Getting your New Mexico Real Estate Broker License is the first step to becoming a real estate associate broker in New Mexico. Nowadays, this process can be done almost entirely online. You will still need to take your New Mexico real estate license exam in person, but the rest of the process can be completed entirely online!
This article outlines the process to get your NM Real Estate Broker License in an easy to understand, step-by-step manner. You’ll learn how much it will cost, how long it will take, what is on the exam, and much more.
How to Become a Real Estate Associate Broker in New Mexico
Becoming a real estate associate broker in New Mexico is as simple as getting your license and getting to work selling real estate! As long as you fulfill the below requirements, you are already on your way to your goal.
New Mexico Real Estate License Requirements
The requirements to become a real estate associate broker in New Mexico are:
- Be a citizen of the United States or a lawfully admitted alien
- Be 18 years of age or older
- Must have a high school diploma or equivalent GED
How to Get Your Real Estate Associate Broker License in New Mexico
Step 1. Real Estate Pre-Licensing Course
New Mexico requires that real estate associate broker complete 90 hours of pre-license coursework before sitting for their exam. This coursework will consist of three classes, each containing 30 hours of material.
These three required classes are:
- Real Estate Principles and Practice
- Real Estate Law
- Broker Basics
Most people choose to take their pre-license education course online. The majority of online courses are self-paced and include study materials like real estate practice exams and flashcards. Some also come with a “guarantee” that you will pass the exam on your first attempt if you complete their course. These benefits are all dependent on the education provider and package you choose, so be sure to get the course that best suits your needs.
Remember that the point of these courses isn’t just to check a box and complete a requirement, but rather to prepare you to pass your exam and become a better broker.
For New Mexico real estate license exam courses and study tools, StateRequirement recommends:
New Mexico does not require the final pre-license exam to be supervised by a proctor. This is not the same as the state exam. This test is provided by your pre-license education company and is an indication that you have completed and retained the information from your pre-license education course.
Similar to the state exam, this test is closed-book and closed-note. You are allowed a basic-function calculator and scratch paper, but no cell phones or outside internet access.
Step 2. New Mexico Real Estate License Exam
Candidates must apply for PSI eligibility by submitting the completed Eligibility/Examination Registration Form, examination fee, and all required documentation. The Eligibility/Examination Registration Form can be found at the end of the Candidate Information Bulletin. PSI will then determine your eligibility for taking the examination.
Upon approval by PSI, you will be sent an Eligibility Postcard, including instructions for scheduling the examination. If your registration is incomplete, PSI will contact you to advise you of any additional information or documents required.
The fee to take the exam is $95 per attempt.
The New Mexico Real Estate Exam consists of 130 questions. This includes 80 for the National section and 50 for the State section.
You will have 180 minutes (3 hours) to complete the entire exam. The National section time is 120 minutes (2 hours), and the State section time is 60 minutes (1 hour).
A passing score for the New Mexico Real Estate Salesperson Exam is 60/80 on the National section and 38/50 on the State section.
Immediately after completing your exam, you will receive a scoring document that states whether you passed or failed. If it is marked “Fail,” then you will see a breakdown of your score in the different areas of the exam. If you decide to retake the exam, use this as a guide for your studies.
How Hard is the New Mexico Real Estate Exam
The passing rate for the New Mexico Real Estate Associate Broker Exam is 75%. This test is purposefully difficult, but not impossible. Be sure to pay attention during your pre-license course and take studying seriously. If you put the proper effort forth, we know that you can pass on your first attempt!
You can register to take your exam on the PSI New Mexico Real Estate page. On this page, you will find some other helpful resources, including the Candidate Handbook and Content Outline.
Before taking the exam, check out StateRequirement’s guide on How to Pass the Real Estate Exam. This in-depth guide works as a great partner to your pre-license course to prepare you to pass on your first attempt!
Step 3. Fingerprinting and Background Check
After submitting your application, the next step is to complete your fingerprinting and background check. The New Mexico Real Estate Commission requires that all applicants have a background check performed before they can become a licensed real estate associate broker in New Mexico.
To begin this process, licensees are required to register on the fingerprinting vendor Gemalto. Licensees need the New Mexico Real Estate Commission identifier number – NM920263Z – to register.
Licensees should ask the Live Scan vendor to complete the Fingerprint Certification Form that is enclosed in the application as licensees will need to submit that form to the Commission along with their application. The registration receipt provided by Gemalto at the time of online registration is also an acceptable form of documentation to submit with licensure paperwork.
The fee to complete your fingerprinting services is $44.
Completing and turning in your fingerprints will begin the background check process. The New Mexico Real Estate Commission will review any findings in your background report to ensure your eligibility. During this process, they may reach out to you to provide additional information or documentation to clear up any findings.
For those who have criminal offenses or judgments against them, there’s a possibility that you may not be eligible for a real estate license in New Mexico. If this is the case, you should prepare and send a written account explaining the details of the complaint and its resolution.
If you aren’t sure whether you are eligible for a real estate license based on your history, check out our article on Real Estate License Eligibility.
Step 4. Obtain Errors and Omissions Insurance
All active licensees must carry uninterrupted E&O insurance coverage in New Mexico.
The New Mexico Real Estate Commission selected RISC to continue to provide the state group E&O insurance policy. The program is designed specifically for New Mexico licensees and exceeds state minimum requirements.
Step 5. Real Estate Broker License Application
The last step to getting your real estate license in New Mexico is to complete your license application.
You must apply for licensure with the Commission by mailing the completed License Application Form (found at the end of the Candidate Information Bulletin), licensure fee, and all required documentation outlined in the application.
The license application fee is $270. Since the NMREC no longer accepts credit card payments, payment can be made by Cashier’s Check, money order, or personal check payable to the New Mexico Real Estate Commission.
New Mexico Real Estate Commission
5500 San Antonio Dr. NE Suite B
Albuquerque, NM 87109
License applicants must apply within six months of passing their final examination.
You will need to attach to your license application the following items:
- $270 license fee
- Completion Certificates for the Pre Licensing Courses
- An original passing examination results
- Certificate of current errors and omissions (E&O) insurance coverage from Rice Insurance Services
- Completed Fingerprint Certification Form (Page 6 of Application Form)
Step 6. Application Review
Once you’ve passed your exam, you will only need to wait for your background report to come back as a pass. In most cases, this process should take between 3-5 business days. After this, you should receive an email from NMREC with a license document. If you have any questions at this point, you should contact NMREC at (505) 222-9820.
Be sure to take some time to celebrate your accomplishment. You’ve put in a lot of work and effort and deserve a celebration!
New Mexico Post-Licensing Education
Associate Brokers licensed for the first time must complete the 30-hour New Broker Practices course within their first year of licensure.
There’s a chance that your pre-license education package came with the post-license courses in the package, so be sure you check before you buy another course.
NMREC – New Mexico Real Estate Commission
New Mexico Real Estate Commission
5500 San Antonio Dr. NE Suite B
Albuquerque, NM 87109
Phone: (505) 222-9820
New Mexico Real Estate License FAQ
How Much Does it Cost to Get a Real Estate License in New Mexico?
All New Mexico fees: $700
Real Estate Pre-Licensing Education (Estimated): $809-$959
The total estimated cost to get a New Mexico Real Estate license is $1,500-$1,700.
How Long Does it Take to Get a New Mexico Real Estate License?
The two steps that take the most time when getting your license are pre-license education and test preparation. The average amount of time that people take from start to finish is generally 3-6 months. If you dedicate a full-time schedule to this process and study hard, you could possibly complete this process in 2 months. We wouldn’t recommend trying to go any faster than this. Take your time to study and prepare yourself for the exam.
How to Get a New Mexico Commercial Real Estate License?
To sell commercial real estate in New Mexico, a standard Broker license is all that you need. There is no specific “commercial real estate license”. If you wish to take on a career selling specifically commercial real estate, choose a broker that handles the types of deals that you want to be a part of.
Are There any Real Estate Jobs Open Around Me?
Check out StateRequirement Jobs to find open real estate jobs in your area!