When you’re ready to get your real estate license in New Mexico, you need the right steps. Getting your real estate license is the first step to becoming an associate broker. If you want to work in the real estate industry in New Mexico, a license will be necessary.
If you’re ready to become a real estate agent, this is where you need to start. Let’s look at the steps you will need to follow to get your real estate license in New Mexico.
How To Get Your Real Estate License in New Mexico in 8 Steps
Step #1 – Meet the Basic Requirements
Before you go down this career path, make sure you qualify. You will need to be at least 18 years of age and a United States citizen. You can also be a lawfully admitted alien. It’s also necessary, in New Mexico, to have a high school diploma or a GED.
As long as you meet these basic requirements, you can get your real estate license. Just follow the steps below.
Step #2 – Complete the Pre-Licensing Course
You will need to complete a 90-hour pre-licensing course. This is the first step when it comes to getting your real estate license in New Mexico.
The course will be split into three 30-hour sections, which include:
- Broker Basics
- Real Estate Principles and Practice
- Real Estate Law
While it will take you several weeks or months to complete this step, you can do it online. The pre-licensing courses can all be done online, from the comfort of your home. You can choose options that allow you to work at your own pace or on a schedule, as well.
Choosing one of the top online real estate schools can help you complete this step. Some schools will even provide the exam prep materials you need. It’s even possible to get a guarantee that you will pass the exam on the first attempt.
While you don’t have to go to a testing center to take the final pre-licensing exam, you will need to take it. This exam will usually be the final step before you get a certification of completion. It’s a closed-book and closed-note exam. This is not the same as the New Mexico real estate exam, however.
Step #3 – Pass the New Mexico Real Estate Exam
You will need to apply for PSI eligibility to take the real estate license exam in New Mexico. Once you submit the Eligibility/Examination Registration Form, along with the examination fee and required documents, PSI will decide if you’re eligible to take the exam.
If approved, you will receive an Eligibility Postcard that will include instructions to schedule your exam appointment. If you submit an incomplete form, PSI will let you know how to fix this issue.
The real estate exam in New Mexico is $95 per attempt. It will include 130 total questions. The national section will have 80 questions and the state section will have another 50 questions. You get three hours to complete the entire exam.
To pass, you will need to get 60 of 80 questions correct on the national section and 38 of 50 correct on the state section. Once you finish the exam, you will find out if you passed or failed. If you fail, you will also get a breakdown of how you did on the different areas of the exam.
You can register to take the exam in New Mexico from the PSI New Mexico real estate page.
Step #4 – Pass the Background Check
The next step in the process will be passing the background check. This stem includes getting fingerprinted and having a background check done. It’s done through Gemalto. You will need to complete the Fingerprint Certification Form and you will pay a $44 fee.
Once you turn in your fingerprints, the background check will begin. The New Mexico Real Estate Commission will look at anything that shows up on the background check to ensure you can become a real estate agent. If they need additional information, they will reach out to you.
Those with criminal offenses or judgments may not be eligible to get a real estate license. These situations are handled on a case-by-case basis.
Step #5 – Get Errors and Omissions Insurance
You have to get E&O insurance coverage to have an active real estate license in New Mexico. This can be done through RISC, which has been selected by the New Mexico Real Estate Commission.
Step #6 – Complete the Real Estate Application
The final step you will need to take is completing the real estate application. You will need to apply for your license by mailing the completed application form, along with the fee and any required documents to the New Mexico Real Estate Commission.
The license fee is $270 and must be paid by money order, personal check, or Cashier’s Check. You will need to apply within six months of passing the final real estate exam.
Step #7 – Review of the Application
IT will take about three to five business days for the New Mexico Real Estate Commission to review your application. Once you are approved, you will receive an email with your license document. If the commission has any questions, they will contact you.
Step #8 – Post-Licensing Education
While this isn’t a necessary step to get your real estate license in New Mexico, you will need to complete it to keep your license. After you become a licensed real estate agent, you will need to complete a 10-hour course called the New Broker Business Practices course. This must be done in your first year.
Many online real estate schools will offer pre-licensing course packages that also include your post-licensing course. If you purchase one of these courses, you will have everything you need to complete this step.
Frequently Asked Questions About Getting Your Real Estate License in New Mexico
How much can I earn as a real estate agent in New Mexico?
According to Indeed.com, you can earn an average yearly wage of about $66K in New Mexico as a real estate agent. If you work for a top brokerage or you have more experience, you will likely earn a higher wage each year.
ZipRecruiter.com has a higher average salary of $77K for agents. They put the range at about $11K to $132K per year. Since real estate agents are paid on commission, the amount you make depends on how skilled you are and how hard you work.
Is the New Mexico real estate exam difficult?
According to fitsmallbusiness.com, there are some brokerages that are better than others. Coldwell Banker Legacy had the highest sales volume in 2016, followed by Keller Williams Realty and Berkshire Hathaway HomeServices.
Some locations also have a higher average list price than others. Santa Fe, Los Alamos, Taos, and Sandoval are the highest on the list. Since you will be paid on commission, you may want to choose an employer with more sales and a location with higher list prices.
Yes, the exam is difficult. About 75% will pass the entire exam on the first try. If you want to make sure you pass the first time, get the right exam prep course. Going into this exam unprepared will likely lead to paying to retake the test.
What is the cost to get my real estate agent in New Mexico?
You will pay $700 total in fees including your application, background check, and other fees. Along with this cost, you will also need a pre-licensing course. this cost can vary from about $800 to $1,000.
In total, you can expect to pay $1,500 to $1,700 to get your New Mexico real estate license. Along with these fees, most new agents will also pay association fees and Multiple Listing Service fees.
Do I have to renew my license in New Mexico?
Yes, every three years, you will need to renew your real estate license. This requires completing the necessary continuing education requirements. An associate broker and a qualifying broker will need to complete 36 hours of continuing education every three years.
You will need 12 hours of core courses (four hours every year), along with four hours of ethics elective courses and four hours of core elective courses. If it’s your first year, you will need to complete the post-licensing course.
As long as you have completed the continuing education courses and you pay the fee, you will be able to renew your real estate license. Make sure you do this as soon as you can to ensure your license doesn’t expire.
If you want to work in the real estate industry in New Mexico, you need a license. Getting your real estate license will require the right education, application, and fees to be paid. You want to follow the steps above to make sure you get your license and you can start your new career.