New Mexico Administrative Code
Title 16 - OCCUPATIONAL AND PROFESSIONAL LICENSING
Chapter 61 - REAL ESTATE BROKERS
Part 23 - TRUST ACCOUNTS
Section 16.61.23.10 - RECORD ACCESSIBILITY, RETENTION AND INSPECTION
Current through Register Vol. 35, No. 18, September 24, 2024
Every qualifying broker shall keep bank and office records of all funds related to all trust and custodial accounts under the qualifying broker's control, as set forth below.
A. Accessibility. Records shall be maintained at or accessible from the brokerage office as registered with the commission.
B. Retention. All trust and custodial account records shall be retained for six years after the completion of a transaction.
C. Property management. All trust and custodial account records shall be retained for the full term of any agreement. At the termination of a management agreement, records shall be retained for six years from the date of termination.
D. Inspection. All financial documents shall be subject to inspection by the commission or its duly authorized representative at the designated location of such records or at the offices of the commission. The records shall include, at a minimum, clear indication of all funds received and disbursed on behalf of others in all real estate transactions wherein the qualifying broker is involved.
E. The qualifying broker is responsible for the maintenance and safekeeping of all trust and custodial account records.
