FAQs

From the date the Real Estate Appraiser Board receives an application until the date a license is issued and mailed takes from one to three weeks. Background issues may delay issuance of a license. Applicant must include court documents regarding the disposition of any charges brought against them. Failure to include documentation will delay application review and issuance.

Initial Appraiser licenses expire on April 30 in the second year of licensure. No license will be issued for longer than 24 months. Initial AMC licenses expire on September 30 of each year and shall be valid for no fewer than 12 months.

Section 47-14-18(F) of the New Mexico AMC Registration Act requires AMCs to provide Type 5 NTTC’s to New Mexico licensed appraisers who perform appraisal services for AMCs who will subsequently resell the appraiser services to lenders.

In order to execute NTTCs to appraisers, an AMC must register with the New Mexico Taxation and Revenue Department and obtain a Combined Reporting System (CRS) identification number for tax reporting purposes. Registration may be done online at the Taxation and Revenue Department website at Taxpayer Access Point – State of New Mexico.

The AMCs must meet the statutory requirements set out in Section 7-9-48, NMSA 1978. Receipts from selling a service for resale may be deducted from gross receipts or from governmental gross receipts if the sale is made to a person who delivers a nontaxable transaction certificate to the seller. The buyer delivering the nontaxable transaction certificate must resell the service in the ordinary course of business and the resale must be subject to the gross receipts tax or governmental gross receipts tax.

If you have questions regarding New Mexico gross receipts tax, or if you need further information about applying for a CRS identification number, please contact the Taxation and Revenue Department directly at 505-827-0951 or at Home : Taxation and Revenue New Mexico.

The Appraisal Subcommittee (ASC) https://www.asc.gov oversees the real estate appraisal regulatory framework for federally related transactions. The ASC is a subcommittee of the Federal Financial Institutions Examination Council (FFIEC). Their mission is to provide federal oversight of state appraiser and appraisal management company (AMC) regulatory programs and a monitoring framework for the Appraisal Foundation and the Federal Financial Institutions Regulatory Agencies in their roles to protect federal financial and public policy interests in real estate appraisals utilized in federally related transactions.

The Appraisal Foundation is the nation’s foremost authority on the valuation profession. The organization sets the Congressionally authorized standards and qualifications for real estate appraisers as well as qualifications for personal property appraisers and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals. This work advances the profession by ensuring that appraisals are independent, consistent, and objective.