Changes to NM Real Estate Licensing Law Effective July 1, 2011 SB 105 - New Mexico Real Estate Broker Licensing Legislation will go into effect. Here is a summary of the Changes: 1. Elimination of existing exemption from continuing education for Brokers 65 years and above with 20 years of continuous licensure. If you current fall in the exempt statue...nothing to worry about, nothing changes. If you turn 65 on August 1, 2011 andyouhave the 20 years of continued licensure...the new law applies. You will need to fulfil the continuing education requirements. 2. Permit brokers licensed by other states to engaged in Real Estate Activity in New Mexico under a transaction-specific written agreement with a New Mexico Licensed Broker executed prior to that activity, and provided that all NM Laws are obeyed. This is actually a great opportunity for those in other states to come in and do business here in New Mexico. The key here is that there has to be a prior written transaction-specific agreement, and the Non-NM Broker must follow the Law. 3. Unlicensed Real Estate Brokerage Activity is a fourth-degree Felony: Bottomline, unless you are licensed in NM, you should not be operating a brokerage here 4. Fingerprint required for applicants for New Mexico Broker's License. 5. Mandatory 8-hour Course as a condition of License Renewal (Course Exam is no longer Reguired) New Mexico Brokers need to pay attention to the these changes.
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production
I think with everything going on in mortgages and real estate...it is important for the C.E. However, how much is too much?
Jun 22, 2011 05:05 PM
Dan Edward Phillips - Eureka, CA
Realtor and Broker/Owner
Good evening C Lloyd, som every interesting changes to New Mexico Real Estate Law. Number three is a very important change.
Jun 22, 2011 05:16 PM
Living Albuquerque - Albuquerque, NM
Living Albuquerque
Gentlemen:Thanks for stopping by.
I agree with you Dan, I think # 3 is quite interesting.
CE are important. I had to take the mandatory exam to renew my licence.
I am not sure that 30 Hours every 3years is too much when you can take 3 one day classes and be almost complete
Jun 22, 2011 05:52 PM
Weichert, Realtors; Hillsborough - Hillsborough, NJ
PhD, e-PRO, Manville, Hillsborough, Somerset NJ
C Lloyd, Some of those changes seem positive like required CE. We just saw a prominent local broker lose his license for operating a satellite office without a broker present. He will have to retake RE class when his license can be returned. #3 seems interesting in this case. We just had license renewals, but NJ does not have the redo course yet!
Jun 23, 2011 03:38 AM
Richmond, TX
Lloyd,
I think that it is of the utmost importance for everyone to have minimum CE courses because the world does not stand still and their are changes continuously in Real Estate. Great to know about other states' licensees being able to do business in NM with prior written authorization.
Jun 23, 2011 05:33 AM
Living Albuquerque - Albuquerque, NM
Living Albuquerque
Thank you for your comments. I appreciate them very much. In the future, I will endeavor to respond to them in a more timely fashion.
Nov 03, 2012 10:00 AM
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Albuquerque and Rio Rancho, New Mexico are among the most stable real estate markets in the United States. This has caught the attention of the national media. As such, it is incumbent on local Realtors to provide information about our cities for those interested in investing, relocating, or visiting. My goal with this blog is to highlight issues or topics in real estate, and where appropriate apply them to the local markets.
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