Property Management requirements in New Mexico
Must New Mexico property management companies have a real estate broker's license?
YES. Managing property is expressly considered a real estate activity under existing New Mexico real estate licensing laws, and requires a broker's license.
According to the Real Estate Brokers statute, â€œProperty Managementâ€ is defined as including:
the showing, renting and leasing of real property, the collection and disbursement of funds on behalf of other persons, the supervision of employees as specified in the management agreement, the supervision of maintenance and repair work, handling of tenant relations, and/or preparation of financial reports.
Are there any exceptions to the requirement that a New Mexico property manager have a real estate broker's license?
YES. For example, employees of the property owner or of qualifying broker, acting on the owner's or broker's behalf with respect to the property, if the acts are performed in the regular course of or incident to the management of the property.
Before hiring a property manager to manage your New Mexico rental property, you should always check that he or she is licensed appropriately. You can check the license status of New Mexico property managers at the New Mexico Regulation and Licensing Department "Look Up A License" webpage.
New Mexico Community Association Management Licensing
There is no requirement that a community association manager or condo association manager in New Mexico hold a real estate broker's license.
New Mexico Qualifying Broker Requirements
New Mexico qualifying broker licensing requirements include:
New Mexico Associate Broker Requirements
New Mexico associate broker licensing requirements include:
For more information about these and other licensing requirements, please contact the New Mexico Real Estate Commission. Specific information about licensing may be found at the Commission's Licensing Requirements webpage.
IMPORTANT: This information is intended for informational purposes only and under no circumstances should it be considered legal advice or relied upon without first confirming its contents with your state real estate commission. Laws are updated frequently, and this information may not reflect the current law in your state. To confirm the specific requirements for each state, please contact your state real estate commission.