Unless something has changed, or I misunderstand something, both of the above answers are incorrect.
The landowner does not have a tag. He has a “voucher”. You buy the “voucher”, and now it’s yours to do with as you please UNTIL you “validate” it. Validating it is basically buying the tag, using the “voucher”. As long as you have not validated the “voucher”, you may enter the draw(because you do not posses an elk license) and you may sell the “voucher” if you like. If you do not draw and want to use the “voucher” for yourself, you will “validate” it through the NMGF website, and at that point you will have to PAY NMGF the appropriate fee for the elk license(standard or Q/HD) and they will send you a normal elk license.
If it is a voucher for a “ranch only” license, then the landowner is still in charge of who may enter his private property, so in that case, you’d definitely want to coordinate with him on re-sale. If it is a “unit-wide” voucher, then the landowner must allow anyone possessing a drawn, or purchased, “unit-wide” license onto his property starting ten days prior to the season and running through the end of it. If that’s the case, he can’t keep any other hunters off of his property, nor does the person you sell the voucher to have to use that landowner’s property anyway, therefore the landowner has no control over what you do with the voucher once you purchase it.
All that said, I do think it is a crying shame that all the landowner vouchers that exist in NM don’t take a single person out of the draw. You can secure your tag, then apply with me and dilute my odds, and if you draw, sell your voucher, or if you don’t draw, use your voucher.