N.M. Admin. Code § 16.61.23.12

Current through Register Vol. 35, No. 20, October 22, 2024

Section 16.61.23.12 - TRUST ACCOUNT DECLARATION AND RECORD KEEPING

Qualifying brokers who offer property management services for others shall:

A. Execute and submit to the commission, on a form provided by the commission, a declaration of intent to offer such services. Such declaration will acknowledge the qualifying broker's responsibility for all property management services provided by the brokerage including maintenance of the records described below.

B. Maintain records of such services as provided in 16.61.23 NMAC and 16.61.24 NMAC, including:

(1) A list of all property management trust and custodial accounts maintained by the brokerage;

(2) The name of the bank(s) at which such trust or custodial accounts are maintained;

(3) Monthly trust or custodial account reconciliation(s) demonstrating a three-way reconciliation between the trust or custodial account, the bank statement, and the property ledger;

(4) Trust or custodial account year-end balances.

C. Qualifying brokers who offer property management services for others shall review 16.61.23 NMAC and 16.61.24 NMAC of the commission rules with licensed and unlicensed personnel performing property management services at the brokerage.

D. Qualifying brokers offering property management services for others shall make the records and information delineated in this part available to the commission upon request.

E. Failure of a qualifying broker to comply with the provisions of 16.61.23.12 NMAC, shall subject the qualifying broker to disciplinary action.

N.M. Admin. Code § 16.61.23.12

Adopted 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