NewMexico

NewMexico Real Estate Study Guides

The New Mexico License Professor is New Mexico's number one provider of high quality real estate knowledge designed to help YOU pass your New Mexico real estate exam the first time. Explanations and feedback given by the New Mexico License Professor is provided by real estate license instructors and professional realtors from across the United States. Many students have already aced their New Mexico real estate exam by preparing with the New Mexico License Professor.

Contents


New Mexico state specific topics include:

  • Licensing requirements
  • Brokerage practices
  • Property disclosures
  • Advertising
  • Accounting requirements

The New Mexico License Professor covers all of the PSI necessary fundamentals of real estate including; 1) Property Ownership, 2) Land Use Controls and Regulations, 3) Valuation and Market Analysis, 4) Financing, Laws of Agency, 5) Mandated Disclosures, 6) Contracts, Transfer of Property, 7) Practice of Real Estate, 8) Mathematics, 9)Specialty Areas, as well as, 10) state specific content.

The New Mexico License Professor Features:

  • 3 interactive study methods (Learning, Exam, and Flash Card)
  • 14 practice real estate license exams containing over 2100 questions
  • Both state and national real estate exam questions
  • Specific math and definition exams
  • Real estate specific online dictionary with hundreds of terms phrases

Studying with the New Mexico License Professor will:

  • Increase your understanding of course material
  • Improve your exam comfort, familiarity, and completion speed
  • Start preparing immediately as there is no software to be delivered
  • Work from home comfortably (slippers allowed): Study wherever and whenever you desire
  • Have no need to attend expensive exam prep classes or real estate license school

The content for each New Mexico real estate exam has been extensively planned out by the New Mexico License Professors editorial staff; professionals who teach real estate license courses all over New Mexico. Through their valuable years of instructional experience they have created a series of practice tests that help future realtors prepare for their real estate exam. Don't set up to fail. Pass the real estate exam using the excellent practice exams and informative feedback that the New Mexico License Professor's system provides.

The New Mexico License Professor covers:

  1. Introduction to the Real Estate Business
  2. Real Property and the Law
  3. Concepts of Home Ownership
  4. Agency
  5. Real Estate Brokerage
  6. Listing Agreements and Buyer Representation
  7. Interests in Real Estate
  8. Forms of Real Estate Ownership
  9. Legal Descriptions
  10. Real Estate Taxes and Other Liens
  11. Real Estate Contracts
  12. Transfer of Title
  13. Title Records
  14. Real Estate Financing: Principles
  15. Real Estate Financing: Practice
  16. Leases
  17. Property Management
  18. Real Estate Appraisal
  19. Land-Use Controls and Property Development
  20. Fair Housing and Ethical Practices
  21. Environmental Issues and Real Estate Transactions
  22. Closing the Real Estate Transaction
  23. Real Estate Math
  24. New Mexico Law and Practice

New Mexico Real Estate License 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 licensee. 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 and be affiliated with one qualifying broker at a time. A qualifying broker can be the qualifying broker for multiple brokerages, but cannot be a qualifying broker for one brokerage and an associate broker for another brokerage at the same time.

Associate Broker’s License

Examination Application

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 the Commission’s examination contractor on a form prescribed by the Commission and provided by the contractor in a Candidate Information Bulletin. Along with the application form, an applicant must submit certificates of completion of Commission-approved 30-hour pre-licensing courses each in Real Estate Principles and Practice, Real Estate Law, and Broker Basics, no longer than three (3) 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.

All other applicants for the examination shall attach to their license examination application certificates documenting completion of one 30-hour prelicensing course each in Real Estate Principles and Practice, Real Estate Law, and Broker Basics.

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.

License Application

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 a written score report provided by the examination contractor documenting that he/she has passed both portions of the examination within a minimum score of 75, a completed arrest record check from the New Mexico Department of Public Safety or the equivalent agency in their state of residence, a certificate of insurance documenting that the applicant has a current errors and omissions insurance policy that meets the requirements for such insurance as described in Part 5 of the Commission rules, and a non-refundable license application fee not to exceed $240.

Sample Associate Exam

Qualifying Broker’s License

Examination

There is no separate qualifying broker’s examination.

License Application

Prior to being issued a qualifying broker’s license, an applicant must document that their associate broker’s or equivalent license has been on active status with a real estate brokerage for two of the last five years immediately preceding their application to become a qualifying broker, and must provide a certificate of completion of the Commission-approved 30-hour Brokerage Office Administration course. Applicants who can document that they were New Mexico qualifying brokers on or before December 31, 2005 are not subject to these requirements, and may regain qualifying broker status by filing a trade name registration form and paying the trade name registration fee to the Commission.

Brokers who were salespersons on January 1, 2006 when the license law was amended to eliminate the salesperson category and were converted to associate broker status, shall in addition to meeting the requirements in the preceding section, document that they have met the requirements for and passed the associate broker’s examination prior to being issued a qualifying broker’s license.

An application for a New Mexico qualifying broker’s license shall be made on the form prescribed by the Commission and shall be accompanied by a completed arrest record check from the New Mexico Department of Public Safety or the equivalent agency in their state of residence, a certificate documenting that the applicant has a current errors and omissions insurance policy that meets the requirements for such insurance as described in Part 5 of the Commission rules, and a non-refundable license application fee not to exceed $240.