New Mexico Real Estate License Requirements

The New Mexico Real Estate Commission oversees all real estate matters in the state of New Mexico. On January 1, 2006 the license law was amended to eliminate the salesperson category and replace it with the associate broker category. The commission now operates on a broker-only licensing system.

The requirements to become a real estate agent [associate broker] or broker in New Mexico are as follows:

ASSOCIATE BROKER LICENSE REQUIREMENTS:

To be eligible for a New Mexico associate broker license, applicant must be at least 18 years old and be a legal resident of the United States or alien authorized to work in the United States.

Applicant must submit fingerprints for a criminal background check. Applicants must contact the commission’s fingerprinting vendor to set up an appointment.

No prior real estate experience is required to obtain a New Mexico associate broker license.

Applicant must complete 90 hours of pre-license education courses consisting of three 30 hour courses in Real Estate Principles and Practice, Real Estate Law, and Broker Basics.

New Mexico Real Estate License Requirements

New Mexico Real Estate License Requirements

After completing the prelicense education requirements, applicant must pass the state and national real estate broker exam with a minimum score of 75%. The state portion of the exam consists of 50 questions with a 60 minute time limit. The national portion consists of 80 questions with a 120 minute time limit.

A New Mexico associate broker license application must be submitted within three years of completing the pre-license education requirements and within six months of passing the exam. Applicant must also submit proof of sponsorship by a licensed qualifying broker in New Mexico and proof of Errors & Omission insurance.

All New Mexico associate broker licensees must complete 30 credit hours of continuing education in courses approved by the commission during each three-year licensing cycle, which must include 8 credit hour real estate commission mandatory course during each licensing cycle. Of the remaining 22 credit hours, 10 credit hours may be credited toward the continuing education requirement from approved training category courses. At least 12 credit hours must be taken from approved education category courses; however, all 22 credit hours may be taken from the list of commission-approved education category courses.

Brokers may receive four approved education course credit hours during each licensing cycle for attending commission meetings, rules hearings, and disciplinary hearings.

Applicants with a real estate salesperson or broker license in another state are exempt from the Real Estate Principles and Practice and Real Estate Law courses if they provide a certified license history for the state they are currently licensed in. The applicant is also exempt from the national portion of the real estate broker exam. The applicant is still required to take the 30 Broker Basics course.
Applicants who currently hold a New Mexico Associated Broker license and are applying to upgrade to a Qualifying Broker are exempt from taking the national portion of the Real Estate Broker Exam.

New Mexico has a Licensure Recognition with four other states: Georgia, Louisiana, Massachusetts, and Tennessee.

Fees to obtain a New Mexico associate broker license include:
Exam Fee: $95
Associate Broker License Fee: $270
Associate Broker Renewal Fee: $270
Late Renewal Penalty: $540


QUALIFYING BROKER LICENSE REQUIREMENTS:

To be eligible for a New Mexico Qualifying Broker License, applicant must be at least 18 years old and be a legal resident of the United States or alien authorized to work in the United States.

Applicant must submit fingerprints for a state and federal criminal background check. Applicants must contact the commission’s fingerprinting vendor to set up an appointment.

At least two years of experience as an associate broker with the previous five years is required.

Applicant must complete 120 hours of approved pre-license real estate courses, which include 30 hours each of the following:
Real Estate Principles and Practice
Real Estate Law
Broker Basics
Brokerage Office Administration.

There is no separate qualifying broker exam.

A qualifying broker license application must be submitted after fulfilling the prelicense education requirements. Applicant must also submit proof that his or her associate broker license has been on active status with a real estate broker for at least two of the past five years prior to applying for the qualifying broker license.

Applicant must complete 30 credit hours of continuing education in courses approved by the commission during each 3-year licensing cycle, which must include 8 credit hour real estate commission mandatory course during each licensing cycle. Of the remaining 22 credit hours, 10 credit hours may be credited toward the continuing education requirement from approved training category courses. At least 12 credit hours must be taken from approved education category courses; however, all 22 credit hours may be taken from the list of commission-approved education category courses.

If the applicant is upgrading from associate broker to qualifying broker, the pre-licensing courses may count for up to 10 credit hours toward continuing education. The commission approved 30 hour New Broker Business Practices course may count for up to 10 credit hours toward continuing education.

Brokers may receive 4 approved education course credit hours during each licensing cycle for attending commission meetings, rules hearings, and disciplinary hearings.

Applicants with a real estate salesperson or broker license in another state are exempt from the Real Estate Principles and Practice and Real Estate Law courses if they provide a certified license history for the state they are currently licensed in. The applicant is also exempt from the national portion of the real estate broker exam. The applicant is still required to take the 30 Broker Basics course.

Applicants who held a valid New Mexico broker license on or before December 31, 2005 and have 2 years of full time experience during the past 5 years are only required to complete a 30 hour Brokerage Office Administration course approved by the New Mexico Real Estate Commission.

Applicants who automatically became associated brokers on January 1, 2006 and have 2 years of full time experience during the past 5 years are only required to complete a 30 hour Brokerage Office Administration course approved by the New Mexico Real Estate Commission and pass the state and national real estate broker exam.

New Mexico has a Licensure Recognition with four other states: Georgia, Louisiana, Massachusetts, and Tennessee.

Fees to obtain a New Mexico qualifying broker license include:
Exam Fee: $95
Qualifying Broker License Fee: $270
Qualifying Broker Renewal Fee: $270
Late Renewal Penalty: $540


References:

State of New Mexico: New Mexico Real Estate Commission Candidate Information Bulletin: February 1 2014: https://candidate.psiexams.com/bulletin/display_bulletin.jsp?ro=yes&actionname=83&bulletinid=241&bulletinurl=.pdf

State of New Mexico: Real Estate Commission: Fees: http://www.rld.state.nm.us/boards/Real_Estate_Commission_Fees.aspx

State of New Mexico: Real Estate Commission FAQ: http://www.rld.state.nm.us/boards/Real_Estate_Commission_FAQs.aspx

State of New Mexico: Real Estate Commission: Overview: http://www.rld.state.nm.us/boards/Real_Estate_Commission.aspx


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