BrokerageIndustry News

New Mexico rescinds controversial real estate rules

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The New Mexico Real Estate Commission has voted unanimously to rescind the language in a controversial real estate rule that set service requirements for real estate licensees in the state. A commission task force will continue to study the issue. Despite objections from the U.S. Department of Justice's Antitrust Division, commissioners had passed a rule change in February that required real estate brokers in the state to accept and present all offers and counteroffers to their clients in every real estate transaction and to provide assistance to clients in "developing, communicating, negotiating and presenting offers, counteroffers and notices that relate to the offers and counteroffers until a lease or purchase agreement is signed and all contingencies are satisfied or waived." The rule, which was not implemented, would have banned real estate businesses from providing some forms of limited service to clients such as the entry of a property into a multiple listing service without a...