How to Become a Real Estate Agent in New Mexico

The New Mexico Real Estate Commission is in charge of licensing a real estate agent in New Mexico. There are various requirements that must be met prior to applying for a real estate license including completing the required education at an approved real estate school.

New Mexico currently has reciprocity agreements with the following states: Colorado,  Georgia, Oklahoma and Wyoming. You can call the New Mexico Licensing Section at 1-800-801-7505 for more information regarding the reciprocity license agreements.


Here's what you need to know to become a real estate agent in New Mexico:
1) Licensing Requirements
2) License Renewal and Continuing Education Requirements
3) What is a REALTOR®?
4) Income Potential
5) Real Estate Schools


How to Become a Real Estate Agent in New Mexico

1) Real Estate Agent Licensing Requirements in New Mexico
You MUST be licensed by the New Mexico Real Estate Commission  in order to be a real estate agent in New Mexico.

To obtain your New Mexico real estate agent's license so that you can practice as a real estate agent in New Mexico, you must:

i) Satisfy the minimum requirements requirements to apply to sit for the real estate exam:

  1. 30 classroom hours of Real Estate Practice
  2. 30 classroom hours of Real Estate Law

ii) Submit Eligibility/Examination Registration Form to the New Mexico Real Estate Commission along with:

iii) Register, Take and pass the New Mexico salesperson exam upon receiving approval by the New Mexico Real Estate Commission. The exam consists of a uniform portion and a state portion. To pass, you'll need to answer at least 75% correctly on both portions.

iv) Complete and submit application for real estate license to the New Mexico Real Estate Commission along with:

 

2) License Renewal and Continuing Education Requirements

The New Mexico real estate salesperson license is valid for 3 years. To continue practicing as a real estate agent in New Mexico, you must complete the required continuing education and pay the appropriate license renewal fees.

The continuing education requirement is 30 hours. There is a renewal fee of $240.

 

3) What is a REALTOR®?

A real estate agent is a REALTOR® when he or she pays an annual fee to be a member of the National Association of REALTORS® and subscribe to its Code of Ethics.

The agent generally join through the local board or association.

For example, in Albuquerque, NM once you have obtain your real estate license, you may pay a fee to join the ALBUQUERQUE METROPOLITAN BOARD OF REALTORS®.

Joining the local board makes you a member of the REALTORS® ASSOCIATION OF NEW MEXICO and the National Association of REALTORS®.

All REALTORS® are real estate agents but not all real estate agents are REALTORS®.

 


4) Income Potential
Real estate agents are generally paid based on a percentage of the sales price. The seller may pay 4 to 7% of the sales price as the fee and that will usually be split 50/50 between the seller and buyer's broker.

In Albuquerque, NM, the 2004 median home price is approximately $145,000. Assume that the fee is 6%, the buyer's and seller's broker is each paid 3% or $4350.

This fee is then split further between the broker and agent. Generally, for starting agents, the split is 50/50. So in this case, the agent will end up receiving $2175 for the transaction.

There is no limit as to how much an agent can make in a year - the sky's the limit.

Based on Albuquerque's median home price and the above example, a real estate agent in New Mexico can make about $21,750/year by selling 10 houses a year. By selling one house per week, the real estate agent in New Mexico will have a salary of $113,100.


5) Real Estate Schools

The first step to becoming a real estate agent in New Mexico is to take the required classes at an approved real estate school. School status may change so it is best to call the New Mexico Real Estate Commission at 505.222.9820 prior to signing up for a class.

Below are some real estate schools in New Mexico that are currently approved by the New Mexico Real Estate Commission.

 

Real Estate Schools in Albuquerque, NM:

Continuing Education Alternatives  New Mexico Mortgage Finance Authority
3801 Westerfeld NE  344 4th Street SW
(505) 323-4203  (505) 767-2229
 
Dearborn Real Estate Institute  Norris Schools, Inc
8205 Spain Road NE, #109 2440 San Mateo Place NE
(505) 821-5556  (505) 889-0999

Also check out information on how to become a real estate appraiser in New Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Read about other real estate careers in New Mexico:

 

 

 

 

 

 

 

 

 

 

 

 

Read some of the best real estate books out there to prepare yourself for your new career: