How to Become a Licensed Real Estate Agent in New Mexico
New Mexico Real Estate License Requirements
- The candidate must be at least 18 years of age.
- The candidate must be a legal resident of the United States of America.
- The candidate must complete 90 hours of mandatory pre-licensing education.
- If the candidate is or was licensed in another state, they must submit the license certificate or certified license history.
- The candidate must take and pass the state and national portions of the state real estate exam.
- Within six months of passing the exam, the candidate must apply for the license.
- After passing the state exam, candidates must complete a fingerprint scan. This must be done no sooner than 21 days before applying for the license.
- You will need errors and omissions insurance before applying for your license.
NM Real Estate License Costs
- The pre-licensing education will cost you $200 to $300.
- You can find the eligibility application at the end of this document along with the application for the state exam.
- Register for the state exam on the PSI website.
- Direct all your queries to the state real estate commission here.
- To get your fingerprinting done, you must register here.
- Call Rice Insurance Services at 800-637-7319 for errors and omissions insurance.
- You can read about the rules for errors and omissions insurance here.
STEP 1: Prep Education
To get a real estate agent license in New Mexico, you must complete 90 hours of pre-licensing education. This course is likely to cost you $200-$700. The exam has two must pass portions—state and national.
STEP 2: Get PSI Approval and Apply For State Exam
Before you take the exam, you must apply for eligibility which will be decided by PSI, the test taker. This can be done by completing an Eligibility/Examination Registration Form, the exam fee of $95 and other required documentation.
This fee can be paid using a credit card (Visa, MasterCard, American Express or Discover card), a money order, a company check or a cashier’s check. Money orders or checks should be payable to PSI. Cash and personal checks are not accepted. The fee is non-refundable and non-transferrable. It is also the same amount whether you’re taking the exam for the first time or retaking it after failing. It is likely to take about two weeks to process this application.
You can also do this via email. Send your form and documents to PSI at firstname.lastname@example.org. This can be done 24 hours a day and it takes four business days to process the application.
If you are approved, you will get an Eligibility Postcard with instructions on how to schedule the final state exam. You must take the test within a year of getting approval. If you submit an incomplete form, PSI will tell you what went wrong.
You can schedule the final state exam on the PSI exam website. You must create an account with your first and last name along with your email ID. Then you must check the “Check here to attempt to locate existing records for you in the System” box. This will prompt you to select an exam center depending on your zip code. You can pay and schedule your exam depending on the availability.
You can also schedule the exam on the phone by calling (800) 733-9267 and speaking with a PSI registrar. This can be done from Monday to Friday between 5:30 am and 8:00 pm. On Saturday and Sunday, you can schedule it between 7:00 am and 3:30 pm, Mountain Time.
If you want to cancel, you must do it two days before your scheduled appointment. You cannot leave a voicemail.
On the day of the exam, you must arrive 30 minutes before time with two forms of valid and unexpired government-issued ID. At least one of them must have your photograph and signature. You will not be admitted if you’re late.
Acceptable primary IDs are driver’s license, state ID, passport, military ID. Your secondary ID must have your legal name and signature.
STEP 3: Pass the State License Test
The exam, as mentioned before, has two portions—state and national. You will have 60 minutes to complete the state-specific portion of the exam and 120 minutes to finish the national portion.
You will take the test on a computer. Don’t worry you will get a 15-minute tutorial outside the allotted exam time. These are the topics that you will be tested on.
National Portion Content Outline
- Property ownership (Broker 10%)
- Land use controls and regulations (Broker 5%)
- Valuation and market analysis (Broker 7%)
- Financing (Broker 8%)
- General principles of agency (Broker 11%)
- Property disclosures (Broker 7%)
- Contracts (Broker 18%)
- Leasing and Property Management (Broker 5%)
- Transfer of Title (Broker 7%)
- Practice of real estate (Broker 14%)
- Real estate calculations (Broker 8%)
State Portion Content Outline
- Real Estate Commission (6 items)
- Licensing Requirements (7 items)
- Real Estate Commission Regulations (15 items)
- Broker Duties, Disclosure and Brokerage Relationships (15 items)
- Additional State-Required Topics (7 items)
You must score at least 75% to pass the exam. Your result will be given to you right after you complete the exam. A printed score report will be given to you at the exam center.
STEP 4: Clear the Fingerprint Process
You must start the process of applying for your license within six months of passing the exam. This starts with the fingerprinting process. The New Mexico Department of Public Safety uses Live Scan for this process. For this, you must register on the vendor website. You will be required to pay $44 as a processing fee using a credit or debit card. You can also pay by money order or cashier’s check at the time of fingerprinting. Once it is done, you should ask for the Fingerprint Certification Form or registration receipt that you will need to submit to the Commission along with your license application.
Within six months of passing the exam, you must apply for the license with a completed application form, licensure fee and required documentation. The fee can be paid by cashier’s check, money order or personal check payable to the New Mexico Real Estate Commission.
This is the list of required documents:
- (If applicable) An original certified certificate of license history from the jurisdiction(s) in which you are currently or were previously licensed.
- Completion Certificates for the following prerequisite pre-licensing courses and examination scores as applicable.
- (If applicable) Real Estate Principles and Practice.
- (If applicable) Real Estate Law Broker Basics.
- (If applicable) Copy of the Letter waiving 60 of 90 hours of pre-licensing education and the national portion of the examination.
- (If applicable) National Examination: An original score report.
- A certificate of current errors and omissions (E&O) insurance coverage from Rice Insurance Services or another carrier.
- The $270 fee for a three-year license.
For proof of errors and omissions insurance to the Commission, you can contact the Commission’s contract insurance carrier, Rice Insurance Services. Call 800-637-7319 for the information. Instead, if you take group insurance provided by the brokerage you will work for, your broker must give it in writing that their insurance is equivalent to the one provided by the Commission.
STEP 5: Finding a Brokerage
Now, the next step is to find a licensed broker or a brokerage firm to work with. This is a crucial step in the life of every young salesperson. It is one that needs some amount of research and forward thinking. If you’re not sure where to begin, we have got you covered.
First, you need to pick a type of brokerage. It is very important to get this right for your career as a real estate agent to take off. In the first year, you will have a lot of learning to do. And for that, you need the right set up. Often, agents make a bad call and have to shift firms and restart their operations all over again. To avoid this, let’s start with the basics. In New Mexico, like most other states, there are three types of brokerage firms: national, boutique and virtual brokerages.
STEP 6: Post-learning Requirements
The state of New Mexico renews real estate salesperson licenses every three years. For this, you need to complete 36 hours of continuing education. This is divided into 12 hours of mandatory study and 24 hours of electives.
The CE Shop offers 24 hours – four hours of mandatory study annually and 24 hours of electives – to help you prepare. The package deal is $225 and individual courses are under $50 each. Good luck with the exam and everything that follows.