0001| HOUSE BILL 525 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| R. DAVID PEDERSON | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO LICENSING; ENACTING A NEW SECTION OF CHAPTER 61, | 0012| ARTICLE 29 NMSA 1978 TO PROVIDE FOR THE DUTIES OF A PERSON | 0013| LICENSED AS A REAL ESTATE SALESPERSON OR BROKER. | 0014| | 0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0016| Section 1. A new section of Chapter 61, Article 29 NMSA | 0017| 1978 is enacted to read: | 0018| "[NEW MATERIAL] DEFINITIONS--DUTIES OF LICENSEES.-- | 0019| A. As used in this section: | 0020| (1) "buyer" includes tenant or lessee; | 0021| (2) "client" means a consumer with whom a | 0022| licensee has an agency relationship; | 0023| (3) "confidential information": | 0024| (a) means information gained from or | 0025| about a client that: 1) is not a matter of public record; 2) | 0001| the client has not disclosed or authorized to be disclosed to | 0002| third parties; 3) if disclosed, would be detrimental to the | 0003| client; and 4) the client would not be obligated to disclose to | 0004| another party to the transaction; | 0005| (b) does not include information that is | 0006| required to be disclosed by law or information that the failure | 0007| to disclose would constitute fraudulent misrepresentation; | 0008| (4) "consumer", "customer" or "client" | 0009| includes prospective sellers, buyers, lessors, lessees, | 0010| landlords and tenants; | 0011| (5) "customer" means a person with whom a | 0012| licensee does not have an agency relationship; | 0013| (6) "licensee" means a person licensed as a | 0014| real estate salesperson or broker; and | 0015| (7) "seller" includes landlord or lessor. | 0016| B. A licensee's duties to a consumer are to: | 0017| (1) disclose any adverse material facts that | 0018| are known or that should be known by the licensee about the | 0019| propriety or the transaction within the scope of real estate | 0020| licensure; | 0021| (2) disclose any adverse material facts known | 0022| by the licensee pertaining to the parties' financial ability to | 0023| perform the transaction; | 0024| (3) disclose any material interest or | 0025| relationship of the licensee of a business or family nature | 0001| relating to the transaction; | 0002| (4) present all offers in a timely manner | 0003| unless this duty is waived in writing by the consumer; | 0004| (5) perform any oral or written agreements | 0005| between the licensee and the parties; | 0006| (6) account promptly for money or property | 0007| received on behalf of others related to a real estate | 0008| transaction in which the licensee is involved; | 0009| (7) assist all parties without regard to race, | 0010| color, religion, sex, handicap, familial status, national | 0011| origin or ancestry; | 0012| (8) assist the parties in the transaction, | 0013| including making suggestions to obtain expert advice concerning | 0014| matters beyond the licensee's expertise; and | 0015| (9) maintain the confidentiality of | 0016| confidential information learned in the course of any prior | 0017| agency relationship unless disclosure is with the client's | 0018| consent. | 0019| C. The performance of a licensee's duties does not | 0020| in and of itself create an agency relationship. | 0021| D. Nothing in this section prohibits a consumer | 0022| from entering into an agency agreement with a real estate | 0023| licensee." | 0024|  |