0001|                           SENATE BILL 1079
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                            PHIL A. GRIEGO
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0005|     
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0006|                                   
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0007|     
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0008|                                   
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO LICENSING; ENACTING A NEW SECTION OF CHAPTER 61,
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0012|     ARTICLE 29 NMSA 1978 TO PROVIDE FOR THE DUTIES OF A PERSON
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0013|     LICENSED AS A REAL ESTATE SALESPERSON OR BROKER.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  A new section of Chapter 61, Article 29 NMSA
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0017|     1978 is enacted to read: 
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0018|          "[<u>NEW MATERIAL</u>]  DEFINITIONS--DUTIES OF LICENSEES.--
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0019|               A.  As used in this section: 
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0020|                    (1)  "buyer" includes tenant or lessee; 
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0021|                    (2)  "client" means a consumer with whom a
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0022|     licensee has an agency relationship;         
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0023|                    (3)  "confidential information":
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0024|                         (a)  means information gained from or
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0025|     about a client that:  1) is not a matter of public record; 2) 
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0001|     the client has not disclosed or authorized to be disclosed to
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0002|     third parties; 3) if disclosed, would be detrimental to the
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0003|     client; and 4) the client would not be obligated to disclose to
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0004|     another party to the transaction;
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0005|                         (b)  does not include information that is
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0006|     required to be disclosed by law or information that the failure
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0007|     to disclose would constitute fraudulent misrepresentation; 
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0008|                    (4)  "consumer", "customer" or "client"
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0009|     includes prospective sellers, buyers, lessors, lessees,
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0010|     landlords and tenants;
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0011|                    (5)  "customer" means a person with whom a
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0012|     licensee does not have an agency relationship; 
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0013|                    (6)  "licensee" means a person licensed as a
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0014|     real estate salesperson or broker; and 
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0015|                    (7)  "seller" includes landlord or lessor. 
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0016|               B.  A licensee's duties to a consumer are to: 
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0017|                    (1)  disclose any adverse material facts that
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0018|     are known or that should be known by the licensee about the
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0019|     propriety or the transaction within the scope of real estate
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0020|     licensure; 
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0021|                    (2)  disclose any adverse material facts known
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0022|     by the licensee pertaining to the parties' financial ability to
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0023|     perform the transaction;
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0024|                    (3)  disclose any material interest or
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0025|     relationship of the licensee of a business or family nature
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0001|     relating to the transaction;
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0002|                    (4) present all offers in a timely manner
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0003|     unless this duty is waived in writing by the consumer; 
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0004|                    (5)  perform any oral or written agreements
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0005|     between the licensee and the parties; 
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0006|                    (6)  account promptly for money or property
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0007|     received on behalf of others related to a real estate
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0008|     transaction in which the licensee is involved; 
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0009|                    (7)  assist all parties without regard to race,
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0010|     color, religion, sex, handicap, familial status, national
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0011|     origin or ancestry;
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0012|                    (8)  assist the parties in the transaction,
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0013|     including making suggestions to obtain expert advice concerning
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0014|     matters beyond the licensee's expertise; and 
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0015|                    (9)  maintain the confidentiality of
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0016|     confidential information learned in the course of any prior
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0017|     agency relationship unless disclosure is with the client's
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0018|     consent. 
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0019|               C.  The performance of a licensee's duties does not
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0020|     in and of itself create an agency relationship.
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0021|               D.  Nothing in this section prohibits a consumer
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0022|     from entering into an agency agreement with a real estate
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0023|     licensee."
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0024|                              
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