Property Management
In New Mexico, when a qualifying broker closes their real estate brokerage, they must:
AKeep all trust funds indefinitely
BProperly disburse or transfer all trust funds and notify all clients and associated licensees✓ Correct
CTransfer all funds to the NMREC
DRetain funds for 3 years before distribution
Explanation
When closing a brokerage, the qualifying broker must disburse all trust funds to rightful parties, notify all associated licensees, and ensure all pending transactions are properly concluded or transferred.
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