New Mexico Administrative Code
Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING
Chapter 61 - REAL ESTATE BROKERS
Part 19 - BROKER DUTIES AND BROKERAGE RELATIONSHIPS
Section 16.61.19.10 - DUAL AGENCY RELATIONSHIP
Universal Citation: 16 NM Admin Code 16.61.19.10
Current through Register Vol. 35, No. 6, March 26, 2024
A. Dual agency occurs when:
(1) an associate broker or qualifying broker
is agent for both a seller client and a buyer client in the same
transaction;
(2) an associate
broker is agent for either a seller client or a buyer client, and the agent's
qualifying broker is agent for the other client in the transaction;
and,
(3) in a transaction where a
buyer client and a seller client are each served by different associate brokers
in an agency relationship supervised by the same qualifying broker, and the
qualifying broker does not choose the designated agency option, both the
associate brokers and the qualifying broker are dual agents in the
transaction.
B. In all situations, a dual agent shall act in the capacity of a facilitator rather than as an exclusive agent of either party to the transaction.
C. Prior to writing or presenting offers, a dual agent shall obtain written authority from the buyer client and the seller client in the form of a separate dual agency agreement.
D. Information obtained by an associate broker or qualifying broker prior to the time that written authority for dual agency was granted shall not be disclosed to the other party unless required by law or rules or permitted by the client who originally disclosed the confidential information.
Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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