N.M. Admin. Code § 16.61.17.9

Current through Register Vol. 35, No. 17, September 10, 2024

Section 16.61.17.9 - RESPONSIBILITIES

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.

N.M. Admin. Code § 16.61.17.9

1-1-2000, A, 2-14-2000; 16.61.17.9 NMAC - Rn, 16 NMAC 61.17.9, 1-1-2002; A, 1-1-2006; A, 12-31-2008; A, 1-1-2012; A, 1-1-2014, Amended by New Mexico Register, Volume XXVII, Issue 22, November 30, 2016, eff. 1/1/2017, Amended by New Mexico Register, Volume XXXI, Issue 23, December 15, 2020, eff. 1/3/2021