New Mexico Statutes 61-29-12. Refusal, suspension or revocation of license for causes enumerated
A. In accordance with the Uniform Licensing Act [N.M. Stat. Ann. Chapter 61, Article 1], the commission may refuse to issue a license or may suspend, revoke, limit or condition a license if the applicant or licensee has, by false or fraudulent representations, obtained a license or, in performing or attempting to perform any of the actions specified in N.M. Stat. Ann. Chapter 61, Article 29, an applicant or licensee has:
Terms Used In New Mexico Statutes 61-29-12
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Fraud: Intentional deception resulting in injury to another.
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(1) made a substantial misrepresentation;
(2) pursued a continued and flagrant course of misrepresentation; made false promises through agents, salespersons, advertising or otherwise; or used any trade name or insignia of membership in any real estate organization of which the licensee is not a member;
(3) paid or received a rebate, profit, compensation or commission to or from any unlicensed person, except the licensee’s principal or other party to the transaction, and then only with that principal’s written consent;
(4) represented or attempted to represent a qualifying broker other than a qualifying broker with whom the licensee is associated without the express knowledge and consent of that qualifying broker;
(5) failed, within a reasonable time, to account for or to remit any money coming into the licensee’s possession that belongs to others, commingled funds of others with the licensee’s own or failed to keep funds of others in an escrow or trustee account or failed to furnish legible copies of all listing and sales contracts to all parties executing them;
(6) been convicted in any court of competent jurisdiction of a felony or any offense involving moral turpitude;
(7) employed or compensated, directly or indirectly, a person for performing any of the acts regulated by N.M. Stat. Ann. Chapter 61, Article 29 who is not a licensed qualifying broker or an associate broker; provided, however, that a qualifying broker may pay a commission to a qualifying broker of another state as provided in Section 61- 29-16.1 NMSA 1978;
(8) failed, if a qualifying broker, to place as soon after receipt as is practicably possible, after securing signatures of all parties to the transaction, any deposit money or
other money received by the qualifying broker in a real estate transaction in a custodial, trust or escrow account, maintained by the qualifying broker in a bank or savings and loan institution or title company authorized to do business in this state, in which the funds shall be kept until the transaction is consummated or otherwise terminated, at which time a full accounting of the funds shall be made by the qualifying broker. Records relative to the deposit, maintenance and withdrawal of the funds shall contain information as may be prescribed by the rules of the commission. Nothing in this paragraph prohibits a qualifying broker from depositing nontrust funds in an amount not to exceed the required minimum balance in each trust account so as to meet the minimum balance requirements of the bank necessary to maintain the account and avoid charges. The minimum balance deposit shall not be considered commingling and shall not be subject to levy, attachment or garnishment. This paragraph does not prohibit a qualifying broker from depositing any deposit money or other money received by the qualifying broker in a real estate transaction with another cooperating broker who shall in turn comply with this paragraph;
(9) failed, if an associate broker, to place as soon after receipt as is practicably possible in the custody of the associate broker’s qualifying broker, after securing signatures of all parties to the transaction, any deposit money or other money entrusted to the associate broker by any person dealing with the associate broker as the representative of the qualifying broker;
(10) violated a provision of N.M. Stat. Ann. Chapter 61, Article 29 or a rule promulgated by the commission;
(11) committed an act, whether of the same or different character from that specified in this subsection, that is related to dealings as a qualifying broker or an associate broker and that constitutes or demonstrates bad faith, incompetency, untrustworthiness, impropriety, fraud, dishonesty, negligence or any unlawful act; or
(12) been the subject of disciplinary action as a licensee while licensed to practice real estate in another jurisdiction, territory or possession of the United States or another country.
B. An unlawful act or violation of N.M. Stat. Ann. Chapter 61, Article 29 by an associate broker, employee, partner or associate of a qualifying broker shall not be cause for the revocation of a license of the qualifying broker unless it appears to the satisfaction of the commission that the qualifying broker had guilty knowledge of the unlawful act or violation.