Property Management Laws 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, Property Management 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.

For more information about these and other New Mexico property management requirements and exceptions, please contact the New Mexico Real Estate Commission.

Before hiring a property manager to manage your New Mexico rental property, you should always check that he or she is licensed appropriately.

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:

• Age: must be at least 18 years of age
• Residency: must be a legal resident of the United States
• Experience: must have been actively engaged in the real estate business for at least two of the last five years
• Education requirement â?? complete 30 hour broker administration course
• Exam: there is no separate exam requirement
• Trustworthiness: must submit fingerprint certification
• Insurance: must provide evidence of errors and omissions insurance

New Mexico Associate Broker Requirements

New Mexico associate broker licensing requirements include:

• Age: must be at least 18 years of age
• Residency: must be a legal resident of the United States
• Experience: must have been actively engaged in the real estate business for at least two of the last five years
• Education requirement â?? complete 30 hour pre-licensing course
• Exam: must pass the real estate broker's examination
• Trustworthiness: must submit fingerprint certification
• Insurance: must provide evidence of errors and omissions insurance

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.