N.M. Admin. Code § 16.61.6.8

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

Section 16.61.6.8 - REQUIREMENTS

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.

N.M. Admin. Code § 16.61.6.8

16.61.6.8 NMAC - Rp, 16.61.6.8 NMAC, 1-1-2012, Amended by New Mexico Register, Volume XXVII, Issue 22, November 30, 2016, eff. 1/1/2017