2006 New Mexico Statutes - Section 61-29-11 — Issuance, renewal and surrender of licenses.   (Repealed effective July 1, 2012.)

61-29-11. Issuance, renewal and surrender of licenses.   (Repealed effective July 1, 2012.)

A.     The commission shall issue to each qualified applicant a license in the form and size prescribed by the commission.

B.     The license shall show the name and address of the licensee.  An associate broker's license shall show the name of the qualifying broker by whom the associate broker is engaged.  The commission shall deliver or mail the license of the associate broker to the qualifying broker by whom the associate broker is engaged, and the qualifying broker shall display the license at the brokerage from which the associate broker will be conducting real estate business on behalf of the brokerage.  The license of the associate broker shall remain in the custody and control of the qualifying broker as long as the associate broker is engaged by that qualifying broker.

C.     Every license shall be renewed every three years on or before the last day of the month following the licensee's month of birth.  Upon written request for renewal by the licensee, the commission shall certify renewal of a license if there is no reason or condition that might warrant the refusal of the renewal of a license.  The licensee shall provide proof of compliance with continuing education requirements and pay the renewal fee.  If a licensee has not made application for renewal of license, furnished proof of compliance with continuing education requirements and paid the renewal fee by the license renewal date, the license shall expire.  The commission may require a person whose license has expired to apply for a license as if the person had not been previously licensed under Chapter 61, Article 29 NMSA 1978 and further require that the person be reexamined.  The commission shall require a person whose license has expired to pay when the person applies for a license, in addition to any other fee, a late fee.  If during a period of one year from the date the license expires the person or the person's spouse is either absent from this state on active duty military service or the person is suffering from an illness or injury of such severity that the person is physically or mentally incapable of making application for a license, payment of the late fee and reexamination shall not be required by the commission if, within three months of the person's permanent return to this state or sufficient recovery from illness or injury to allow the person to make an application, the person makes application to the commission for a license.  A copy of that person's or that person's spouse's military orders or a certificate from the applicant's physician shall accompany the application.  A person excused by reason of active duty military service, illness or injury as provided for in this subsection may make application for a license without imposition of the late fee.  All fees collected pursuant to this subsection shall be disposed of in accordance with the provisions of Section 61-29-8 NMSA 1978.  The revocation of a qualifying broker's license automatically suspends every associate broker's license granted to any person by virtue of association with the qualifying broker whose license has been revoked, pending a change of qualifying broker.  Upon the naming of a new qualifying broker, the suspended license shall be reactivated without charge if granted during the three-year renewal cycle.

D.     A qualifying broker shall conduct brokerage business under the trade name and from the brokerage address registered with the commission.  Every brokerage shall have a qualifying broker in charge.  The license of the qualifying broker and each associate broker associated with that qualifying broker shall be prominently displayed in each brokerage office.  The address of the office shall be designated in the qualifying broker's license, and a license issued shall not authorize the licensee to transact real estate business at any other address.  In case of removal from the designated address, the licensee shall make application to the commission before the removal or within ten days thereafter, designating the new location of the licensee's office and paying the required fee, whereupon the commission shall issue a license for the new location if the new location complies with the terms of Chapter 61, Article 29 NMSA 1978.  A qualifying broker shall maintain a sign at the brokerage office of such size and content as the commission prescribes.

E.     When an associate broker is discharged or terminates association or employment with the qualifying broker with whom the associate broker is associated, the qualifying broker shall deliver or mail the associate broker's license to the commission within forty-eight hours.  The commission shall hold the license on inactive status.  It is unlawful for an associate broker to perform any of the acts authorized by Chapter 61, Article 29 NMSA 1978 either directly or indirectly under authority of an inactive license after the associate broker's association with a qualifying broker has been terminated and the associate broker's license has been returned to the commission until the appropriate fee has been paid and the license has been reissued and reactivated by the commission.

Disclaimer: These codes may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.