agency
Transaction Broker (New Mexico)
One of New Mexico's three brokerage relationships (16.61.19.9 NMAC): the brokerage provides real estate services without an agency relationship, a non-fiduciary role in which the broker owes the broker duties but not loyalty or obedience as an agent. The others are exclusive agency, by express written agreement, and dual agency, in which existing exclusive agency agreements are modified so the brokerage acts as a facilitator. A client has an express written agreement; a customer does not. A buyer can be a client of a transaction broker.
- Exam tip
- A client relationship can exist without agency in New Mexico: a buyer may sign a written transaction-broker agreement and become a client with no fiduciary duties attached.
- Example
- A buyer signs a written agreement for transaction broker services; she is a client, but the broker owes her broker duties, not agency loyalty.
Related terms & state variants
Sources
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Last verified: 2026-10-23