NMREC requires candidates to apply for PSI eligibility. Here, you have to submit a completed examination/eligibility registration form, examination fee, and any other required documentation.
You can find the eligibility/examination form at the end of the Bulletin for Candidate Information. Then PSI determines your eligibility for taking the examination.
Once PSI approves a candidate, they receive an Eligibility Postcard that includes instructions on how to schedule the examination. Once you’ve completed the registration process, PSI contacts you to advise you of any additional documents or information required.
The examination fee is $95 per attempt. The NM real estate exam has 130 questions divided into two categories.
The first is the National section which lasts 120 minutes or 2 hours. The second is the state section which lasts 60 minutes or 1 hour.
The passing score for the NM real estate associate broker exam is 60/80 in the national section and 38/50 in the state section.1 You will get a scoring document immediately after finishing the exam.
The document indicates whether you passed or failed. If it’s marked fail, then you’ll get a breakdown of your score in different exam areas and you can use it as a revision guide if you decide to retake the exams.
The NM real estate associate broker exam is difficult but not impossible. It has a passing rate of 75%.
If you pay attention in your pre-license course and take studying seriously, the exam will be a walk in the park.
PSI is the platform where you’ll register to take the exams.2 You’ll also get additional instructions on how, when, and where to take the exams.
New Mexico Taxation and Revenue Real Estate License Application: The Six Necessary Steps
Here is a breakdown of the steps needed to get your real estate license and become an associate broker in New Mexico. Remember, one misstep will get you disqualified from the program.
Step 1: Meet the Legal Requirements for a Real Estate License in New Mexico
The legal requirements for a license in New Mexico are:
- You must be 18 years of age and older.
- You must be a legal resident of the US. It’s important to note that being a legal resident of the US does not necessarily mean you must be a legal resident of New Mexico.
You can apply to be a New Mexico real estate associate broker from anywhere in the United States. That being said, you should know that in terms of portability, New Mexico is a turf state.
This means that the state doesn’t allow agents and brokers who are out of state to conduct any business in the state either remotely or in person. The only way to work with clients in a turf state is to refer them to a person owning a license in the turf state.
A criminal record may not necessarily disqualify you from getting a real estate license in New Mexico. However, you’ll find it a nuisance to acquire a license if you have certain felonies on your record, especially if the offense occurred within three years prior to the application.
Do not get deterred if you have a criminal record. NMREC considers criminal records on a case-by-case basis. You should review New Mexico Administrative Code rule 16.61.3 section 9 and section 15.3
Step 2: Complete Required Pre-Licensing Course
You need to take the course explained in detail above. There are several accredited course providers in person or online.
The exam covers all 90 hours of these three courses so be sure to take your studying seriously. You can get a registered pre-license education provider from the New Mexico Regulation & Licensing Department.
Step 3: Complete Fingerprinting & Background Check
Once you’ve completed your pre-license education make time to take your fingerprints and conduct a background check. Fingerprints take up to two weeks to process therefore you should get them as soon as possible.
You can use national third-party fingerprint vendors or you can get them from your local police station or office of the county sheriff. These vendors require the NMREC identifier number NM920263Z.
You’ll pay $30–$70 for the process depending on the website.
Step 4: Take the New Mexico Real Estate Exam
Once you’ve completed your background check, the next step is to take the New Mexico real estate exam. The national and state portion of the exam is administered on a computer.
It’s a closed book and closed note and you’ll receive a score immediately after finishing the exams.
If you pass, you’ll get a successful notification and you’ll be able to continue with the licensing process. If you fail one or both portions of the exam, you’ll have to retake it.
You need to pass both portions within 90 days from the time you took the exam.
The table below highlights all the exam details:
| Format of the Test | Multiple Choice |
| Length of test | 130 questions 50 state-specific 80 nationally focused questions |
| Time limit | 180 minutes |
| Items you should bring to the exam | 2 valid forms of ID with signatures |
| Passing score | 60/80 for the national exam and 38/50 for the state exam |
Step 5: Obtain Errors and Omissions Insurance
In New Mexico, all real estate professionals need to have an Errors & Omissions Insurance policy that meets the insurance requirements described by the Commission rules 16.61.5.4
This insurance protects real estate businesses from mistakes made during professional services.
Step 6: Apply for Your New Mexico License
After completing the first five steps, you are ready to get an associate broker’s license. Candidates should register and complete their application online through the New Mexico Regulation and Licensing Department portal.
Once you’ve registered, you follow the NMRLD instructions and begin to upload the documents which include:
- Errors & Omissions Insurance certificate
- Fingerprint information
- Original score card for passing PSI NM broker exam
- Original score card for passing PSI national broker exam
- Course complete certification
You’ll submit a $279 application fee along with the documents listed above. You can pay via credit or debit card directly on the website.
What’s the Expected Timeline for the Real Estate Application Process?
The average time for the real estate application process in New Mexico is 4 to 6 months. This duration varies depending on the speed of the applicant.
Most of the time is spent on completing the 90-hour education course. The background check might also take some time but you can complete the rest of the processes within a couple of days.
How Many Months Will It Take Before the NM Real Estate License Is Issued? How Long To Get License After Passing Real Estate Exams?
You must get your license within 6 months of passing the exams.
How Hard Is It To Get a Real Estate License in New Mexico?
As long as you meet all the requirements, study the course and pass the exams, the process is quite simple.
Where Do You Get Real Estate Pre-License Courses in NM?
You can get them online or in person through accredited vendors.
References
1Rodriguez, Kevelyn. (2023). How to Get Your New Mexico Real Estate License. State Requirement. Retrieved on October 28, 2023 from <https://staterequirement.com/real-estate/new-mexico-real-estate-license/>
2PSI. (2023). PSI Exams Online. PSI. Retrieved October 31, 2023, from <https://candidate.psiexams.com/catalog/fti_agency_license_details.jsp?fromwhere=findtest&testid=998>
3New Mexico Regulation & Licensing Department. (2022, February 25). EXAMINATION AND LICENSING REQUIREMENTS. New Mexico Regulation & Licensing Department. Retrieved October 31, 2023, from <https://www.rld.nm.gov/wp-content/uploads/2022/01/NMREC-Part-3-Amendment-Effective-February-25-2022.pdf>
4New Mexico Regulation & Licensing Department. (2023). Real Estate Commission: Overview and Contact Information. New Mexico Regulation & Licensing Department. Retrieved October 31, 2023, from <https://www.rld.nm.gov/boards-and-commissions/individual-boards-and-commissions/real-estate-commission/>