Under New Mexico brokerage rules, a licensee who assists both the buyer and seller in the same transaction must obtain:
Correct Answer
B) Written informed consent from both parties
Under NMAC 16.61.19, when a New Mexico licensee represents or assists both parties in the same transaction, written informed consent from both the buyer and seller is required. New Mexico's brokerage framework emphasizes a transaction-facilitation model rather than traditional dual agency; however, the written informed consent requirement applies whenever a licensee's role creates a potential conflict of interest by working with both parties.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
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