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REALTORS® ASSOCIATION OF NEW MEXICO
In New Mexico, any person holding a valid real estate license is called a licensee and is also known as a Associate Broker.
A Consumer has the right to expect certain basic duties of a licensee, established by regulation:
(1) Honesty and reasonable care; as set forth in the provisions of the section of Basic Licensee Duties;
(2) Compliance with local, state, and federal fair housing and anti-discrimination laws, the New Mexico Real Estate License Law and the Real Estate Commission Rules and Regulations, and other applicable local, state, and federal laws and regulations;
(3) Performance of any and all oral or written agreements made with the Licensee's Customer or Client;
(4) Assistance to the Licensee's Customer or Client in completing the Transaction, unless otherwise agreed to in writing by the Customer or Client, including:
A. Presentation of all offers or counter-offers in a timely manner.
B. Assistance in complying with the terms and conditions of the contract and with the closing of the Transaction.
If the Licensee in a Transaction is not providing the service, advice or assistance described in paragraphs 4 A and B, the Customer or Client must agree in writing that the Licensee is not expected to provide such service, advice or assistance, and the Licensee shall disclose such agreement in writing to the other Licensees involved in the Transaction;
(5) Acknowledgment by the Licensee that there may be matters related to the Transaction that are outside the Licensee's knowledge or expertise and that the Licensee will suggest that the Customer or Client seek expert advice on these matters;
(6) Prompt accounting for all monies or property received by the Licensee;
(7) Prior to the time the Licensee generates or presents any written document that has the potential to become an Experess Written Agreement, written disclosure of (a) any written Brokerage Relationship the Licensee has with any other Parties to the Transaction and/or (b) any material interest or relationship of a business, personal, or family nature that the Licensee has in the Transaction;
(8) Disclosure of any adverse material facts actually known by the Licensee about the property or the Transaction, or about the financial ability of the Parties to the Transaction to complete the Transaction. Adverse material facts do not include data from a sex offender registry or the existence of group homes;
(9) Maintenace of any confidential information learned in the course of any prior Agency relationship unless the disclosure is with the former Client's consent or is required by law;
(10) Unless otherwise authorized in writing, a Licensee shall not disclose to their Customer or Client during the transaction that their seller client or customer has previously indicated they will accept a sales price less than the asking or listed price of a property; that their buyer client or customer has previously indicated they will pay a sales price greater than the price submitted in a written offer; teh motivation of any party for selling or buying property; tht their seller client or customer or their buyer client or customer will agree to financing terms other than those offered; or any other information requested in writing by the Licensee's Customer or Client to remain confidential, unless disclosure is required by law.
By regulation of the New Mexico Real Estate Commission, all licensees must disclose to you, the consumer, the various brokerage relationships available in the state of New Mexico.
The following Brokerage relationships are available to Consumers:
1. EXCLUSIVE AGENT. In New Mexico, an agency relationship between a consumer and a brokerage will exist only if the consumer and the brokerage agree in writing to the agency relationship. The following exclusive agency relationships are available to a consumer who signs an express written agency agreement.
A. Seller's Realtor. A licensee who, on behalf of the licensee's Qualifying Broker, acts as the broker of the owner of real property for the purpose of selling the property. In additon to licensee's duties, a seller's broker owes fiduciary duties to the seller.
C. Buyer's Realtor. A licensee who, acting on behalf of the licensee's Qualifying Broker, works as a broker of the buyer for the purpose of purchasing real property. In addition to licensee's duties, a buyer's broker owes fiduciary duties to the buyer.
D. Transaction Broker. A licensee who, acting on behalf of the licensee's Qualifying Broker, is designated by the broker as the sole representative of a buyer-client or seller-client. In addition to licensee's duties, the designated licensee owes fiduciary duties to the buyer-client or seller-client. The Qualifying Broker must maintain impartiality to both parties, and must not disclose confidential information of either party.
2. Dual Agent. A relationship that occurs only in certain specific situations:
(1) one agent represents both a buyer-client and a seller-client in the same transaction by means of a written agreement with each of them without creating dual agency;
(2) Dual agency: Brokerage is representing both Buyer and Seller as clients by means of a written agency agreement with each of them. Buyer and Seller consent to Brokerage acting as Dual Agent. Buyer and Seller agree to modify the fiduciary duties of the brokerage. As a Dual Agent, Brokerage shall act as a facilitator between Buyer and Seller, shall not disclose confidential information of one party to the other without the affected party's consent, will provide information on an equal basis to assist Buyer and Seller to negotiate on their own behalf, but will not advocate for either Buyer or Seller.
Buyer and Seller acknowledge that they are fully aware of and understand the implications and consequences of Brokerage's dual agency role. Broker cannot accept compensation from more than one party without the disclosure to all parties and the informed consent of the clients.
A consumer who wants to create an agency relationship must sign a separate written agency agreement in order to do so.
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Casa Tierra Realty
Whether your looking for a condo,townhouse,single,single family home,duplex,tri-plex,land,ranch,horses,property,horse property,mountain, or mountain retreat, Vince Pulli, Buyer's Agent is the one to call or email at vince@gvpulli.net . |