AN ACT
RELATING TO REAL ESTATE LICENSES; CHANGING A REQUIREMENT FOR
LICENSURE AS A QUALIFYING BROKER.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. Section 61-29-9 NMSA 1978 (being Laws 1959,
Chapter 226, Section 8, as amended) is amended to read:
"61-29-9. QUALIFICATIONS FOR LICENSE.--
A. Licenses shall be granted only to persons who
are deemed by the commission to be of good repute and competent to transact the
business of a real estate broker or salesperson in a manner that safeguards the
interests of the public.
B. An applicant for a broker's license shall be
a legal resident of the United States and have reached the age of
majority. Each applicant for a broker's
license shall have passed the real estate examination approved by the
commission and shall:
(1) have performed actively as a real estate
salesperson for at least twenty-four months out of the preceding thirty-six
months immediately prior to filing application and furnish the commission a
certificate that he has completed successfully a broker basics course approved
by the commission;
(2) furnish the commission a certificate that he
has completed successfully one hundred eighty classroom hours of instruction in
basic real estate courses approved by the commission;
(3) furnish the commission a certificate that he
is a duly licensed real estate broker in good standing in another state;
providing he has completed successfully ninety classroom hours of instruction
in basic real estate courses approved by the commission, thirty hours of which
shall have been a broker basics course;
(4) furnish the commission satisfactory proof of
his equivalent experience in an activity closely related to or associated with
real estate and furnish the commission a certificate that he has completed
successfully ninety classroom hours of instruction in basic real estate courses
approved by the commission, thirty hours of which shall have been a broker
basics course; or
(5) an applicant for a qualifying broker's
license shall have been actively engaged in the real estate business as an
associate broker or salesperson for at least two years and furnish the
commission a certificate that he has completed successfully a broker basics
course approved by the commission.
C. Each applicant for a real estate
salesperson's license shall be a legal resident of the United States, have
reached the age of majority, have passed the real estate examination approved
by the commission and furnish the commission a certificate that he has
completed successfully sixty classroom hours of instruction in basic real
estate courses approved by the commission.
D. The commission shall require the information
it deems necessary from every applicant to determine his honesty,
trustworthiness and competency.
Corporations, partnerships or associations may hold a broker's license
issued in the name of the corporation, partnership or association, provided at
least one member of the partnership or association or one officer or employee
of a corporation who actively engages in the real estate business first secures
a broker's license. The license shall be
issued in the name of the corporation, partnership or association, naming the
partner, associate, officer or employee as qualifying broker for the
corporation, partnership or association."
Section 2. EFFECTIVE DATE.--The effective date of the
provisions of this act is July 1, 2003.