How To Become a Real Estate Agent in New Mexico

Do you want to explore a real estate career in New Mexico? Becoming a real estate salesperson or broker is a very exciting opportunity for anyone.

However, the process can seem daunting. First, each state has its own laws, regulations and procedures surrounding real estate.

Therefore, to become a real estate agent in New Mexico, you must complete the requirements provided by the state.

The following guide breaks down the process of becoming an NM real estate agent and provides additional information about state laws and industry standards.

NM Real Estate License

Before getting an NM real estate license, you must first understand the benefits and risks of these careers. Most people are drawn into the industry because of the potential income and flexibility it offers.

However, it’s crucial that you understand what it really takes to make a career in real estate before you jump in.

A real estate agent career is not a low-commitment hobby or a get-rich-quick scheme. You’ll have to put in some serious effort and time in order to succeed.

The best real estate agents work hard every day and are ready to commit to their jobs for the long haul.

To manage a career in real estate, you must be:

• Organized
• Self-motivated
• Willing to commit evenings and weekends
• Able to function efficiently under pressure and time constraints.

To obtain a real estate license in New Mexico, you must meet certain education requirements made by the Real Estate Commission of New Mexico (NMREC).¹ There are pre-license courses that determine your eligibility to take the state exams as well as post-license courses that determine your qualification to keep an active license.

You’ll have to continue adhering to the educational requirements throughout your career to maintain a real estate license in New Mexico.

Who Is a Real Estate Broker in New Mexico?

Most states in the US refer to entry-level licensees as ‘sales agents’ or ‘salespersons.’ The states use the term ‘broker’ to talk about licensing to the next level which allows a professional in real estate to oversee new agents, handle financial transactions, and create their own brokerage among other things.

New Mexico is a little unique in that the term ‘broker’ is used by the Real Estate Commission for all licensees. Licensees at the entry-level are referred to as ‘associate brokers’ and those at the next level are known as ‘qualifying brokers’.²

It’s a little confusing but this guide will use the New Mexico terms to explain the process.

Basic Criteria To Qualify for Real Estate Professional License

There are several steps you need to take to meet the basic criteria to qualify for a real estate professional license in New Mexico. They include:

1. Being 18 years and older: The license is only available to people who are 18 years or older.
2. Complete 90 hours of pre-license education: The 90 hours have been broken down into three 30-hour courses which are broker basic, real estate law, and real estate principles and practices.
3. Pass the final exam for the course: Once you complete the 90-hour course material, you need to complete the final exams for each of the three courses and attain a passing grade.
4. Pass the Real Estate Exam of New Mexico: This exam has the state and the national portion of it. You need to pass with a minimum score of 75%.
5. Find a sponsoring broker: You need to get associated with an active and current New Mexico sponsoring broker before you can obtain your license.
6. Conduct a background check: The state of New Mexico requires a fingerprint and background check before issuing a real estate license.
7. Obtain Errors and Omissions (E&O) Insurance: You’ll also need to get Errors and Omissions insurance which helps protect your business in the event of a legal action.

Necessary Age and Elementary Education Standards

The first step in getting your New Mexico real estate license is meeting the legal requirements in the state. You need to be a legal resident in the US and must be 18 years and older to qualify for licensure.

The Real Estate Commission in New Mexico has all the requirements you need to become a real estate agent.

The table below shows the eligibility and education requirements for a real estate license in New Mexico.

Position	Educational Requirements
Pre-licensing educational requirements for a Real Estate Associate Broker	You must be 18 years and older You must be a legal resident of the US (Note: you do not require state residency) Complete 90 hours of education which include: 30 hours of real estate law 30 hours of real estate principles and practices 30 hours of broker basics. You should complete the courses in order. All three courses must be completed before taking the state exams. If you are a licensed broker or salesperson in another state you’ll be exempted from completing the first course: 30 hours of real estate law, and the second course: 30 hours of real estate principles and practices. Brokers from other jurisdictions and states can apply to waive the two courses listed above only if they meet the substantial equivalent of the New Mexico requirements. This waiver is only eligible for salespeople and brokers of certain states. The waivers extend from these courses to the national portion of the NM broker’s exam. Agents from jurisdictions and states that are not eligible for this waiver need to take the 90-hour pre-licensing course and complete both the national and state portions of the NM broker exams. You must pass the national and state exam within 90 days from the first time you attempt the exam. Upon passing, you have six months to apply for licensure. After six months you’ll have to take the exams again. Complete fingerprinting and background check.
Pre-license education requirements for qualifying brokers	All supervisory qualifying broker applicants must have acted as licensed associate brokers for at least four years during the 60-month period immediately prior to filing for the application. All non-supervisory qualifying broker applicants must have acted as licensed associate brokers during the 60-month period immediately prior to filing for the application. Additionally, those who qualify under this ruling must document at least 4 active experience years as associate brokers and qualifying brokers before being eligible to supervise other brokers Applicants can apply after completing a 30-hour course on Brokerage Office Administration. They also need to go through an 8-hour course on Understanding and Using RANM forms, or at least 8 hours of contract courses approved by the commission. Applicants must go through eight hours of core CE electives Candidates must attend a meeting of the NM Real Estate Commission, a disciplinary hearing, or a rule hearing for 3 hours or more. You can attend a live hearing or virtually attend a recorded distance broadcast. Candidates must complete fingerprinting and background checks.
Post-licensing education requirements for associate brokers	In pursuant with ruling 16.61.17.9 all associate brokers must complete a Commission-approved course in New Broker Business Practices or the course known as the CCIM 101.3 These courses must be completed within one year after acquiring their licensure. The course is commission-approved and lasts 30 hours. You’ll earn up to 10 credit hours of Continuing Education.
Continuing Education Requirements for Associate Brokers	You must renew your license after every three years or before the last day of the birth month of the licensee. In pursuant to rule 16.61.13.8 all inactive and active qualifying brokers need to complete a minimum of 42 hours of education include:4 NMREC course of 4 hours to be done annually. (Every renewal cycle—3 years—will require 12 hours of this course) Ethics course of 4 hours to be completed every renewal period. An 8-hour core elective is to be completed within each renewal period. You must earn the remaining credit hours towards the cumulative continuing educational renewal requirement. These hours can be earned from: Additional courses in the ethics category Additional courses in the core elective category Elective category courses that are approved by the commission A Qualifying Broker Refresher course that lasts 6 hours must be completed within the renewal period. Attend a Commission disciplinary hearing, rule hearing or meeting for at least 3 hours or until the Commission enters an executive session. Whichever comes first. A qualifying broker who is involved in property management for others must also complete the following requirements: Complete a course approved by the Commission on Uniform Owner/Resident Relation Act. You can also undertake an equivalent property management course as long as it’s approved by the commission. This should be done before you can offer property management services. Complete a 12-hour minimum approved course for continuing education in property management during the 3-year licensing cycle.

Minimum Pre-License Education Hours

All real estate broker applicants in New Mexico must take a total of 90 hours of pre-licensing courses approved by the Commission. The education for your pre-license breaks into (3) 30-hour sections which are real estate principles and practices, real estate laws, and broker basics.

After completing the three courses, you’ll receive a certificate of completion. The course must be completed within three years prior to applying to take the examination for real estate brokers.⁵

You can get more information on this subject from the New Mexico Regulation and Licensing Department.⁶

Fee Structure for Pre-Licensing Real Estate Education

If you meet all the state legal requirements, you can choose to start right away on the pre-licensing education. You can choose to study online or in person at an accredited real estate school.

The prices usually range from $700 to $900 and cover the following topics:

• Brokerage relationships and broker duties and disclosure
• Real Estate Commission regulations
• Licensing requirements
• Real estate commission
• Real estate calculations
• Practice of real estate
• Transfer of title
• Leasing and property management
• Contracts
• Property disclosures
• General principles of agency
• Financing
• Valuation and market analysis
• Land use controls and regulations
• Property ownership
• Additional state-required topics.

Keep in mind that the pre-licensing education cost is only part of the total cost of obtaining your real estate broker licenses in NM. There are other additional costs such as the application fee and the FBI background check.

In total you’ll be expected to spend $1,241 to $1,361 to obtain an active NM real estate license.

Prerequisite Real Estate Background Verification

The state of New Mexico requires all candidates to have a background check performed before they are allowed to become real estate associate brokers. The first step in this process is to undergo fingerprinting through a licensed vendor.

You can get fingerprinting done through a local police station or the office of the county sheriff.

The fingerprinting service fee is $44. Once you’ve completed and turned in your fingerprints, the background check process can begin.

The Real Estate Commission of New Mexico reviews any finding in the background report to ensure the eligibility of the candidate. Sometimes during the process, they reach out to applicants to provide additional documentation and information to clear up any findings.

New Mexico Taxation and Revenue Association of Real Estate Agents Pricing and Expenditures

Here is a breakdown of the cost:

Expense Type	Fee
Application Fee	$270
Errors & Omissions Insurance	$100–350
New Mexico State Police Fingerprinting	$44
FBI background check	$18
Average Course Tuition	$809–$929
Total	$1,242–$1,360