Get a Real Estate License in New Mexico: A Step-by-Step Guide

Are you seriously considering becoming a real estate agent? Then you’ll want to know how to get a real estate license in New Mexico, and we have all the answers here! From the basic eligibility requirements to tips on choosing the right broker for you!

Obtaining a real estate license is just the beginning of the journey, and it can be overwhelming. However, becoming a real estate salesperson in New Mexico is a very rewarding career, offering numerous great opportunities for personal growth and business success!

But first, let’s start at the very beginning. Why would you want to become a real estate agent? Is it as good as people describe it?

Benefits of having a real estate license in New Mexico

Making a life in the real estate world does have a lot of challenges, as you are probably aware. However, like every other career, this one comes with numerous benefits that make it pretty attractive for many people. 

• Flexibility in Work Schedule: Are you tired of working a regular 9-to-5 and passing through hoops every time you need to take a bit of time for errands or personal matters? As a real estate agent, you can set your own schedule, even if this means working during weekends or evenings.

• Unlimited Earning Potential: Not having a set salary might sound scary for some people, but this means that you have unlimited earning potential! With hard work, time, and lots of deals, you can earn a lot of money. And New Mexico is a growing state with a high demand for residential properties and real estate services.

• Access to a Thriving Market: New Mexico is not a small state, and it has plenty of opportunities and different markets so that you can work in urban centers, smaller towns, and rural areas. So you can specialize in your preferred niche and be the best agent in the area.

• Real Estate Investment Opportunities: Nobody knows the local market better than a real estate agent. With enough funds, you can diversify yourself and invest part of your earnings if you see a juicy opportunity that hasn’t hit the public market yet.

How to get a Real Estate License in New Mexico

Now that you know all the great benefits and opportunities that a real estate license can bring in the future, it’s time to set your feet firmly on the ground and start the process. But first things first, do you meet the basic eligibility criteria?

Basic eligibility criteria

• Age: You only need to be 18 or older.

• Education: Hold a high school diploma or GED, making it a great option if you didn’t pursue university but want a successful career.
  
  
• Residency: You don’t have to legally reside in New Mexico or be a citizen, but you do have to be a legal resident in the United States

• Pre-licensing courses: You have to complete a 90-hour course that covers real estate principles and practice, law, and broker basics.

You can learn more on our page New Mexico Real Estate License Requirements, where you’ll also find links to more resources. 

New Mexico real estate pre-licensing course

You’ll have to complete a 90-hour course in any certified New Mexico real estate school before you apply for the real estate license. During which you’ll learn all the basics. It is divided into three sections, each of 30 hours. 

• Real Estate Law
  
• Real Estate Principles and Practices
  
• Broker Basics
  

You can take it through any of the providers approved by the New Mexico Real Estate Commission, and complete it within three years prior to applying for the licensing exam. This means that you have a lot of flexibility, and you can choose a provider that matches your preferences, learning style, budget, and the level of support and flexibility that you need.

You can choose an online real estate course in New Mexico, with providers like Kaplan and the CE Shop, with courses that range from online-life classes with experts, to completely online classes that you can pace at your convenience. Alternatively, if you have the opportunity, there are also in-person options, such as the New Mexico Real Estate Academy and the Go Real Estate Academy.

Prepare for the real estate exam in New Mexico! 

While there are plenty of platforms where you can get the required 90-hour prelicensing course, there are fewer that prepare you thoroughly for the PSI New Mexico real estate exam. And among all of those, none has the level that Lexawise offers. 

Why would you need help for the real estate exam after passing the prelicensing course? Yes, you already did an exam, but the difficulty is not the same. The Real Estate Exam is more challenging, with more questions about national and state laws, and simply memorizing the terms won’t get you anywhere. 

Check out all the resources you’ll have at your disposal with our real estate exam prep for New Mexico!

• 4,500+ Practice Questions across every key exam topic
• Smart Analytics to track your performance and progress
• Unlimited Practice Exams to build confidence and endurance
• Real Estate Math Guide with easy-to-follow steps
• Real Estate Exam Study Guide PDF to study anywhere, anytime
• 800+ Flashcards to master your exam’s real estate terms
• 24/7 AI Tutor ready to answer your questions on the spot
• Video Lessons to visually guide you through complex concepts
• Audio Lessons so you can review key material on the go, hands-free

Lexawise fits every learning style, whether you prefer quick study sessions or long ones. With these tools, you’ll know how to pass your real estate exam on your first try.

Background check

After you successfully ace the Real Estate Exam, there are still a few steps before you get your license and can start working as a salesperson.

The background check is an essential step in the process. After all, if you were the client, you would want your salesperson or broker to be a trustworthy person without a criminal record. You probably won’t trust your house and money to a thief or a fraud, would you? 

What does the background check involve?

• Fingerprinting: You have to submit them so the New Mexico Department of Public Safety can check that you haven’t been involved in any crime.
  
• Review of Criminal History: To see if you don’t have any felony convictions, misdemeanors, or other criminal offenses.

• National and State Check: Keep in mind that the check includes state and national databases. Quite thorough indeed. 

What if I have a criminal record and I want to get a real estate license? 

Having a criminal record doesn’t mean that you absolutely can’t be a real estate agent, but in that case, the New Mexico Real Estate Commission (NMREC)will review the specifics of your case. Their final verdict will depend on the type of offense, the time passed, the seriousness of the crime, and whether you’ve shown evidence of rehabilitation.

Getting Errors and Omissions Insurance in New Mexico

We’re nearing the license; you’re now on the final steps. Obtaining Errors and Omissions (E&O) Insurance is another essential step, as it is mandatory in the state of New Mexico. You’ll need to provide proof of this insurance for your license application. 

This is a type of professional liability insurance that protects real estate agents and brokers from claims of negligence, errors, or omissions. It will be pretty handy in case you make a mistake or overlook an important detail. 

Make sure it covers:

• Negligence and errors made during transactions.
  
• Legal defense costs in case of a lawsuit.
  
• Coverage limits that meet the state’s requirements.

Requirements for a Real Estate License in New Mexico

And now you can finally apply for your license! You can do it online or by mail, just make sure you have all the required documents. 

• Completed License Application Form. Available from the NMREC website
• Proof of Passing the Licensing Exam
• Fingerprint Certification Form
• Errors and Omissions (E&O) Insurance Certificate
• Non-Refundable Application Fee
• Proof of Pre-Licensing Education
  

Get a sponsoring broker in New Mexico

But what happens after you get your license? What should your first step be to start working as a real estate salesperson, making money, and gaining real-life experience? Getting sponsored by a broker, of course, means having someone qualified to supervise your work and provide mentorship. 

First of all, they must be licensed and registered with the New Mexico Real Estate Commission (NMREC) and have experience in the field to guide you effectively. When choosing, think also of the type of real estate you want to work on.
Being sponsored by a commercial broker when you want to specialize in residential work might hinder your growth and career. 

In Conclusion 

After learning all the steps and details, you now have a better understanding of the whole process of getting a real estate license in New Mexico. You not only know everything you need to do, but also where to find the appropriate resources, and that is the very first step already done!

Here at Lexawise, we offer you a lot of knowledge about the real estate world, as well as the best preparation available for the real estate exam. What are you waiting for? The process might be lengthy, but a successful career sure is a worthy reward.