Getting Licensed with New Mexico Real Estate Commission, one needs to prescribe and enforce rules and regulations regarding real estate licensees, their training, and their conduct. One need to fill out all the application and documents that show that the individual meets the qualification to get licensed. After filling all the applications, one needs to send his/her application, a copy of his/her fingerprints, and documents consenting to a background check. Once the commission sees that the individual met all the education standards and other qualifications along with paying the fees required, the commission will issue a license to them, and the individual name will be added to the list of licenses maintained by the commission.
The real estate commission is liable for maintaining the funds in a specific account termed the real estate recovery fund. This fund is categorically designed to compensate a person who has suffered because of a breach of a real estate license.
What does New Mexico Real Estate Commission do in New Mexico?
New Mexico Real Estate Commission is New Mexico state real estate agency that administers services and information such as –
- Real Estate Licenses
- Brokers and Relator Licenses
- License Lookup & Verification
- Brokers & Relator Exams
- Regulation & Legislation
- Publications
- Real Estate Compliance
- Education Programs & Compliance
- Public Records Management
Licensing Requirement of New Mexico Real Estate Commission
Getting a real estate license in New Mexico is rather easy as compared to other states. One needs a total of 90 classroom hours of commission-approved pre-licensing courses. In analogy, to get a license in Texas, real estate licenses require applicants to complete 180 hours of courses. Here is a quick breakdown of the real estate licensing requirements in New Mexico such as –
Pre-licensing courses required in New Mexico
To get a New Mexico real estate commission license in New Mexico, one needs to complete 90-hours of real estate pre-licensing courses that will cover topics such as –
- Property ownership
- Land use controls and regulations
- Valuation and market analysis
- Financing
- General principles of real estate agency
- Transfer of title
- Real estate calculations
- Real estate commission and licensing requirements
- Broker duties, disclosure, and brokerage relationships
- New Mexico property taxes and mechanic’s liens
- Real estate commission regulations
- Stigmatized property
- Water rights issues
- New Mexico Human Rights Act
How does a real estate agent commission works in New Mexico?
There are mainly two real estate agents involved in a home sale in New Mexico such as –
- The seller’s agent (also termed as the listing real estate agent), who represents the home seller
- The buyer’s agent who represents the person buying the real estate home
Both of these agents earn a percentage of the home’s final price when the sale closes. This payment is term as the real estate agent commission, and it is scorch into the sale price when you sell your real estate home. It is acclaimed that the average commission split of a real estate agent in New Mexico has 49.1% of the commission going to the listing real estate agent and 50.9% going to the buyer’s real estate agent.
Who pays real estate fees in New Mexico?
In New Mexico, home sellers pay New Mexico real estate commission fees. This fee is the payout of the final sale income for both real estate agents convolute in a real estate deal. However, since this commission is baked into the sale price, you could say that the home buyer is paying at least in part through a higher price.
Various steps to get a New Mexico real estate license
One need to follow these steps to get a New Mexico real estate license such as –
Step 1 – One need to attain an age of 18 years or more
In addition to being 18 years of age, one needs to be a legal US citizen or lawfully admitted alien, and have a high school diploma or equivalent.
Step 2 – Need to register for and need to complete 90 hours of required education
To apply for the New Mexico real estate license exam by an individual. The state requires you to complete 90 hours of New Mexico Real Estate Commission exam authorized real estate courses.
Step 3 – One need to take the New Mexico Associate Broker Licensing Exam
Applicants need to pass both the state and national portions of the exam with a minimum score of 75 marks. Apart from this, the applicant needs to pay a non-refundable fee not to exceed $95.
Step 4 – Complete your fingerprinting and need to obtain errors and omissions insurance
All people applying for a New Mexico real estate license need to submit their fingerprints to the commission, along with their application, proof that they have completed a live fingerprint scan. One needs to register before you complete the live fingerprint scan for matching with a national arrest record database. Fingerprinting shall be done no earlier than 21 days before submitting the documents to apply for your real estate license. You may search for a full fingerprint source list for residents of New Mexico on the commission’s website.
Step 5 – Need to apply for a New Mexico real estate license
After passing both portions of the exam, you have atleast six months to apply for your New Mexico real estate license. But in case you fail the exam, you will be required to take the real estate exam again.
Wrap Up
This is how one can get a New Mexico real estate commission license in New Mexico. Apart from this, one can visit the real estate commission website to get real estate commission and department of real estate information including New Mexico Real Estate Commission and all states.
