New Mexico License Law
A New Mexico qualifying broker who wants to close their brokerage and retire must:
ASimply stop taking clients
BTransfer all licenses to another broker, properly close trust accounts, and notify the NMREC✓ Correct
CLet all salesperson licenses lapse automatically
DFile for bankruptcy to close the business
Explanation
Closing a brokerage requires properly winding down all business: transferring clients and pending transactions, releasing all associated licensees so they can affiliate elsewhere, closing trust accounts, and notifying the NMREC.
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