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If you’re thinking of buying or selling real estate in New Mexico, an agent license is not required. However there are several steps involved to obtaining a Real Estate License in New Mexico.
The “new mexico real estate license online” is a course that can be taken in person or online. The course takes around 16 hours to complete and costs $150.
To earn your New Mexico real estate license and become an agent (or associate broker, as it’s known in the Land of Enchantment), you’ll need to finish 90 hours of prelicensing instruction recognized by the New Mexico Commission on real estate transactions (NMREC). You must also get a background check, pass the state test, choose a sponsoring brokerage, complete an application, and obtain errors and omissions insurance. Allow us to walk you through the process of becoming a real estate agent in New Mexico, step by step.
1. Comply with New Mexico’s Legal Requirements to Become a Real Estate Agent
To ensure that you may get a real estate license in New Mexico, you must first complete the state’s legal standards. To be eligible for licensure, you must be at least 18 years old and a legal resident of the United States.
What if I told you that Georgia, Louisiana, and Massachusetts have reciprocity agreements with New Mexico. If you already have a real estate license in one of these states, you may apply for a prelicensing education waiver and submit an application to skip the education hours and test and get your New Mexico real estate license. If you live outside of these states, you may complete the education waiver and just have to complete 30 hours of Broker Basics and the state component of the New Mexico real estate test if you qualify.
In terms of mobility, New Mexico is also a turf state. Out-of-state agents and brokers are not permitted to do business in a turf state, either in person or remotely. Working with customers in a turf state is limited to referring them to a turf state licensee. Check out our real estate license reciprocity and portability guide for more information about real estate license portability in New Mexico.
You may be able to earn a real estate license in New Mexico even if you have a criminal record. If you’ve been convicted of certain crimes, it’ll be tough to do so—especially if the offense happened within the recent three years. Criminal records, on the other hand, are considered on a case-by-case basis by the Commission. Specific information dependent on the crime may be found in Sections 9 and 15 of the 16.61.3 New Mexico Administrative Code.
2. Complete all pre-licensing courses that are required.
Once you’ve verified that you meet the state’s legal criteria, you should begin your associate broker prelicensing course straight immediately. Real Estate Law, Real Estate Principles and Practice, and Broker Basics are the three 30-hour courses offered. To continue ahead with licensure, aspiring licensees must finish all 90 hours.
At a recognized real estate school, you may take your courses in person or online. The following subjects are covered at prices ranging from $735 to $899:
- Having a piece of real estate is a
- Controls and limitations on land use
- Market research and valuation
- Financing
- Agency principles in general
- Disclosures about the property
- Contracts
- Property management and leasing
- Transfer of ownership
- Real estate practice
- Calculations for real estate
- Commission on real estate transactions
- Requirements for obtaining a license
- Commission on real estate transactions regulations
- Broker responsibilities, disclosure, and relationships
- Topics that are needed by the state
Ninety hours might add up fast, so consider enrolling in an online real estate school in New Mexico like Kaplan to finish your hours as soon as possible. To meet your learning requirements and schedule, they offer livestream online sessions as well as hybrid programs that blend on-demand video and live classes. Kaplan’s continuing education and qualifying broker course may also serve as a one-stop shop for continuing your education after you’ve obtained your associate broker’s license and begun your job.
Pay a visit to Kaplan.
3. Get Fingerprints & Complete Background
Make an appointment to have your fingerprints taken and your background checked once you’ve finished your prelicensing course. Because fingerprints might take up to two weeks to process, you should have them as soon as possible to minimize any delays in your application.
Live Scan Gemalto Cogent, a national third-party fingerprint provider, completes the fingerprints. Applicants must register on the Cogent website using the NMREC identifying number NM920263Z to get started. The $44 payment may be done with a credit or debit card directly on the Cogent website, or with a money order or cashier’s check at the fingerprint site.
Examine the Live Scan fingerprint sites to see which one is closest to you, then gather the necessary paperwork to bring with you. You must provide a valid picture ID, such as a driver’s license or passport, as well as the Fingerprint Certification Form, which will be filled out by the seller. In order to acquire your license, you must save and submit this document to the NMREC.
4. Take the Real Estate Exam in New Mexico.
You’re ready to take your New Mexico real estate test after you’ve completed your background check.
The national and state portions of your test will be conducted on a computer. Your test score will be shown on the computer screen or printed at the exam venue immediately after the exam.
If you pass, you will be notified of your success and will be allowed to proceed with the real estate license procedure. If you fail one or both parts of the test, you’ll have to repeat the ones you didn’t pass. Both parts of the test must be passed within 90 days following the first attempt. Otherwise, you’ll have to retake and pass both sections before you can continue with your license.
Details about the New Mexico Real Estate Exam
Make Your Exam Appointment
PSI, a leading supplier of state licensure examinations, administers the New Mexico real estate exam. To qualify and test for the exam, aspiring associate brokers must apply for eligibility with the PSI. They must submit the New Mexico Candidate Information Bulletin’s Eligibility/Examination Registration Form, which may be found on pages 11 and 12.
You must pay the $95 exam cost by credit card, money order, corporate check, or cashier’s check payable to the PSI, along with the registration form. If you submit the registration form by mail, it may take up to two weeks to process, but if you submit it by email, it will only take six business days.
After you’re approved by PSI, you’ll receive an eligibility postcard with instructions on how to Make Your Exam Appointment. To begin scheduling, you’ll be required to create an account on the PSI website, which will then allow access to the scheduling portal.
Do you want to ensure that you pass your test the first time? Enlist the assistance of a test preparation service such as PrepAgent. PrepAgent employs interactive vocabulary worksheets, live online webinars, and audio lectures to help you review and recall the information you’ll need to pass the New Mexico real estate licensing test.
PrepAgent is a great place to start.
5. Decide the company you want to work for.
You must locate a sponsoring brokerage to affiliate your license in order to keep it active in New Mexico. Check out our in-depth post on how to pick a real estate business to work with to make your decision a little simpler. Although the Land of Enchantment is home to numerous successful brokerages, the top five brokerages reported for 2022 are shown below.
(Image courtesy of Real Trends 2022.)
Cities in New Mexico with the Highest Median Sales Price in 2022
Knowing your state’s pricing ranges is the first step toward being a real estate expert. It will assist you in guiding your customers, staying informed about market developments, and setting financial objectives for your company. Check out the sales statistics from Towncharts.com below to get a feel of which communities in New Mexico are bringing in the big bucks:
6. Acquire Errors & Omissions Insurance
After you’ve passed your exam and are ready to activate your New Mexico real estate license, you’re required to have errors and omissions insurance (E&O). This is used to protect real estate businesses from mistakes made during professional service.
NMREC works closely with Rice Insurance Services, LLC to provide affordable options. Otherwise, you’ll have to purchase it yourself and submit a Certificate of Equivalent Coverage Errors and Omissions Insurance from your E&O carrier.
7. Submit an application for a New Mexico driver’s license.
Once you’ve secured E&O insurance, you’re ready to apply for your associate broker’s license. Applicants are required to register and complete their application online through the New Mexico Regulation and Licensing Department (NMRLD) portal.
Follow the extensive NMRLD instructions to set up your account and begin submitting paperwork to acquire your license once you’ve registered. These papers contain the following:
- Certificate of Completion (for all three 30-hour courses)
- PSI national broker exam original passing score
- Original PSI broker test passing score in New Mexico
- Information about fingerprints
- Certificate of Errors and Omissions Insurance
Along with these papers, you’ll need to pay a $270 application cost on the internet using a credit or debit card. After completing both components of the real estate test, applicants must apply for an associate broker’s license within six months. If you don’t apply within six months, you’ll have to repeat the full test or give the Commission with a plausible written explanation as to why the deadline was missed.
8. Get Your Real Estate Career Started
You’re ready to begin your professional real estate career now that you’ve learned how to become a real estate agent in New Mexico. Here are some of our articles with material that is ideal for new real estate agents if you want to learn more:
“New Mexico Real Estate License reciprocity” is a process that allows people to apply for the real estate license in New Mexico without having to go through the application process. Reference: new mexico real estate license reciprocity.
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