New Mexico Real Estate License Requirements
How to Become a Real Estate Agent in New Mexico
You’ll need to be at least 18 years of age and have a high school diploma
- Complete 90 hours of Pre-Licensing Education
- Pass the Course Final Exam
- Pass the New Mexico Real Estate Exam
- Find a Sponsoring Broker
- Get Errors and Omissions (E&O) Insurance
How to Get a Real Estate License in New Mexico
The New Mexico Real Estate Commission
requires all potential agents to complete the following steps in order to become a licensed real estate agent. Follow the steps below to get started with your real estate career.
1. Complete 90 Hours of Pre-Licensing Education
To start, you must complete
90 hours of Pre-Licensing real estate courses. These 90 hours are broken down into three 30-hour courses:
- Real Estate Principles and Practices
- Real Estate Law
- Broker Basic
2. Pass the Course Final Exam
After you complete all the course materials, meet the minimum time requirement, and pass the practice exam, there is a course final exam for each of the three courses. The minimum passing score is 75%.
3. Pass the New Mexico Real Estate Exam
Applicants are required to pass both the state and national portions of the New Mexico real estate exam with a minimum score of 75% no later than 90 calendar days after the first time they took the examination. There are
exam prep programs to help candidates pass the test on their first try.
4. Find a Sponsoring Broker
To be licensed, you must first be associated with a current and active New Mexico sponsoring Broker. It’s important to find the right broker to work with since this person will serve as your mentor as you start your new career in real estate.
5. Get Errors and Omissions (E&O) Insurance
To obtain your active agent license, you will need to get Errors and Omissions insurance. Errors and Omissions insurance is the insurance policy that agents are required to carry to protect their business in the event of legal action.
You can use the New Mexico Real Estate Agent License Lookup Tool to verify an agent’s license status.
The New Mexico Regulation and Licensing Department has a
page that covers the fees
you should be prepared for.
The NM Real Estate Commission has laid out
all the applications and forms you need.
You can apply for or renew your license through
this NMRLD portal.
Common Questions About Getting Your New Mexico Real Estate License.
1. How much does it cost to get your real estate license in New Mexico?
The cost of an agent license in NM can vary considerably depending on the price of your New Mexico real estate classes and different types of fees for your licensing, etc. An individual can typically expect to pay $1,241-$1,361 to get an active New Mexico real estate license.
|Average Course Tuition||$809-$929|
|FBI Background Check||$18|
|NM State Police Fingerprinting||$44|
|Errors & Omissions Insurance (varies)||$100-$300|
2. How long does it take to get a real estate license in New Mexico?
The specific amount of time to complete your 90 hours of licensing can vary depending on how long each task takes you, and how long you take to complete Pre-Licensing courses. Different credit hours and requirements of each brokerage will affect each Salesperson differently.
|Student Learning Pace||Time Period|
|Full-Time Student (40 hours a week)||2.25 weeks|
|20 Hours a Week||4.5 weeks|
|10 Hours a Week||9 weeks|
|5 Hours a Week||18 weeks|
3. If I get a real estate license in New Mexico, where else can I work?
If you get a real estate license in New Mexico, you are automatically eligible to work in states that offer full reciprocity. States that offer full reciprocity will recognize your New Mexico license, meaning you can work in their state after fulfilling significantly less requirements. Typically, this means passing the state-specific real estate exam or taking a state-specific course. States with full reciprocity include:
The above list is not comprehensive. Please refer to
this guide for more information on reciprocity.
4. How much money can I make as a New Mexico real estate agent?
According to Indeed.com, the average salary for a New Mexico real estate agent is $100,634. This number is the same as the national average.
New Mexico Real Estate Continuing Education Requirements
There is a
36 hours requirement
to complete Continuing Education courses. These CE requirements must be completed once during each three-year cycle. You will need to make sure that you are getting these courses through an
RLD-approved education provider.