New Mexico Real Estate Brokerage Relationships

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Information about New Mexico Real Estate Brokerage Relationships

Published on October 22, 2007

Author: loutulga

Source: slideshare.net

Description

Lou Tulga provides information about New Mexico Real Estate Brokerage Relationships based on New Mexico Real Estate License Law and the Rules of the New Mexico Real Estate Commission.

New Mexico Real Estate Brokerage Relationships Lou Tulga CCIM CRB Copyright© 2007 All Rights Reserved loutulga.com [email_address] 05/28/09

Disclaimer This presentation is provided by Lou Tulga CCIM CRB solely for educational purposes and does not constitute legal or other advice. Viewing or downloading of these materials is for personal use only and does not create assignment of ownership of document design or content. 05/28/09

This presentation is provided by Lou Tulga CCIM CRB solely for educational purposes and does not constitute legal or other advice. Viewing or downloading of these materials is for personal use only and does not create assignment of ownership of document design or content.

I. NM Brokerage Relationships Options Transaction Brokerage Exclusive Agency Dual Agency 05/28/09 Copyright(c) 2007 Lou Tulga CCIM CRB CCIM All Rights Reserved

Transaction Brokerage

Exclusive Agency

Dual Agency

II. NM Real Estate License Law “ For all regulated real estate transactions first executed on or after January 1, 2000, no agency relationship between a buyer, seller, landlord or tenant and a brokerage shall exist unless the buyer, seller, landlord or tenant and the brokerage agree, in writing, to the agency relationship. No type of agency relationship may be assumed by a buyer, seller, landlord, tenant or licensee, or created orally or by implication” 05/28/09 Copyright(c) 2007 Lou Tulga CCIM All Rights Reserved

“ For all regulated real estate transactions first executed on or after January 1, 2000, no agency relationship between a buyer, seller, landlord or tenant and a brokerage shall exist unless the buyer, seller, landlord or tenant and the brokerage agree, in writing, to the agency relationship. No type of agency relationship may be assumed by a buyer, seller, landlord, tenant or licensee, or created orally or by implication”

II. NM Real Estate License Law “ A brokerage may provide real estate services to a client pursuant to an express written agreement that does not create an agency relationship and no agency duties will be imposed on the brokerage” 05/28/09 Copyright(c) 2007 Lou Tulga CCIM All Rights Reserved

“ A brokerage may provide real estate services to a client pursuant to an express written agreement that does not create an agency relationship and no agency duties will be imposed on the brokerage”

II. NM Real Estate License Law “ A brokerage may provide real estate services to a customer without entering into an express written agreement and without creating an agency relationship and no agency duties will be imposed on the brokerage” 05/28/09 Copyright(c) 2007 Lou Tulga CCIM All Rights Reserved

“ A brokerage may provide real estate services to a customer without entering into an express written agreement and without creating an agency relationship and no agency duties will be imposed on the brokerage”

II. NM Real Estate License Law “ The Commission shall promulgate rules governing the rights of clients or customers and the rights and responsibilities and the duties of a brokerage in those brokerage relationships that are subject to the jurisdiction of the Commission” 05/28/09 Copyright(c) 2007 Lou Tulga CCIM All Rights Reserved

“ The Commission shall promulgate rules governing the rights of clients or customers and the rights and responsibilities and the duties of a brokerage in those brokerage relationships that are subject to the jurisdiction of the Commission”

II. NM Real Estate License Law “ Agency relationship means the fiduciary relationship created solely by an express written agency agreement between a person and brokerage, authorizing the brokerage to act as an agent for the person according to the scope of authority granted in the express written agreement for real estate services…” 05/28/09 Copyright(c) 2007 Lou Tulga CCIM All Rights Reserved

“ Agency relationship means the fiduciary relationship created solely by an express written agency agreement between a person and brokerage, authorizing the brokerage to act as an agent for the person according to the scope of authority granted in the express written agreement for real estate services…”

III. NM Real Estate Commission RULES “ Agency : the fiduciary relationship created solely by the express written agency agreement between a person and a brokerage, authorizing the brokerage to act as agent for the person according to the scope of authority granted in that express written agreement for real estate services subject to the jurisdiction of the Commission” 05/28/09 Copyright(c) 2007 Lou Tulga CCIM All Rights Reserved

“ Agency : the fiduciary relationship created solely by the express written agency agreement between a person and a brokerage, authorizing the brokerage to act as agent for the person according to the scope of authority granted in that express written agreement for real estate services subject to the jurisdiction of the Commission”

II. NM Real Estate License Law “ Agent means the brokerage authorized, solely by means of an express written agency agreement, to act as a fiduciary for a person and to provide real estate services that are subject to the jurisdiction of the Commission; in the case of an associate broker, agent means the person who has been authorized to act by that associate broker’s qualifying broker” 05/28/09 Copyright(c) 2007 Lou Tulga CCIM All Rights Reserved

“ Agent means the brokerage authorized, solely by means of an express written agency agreement, to act as a fiduciary for a person and to provide real estate services that are subject to the jurisdiction of the Commission; in the case of an associate broker, agent means the person who has been authorized to act by that associate broker’s qualifying broker”

II. NM Real Estate License Law “ Brokerage means a licensed qualifying broker and the licensed real estate business represented by the qualifying broker and its affiliated licensees” 05/28/09 Copyright(c) 2007 Lou Tulga CCIM All Rights Reserved

“ Brokerage means a licensed qualifying broker and the licensed real estate business represented by the qualifying broker and its affiliated licensees”

II. NM Real Estate License Law “ Brokerage relationship means the legal or contractual relationship between a person and a brokerage in a real estate transaction subject to the jurisdiction of the Commission 05/28/09 Copyright(c) 2007 Lou Tulga CCIM All Rights Reserved

“ Brokerage relationship means the legal or contractual relationship between a person and a brokerage in a real estate transaction subject to the jurisdiction of the Commission

II. NM Real Estate License Law “ Client means a buyer, seller, landlord or tenant who has entered into an express written agreement with a brokerage for real estate services subject to the jurisdiction of the Commission” 05/28/09 Copyright(c) 2007 Lou Tulga CCIM All Rights Reserved

“ Client means a buyer, seller, landlord or tenant who has entered into an express written agreement with a brokerage for real estate services subject to the jurisdiction of the Commission”

II. NM Real Estate License Law “ Customer means a buyer, seller, landlord or tenant who uses real estate services without entering into an express written agreement with a brokerage subject to the jurisdiction of the Commission” 05/28/09 Copyright(c) 2007 Lou Tulga CCIM All Rights Reserved

“ Customer means a buyer, seller, landlord or

tenant who uses real estate services without

entering into an express written agreement

with a brokerage subject to the jurisdiction of

the Commission”

III. NM Real Estate Commission RULES “ Designated Broker: a qualifying broker or associate broker who is designated in writing by a qualifying broker to serve as exclusive agent or exclusive transaction broker for a seller, landlord, buyer or tenant in a real estate transaction” 05/28/09 Copyright(c) 2007 Lou Tulga CCIM All Rights Reserved

“ Designated Broker: a qualifying broker or associate broker who is designated in writing by a qualifying broker to serve as exclusive agent or exclusive transaction broker for a seller, landlord, buyer or tenant in a real estate transaction”

III. NM Real Estate Commission RULES “ Dual Agency created by express written agreement that modifies existing exclusive agency agreements to provide that the brokerage agrees to act as a facilitator in a real estate transaction rather than as an exclusive agent for either party to the transaction.” 05/28/09



“ Dual Agency created by express written agreement that modifies existing exclusive agency agreements to provide that the brokerage agrees to act as a facilitator in a real estate transaction rather than as an exclusive agent for either party to the transaction.”

III. NM Real Estate Commission RULES “ Facilitator: The role of a broker in either a dual agency or transaction broker relationship whereby the existing exclusive relationships with a seller client and a buyer client are modified so that the broker impartially facilitates the transaction” 05/28/09

“ Facilitator: The role of a broker in either a dual agency or transaction broker relationship whereby the existing exclusive relationships with a seller client and a buyer client are modified so that the broker impartially facilitates the transaction”

III. NM Real Estate Commission RULES “ Principal : any person who authorizes or employs another to do certain acts on behalf of that person” 05/28/09 Copyright(c) 2007 Lou Tulga CCIM All Rights Reserved

“ Principal : any person who authorizes or employs another to do certain acts on behalf of that person”

II. NM Real Estate License Law “ Transaction Broker means a qualifying broker, associate broker or brokerage that provides real estates services without entering into an agency relationship” 05/28/09 Copyright(c) 2007 Lou Tulga CCIM All Rights Reserved

“ Transaction Broker means a qualifying broker, associate broker or brokerage that provides real estates services without entering into an agency relationship”

III. NM Real Estate Commission RULES “ Transaction Brokerage: A brokerage relationship providing real estate related services without agency, either to clients by means of an express written agreement which does not provide for agency or to a customer with no written agreement” 05/28/09

“ Transaction Brokerage: A brokerage relationship providing real estate related services without agency, either to clients by means of an express written agreement which does not provide for agency or to a customer with no written agreement”

IV. Miscellanies Transaction Brokerage Professional Duties New Mexico Real Estate License Law NM Real Estate Commission Broker Duties Realtor® Code of Ethics Contractual Obligations with Clients National Association of Realtors® Code of Ethics 05/28/09

Transaction Brokerage Professional Duties

New Mexico Real Estate License Law

NM Real Estate Commission Broker Duties

Realtor® Code of Ethics

Contractual Obligations with Clients

National Association of Realtors® Code of Ethics

IV. Miscellanies Using Lou’s “Wheel” to make rational choices in providing real estate services TASK ROLE RELATIONSHIP 05/28/09

Using Lou’s “Wheel” to make rational choices in providing real estate services

TASK

ROLE

RELATIONSHIP

05/28/09 Making Rational Choices ROLE Exclusive Representative Facilitator RELATIONSHIP Transaction Brokerage Agency Property Management New Builder Exclusive Rep Absentee Client/Customer Seller/Buyer Brokerage Building/Tenant Rep TASK

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