New Mexico Real Estate Broker’s License Examination and Licensing Application Requirements
The New Mexico Real Estate Commission issues two types of real estate broker’s licenses; an associate broker’s license and a qualifying broker’s license. Both types of licenses are issued to individuals. There is no corporate real estate broker’s license in New Mexico.
An associate broker can hold only one associate broker’s license, be affiliated with one qualifying broker at a time, and not engage in any real estate activity for any other qualifying broker other than the qualifying broker with whom the associate broker is affiliated. A qualifying broker can be the qualifying broker for multiple brokerages, and may serve as qualifying broker and associate broker for different brokerages simultaneously provided that there are written agreements executed specifying the responsibilities and scope of authority that the broker has for each brokerage.
The requirements for obtaining both types of licenses are described below.
Associate Broker’s License
Prior to applying for an associate broker’s license, an applicant must pass the real estate broker’s examination prescribed by the Commission.
Applications to take the broker’s examination are made directly to PSI, the Commission’s examination contractor, on the examination application included in the PSI Candidate Information Bulletin. Along with the examination application form, all examination candidates, with the exception of candidates applying under the License Recognition program or candidates who have received pre-licensing education waivers as described below, must submit documentation of having completed 30-hour pre-licensing courses in Real Estate Principles and Practice, Real Estate Law, and Broker Basics not longer than three years prior to making application to take the broker's examination.
Exam candidates currently licensed as real estate salespersons or brokers in other states or jurisdictions will be exempted from completing the Real Estate Principles and Practice and Real Estate Law courses in New Mexico if they can provide a certified license history from their resident licensing jurisdiction documenting that they have completed these courses, or their equivalent.
Except in the case of a license applicant from a state or jurisdiction with which the New Mexico Real Estate Commission has a written license recognition agreement, an exam applicant cannot be exempted from completing the Commission-approved 30-hour Broker Basics course.
License applicants currently licensed by state or jurisdiction with which the Commission has a written license recognition agreement are not required to take any of the prescribed pre-licensing courses or take either portion of the broker’s examination to be eligible to apply for a New Mexico broker’s license.
Exam applicants exempted from taking the Real Estate Principles and Practice and Real Estate Law courses by virtue of having a current real estate broker’s license in another state shall attach to their examination application a letter of pre-licensing education waiver from the Commission and a certificate of completion of the 30-hour Broker Basics course.
At the time of making application to take the examination, applicants shall pay to the Commission’s examination contractor a non-refundable examination fee not to exceed $95.
Applicants are required to pass both the state and national portions of the examination with a minimum score of 75 no later than 90 calendar days after the first time they took the examination. Applicants failing to pass both portions of the examination within this time frame will be required to re-take and pass both portions of the examination before being eligible to apply for a broker’s license.
Upon passing both portions of the New Mexico real estate broker’s examination, an individual has six months to apply for an associate broker’s license on the application form prescribed by the Commission.
An individual who fails to apply for an associate broker’s license within six months of having passed both portions of the broker’s examination shall be required to re-take both portions of the examination, unless he/she provides in writing to the Commission a reasonable explanation for why he/she was unable to meet the six-month deadline.
An applicant for an associate broker’s license shall be a legal resident of the United States and have reached the age of majority in New Mexico or in the state in which the applicant resides.
Along with the license application form prescribed by the Commission the applicant must submit:
- Non-refundable $270 application fee in the form of check, money order or credit card authorization; cash is NOT accepted.
- Written score report provided by PSI documenting that they have passed both portions of the examination with a minimum score of 75;
- Documentation of Education: certificates of completion for pre-licensing coursework and/or pre licensing course waiver letter;
- Completed Fingerprint Certification Form documenting that they have submitted two fingerprint cards to the New Mexico Department of Public Safety for matching with a national arrest record database;
- Certificate of insurance documenting that they have a current errors and omissions insurance policy that meets the requirements for such policies as described in Part 5 of the Commission Rules.