TITLE 16 OCCUPATIONAL
AND PROFESSIONAL LICENSING
CHAPTER 61 REAL
ESTATE BROKERS
PART 11 LICENSE EXPIRATION AND RENEWAL
16.61.11.1 ISSUING AGENCY: New Mexico Real Estate Commission.
[8-15-97; 16.61.11.1 NMAC - Rn & A, 16 NMAC 61.11.1, 1-1-2002]
16.61.11.2 SCOPE: The provisions in Part 11 of Chapter 61 apply to all currently licensed New Mexico real estate brokers.
[8-15-97; 16.61.11.2 NMAC - Rn, 16 NMAC 61.11.2, 1-1-2002; A, 1-1-2006]
16.61.11.3 STATUTORY AUTHORITY: Part 11 of Chapter 61 is promulgated pursuant to the Real Estate Licensing Law, NMSA 1978 Section 61-29-4.
[8-15-97; 16.61.11.3 NMAC - Rn, 16 NMAC 61.11.3, 1-1-2002]
16.61.11.4 DURATION: Permanent.
[8-15-97; 16.61.11.4 NMAC - Rn, 16 NMAC 61.11.4, 1-1-2002]
16.61.11.5 EFFECTIVE DATE: 8-15-97, unless a later date is cited at the end of a section.
[8-15-97; 16.61.11.5 NMAC - Rn & A, 16 NMAC 61.11.5, 1-1-2002]
16.61.11.6 OBJECTIVE: The objective of Part 11 of Chapter 61 is to set forth the requirements and procedures for the renewal of a real estate broker's license.
[8-15-97; 16.61.11.6 NMAC - Rn, 16 NMAC 61.11.6, 1-1-2002; A, 1-1-2006]
16.61.11.7 DEFINITIONS: Refer to 16.61.1.7 NMAC.
[1-1-2000; 16.61.11.7 NMAC - Rn, 16 NMAC 61.11.7, 1-1-2002]
16.61.11.8 REQUIREMENTS: Every real estate license expires every three years on the last day of the month following the broker's birth month, unless it is renewed on or before that date. Renewal of a license is the sole responsibility of each broker. A broker whose license has expired may reinstate their license without reexamination up to one year after expiration by paying a reinstatement fee three times the regular license renewal fee. In addition to paying a reinstatement fee, the broker will be required as a condition of reinstatement to provide documentation of the completion of 30 hours of commission-approved continuing education courses. Application for renewal shall be on the renewal form prescribed by the commission. Renewal forms will be mailed to brokers at the last residential mailing address on file at the commission. The broker must notify the commission of a residential address change within 10 days of address change. The qualifying broker may pay a commission to a broker whose license is expired or to the estate of a deceased broker if the transaction was under contract while the broker’s license was current.
[8-15-97; A, 1-1-2000; 16.61.11.8 NMAC - Rn & A, 16 NMAC 61.11.8, 1-1-2002; A, 01-01-2004; A, 1-1-2006; A, 12-31-2008; A, 1-1-2012]
HISTORY OF 16.61.11 NMAC:
Pre-NMAC History:
The material in this part was derived from that previously filed with the state records center and archives under:
REC 70-13, Cancellation; Surrender and Renewal of Licenses, filed 10-6-81;
REC 71-13, Cancellation, Surrender and Renewal of Licenses, filed 11-29-82;
REC 84-13, Inactive Surrender and Renewal of License, filed 10-25-84;
Rule No. 4, Transfer/Surrender/Cancellation/Renewal of License, filed 12-18-87;
NMREC Rule 4, Transfer/Surrender/Inactivation/Renewal of License, filed 10-3-94.
History of Repealed Material: [RESERVED]
Other History:
That applicable portion of NMREC Rule 4, Transfer/Surrender/Inactivation/Renewal of License (filed 10-3-94) was renumbered, reformatted, and replaced by 16 NMAC 61.11, License Renewal, effective 8-15-97.
16 NMAC 61.11, License Renewal, filed 6-25-97 reformatted, amended and renumbered to 16.61.11 NMAC, License Renewal, effective 1-1-2002.