New Mexico Administrative Code › Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING › Chapter 61 - REAL ESTATE BROKERS › Part 17 - ASSOCIATE BROKER: AFFILIATION AND RESPONSIBILITIES › Section 16.61.17.9 - RESPONSIBILITIES

Current through Register Vol. 35, No. 13, July 16, 2024
An active associate broker shall:
A. complete within their first year of
				licensure, the commission-approved new broker business practices course or the
				CCIM 101 course. Associate brokers who have been on inactive status since their
				initial licensure shall complete the new broker business practices course or
				the CCIM 101 course prior to activation of their license;
B. be affiliated with only one qualifying
				broker license at a time;
C. not
				engage in any real estate activity for any other qualifying broker other than
				the qualifying broker with whom the broker is affiliated;
D. Notify the qualifying broker immediately
				and seek counsel and advice of the qualifying broker if the associate broker
				has questions or concerns about a transaction or process, including but not
				limited to, possible violations of office policies and procedures, local, state
				and federal laws regarding real estate and rules of the real estate commission,
				and must seek help with contract creation and completion when unsure.
E. Ensure associate broker's own competence
				and knowledge of the profession by taking continuing education courses in areas
				where associate broker is lacking skill or knowledge in those areas.
F. Read, understand and follow the written
				policies provided by qualifying broker.
G. not engage in any real estate activities
				for others for which a real estate license is required outside the knowledge
				and supervision of their qualifying broker;
H. not engage in any real estate activities
				on their own behalf outside the knowledge of the qualifying broker with whom
				the broker is affiliated;
I. not
				engage in any real estate activity under a trade name(s) other than the trade
				name(s) of the qualifying broker with whom the broker is affiliated;
J. not receive any commissions or fees for
				real estate activities from anyone other than the qualifying broker with whom
				the broker was affiliated with at the time the transaction went under contract,
				or persons authorized in writing by the qualifying broker to disburse such
				commissions or fees;
K. when
				advertising real estate or real estate services for others, include in the
				advertising the trade name and telephone number as registered with the
				commission of the qualifying broker with whom the broker is
				affiliated;
L. remit all funds
				received from others related to real estate transactions to the qualifying
				broker or their designee as soon as possible after receipt of those funds, and
				after securing signatures of all parties to the transaction;
M. deliver in a timely manner to their
				qualifying broker all records required to be maintained by their qualifying
				broker under 16.61.16 NMAC; and
N.
				maintain a current errors and omissions insurance policy as provided in Section
				61-29-4.2
				NMSA 1978 of the Real Estate License Law and
				16.61.5.8
				NMAC of the commission rules, and provide documentation of such policy to their
				qualifying broker.
O. Disclose,
				when buying, selling or leasing real property on broker's own behalf, that
				broker holds a New Mexico Real Estate License.
P. Identify oneself on real estate related
				phone calls, texts or emails as a licensed New Mexico real estate
				broker.
Q. Renew the real estate
				license timely and take all required continuing education courses in order to
				renew the license. Notify qualifying broker immediately if the license cannot
				be renewed or has expired.
R.
				Submit all advertising not prepared by the brokerage to the qualifying broker
				for review and approval prior to public release.