How To Get a Real Estate License in New Mexico
Do you have a keen eye for real estate? If so, New Mexico is a great place to pursue your career. Working as a real estate associate broker in New Mexico allows you to cooperate with multiple buying and selling parties while keeping a tab on the latest property trends.
Like any other state, you must go through numerous steps to get your real estate license in New Mexico. This article will outline those steps in detail and provide an overview of the basic concepts of this profession.
New Mexico Real Estate License Requirements
Given below are the pre-qualifications for obtaining your New Mexico real estate license:
- Be above 18 years of age or equivalent.
- Hold a high school diploma or GED.
- Be a resident of the United States or a duly admitted alien.
How to Get Your Real Estate License in New Mexico
Step 1: Take the Real Estate Pre-licensing Course
New Mexico requires all applicants to take 90-hour pre-licensing coursework before doing the final exam. This course is simple but still impactful. It underscores real estate principles, laws, and commission regulations.
Moreover, the coursework is split into (3) 30-hour classes:
- Real estate Principles and Practice.
- Real estate law.
- Broker basics.
Depending on your preferences, you can take this course online or in person. Most people prefer the online course because it allows you to study at your own pace, giving you ample time to attend to other things. The only downside to this course is that it takes a long time to complete, hence delaying the issuance of your license.
After the 90-hour coursework, you're required to sit for the final exam. Your pre-licensing education provider administers this test and will offer you a completion certificate for passing the exam. Note that this test is not similar to the state exam.
Step 2: Fingerprint and Background Check
In New Mexico, fingerprinting and background checks are essential to the licensing process. It can take up to two weeks to process your fingerprints, so getting them as soon as possible is advisable to avoid delays.
First, you must register for fingerprinting services through the fingerprint vendor ( Gemalto ). You'll need the New Mexico Real Estate Commission identifier number NM920263Z, to register. From there, you should request the live scan vendor to complete the fingerprint certification form because you must submit it to the commission along with your application.
The fee for fingerprinting services is $44, which must be paid directly on the Gemalto website using your debit or credit card. You can also pay this fee using a cashier's check or money order at the fingerprint site. Once your payment is approved, the background check process will commence.
The commission will analyze your background report for any uncertainties. If any, they'll contact you to clarify or provide additional documentation. Note that your license application may be denied if you have any criminal record. If that's the case, you must submit a written account elucidating the details of the complaint and its pronouncement.
Step 3: New Mexico Real Estate License Exam
After getting through the background check, you can take the state exam.
In New Mexico, the real estate exam is administered by PSI. Therefore, you must apply for eligibility with this examination body to qualify to take the exam. To apply, you must submit a completed Eligibility/Examination Registration Form, a $95 exam fee, and all necessary documentation.
You'll find the Eligibility/Examination Registration Form at the end of the Candidate Information Bulletin on the PSI page. PSI, ( the national provider for the state licensing exam ) will then decide on your eligibility for sitting for the exam.
If approved, you'll receive an Eligibility Postcard with guidelines for scheduling your exam. In case your registration fails, PSI will contact you to disclose any additional information.
The licensing exam consists of 130 multiple-choice questions. This includes 50 for the state category and 80 for the national category. Each section is allocated a specific time to complete:
- National section - 120 minutes.
- State section - 60 minutes
The passing mark for the national-related questions is 60/80, while the state is 38/50. This exam can prove difficult to attain the predetermined pass mark, but the pre-licensing course makes it a bit easier. You'll see your score report on the computer screen minutes after completing the test.
If you fail, you'll need to retake the exam within 90 days of your first attempt.
Step 4: Find a Sponsoring Broker
You can't transact real estate in New Mexico unless affiliated with an active sponsoring broker. Therefore, you should find the best sponsor brokers available and choose one that befits your career objectives. Your broker must be well-versed in industry knowledge and willing to help you advance in this rewarding career.
Step 5: Obtain Errors and Omissions Insurance
All licensees are mandated to have uninterrupted errors and omissions insurance coverage in New Mexico. This is critical to protect you from errors made while in service.
New Mexico Real Estate Commission partners with Rice Insurance Services, LLC, to offer affordable options to licensees.
Step 6: Apply for Your Real Estate License
After securing the E&O insurance, you are set to apply for your associate broker's license. You should apply for your license with the commission by mailing the completed license application form, licensure fee, and other relevant documentation as outlined below:
- Fingerprint information.
- E&O insurance certificate.
- Course completion certificate.
- Score report for the New Mexico Real Estate Exam.
The application fee is $270, paid using a cashier's check, personal check, or money order.
Note: All applicants must apply for their license within six months of passing the real estate exam. If not, you'll be forced to redo the exam or submit a written explanation to the NMREC clarifying why you couldn't meet the deadline.
Upon approval, the commission will send you an email with a copy of your license. At this point, you can contact NMREC at (505) 222-9820 to address any questions you may have.
How Much Does it Cost to Get a Real Estate License in New Mexico?
The cost depends on the prelicensing education package, but here is a rough estimate:
- All fees: $700.
- Pre-licensing education: $809-$959.
- Estimated cost: $1,500-$1,700.
How Much Do Real Estate Associate Brokers Make in New Mexico?
Real Estate Associate Brokers in New Mexico make an average of $93,919 annually. It's worth noting that these associate brokers ( agents ) make money through commissions. Therefore, their income increases as they complete more sales. In addition, agents who specialize in value-oriented niches like industrial properties earn more money than those who focus on residential homes.
How Long Does it Take to Get a Real Estate License in New Mexico?
You can have your real estate license in New Mexico within three months. How fast you procure your license depends on how much time you devote to your pre-licensing education and other subsequent licensure steps.
If you want to see some examples of questions that will be on the actual real estate exam, check out our free real estate practice exam. We have been named as the best real estate exam practice for 7 years in a row!
If you need to get your required educational hours done, check out our partners for online real estate education that can be done at your own pace from home or where ever you have internet access.
What Does Abstract Title Mean In Real Estate?Don’t like ads? Remove them by enrolling!What Does An Abstract Title Mean In Real Estate? When it comes to real estate, there’s no such…
How To Get a Real Estate License in Rhode IslandDon’t like ads? Remove them by enrolling!How to Get a Real Estate License in Rhode Island Earning your real estate license in Rhode Island…
How To Get a Real Estate License in OklahomaDon’t like ads? Remove them by enrolling!How to Get a Real Estate License in Oklahoma Real estate careers in Oklahoma can appeal to those…
How To Get a Real Estate License in OhioDon’t like ads? Remove them by enrolling!How to Get a Real Estate License in Ohio Have you ever thought of working as a real…
How To Get a Real Estate License in North DakotaDon’t like ads? Remove them by enrolling!How to Get a Real Estate License in North Dakota Real estate is one of life’s most rewarding…
How To Get a Real Estate License in New MexicoNo excerpt…
Share This Article