Agency
In New Mexico, can a buyer's agent and listing agent from the same brokerage each represent their respective clients in the same transaction?
ANo — this is always prohibited in New Mexico
BYes — through designated agency, with informed written consent from both parties✓ Correct
COnly if the qualifying broker represents both parties directly
DOnly in commercial transactions
Explanation
New Mexico permits designated agency within the same brokerage — different licensees represent the buyer and seller respectively with full fiduciary duties, provided both clients give informed written consent. The qualifying broker acts as a neutral supervisor.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
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