What is a REALTOR®?

Or, When Is a Real Estate Practitioner a REALTOR®?

“Real Estate Practitioner” is a generic term that can be used by anyone with a license to sell real estate. The New Mexico Real Estate Commission (NMREC) is the licensing agency that governs the rules, regulations, and other licensing requirements in New Mexico. Not everyone who sells real estate can call himself a REALTOR®.

A real estate practitioner is a REALTOR® when he or she becomes a member of a Member Board, State Association, and the National Association of REALTORS®, the world’s largest professional association. The term “REALTOR®” is a registered collective membership mark that identifies a real estate professional who is a member of the REALTORS® organization and abides by a strict Code of Ethics.

Willingness to accept and abide by the Code of Ethics of the National Association of REALTORS® is the single, most outstanding characteristic that sets REALTORS® apart from other real estate practitioners.

A REALTOR® can provide access to Multiple Listing Service (MLS) information. Using this, members are able to cooperate with each other in the sale and purchase of homes, land, and commercial and income properties. This regulated sharing of information enables participating REALTOR® members to more effectively assist customers and clients to buy and sell property.

A REALTOR® will:

  • Help you find the perfect match between what you can afford and the home that best suits your needs.
  • Access all the properties for sale in your desired area through the Multiple Listing Service.
  • Negotiate for you: Once you’ve found the home you want to buy, your REALTOR® will write up your offer and present it to the seller.
  • Get the right price: REALTORS® know the market inside and out, getting you the best price possible, whether you are buying or selling.
  • Protect your rights: Real estate laws have become increasingly complicated and your REALTOR® is specially trained to assist you.
  • Allow you to make your own decision: A professional works for YOU and respects your opinions.

NM Gross Receipts Tax Location Codes / Rates

A space for the New Mexico Gross Receipts Tax Location Code has been added to NMAR Form 1106: Listing Agreement – Exclusive Right to Sell, for the listing REALTOR® to fill in so that the proper amount of Gross Receipts Tax is computed and collected by the title company.

There are a few ways to determine the proper location code:

  • table-iconUse a Tax Rate Table
    The New Mexico Dept. of Tax & Revenue publishes a table listing the municipalities, counties, and other tax zones in the state along with their location codes and tax rates. Drawbacks: It can sometimes prove difficult to determine exactly where the property in question lies, since the descriptions of some of the tax zones can be vague. Also, the table is subject to change every 6 months (in June and December), so be sure to download a new version if yours is outdated.

    NM Tax and Revenue Gross Receipts Tax Info

  • googleearthiconCreate a Tax Rate Map (using Google Earth installed on your PC or Mac)
    A simpler and potentially more accurate way to look up the location code is with a tax rate map, which you can create yourself in minutes. All that’s required is to download and install Google Earth, then download a map overlay (.KMZ file) from the NM Dept. of Tax & Revenue website. Once you have Google Earth and the map overlay installed,

    1. Find your property’s location using an address search;
    2. Click the property on the map;
    3. The GRT location code and rate will be displayed in a pop-up box.

    Drawbacks: The map overlay (.KMZ file) is also subject to change every June and December, so you must remember to keep it updated. Also, this requires you to install (and keep up-to-date) Google Earth on your computer, which is a very large download. Credit for this method goes to Larry Brotman of the NM Dept. of Tax & Revenue, Nadine Thomason of Platinum Realty Group, and Nick Fowler at GAAR.

    Instructions for Creating Your Own Tax Rate Map (on GAAR website)

  • googlemapsiconUse a Tax Rate Map (from any Web browser) (RECOMMENDED)
    For an even simpler method that requires no software installation on your computer, and is kept up to date by the NM Tax & Revenue Dept.,, simply navigate to the following web page, then:

    1. Find your property’s location by filling in the address and clicking the search icon;
    2. Click the property on the map;
    3. The GRT location code and rate will be displayed in a pop-up box.

    Credit for the original version of this goes to Tego Venturi of Keller Williams in Albuquerque.

    Gross Receipts Tax Rates (NM Tax & Revenue Dept.)

National Association of REALTORS®

About

The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association. NAR’s 1 million members, including NAR’s institutes, societies and councils, are involved in all aspects of the residential and commercial real estate industries. Find out more about NAR by visiting their website.

Member Benefits

NAR offers a wide array of benefits, business tools, real estate market data, educational opportunities, and discount programs designed to help you succeed in today’s market.

News Releases

Stay abreast of industry headlines and happenings across the country via NAR’s new release archive.

What is RPR?

Realtors Property Resource® (RPR), one of the most exciting benefits included in your NAR membership, offers exclusive access to the most powerful data platform available to members of the National Association of REALTORS®, all at no additional cost. Easily accessed through desktop and mobile devices, RPR’s database of more than 160 million U.S. properties is the largest and most far reaching real estate portal of its kind, with data sets ranging from demographics and school attendance to tax and mortgage history; listing, sales, and valuations; heat maps, flood zones, and more. Learn as you go by visiting RPR’s online learning center or enroll in an upcoming workshop. Ready to register? Visit narrpr.com.

Realtor.com

Realtor.com, the official site of the National Association of REALTORS®, is the leading homes for sale Web site, offering more listings and essential real estate-related information, to almost 23 million consumers each month. Realtor.com displays home listings from more than 800 Multiple Listing Services (MLS) across the U.S., resulting in a database over 4 million existing homes available for sale or rent. Approximately 80% of all listings found on realtor.com are updated every 15 minutes and the remainder are updated every one to 24 hours. This provides consumers with the freshest listing information and content available online.

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