February 13, 2008
Attend a real estate school and complete the New Mexico Associate Broker Licensing Courses. The cost for the 90 credit hours varies but generally ranges around $700 to $800. You can take all 90 credit hours in the class room, or you can do the 30-hr Real Estate Law and 30-hr Real Estate Practice and Principals classes by correspondence and then take the 30-hr Broker Basics class in the classroom. Click here for the Kaplan Schools (800-777-1171) who administers the NM the pre-licensing courses. The Broker Basic class may also be taught at a local Association of REALTORS in Las Cruces, Albuquerque or Santa Fe.
You must take and pass the NM Real Estate Brokers Exam. This exam will be administered by the NM Real Estate Commission through PSI Examination Services. Information for scheduling the exam can be found at http://www.psiexams.com/ the exam cost is $95 and is administered in Las Cruces, Farmington, Roswell, Albuquerque and Santa Fe.
Once you have completed the education and passed the exam you will make application with the New Mexico Real Estate Commission for your Broker’s License and complete a criminal background check. The license application fee is $240 for three years and renewable every three years.
Prior to getting your license you will want to interview at several real estate companies to see where you will want to “hang” your license once you get it. All first-time licensees must work under a Qualifying Broker. Each QB has a different business model. Some pay their brokers a percentage of the commission, others charge a monthly desk fee and pay full commission, be sure to find what model and firm fits you best.
Once you have your license hanging in an office you will be sent to the local REALTOR Association to make application to join the REALTOR association and the Multiple Listing Service. These fees are pro-rated on a monthly basis. Joining fees range from $800 to $500 depending on what time of the year you join, additionally you will pay around $500 per year thereafter for REALTOR dues. Each MLS has monthly or quarterly access fees of $25 to $50.
Once you have completed all these steps don’t forget that you will be required by law to take 10 continuing education credits each year for the next three years and pass an exam at the end of the first three years. After your first renewal cycle you will then be required to complete 30 hours of continuing education every three years. Generally these courses range from $10 to $15 per credit hour.
For most new licensees the first year is always the most challenging. You will have paid out a lot of money to get started, not only as exampled in the previous steps but you will have to get business cards, signs, etc. Before starting on the journey to become a licensee make sure you have the resources, determination and skills to be successful. Real Estate can be a very rewarding career.