Chapter 61 is for carrying into
				  effect the provisions of the New Mexico Time Share Act Section
				  47-11-1
				  through
				  47-11-13, NMSA
				  1978, and to assist the New Mexico real estate commission in the administration
				  and performance of its duties and functions.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 25 - TIME SHARE REGISTRATION › Section 16.61.25.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Commission"
				means the New Mexico real estate commission.
B. "Developer" means any person creating or
				engaged in the business of selling ten or more of its own time shares and
				includes any person who controls, is controlled by or is in common control with
				the developer and who is engaged in creating or selling time shares for the
				developer;
C. "Exchange company"
				means any person operating an exchange program;
D. "Purchaser" means any person, other than a
				developer or lender, who owns or acquires an interest or proposes to acquire an
				interest in a time share;
E. "Time
				share salesperson" means a person, other than a person who has at least a
				fifteen (15) percent interest in the developer, who sells or offers to sell on
				behalf of a developer a time share to a purchaser; and
[Refer to 16.61.1.7 NMAC]
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 25 - TIME SHARE REGISTRATION › Section 16.61.25.8 - APPLICATION FOR REGISTRATION

Current through Register Vol. 35, No. 13, July 16, 2024
Every application for time share project registration shall
				  be filed at the commission office upon form TS-1 (questionnaire and application
				  for registration of time share project) and shall contain all information
				  requested by form TS-1 applicable to the time share project.
A. Registration fee: Every application for
				time share project registration must be accompanied by a certified check made
				payable to the New Mexico real estate commission in the amount of twenty
				dollars ($20.00) per time share interest to be sold, to a maximum of one
				thousand five hundred dollars ($1,500.00). Applications for registration not
				accompanied by the appropriate fee shall not be considered by the commission.
				In the event a properly completed application filed with the commission is
				denied for any reason, the amount of two hundred fifty dollars ($250.00) shall
				be retained by the commission from the application fee and the balance refunded
				to the applicant developer.
B. A
				developer shall obtain a separate certificate of registration for each time
				share program. Noncontiguous time share projects created by the same developer
				may be treated for registration purposes as one time share program only if such
				projects are (1) marketed and otherwise held out to the public as one program,
				and (2) offered for sale by a single staff of time share
				salespersons.
C. A developer shall
				file an amendment to the time share project registration with the commission
				within a reasonable time after the occurrence of any event or change in plans
				which materially affects the operation or status of the time share project,
				including but not limited to the following:
(1) a material change in ownership of the
				developer;
(2) an increase or
				decrease in the number of time shares to be offered;
(3) any material alteration of the physical
				plant and amenities, or of plans for development thereof;
(4) any material change in the exchange
				rights offered to purchasers;
(5)
				the appearance of new hazards or other unusual conditions near the time share
				project;
(6) any material amendment
				to the documents governing rights and restrictions of time share
				ownership
(7) the recording of any
				new lien or encumbrance against the time share project;
(8) any change in management of the time
				share project;
(9) any material
				change in the developer's arrangement for the escrow of purchaser's funds;
				and,
(10) any other change
				requiring a material amendment to the disclosure statement for the
				project.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 25 - TIME SHARE REGISTRATION › Section 16.61.25.9 - DISCLOSURE STATEMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. In
				addition to the disclosures required by Section 5 of the act, each developer
				shall fully and conspicuously disclose to each purchaser in the disclosure
				statement the following information:
(1) if
				any part of the project is not completely constructed at the time of sale, what
				financial arrangements have been made to secure the completion of each
				portion.
(2) if the unit sold to
				the purchaser is not completely constructed and furnished at the time of sale,
				the projected date the unit will be ready for occupancy; any limitations upon
				the purchaser's exchange rights until the unit is ready for occupancy; any
				limitations upon the effectiveness of title insurance obtained by the purchaser
				prior to the time the unit is ready for occupancy;
(3) a complete description of the project,
				including: the total number of time shares sold and to be sold in the project;
				the number and types of units available; the types of facilities and amenities
				available;
(4) a description of all
				terms and conditions of each charter membership, owner referral, rental,
				resale, in-house exchange or other program offered to time share owners;
				provided, however, if no reference to the program will be made to the purchaser
				prior to the expiration of the purchaser's 7-day right of recision, the
				developer may provide such description, by separate letter to the purchaser,
				after the expiration of such period; and
(5) any other information contained in the
				questionnaire and application for registration of time share project which the
				commission may require to be disclosed.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 25 - TIME SHARE REGISTRATION › Section 16.61.25.10 - DESCRIPTION OF INTEREST IN TIME SHARE PROPERTY; RECORDATION

Current through Register Vol. 35, No. 13, July 16, 2024
All contracts and deeds conveying an interest in a time share
				  must contain a legal description of the time share project, time share unit and
				  interval number for which the interest is being conveyed, if applicable. The
				  developer shall not record a conveyance instrument until after the expiration
				  of the purchaser's 7-day right of recision.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 25 - TIME SHARE REGISTRATION › Section 16.61.25.11 - QUESTIONNAIRE AND APPLICATION

Current through Register Vol. 35, No. 13, July 16, 2024
The "questionnaire and application for registration of time
				  share project" (form TS-1) shall be made on the form prescribed by the
				  commission. Questionnaire and application forms are available upon request at
				  the commission office.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 25 - TIME SHARE REGISTRATION › Section 16.61.25.12 - LICENSE REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
Any individual, including a tour guide, who shows time share
				  units or facilities to prospective purchasers, shall hold a New Mexico real
				  estate associate broker's or qualifying broker's license. No person except the
				  developer may participate in any part of a time share sales presentation unless
				  that person holds a New Mexico real estate associate broker or qualifying
				  broker license.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 25 - TIME SHARE REGISTRATION › Section 16.61.25.13 - DEVELOPERS

Current through Register Vol. 35, No. 13, July 16, 2024
Every developer of a time share project registered in this
				  state shall, in addition to any other requirements by law:
A. Maintain a full and complete record of all
				transactions wherein that developer or any real estate associate broker or
				qualifying broker representing said developer are engaged. All records shall
				contain, but are not limited to:
(1) record
				of all purchases, sales, leases or exchanges of time share interests in the
				registered time share project;
(2)
				the name or names of the buyer and seller, or in the case of exchanges, the
				names of the parties thereto;
(3)
				the date or dates of such transactions;
(4) the amount, if any, of the commission
				earned in such transaction; and,
(5) the amount, if any, of the commission or
				commissions paid by the qualifying broker or the developer to an associate
				broker and the amount, if any, of the commission or commissions retained by the
				qualifying broker or developer.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 25 - TIME SHARE REGISTRATION › Section 16.61.25.14 - TRUST ACCOUNTS

Current through Register Vol. 35, No. 13, July 16, 2024
Records to be maintained. Every developer of a time share
				  project registered in New Mexico shall, within a reasonable time, account for
				  and remit any money coming into his possession which belongs to others during
				  the sale of a time share interest. Such developer shall keep such funds of
				  others in an escrow or trust account maintained by him in a bank or savings and
				  loan institution or title company authorized to do business in this state. Such
				  developer shall not commingle funds of others with his own. Every developer of
				  a time share project registered in this state shall maintain full and complete
				  records of all funds deposited in his trust account. Such records shall clearly
				  indicate the date and from whom the money was received, date deposited, date of
				  withdrawal, and any other pertinent information concerning the transaction. The
				  records shall clearly show for whose account the money is deposited and to whom
				  the money belongs. All such records and funds shall be subject to inspection by
				  the commission or its duly authorized representative at the location in New
				  Mexico of the registered time share project, the location in New Mexico of the
				  time share sales office, or at the commission offices.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 26 - LAND TITLE TRUST FUND ACT › Section 16.61.26.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 26 of Chapter 61 apply to all New
				  Mexico associate brokers or qualifying brokers as defined
				  herein.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 26 - LAND TITLE TRUST FUND ACT › Section 16.61.26.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 26 of Chapter 61 is promulgated pursuant to the Land
				  Title Trust Fund Act, NMSA 1978 Section
				  58-18B-5.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 26 - LAND TITLE TRUST FUND ACT › Section 16.61.26.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
1-1-2002, 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 26 - LAND TITLE TRUST FUND ACT › Section 16.61.26.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 26 of Chapter 61 is to set Land Title
				  Trust Fund Act policies and procedures used to establish and operate pooled
				  interest-bearing escrow accounts.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 26 - LAND TITLE TRUST FUND ACT › Section 16.61.26.8 - TRUST ACCOUNTS, ESCROW ACCOUNTS, SPECIAL ACCOUNTS, POOLED INTEREST-BEARING ACCOUNTS, AND DISPOSITION OF EARNED INTEREST ON CERTAIN ACCOUNTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Every real
				estate qualifying broker who maintains a trust or escrow account as required
				pursuant to the provisions of Subsection H of
				61-29-12
				NMSA 1978 may maintain a pooled interest-bearing escrow account and may deposit
				all customer funds into that account except for:
(1) funds required to be deposited into a
				property management trust account under an express property management
				agreement; or
(2) funds required to
				be deposited into an interest-bearing account under an express agreement
				between the parties to a transaction and under which agreement provisions are
				made for the payment of interest to be earned on the funds deposited.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 27 - FOREIGN BROKERS › Section 16.61.27.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions of Part 27 of Chapter 61 apply to all real
				  estate brokers who are licensed by a licensing jurisdiction other than the
				  state of New Mexico.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 27 - FOREIGN BROKERS › Section 16.61.27.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 27 of Chapter 61 is promulgated pursuant to the Real
				  Estate License Law, NMSA 1978, Section 61.29.16.1.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 27 - FOREIGN BROKERS › Section 16.61.27.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
January 1, 2017 unless a late 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 27 - FOREIGN BROKERS › Section 16.61.27.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The purpose of Part 27 of Chapter 61 is to set forth the
				  conditions under which real estate brokers licensed by licensing jurisdictions
				  other than the state of New Mexico can engage in certain commercial real estate
				  transactions in the state.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 27 - FOREIGN BROKERS › Section 16.61.27.8 - FOREIGN BROKERS

Current through Register Vol. 35, No. 13, July 16, 2024
A foreign broker may act in the capacity of a qualifying or
				  associate broker with respect to commercial real estate located in New Mexico;
				  provided that prior to performing any of the real estate activities of a
				  qualifying or associate broker, the foreign broker enters into a
				  transaction-specific written agreement with a New Mexico qualifying broker that
				  includes, at a minimum:
A. a
				description of the parties, the commercial real estate and any additional
				information necessary to identify the specific transaction governed by the
				agreement;
B. the terms of
				compensation between the foreign broker and the New Mexico qualifying
				broker;
C. the effective date and
				definitive termination date of the agreement; and
D. a statement that the foreign broker agrees
				to:
(1) Cooperate fully with the New Mexico
				qualifying broker and all associate brokers designated by the New Mexico
				qualifying broker;
(2) Except for
				the foreign broker's interaction with the foreign broker's client, conduct all
				contact with parties, including the general public and other brokers, in
				association with the New Mexico qualifying broker or associate broker
				designated by the New Mexico qualifying broker;
(3) Conduct all marketing and solicitations
				for business in the name of the New Mexico qualifying broker;
(4) Timely furnish to the New Mexico
				qualifying broker, copies of all documents related to the transaction that are
				required by the laws of New Mexico to be retained by its licensees, including
				without limitation, agency disclosure, offers, counteroffers, purchase and sale
				contracts, leases and closing statements; and
(5) Comply with and be bound by and subject
				to New Mexico law and the regulations of the commission.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 27 - FOREIGN BROKERS › Section 16.61.27.9 - CONSENT TO SERVICE AND REFERRAL FEES

Current through Register Vol. 35, No. 13, July 16, 2024
Foreign brokers agree to submit to the jurisdiction of the
				  courts of New Mexico with respect to the transaction and any and all claims
				  related thereto by service of process upon the secretary of state of New Mexico
				  and upon the appropriate official of the state, province or nation of the
				  foreign broker's real estate licensure. When a New Mexico associate broker or
				  qualifying broker makes a referral to or receives a referral from a foreign
				  broker for the purpose of receiving a fee, commission or any other
				  consideration, the qualifying broker of the New Mexico brokerage and the
				  foreign broker shall execute a written, transaction-specific referral agreement
				  at the time of the referral.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 29 - TRADE NAME › Section 16.61.29.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 29 of Chapter 61 apply to all New
				  Mexico real estate brokers.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 29 - TRADE NAME › Section 16.61.29.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 29 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 29 - TRADE NAME › Section 16.61.29.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 29 of Chapter 61 is to establish the
				  requirements for obtaining and using a trade name for the operation of a real
				  estate brokerage office in New Mexico.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 29 - TRADE NAME › Section 16.61.29.8 - REGISTRATION AND USE OF TRADE NAME

Current through Register Vol. 35, No. 13, July 16, 2024
A. Prior to the use of any trade name for the
				operation of a brokerage, the qualifying broker shall register such trade name
				with the commission. A qualifying broker must conduct their real estate
				brokerage business under a trade name registered with the commission. A
				qualifying broker wishing to conduct real estate brokerage business under a
				different trade name must execute a new trade name registration form, provide
				verification of current errors and omission coverage and pay the required fee
				with the commission.
B. When a
				brokerage ceases using a trade name, the qualifying broker shall, within 10
				days, return the qualifying broker's license and the licenses of all qualifying
				and associate brokers affiliated with the brokerage to the commission, advise
				the commission in writing that the trade name is no longer being used, and
				remove all signs and advertising using the trade name.
C. Use of a trade name in such a fashion as
				to mislead the public may be grounds for disciplinary action by the
				commission.
D. An associate broker
				executing a trade name registration form for the purposes of reinstating a
				qualifying broker status shall be required, as a condition of reinstatement, to
				provide documentation of having completed the commission-approved minimum four
				hour qualifying broker refresher course during the current license renewal
				cycle.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 31 - SIGNAGE › Section 16.61.31.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 31 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 31 - SIGNAGE › Section 16.61.31.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 31 of Chapter 61 is to establish the
				  requirements for placement and maintenance of licensed real estate brokers'
				  signs.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 31 - SIGNAGE › Section 16.61.31.8 - REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Each qualifying
				broker shall place and maintain a legible sign in a conspicuous place near the
				office entrance identifying them as the qualifying broker. The trade name of
				the brokerage as registered with the commission shall be clearly
				shown.
B. In the case of a
				qualifying broker whose office is located in an office building, the qualifying
				broker may comply with this regulation by listing their name on the directory
				of offices provided by the office building and by displaying the trade name on
				or near the office entrance.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 32 - REAL ESTATE ADVERTISING › Section 16.61.32.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 32 of Chapter 61 apply to all real
				  estate brokers in New Mexico.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 32 - REAL ESTATE ADVERTISING › Section 16.61.32.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 32 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 32 - REAL ESTATE ADVERTISING › Section 16.61.32.5 - 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 32 - REAL ESTATE ADVERTISING › Section 16.61.32.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 32 of Chapter 61 is to set forth the
				  requirements governing the advertising of real property for others for sale,
				  purchase, rent, lease or exchange in the state of New Mexico.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 33 - DOCUMENT EXECUTION AND DELIVERY › Section 16.61.33.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions of Part 33 of Chapter 61 apply to all licensed
				  real estate brokers in New Mexico.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 33 - DOCUMENT EXECUTION AND DELIVERY › Section 16.61.33.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 33 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 33 - DOCUMENT EXECUTION AND DELIVERY › Section 16.61.33.5 - 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 33 - DOCUMENT EXECUTION AND DELIVERY › Section 16.61.33.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 33 of Chapter 61 is to set forth the
				  requirements for documentation and delivery of documentation of
				  transactions.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 33 - DOCUMENT EXECUTION AND DELIVERY › Section 16.61.33.9 - DELIVERY OF DOCUMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
Except as otherwise provided by law, in all circumstances it
				  shall be the responsibility of each broker engaged in a transaction to assure
				  that all parties to the transaction receive legible copies of any and all
				  documents they have signed and any documents that pertain to their respective
				  interest in the transaction as soon as practicably possible, and copies of all
				  fully executed documents thereafter.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 35 - CHILD SUPPORT ENFORCEMENT › Section 16.61.35.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 35 of Chapter 61 apply to disciplinary
				  proceedings by this issuing agency pursuant to the Parental Responsibility Act
				  against a license, certificate, registration or permit required to engage in a
				  profession or occupation. The material in this Part was derived from that
				  previously filed with the State Records Center & Archives under: Title 16,
				  Chapter 1, Part 1, Occupational and Professional Licensing, General Provisions,
				  Parental Responsibility Act Compliance, filed November 3, 1995 by Regulation
				  and Licensing Department.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 35 - CHILD SUPPORT ENFORCEMENT › Section 16.61.35.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 35 of Chapter 61 is promulgated pursuant to the Parental
				  Responsibility Act , NMSA 1978, Sections 40-50A-1 to 40-50A-13 (Ch. 25, Laws of
				  1995).
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 35 - CHILD SUPPORT ENFORCEMENT › Section 16.61.35.5 - 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 35 - CHILD SUPPORT ENFORCEMENT › Section 16.61.35.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 35 of Chapter 61 is to implement the
				  requirements of the Parental Responsibility Act as they apply to the issuance,
				  renewal, suspension or revocation of any license required to engage in the
				  profession by this agency under this part.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 35 - CHILD SUPPORT ENFORCEMENT › Section 16.61.35.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
All terms defined in the Parental Responsibility Act shall
				  have the same meanings in Part 35 of Chapter 61 as used in Part 35.
A. "HSD" means the New Mexico human services
				department;
B. "license" means a
				license issued by the commission that a person is required to have to engage in
				the profession or occupation of real estate in New Mexico;
C. "statement of compliance" means a
				certified statement from HSD stating that an applicant or broker is in
				compliance with a judgment and order for support; and
D. "statement of non-compliance" means a
				certified statement from HSD stating that an applicant or broker is not in
				compliance with a judgment and order for support.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 35 - CHILD SUPPORT ENFORCEMENT › Section 16.61.35.8 - DISCIPLINARY ACTION

Current through Register Vol. 35, No. 13, July 16, 2024
If a license applicant or licensed broker is not in
				  compliance with a judgment and order for support, the commission:
A. shall deny an application for a
				license;
B. shall deny the renewal
				of the license; and
C. has grounds
				for suspension or revocation of the license.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 35 - CHILD SUPPORT ENFORCEMENT › Section 16.61.35.9 - CERTIFIED LIST

Current through Register Vol. 35, No. 13, July 16, 2024
Upon receipt of HSD's certified list of obligors not in
				  compliance with a judgment and order for support, the commission shall match
				  the certified list against the current list of commission brokers or broker
				  applicants. Upon the later receipt of an application for license or renewal,
				  the commission shall match the applicant against the current certified list. By
				  the end of the month in which the certified list is received, the commission
				  shall report to HSD the names of commission brokers or broker applicants who
				  are on the certified list and the action the commission has taken in connection
				  with such brokers or broker applicants.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 35 - CHILD SUPPORT ENFORCEMENT › Section 16.61.35.10 - INITIAL ACTION

Current through Register Vol. 35, No. 13, July 16, 2024
Upon determination that a broker or broker applicant appears
				  on the certified list, the commission shall:
A. commence a formal proceeding as set forth
				in Section 11 of Part 35 to take the appropriate action under Section 8 of Part
				35; or
B. for current brokers only,
				informally notify the broker that the broker's name is on the certified list,
				and that the broker must provide the commission with a subsequent statement of
				compliance from HSD by the earlier of the application for license renewal or a
				specified date not to exceed thirty (30) days. If the broker fails to provide
				this statement, the commission shall commence a formal proceeding as set forth
				in Section 11 of Part 35.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 35 - CHILD SUPPORT ENFORCEMENT › Section 16.61.35.11 - NOTICE OF CONTEMPLATED ACTION

Current through Register Vol. 35, No. 13, July 16, 2024
Prior to taking any action specified in Section 8 of Part 35,
				  the commission shall serve upon the broker or broker applicant a written notice
				  stating that:
A. the commission has
				grounds to take such action, and that the commission shall take such action
				unless the broker or broker applicant:
(1)
				mails a letter (certified, return receipt requested) within twenty (20) days
				after service of the notice requesting a hearing; or
(2) provides the commission, within thirty
				(30) days of the date of the notice, with a statement of compliance from HSD;
				and
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 35 - CHILD SUPPORT ENFORCEMENT › Section 16.61.35.12 - EVIDENCE AND PROOF

Current through Register Vol. 35, No. 13, July 16, 2024
In any hearing under Part 35 of Chapter 61, relevant evidence
				  is limited to the following:
A. a
				statement of non-compliance is conclusive evidence that requires the commission
				to take the appropriate action under Section 8 of Part 35 of Chapter 61
				unless;
B. the broker or broker
				applicant provides the commission a subsequent statement of compliance which
				shall preclude the commission from taking any action based solely on the prior
				statement of non-compliance.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 35 - CHILD SUPPORT ENFORCEMENT › Section 16.61.35.13 - ORDER

Current through Register Vol. 35, No. 13, July 16, 2024
When an action is taken under Part 35 of Chapter 61 solely
				  because the broker orbroker applicant is not in compliance with a judgment and
				  order for support, the order shall state that the application or license shall
				  be reinstated upon presentation of a subsequent statement of compliance. The
				  commission may also include any other conditions necessary to comply with
				  commission requirements for reapplication or reinstatement of lapsed
				  licenses.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 35 - CHILD SUPPORT ENFORCEMENT › Section 16.61.35.14 - PROCEDURES

Current through Register Vol. 35, No. 13, July 16, 2024
Proceedings under Part 35 of Chapter 61 shall be governed by
				  the Uniform Licensing Act, Section
				  61-1-1,
et seq
., or any other adjudicatory procedures adopted
				  by the commission.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 36 - COMPLAINTS AND INVESTIGATIONS › Section 16.61.36.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions in Part 36 of Chapter 61 apply to anyone
				  violating the Real Estate License Law, NMSA 1978 Section
				  61-29-12.
				  The provisions in Part 36 of Chapter 61 may be of interest to anyone who may
				  wish to file a complaint against a broker licensed by the commission, or
				  against any person who acts as a real estate broker in this state with or
				  without a New Mexico real estate license.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 36 - COMPLAINTS AND INVESTIGATIONS › Section 16.61.36.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Part 36 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 36 - COMPLAINTS AND INVESTIGATIONS › Section 16.61.36.5 - 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 36 - COMPLAINTS AND INVESTIGATIONS › Section 16.61.36.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 36 of Chapter 61 is to set forth the
				  procedure by which the real estate commission receives and investigates
				  complaints against associate brokers or qualifying brokers or any other person
				  who performs the acts of a a real estate broker in this state with or without a
				  New Mexico real estate license.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 36 - COMPLAINTS AND INVESTIGATIONS › Section 16.61.36.8 - COMPLAINTS

Current through Register Vol. 35, No. 13, July 16, 2024
The commission may file a complaint against any person who
				  engages in the business or acts in the capacity of a real estate broker, real
				  estate commission approved education sponsor or instructor, in this state with
				  or without a New Mexico real estate license based on information indicating
				  that there may have been a violation of the Real Estate License Law or the
				  commission rules. The commission may also act on a complaint made by a member
				  of the commission, a member of the public, or another real estate broker. Upon
				  receipt of a complaint the commission will determine if the complaint is within
				  its jurisdiction. If the commission determines the complaint is within its
				  jurisdiction, the complaint will be assigned for
				  investigation.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 36 - COMPLAINTS AND INVESTIGATIONS › Section 16.61.36.9 - INVESTIGATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
In conducting an investigation, the commission shall give
				  the person under investigation the opportunity to answer the complaint made
				  against them in writing and to produce relevant documentary evidence, in
				  accordance with the Uniform Licensing Act. If the person under investigation
				  fails to respond within 10 working days of having been provided with a copy of
				  the complaint and having been informed by the commission in writing that a
				  complaint has been filed against him or her, the investigation may proceed
				  without benefit of that person's response.
A. If the investigation reveals that the
				complaint does not involve a violation of the Real Estate License Law or the
				commission rules, the complaint will be dismissed by the commission, and the
				parties to the complaint will be so advised.
B. If the investigation reveals that the
				complaint does involve a violation of the Real Estate License Law or the
				commission rules, the commission may refer the complaint to the attorney
				general's office and request that a notice of contemplated action (NCA) be
				issued to the respondent, or offer the respondent a pre-NCA settlement with the
				understanding that if the respondent does not accept the settlement offer, the
				complaint will be referred to the attorney general's office for the issuance of
				an NCA.
C. Withdrawal of a
				complaint by a member of the commission, a member of the public, or another
				broker does not bind the commission to dismiss the complaint.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 62 - REAL ESTATE APPRAISERS › Part 1 - GENERAL PROVISIONS › Section 16.62.1.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Regulation and Licensing Department, NM Real Estate
				  Appraisers Board.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 62 - REAL ESTATE APPRAISERS › Part 1 - GENERAL PROVISIONS › Section 16.62.1.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All trainee real estate appraisers, licensed residential real
				  estate appraisers, residential certified real estate appraisers, general
				  certified real estate appraisers and temporary licensed or certified real
				  estate appraisers.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 62 - REAL ESTATE APPRAISERS › Part 1 - GENERAL PROVISIONS › Section 16.62.1.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
These rules are promulgated pursuant to the Real Estate Appraisers Act, Section  61-30-1 to Section  61-30-24, NMSA 1978.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 62 - REAL ESTATE APPRAISERS › Part 1 - GENERAL PROVISIONS › Section 16.62.1.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
January 14, 2000, unless a later date is cited at the end of
				  a section.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 62 - REAL ESTATE APPRAISERS › Part 1 - GENERAL PROVISIONS › Section 16.62.1.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
This part provides definitions used in the regulations,
				  adopts FIRREA and the uniform standards professional appraisal practice
				  (USPAP), provides for inspection of board records and telephonic attendance at
				  meetings by board members.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 62 - REAL ESTATE APPRAISERS › Part 1 - GENERAL PROVISIONS › Section 16.62.1.8 - STANDARDS OF PROFESSIONAL PRACTICE, CODE OF PROFESSIONAL RESPONSIBILITY AND ADOPTION OF FIRREA

Current through Register Vol. 35, No. 13, July 16, 2024
A. The national uniform standards of professional appraisal practice (USPAP) as promulgated by the appraisal standards board of the appraisal foundation, and adopted and incorporated by reference are the minimum requirements. The appraisal standards board's code of professional responsibility and Ethics Rule, are the minimum professional and ethical standards that will govern appraisers practicing in New Mexico.
B. The Financial Institutions Reform, Recovery and Enforcement Act (FIRREA, 12 U.S.C. 3351) and its current amendments are adopted and incorporated into these regulations by reference.
C. Pursuant to Title XI of FIRREA, as amended by the Dodd-Frank Act of 2010, the board shall:
(1) designate a high ranking officer, such as a board administrator, who will serve as the state's authorized registry official (SARO), and must ensure that non-public data is appropriately protected;
(2) provide to the ASC, in writing, information regarding the selected authorized registry official, and any individual(s) authorized to act on their behalf, and should ensure that the authorization information provided to the ASC is kept current; and
(3) adopt and implement a written policy to adequately protect the right of access.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 62 - REAL ESTATE APPRAISERS › Part 1 - GENERAL PROVISIONS › Section 16.62.1.9 - INSPECTION OF BOARD RECORDS

Current through Register Vol. 35, No. 13, July 16, 2024
Except as otherwise provided by law or protected by public
				  records shall be available for inspection in accordance with the provisions of
				  the Inspection of Publics Records Act (IPRA), NMSA 1978, Sections
				  14-2-1
				  through -12, (1974, as amended through 2009). Cost will be determined by
				  regulation and licensing department standard IPRA fees.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 62 - REAL ESTATE APPRAISERS › Part 1 - GENERAL PROVISIONS › Section 16.62.1.10 - SEVERABILITY

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions of these regulations are severable. If any
				  part of the regulations is held invalid by a court of competent jurisdiction,
				  the remaining provisions shall remain in force and effect, unless otherwise
				  determined by a court of competent jurisdiction.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 62 - REAL ESTATE APPRAISERS › Part 1 - GENERAL PROVISIONS › Section 16.62.1.11 - TELEPHONIC ATTENDANCE BY BOARD MEMBERS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Pursuant to the provisions of the Open
				Meetings Act, NMSA 1978, Sections
				10-15-1
				through -4, (1974, as amended through 2009) board members may participate in a
				meeting of the board by means of a conference telephone or similar
				communications equipment, and participation by such means shall constitute
				presence in person at the meeting. However, such participation by telephone may
				only occur when it is difficult or impossible, i.e., when circumstances beyond
				the member's control would make attendance in person extremely
				burdensome.
B. Each board member
				participating by conference telephone must be identified when speaking and all
				participants must be able to hear each other at the same time, and members of
				the public attending the meeting must be able to hear any member of the public
				who speaks during the meeting.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 62 - REAL ESTATE APPRAISERS › Part 1 - GENERAL PROVISIONS › Section 16.62.1.13 - KNOWLEDGE OF THE RULES

Current through Register Vol. 35, No. 13, July 16, 2024
All appraisers shall have knowledge of the board rules and by
				  acceptance to licensure shall agree to abide by these rules.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 62 - REAL ESTATE APPRAISERS › Part 1 - GENERAL PROVISIONS › Section 16.62.1.14 - APPRAISAL MANAGEMENT COMPANIES

Current through Register Vol. 35, No. 13, July 16, 2024
A. An appraiser may not perform an appraisal
				for an appraisal management company (AMC) unless that company is registered
				pursuant to the Appraisal Management Company Registration Act
				47-14-1
				NMSA 1978.
B. In the body of an
				appraisal report completed for an AMC, the appraiser must include:
(1) the required minimum information
				contained within the engagement letter as set forth in AMC 16.65.2.12 NMAC; a
				copy of the engagement letter will meet this requirement;
(2) any additional scope of work
				requirements.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 62 - REAL ESTATE APPRAISERS › Part 2 - APPLICATION FOR APPRENTICE › Section 16.62.2.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Regulation and Licensing Department, NM Real Estate
				  Appraisers Board.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 62 - REAL ESTATE APPRAISERS › Part 2 - APPLICATION FOR APPRENTICE › Section 16.62.2.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All trainee real estate appraisers, licensed residential real
				  estate appraisers, residential certified real estate appraisers, general
				  certified real estate appraisers and temporary licensed or certified real
				  estate appraisers.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 62 - REAL ESTATE APPRAISERS › Part 2 - APPLICATION FOR APPRENTICE › Section 16.62.2.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
These rules are promulgated pursuant to the Real Estate Appraisers Act, Section  61-30-1 to Section  61-30-24, NMSA 1978.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 62 - REAL ESTATE APPRAISERS › Part 2 - APPLICATION FOR APPRENTICE › Section 16.62.2.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
January 14, 2000, unless a later date is cited at the end of
				  a section.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 62 - REAL ESTATE APPRAISERS › Part 2 - APPLICATION FOR APPRENTICE › Section 16.62.2.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
This part provides requirements for making application for
				  apprenticeship as a real estate appraiser trainee.
New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 62 - REAL ESTATE APPRAISERS › Part 2 - APPLICATION FOR APPRENTICE › Section 16.62.2.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
Prior to 09/13/2004, all "apprentice real estate appraisers"
				  were designated as "registered real estate appraisers". After 01/01/2015, all
				  "apprentice real estate appraisers" were designated "trainee real estate
				  appraisers".