A. Licenses shall be granted only to persons who meet the requirements for licensure prescribed by law and are deemed by the commission to be of good repute and competent to transact the business of a qualifying broker or an associate broker in a manner that safeguards the interests of the public.
B. An applicant for a qualifying broker's license or an associate broker's license shall be a legal resident of the United States and have reached the age of majority. Each applicant for a qualifying broker's license or an associate broker's license shall have passed the real estate broker's examination approved by the commission and shall:
(1) furnish the commission with certificates of completion of ninety hours of classroom instruction consisting of commission-approved thirty-hour courses in real estate principles and practice, real estate law and broker basics; or
(2) in the case of an out-of-state applicant, furnish the commission with a certified license history from the real estate licensing jurisdiction in the state or states in which the applicant is currently or has been previously licensed as a real estate broker, or certificates of completion of those courses issued by the course sponsor or provider, certifying that the applicant has or had a license in that state and has completed the equivalent of sixty classroom hours of prelicensing education approved by that licensing jurisdiction in real estate principles and practice and real estate law. Upon receipt of such documentation, the commission may waive sixty hours of the ninety hours of prelicensing education required to take the New Mexico real estate broker's examination and may waive the national portion of the examination. The applicant shall complete the commission-approved thirty-hour broker basics class to be eligible to take the state portion of the New Mexico real estate broker's examination.
C. An applicant for a qualifying broker's license shall have passed the New Mexico real estate broker's examination and had an active associate broker's license or equivalent real estate license for at least two of the last five years immediately preceding application for a qualifying broker's license and shall furnish the commission with a certificate of completion of the commission-approved thirty-hour brokerage office administration course and any additional educational courses required by the commission by rule.
D. Notwithstanding Subsection C of this section, a qualifying broker shall not supervise associate brokers until the qualifying broker has had an active associate broker's or qualifying broker's license or equivalent real estate license for at least four years. Licensees who hold an active or inactive qualifying broker's license on January 1, 2018 are exempt from this subsection.
E. The commission shall require the information it deems necessary from every applicant to determine that applicant's honesty, trustworthiness and competency.
History: 1953 Comp., § 67-24-26, enacted by Laws 1959, ch. 226, § 8; 1965, ch. 304, § 4; 1973, ch. 40, § 1; 1977, ch. 295, § 2; 1979, ch. 94, § 1; 1983, ch. 261, § 3; 1999, ch. 272, § 35; 2001, ch. 163, § 4; 2003, ch. 22, § 4; 2003, ch. 329, § 1; 2005, ch. 35, § 10; 2011, ch. 85, § 5; 2013, ch. 167, § 5; 2017, ch. 131, § 1.
ANNOTATIONSCross references. — For age of majority, see 12-2A-3 and 28-6-1 NMSA 1978.
For the Parental Responsibility Act, see Chapter 40, Article 5A NMSA 1978.
The 2017 amendment, effective January 1, 2018, authorized the real estate commission to require an applicant for a qualifying broker's license to complete additional educational courses, restricted a qualifying broker from supervising an associate broker until the qualifying broker has had an active associate or qualifying broker's license or equivalent real estate license for at least four years, and provided an exemption for certain licensees; in Subsection C, after "administration course", added "and any additional educational courses required by the commission by rule"; and added a new Subsection D and redesignated the succeeding subsection accordingly.
The 2013 amendment, effective June 14, 2013, provided for nonresident broker licensing; in Paragraph (1) of Subsection B, after "furnish the commission with", deleted "a certificate of completion of", after "ninety", deleted "classroom", after "hours of", added "classroom", and after "classroom instruction", deleted "in basic real estate courses approved by the commission, thirty hours of which shall have been a broker basics course" and added the remainder of the sentence; in Paragraph (2) of Subsection B, in the first sentence, added "in the case of an out-of-state applicant", after "commission with a", deleted language which provided for minimum continuing education requirements for out-of-state applicants and added the remainder of the sentence and added the second and third sentences; in Subsection C, after "broker's license shall have", deleted "been actively engaged in the real estate business as an associate broker or real estate salesperson" and added "passed the New Mexico real estate broker's examination and had an active associate broker's license or equivalent real estate license", and after "shall furnish the commission", deleted the remainder to the sentence which required the applicant to provide proof that the applicant had competed one hundred twenty hours of prelicensing courses and added "with a certificate of completion of the commission-approved thirty-hour brokerage office administration course"; and deleted former Subsection D, which provided the requirements for a salesperson to qualify for an associate broker's license.
The 2011 amendment, effective July 1 2011, removed corporations, partnerships and associations from broker licensing.
The 2005 amendment, effective January 1, 2006, specifies the qualifications for qualifying and associate broker licenses; eliminates the requirement that an applicant shall have been a real estate sales person; and requires that applicants complete ninety classroom hours of instruction, thirty hours of which are broker basic courses or provide a certificate that the applicant is a licensed real estate broker in another state and has completed ninety classroom hours in basic real estate courses; eliminates the requirements that the applicant furnish proof of equivalent experience; eliminates provisions for the real estate salesperson's license; requires that an applicant for a qualifying broker's license shall have been engaged in the real estate business as an associate broker or salespersons fro two years and have completed one hundred twenty hours of real estate courses; provides that the holder of a salesperson's license shall automatically qualify for an associate broker's license; and provides that to be eligible for a qualifying broker's license, a salesperson who automatically obtains an associate broker's license must pass a real estate broker's examination.
The 2003 amendment, effective July 1, 2003, deleted "and, except as provided in Section 61-29-14 NMSA 1978, be a resident of New Mexico" following "age of majority" near the middle of Subsection B; and added Subsection B(5).
The 2001 amendment, effective July 1, 2001, in Subsection B, deleted "real estate" preceding "broker's license" and inserted "have passed the real estate examination approved by the commission and shall" in the introductory language; substituted "a broker basics course" for "ninety classroom hours of instruction in basic real estate courses" in Paragraph (1); inserted "thirty hours of which shall have been a broker basics course" at the end of Paragraphs (3) and (4); inserted "have passed the real estate examination approved by the commission" in Subsection C; and substituted "may" for "shall be entitled to" in the second sentence of Subsection D.
The 1999 amendment, effective June 18, 1999, in the introductory language of Subsection B, substituted "and, except as provided in Section 61-29-14 NMSA 1978, be a resident of New Mexico" for "and have been an actual bona fide resident of New Mexico for six months next preceding the filing of application"; deleted "in New Mexico" following "salesperson" in Subsection B(1); and deleted "and be a resident of New Mexico preceding the filing of application" following "age of majority" in Subsection C.
Persons of "good repute". — The "good repute" requirement is interpreted to relate to honesty and trustworthiness. Padilla v. Real Estate Comm'n, 1987-NMSC-056, 106 N.M. 96, 739 P.2d 965 .
Suit for commission to be in name of licensed broker. — As an action to recover a real estate commission may only be brought in the name of the licensed broker, evidence showing corporation may be entitled to a license, or that an officer thereof had a license, was insufficient to enable corporation to bring suit in its own name. The corporation itself must be licensed to bring suit. Star Realty Co. v. Sellers, 1963-NMSC-140, 73 N.M. 207, 387 P.2d 319.
Section expressly authorizes broker to hold more than one license, provided that person is actively engaged in the real estate business of the partnership, corporation or other business association for which he is the qualifying party. The statute does not authorize an individual to have more than one license in an individual capacity. 1980 Op. Att'y Gen. No. 80-22.
Apprenticeship not necessary. — There is nothing in this article requiring that an apprenticeship be served before an applicant can apply for a broker's license; to the contrary, Section 61-29-10 NMSA 1978 specifically sets out the means to be used by the commission in determining applicant's reputation and competency. 1963 Op. Att'y Gen. No. 63-110.
When license under Mobile Housing Act (now Manufactured Housing Act) required. — When a real estate broker or salesperson acts as the agent for another person in the sale, exchange, lease or purchase of a mobile housing unit which is not attached to real property he is no longer engaging in the real estate business as defined in the Real Estate Licensing Act. Rather, he is engaged in the business of acting as an agent for another in the sale of a mobile housing unit and must be licensed as a dealer under the Mobile Housing Act (now Manufactured Housing Act). 1982 Op. Att'y Gen. No. 82-12.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 12 Am. Jur. 2d Brokers § 12.
12 C.J.S. Brokers § 19.