N.M. Admin. Code § 16.61.11.8

Current through Register Vol. 35, No. 19, October 8, 2024

Section 16.61.11.8 - REQUIREMENTS

A.Renewal period: Every real estate license expires every three years on the last day of the month following the broker's birth month unless it is renewed on or before that date. Renewal of a license is the sole responsibility of each broker.

B.Late renewal fee penalty: A broker whose license has expired may reinstate their license without reexamination up to one year after expiration by paying a renewal/reinstatement fee three times the regular $270 license renewal fee.

C.Exemption from late fee penalty for documentable medical or military reasons: Pursuant to Section 61-29-8 NMSA 1978, a broker may be excused from paying a late license renewal/reinstatement fee of three times the normal $270 renewal fee if the broker by reason of (1) active duty military service; or (2) due to impairment by illness or injury, cannot complete renewal requirements. In these cases the broker may make application for a license renewal/reinstatement if the application is submitted within the one-year period after license expiration. A broker may apply for an exemption from the late fee under the following conditions and procedures:

(1)Active military/reserve duty: The broker or their spouse must have been placed on active military/reserve duty, and can document military orders.

(2)Medically related impairment or incapacitation: The broker, spouse or a member of the broker's immediate family is placed under a doctor's care, suffering from an illness or injury of such severity that the broker is physically or mentally incapable or otherwise deterred of completing renewal requirements on time, and deterred from submitting an application for license renewal prior to license expiration. This exemption includes brokers who are temporarily deterred from completing renewal requirements due to parental or immediate family caregiving as documentable by sufficient medical affidavit.

(3)Documentation: The broker's late renewal/reinstatement application must contain documentable medical evidence, or in the case of military service, a document that shows the effective date of return from active military duty. Nevertheless, in all cases, the license will be considered expired and the broker may not practice real estate until the broker, within the one year from expiration, renews/reinstates his/her license. In all cases, brokers renewing/reinstating late must meet all continuing education requirements due during the expired cycle in question.

(4)Procedure: Brokers seeking the late fee exemption under the above conditions must first contact commission staff prior to submittal of the late renewal application, and must submit a letter of explanation along with the pertinent documentation supporting late fee exemption request. Following commission staff review of the documentation, commission staff will determine the validity of the documentation. If a late fee exemption is granted, the commission staff will notify the broker to submit the late renewal application. If an exemption from the late fee is not granted, the broker may still submit the late renewal, but be subject to the late fee penalty at the time of submission.

D.Forfeiture of license renewal/reinstatement: After the time period of one year from the date of license expiration, the broker will not be able to renew or reinstate their license, and the broker would have to undergo all prelicensure requirements to become licensed in the future.

E.Multiple license circumvention of late fees disallowed: A qualifying broker with multiple licenses cannot avoid paying the late fee on an expired license by allowing the license to expire and subsequently applying for an additional license. An application for an additional license within one year of the broker's license expiration date will only be accepted if the qualifying broker brings all other licenses current with respect to fees, continuing education, and other renewal requirements. In addition to paying a license renewal/reinstatement fee, the broker will be required, as a condition of license renewal/reinstatement, to provide documentation of the completion of the necessary 42 hours of continuing education required for a qualifying broker.

F.On-line renewal forms: The commission shall email online license renewal forms and all related web links to brokers at the broker's email of record on file at the commission, and if possible, in the case of active associate brokers, send a copy of said email renewal notice to the applicable qualifying broker.

G.Phone number of record and email of record address changes: Brokers are responsible for providing the commission with a current email address, and phone number; and, for notifying the commission within 10 days of a change of email address. Brokers must also maintain a current residential address with the commission and notify the commission within 10 days of a residential address change.

H.Payment of commissions to brokers with expired license: The qualifying broker may pay a commission to a broker whose license is expired or to the estate of a deceased broker only if the transaction was under contract while the broker's license was current.

I.Background checks: The commission will conduct a background check on all renewal applicants and may use that information in determining their eligibility for renewal.

N.M. Admin. Code § 16.61.11.8

8-15-97; A, 1-1-2000; 16.61.11.8 NMAC - Rn & A, 16 NMAC 61.11.8, 1-1-2002; A, 01-01-2004; A, 1-1-2006; A, 12-31-2008; A, 1-1-2012, Amended by New Mexico Register, Volume XXVII, Issue 22, November 30, 2016, eff. 1/1/2017, Amended by New Mexico Register, Volume XXIX, Issue 22, November 27, 2018, eff. 1/1/2019, Amended by New Mexico Register, Volume XXXI, Issue 23, December 15, 2020, eff. 1/3/2021