To sell real estate in New Mexico and earn a commission, you must have a New Mexico Real Estate License.
The steps to obtain a NM Real Estate License:
Step #1: Complete the 90-hour New Mexico Real Estate Broker Pre-license Courses.
Step #2: Apply for your NM state license exam.
Step #3: Take and pass the state licensing exam.
Step #4: Submit fingerprints for a background check.
Step #5: Purchase E&O insurance.
Step #6: Apply for your NM real estate broker license.
To be eligible for a New Mexico real estate broker license, you must be a legal resident of the United States and have reached the age of majority in New Mexico (18 years of age) or the state in which the applicant resides.
If you meet this qualification, you can earn your New Mexico real estate license in (6) steps.
Step 1: Take the 90-hour Pre-license education courses
All New Mexico real estate broker candidates must take a Commission-approved total of 90 hours of pre-licensing courses. The pre-license education requirements break into (3) 30-hour sections:
You will receive a certificate of completion for each of the three courses. These courses must be completed within three years of the application to take the broker's examination. Find an approved pre-licensing education provider for your courses.
Step 2: Apply to take the state licensing exam
After completing your 90 hours of education, you must apply to take the brokers examination to the state examination contractor, PSI. Find the examination registration form at the end of the Candidate Information Bulletin on PSI. You will have to submit your certificates of completion from the three pre-licensing courses with your application form.
Once PSI approves your examination eligibility, you will be sent an eligibility postcard with instructions on scheduling your state exam.
PSI recommends online scheduling as the quickest way to schedule your exam. Telephone scheduling is available by calling (855) 557-0621 Monday-Friday from 5:30 am-6 pm MST and weekends 7 am-3:30 pm MST. You also have options for standard mail, fax, and email registration with the details available in the Candidate Information Bulletin. The examination fee is $95, made payable to PSI via credit card.
New Mexico has test centers in Albuquerque, Farmington, Las Cruces, Roswell, Santa Fe, as well as some locations in Colorado and Texas. Specific addresses and directions are in the Candidate Information Bulletin.
Step 3: Take the state licensing exam
Bring to the testing center two forms of identification. One of these forms of identification must be a government-issued ID with your photograph or physical description and your signature. All of your identification must match the name on your testing eligibility letter.
About the New Mexico Broker Exam:
The Candidate Information Bulletin contains content outlines and the percentage of questions asked and each topic area.
You must pass the New Mexico broker exam with a minimum score of 75%. Immediately upon finishing your exam, your score will appear on the screen. You also receive a printed score report.
If you fail one or both sections of the exam, you have 90 days to pass the failed section of the test. Your score report will include diagnostic information on your strengths and weaknesses.
Step 4: Purchase E&O insurance
All the real estate professionals must carry an Errors & Omissions Insurance policy that meets the requirements for such insurance as described in 16.61.5 NMAC of the commission rules.
The New Mexico Real Estate Commission has a contracted insurance carrier, Rice Insurance Services. You can receive enrollment information from the Commission offices or from Rice Insurance Services by calling 800.637.7319. Your brokerage may also have a group insurance policy other than Rice Insurance Services. Please ask your qualifying broker to provide you with a certificate of insurance verifying your current coverage.
Step 5: Submit fingerprints for a background check
All New Mexico broker license applicants are required to submit fingerprints for a state and national background check. New Mexico no longer accepts hard copy fingerprint cards unless you live outside of the state.
Before you can be fingerprinted, you must first register on the state vendor website Gemalto.
You'll need the NMRC identifier number "M920263Z" to register. The fingerprint processing fee is $44 and can be paid online using a credit or debit card. You can also pay the fee by money order or cashier's check at the Live Scan's site at the time of fingerprinting. No cash or personal checks are accepted. Licensees may also register by phone at 1-877-996-6277.
After registering on Gemalto, you will need to contact Cogent ID for Live Scan locations. Your fingerprints will be transmitted electronically. Make sure to have your Live Scan vendor complete the fingerprint certification form that is part of the broker license application. You'll need to submit this along with your application to show proof that you have submitted fingerprints.
Step 6: Apply for your NM broker's license
Once you have passed the state exam, you have six months to apply for your broker's license. Otherwise, you must retake the state exam.
The license application form can be found at the end of the Candidate Information Bulletin. The license fee is $270, payable to the NMREC by cashier's check, money order, or personal check.
Submit with your broker license application:
If you wish to have an active license, there is a section on the associate broker license application that your supervisory qualifying broker must fill out. The license will be mailed directly to your real estate brokerage firm.
Once your license is received by your New Mexico brokerage firm, congratulations! You are now a practicing New Mexico associate broker.