How to Get a New Mexico Real Estate License
Jay Gallagher
Real Estate Broker (Advice from an agent like you, not some tech nerd who never sold a home!)
This is a Step by Step Guide on how to get your New Mexico Real Estate License. No matter where you live, from Albuquerque to Las Cruces or Santa Fe to my favorite town, Roswell or anywhere in between, becoming a real estate agent may be the best decision you ever make.
Note: New Mexico issues an Associate Broker License to all new licensees. An Associate Broker license is the equivalent of a Real Estate Salesperson License in most states.
All the information, documents and links you’ll need to get your New Mexico real estate license are below.
I also answer all your burning questions at the bottom of the page.
Click on a question to see the answers:
Meet the State Requirements
Learn exactly what the State of New Mexico requires before you can get a Real Estate Salesperson License.
Complete Licensing Education
New Mexico requires only 90 hours of Real Estate Education to get licensed. Find the best Real Estate School for you.
Pass the State Exam
Learn the fastest and easiest way to pass the New Mexico Real Estate Salesperson License Exam the very first time.
Submit Fingerprint Cards
The NMREC makes it easy to get fingerprinted by using a private third party company to take and process your prints.
Get a Background Check
It takes a few weeks to process your background check once you submit your fingerprints for review.
Pick a Qualifying Broker
Meet the new boss! The good news is you get to pick the broker you want to work with. Learn how to pick the best.
Get E and O Insurance
Get E&O Insurance coverage through your Real Estate Broker, the state program or shop around on your own.
Submit the Application
Make sure you get it right the first time. Check the list, make sure you jumped through all the right hoops and hit send.
Launch Your New Career
Now the fun begins. Learn how to get your new Real Estate Career off on the right foot by doing the right things to get business.
So, How Do You Get a New Mexico Real Estate License?
1. Meet The State Requirements
To get your New Mexico Real Estate Associate Broker License you must meet the following requirements:
- Must be 18 years of age.
- Must be a legal resident of the US.
- Must pass a background check.
- Take and Pass a New Mexico approved Pre-Licensing Real Estate Course.
- Pass the National Portion of the Real Estate Salesperson Exam
- Pass the New Mexico State Portion of the Real Estate Salesperson Exam.
- Pay the appropriate fees.
2. Complete Pre-Licensing Education
New Mexico has three courses that have a minimum of 90 hours of coursework that must be completed before you can apply for your Wyoming Real Estate License:
- Real Estate Principles and Practice – 30 Hours
- Real Estate Law – 30 Hours
- Broker Basics – 30 Hours
They have 4 levels of instruction.
I don’t recommend the basic level at all because it doesn’t included the most valuable part, the Real Estate License Practice Tests.
These practice tests actually guarantee you will pass the Real Estate Exam. Just take the practice tests until you consistently score 90 or higher and you are guaranteed to pass the New Mexico Real Estate Exam on your first try. I think these practice tests are the easiest way to ensure you pass.
3. Pass the Real Estate Salesperson Exams
New Mexico Real Estate tests are proctored by PSI, an independent third party testing company. You can download the New Mexico Real Estate Candidate Information Bulletin here to see all the examination details.
You can go to the New Mexico section of the PSI website here.
It says that candidates must apply for eligibility with PSI by submitting the completed Eligibility/Examination Registration Form (found at the end of the Candidate Information Bulletin), and all required documentation but I would call or email PSI and see if you can apply over the phone or online. After you apply, PSI will determine your eligibility for taking the examination and send you an email letting you know that you can take the test.
New Mexico has two exams you must be pass before you can apply for your New Mexico Real Estate License:
- Real Estate Salesperson National Exam
- Real Estate Salesperson New Mexico State Exam
If you’re already licensed in another state, you only have to take the New Mexico State portion of the exam.
The number one concern I hear is about passing the exams the first time. If you followed my advice and chose a Pre-Licensing Education Course that included the online practice tests and you are scoring a 90 or higher each time you take them you will have no problems passing the exams on the first try. It’s actually guaranteed by The CE Shop.
4. Submit Fingerprints
Mexico requires all applicants to get fingerprinted for the background checks. NMREC makes it easy to get fingerprinted by using Gemalto, a private third party vendor to take and process your fingerprints.
You can also register by phone at 1-877-996-6277.
In order to register, you’ll need the New Mexico Real Estate Commission identifier number, which is NM920263Z, so Gemalto knows how where to send your fingerprints.
You can pay the $44.00 fingerprint and background check processing fee on line online using a credit or debit card at the time of registration, or pay the fee by money order or cashier’s check at the Live Scan site at the time of fingerprinting.
Because the fingerprints are being transmitted electronically, licensees using the Live Scan system no longer have to mail hardcopy fingerprint cards to DPS. However, you should ask the Live Scan vendor to complete the Fingerprint Certification Form here because you’ll need to submit either that form to the Commission along with your application form or the registration receipt provided by Cogent at the time of online registration with your licensure paperwork.
5. Get a Background Check
After you’re fingerprinted, your data and fingerprints will be forwarded to the State and the FBI. The State and FBI maintain criminal history databases, and your fingerprints will be searched against these databases. Any criminal history associated with your fingerprints will be sent back to the NMREC.
You may be able to be licensed in New Mexico even if you have an adverse criminal history. The New Mexico Real Estate Commission takes criminal records into consideration on a case-by-case basis. The NMREC will automatically deny a license only if the criminal record includes a felony conviction and if fewer than three years have elapsed since completion of a sentence or probation.
6. Pick a Qualifying Broker
All Associate Brokers must work under the supervision of a supervising Qualifying Broker who’s responsible for monitoring their activities. The good news is that you get to pick a broker to place your real estate license under.
As an Associate Broker, you’ll have to provide your supervisory Qualifying Broker’s information when you apply for your license. You’ll also have to upload a copy of this Acknowledgement of Supervisory Qualifying Broker Responsibilities Form completed by your new broker.
If you’re a new agent, I recommend you go with one of the big box real estate brokerages. ReMax, Keller Williams and Century 21 are a good place to start. The reason I recommend these brokerages for new agents is because the big box brokerages have training programs in place to help you make the transition from Rookie Agent to seasoned pro.
7. Get Errors and Omissions Insurance
The New Mexico Real Estate Commission requires proof of Errors and Omissions Insurance with the application. Check with your sponsoring broker and see if you will be covered under their insurance.
If you are covered by your Sponsoring Broker, then get a copy of their proof of insurance and submit that with your application.
If your Sponsoring Broker requires you to supply your own insurance you can buy insurance through a Group Insurance Program that is sponsored by the NMREC.
If you decide to get Errors and Omissions insurance from an insurance company other than Rice Insurance Services Company, the NMREC plan contractor, you must have your insurer complete this Certificate of Equivalent Coverage and then submit it with your application.
8. Submit Your Application
Once you pass the examination; you can apply for the License. The New Mexico Real Estate Commission no longer accepts paper applications. The application for a license is now a fully “online” process. You’ll need to access the online application system at the NMREC Website.
- Go here to the NMREC Website and create an account.
- Click here to see complete instructions on how to complete the application.
- Original certified license history (if licensed in another state.)
- Real Estate Principles and Practice Course Completion Certificate
- Real Estate Law Course Completion Certificate
- Broker Basics Course completion certificate.
- Original Passing PSI National Broker Exam Scores or Waiver letter.
- Original Passing PSI NM Broker Examination test score.
- Fingerprint Information.
- Errors and Omissions Insurance Certificate (if you plan to be an active Broker).
9. Launch Your New Real Estate Career!
Now the real fun (and work) begins. The best thing about being a Real Estate Agent is the freedom it gives you. You’re your own boss and you get to decide how to move your real estate career forward.
Books
Continuous learning is the hallmark of all successful agents. Here are some resources to get you going in the right direction.
Below are my best suggestions:
- Best Books to Learn Principles of Success.
- Best Books for Real Estate Agents.
- Best Books for Real Estate Agent Social Media Marketing
Tools
You’ll need some tools to get the job done. At the very least, you’ll need a good Customer Relationship Management (CRM) software and a Real Estate Agent Website.
10. Jay Answers Your Questions...
The best (and worst) thing about being a realtor is the freedom you have. Many agents just work part-time and only do 1-3 transactions a year. Other agents work 60+ hours a week and sell hundreds of homes a year.
The best way to answer the question of how much a New Mexico realtor makes is to show how much you are likely to make per transaction.
The average price of a home in New Mexico is $300,000. Say the average commission per side of the transaction is 5.5% and the average broker/agent split is 15/85. That means you will earn, on average, about $7000 per transaction. Not bad.
Of course this number will vary based on the average cost of real estate in your area, your commission rate and your broker split but that’s a good number to start with. Now you can dial up your income based on how hard and how effectively you work.
New Mexico requires 90 hours of coursework. If you elect to take these courses in a classroom setting, you’ll have to go to a designated place and sit for the entire time.
For this reason, most people take the courses online so they can take the courses at their own pace and any time they wish.
Most people find they can complete the online coursework in a fraction of the 90 hours. A motivated person can complete it in as little as two weeks but most people will take a month or more if they do a little bit every day.
The New Mexico Real Estate Exam is not difficult IF you buy a test prep course.
The best test prep courses include practice tests that you can take over and over again until you know the material. If you can consistently take a practice test and score a 90 or higher, then you are practically guaranteed to pass the actual exam.
If you’re someone who gets nervous and their mind goes blank during testing, then maybe you should wait until your score on the practice tests is consistently 95 or better.
The best brokerage is the one that’s the best fit for you.
Call up a few local brokerages and schedule a time to sit down and talk to them. Discuss things like E&O insurance, commission splits, leads and don’t forget to find out about any desk fees, tech fees or insurance fees.
Remember, if you don’t like the brokerage, you can easily change brokers.
I don’t recommend that you use any brokers CRM or email address because those things are the heart of YOUR real estate business and if your clients information is locked into your broker’s CRM, then it will be harder to make the move. That’s why the tools are “free” or included in a tech fee, to make it difficult for you to leave.
Let’s break it all down.
- Fingerprint/Background check – $44.00
- Pre-licensing Educational courses – $575.00 – $745.00
- Exam Prep Courses – $0.00 – $99.00 – (Some Pre-Licensing Includes Exam Prep)
- Exam costs – $95.00
- Errors and Omission Insurance – $349.00
- New Mexico Application Fee – $270.00
The cost of getting your New Mexico real estate license can vary depending on your situation and your needs.
If your Responsible Broker will be covering you with their Errors and Omissions Insurance, that will save you about $349.00. The cost for most agents including E&O will be as low as $1124.00 to as high as $1473.00.
Most agents who follow my recommendations will pay about $1024.00 if your Qualifying Broker is picking up the E&O cost and about $1373.00 if you are paying for your own insurance.
