What must property managers possess from their qualifying broker to offer property management services?

To offer property management services, property managers must possess both knowledge and written permission from their qualifying broker. This requirement is essential because it ensures that property managers operate within the legal and regulatory framework set by the state of New Mexico.

Knowledge is crucial as it involves understanding the laws, regulations, and best practices related to property management, which can significantly affect the handling of properties, tenant relations, and financial transactions. This knowledge must be paired with written permission from the qualifying broker, which formalizes the arrangement and outlines the scope of authority granted to the property manager.

The written permission acts as a safeguard for both the property manager and the broker, ensuring that all parties are clear on the business relationship and the specific responsibilities involved. It also helps in establishing a clear line of accountability, promoting professional integrity, and minimizing legal risks.

In contrast, other options such as continuous training or verbal permission do not adequately cover the necessary legal and formal requirements for operating within real estate property management, making them insufficient for this role. Managerial discretion, while important in day-to-day operations, does not replace the need for established knowledge and formal permission.