New Mexico Real Estate Requirements
Article Summary: This article can guide anyone on the details that are needed to get a real estate license in the state of New Mexico. One can learn the basic requirements summarized below about the governing agency, education, examination, continuing education and more..
For the state of New Mexico, The NM Real Estate Commission enforces the Real Estate Licensing law. According to the commission, their aim is to protect the public and also enhance the professional competency of all real estate brokers in New Mexico.
For an associate broker license, the starting requirements include an individual being at least 18 years of age, a legal resident of the United States, and completion of a high school diploma or equivalent.
Applicants must complete 90 hours of approved classroom instruction within the three years before an application. This includes 30 hours each of Real Estate Principles and Practice, Real Estate Law, and Broker Basics. Furthermore to become a real estate broker, a licensee needs to have been an active NM licensed associate Broker for at least two years in the previous 5 years and complete 120 hours of approved classroom education.
Each applicant is required to pass the state and national exam within 90 days of their first attempt with a minimum score of 75. Completion of a background check, fingerprinting, and errors and omissions insurance is mandatory as well.
All licenses in NM are issued for three years and the fee is $240. There are 30 continuing education hours that have to include the eight credit hour real estate commission mandatory course during each cycle.