Dream Home New Mexico

Silver City, New Mexico

2016 Rule Changes - NM Real Estate
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2016: Rule Changes
The Commission did adopt a new rule requiring that the qualifying broker’s contact information, including license number, be clearly and conspicuously displayed on any written document generated by the brokerage.

Associate brokers and associate broker teams will be required to display in all forms of advertising the name and telephone number of the brokerage with which they are affiliated in a type size not less than 33 percent of the associate broker or team name. Directional signs, such as those pointing to an open house, are exempt from the requirement.

The new rules break down broker duties to distinguish between those duties owed to customers and clients, tenants, other parties to the transaction, and/or other brokers. Although there are many similarities among the duties owed, including an expansion of the current duty of honesty and reasonable care to add “professional and ethical conduct”, key differences and changes include:

• “Active participation” by brokers in assisting their client or customer in complying with the terms and conditions and closing of a contract, unless otherwise agreed to in writing.

• Advice to clients and customers and tenants to seek legal advice regarding the effectiveness, validity, or consequences of any express written agreement they are required to sign.

• Written disclosure by brokers to tenants that the broker is the exclusive agent of the property owner in a residential property management transaction. The rules will be amended in several places to specify the exclusive agency relationship between residential property managers and property owners, and will make the rules consistent with the Uniform Owner Resident Relations Action.

• Non-interference with a purchase agreement or any express written agreement that another broker has with their client or customer.

NEW**** VOW****The Commission also created a definition for a “virtual brokerage office” in response to a comment that while the Commission was implementing a rule that addressed license display requirements for virtual offices, it did not define a virtual office. Courtesy of Google, the new definition of a virtual brokerage office is one that “provides communication and address services without providing dedicated office space.”

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Alan Archer
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Dream Home New Mexico
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