Real Estate Commission: FAQs
Q: What are the requirements for getting a New Mexico real estate license?
- Complete 90 hours of pre-licensing education courses in Real Estate Principles and Practice, Real Estate Law, and Broker Basics, and pass the two-part exam with a minimum score of 70 percent.
- Applicants who are licensed brokers in other states may apply for a waiver of 60 of the 90 hours. For details call (505) 222-9825.
- Active brokers must purchase and maintain an errors and omissions insurance policy. For details, click here ( Real Estate Commission Rules, 16.61.5 NMAC, Errors and Omissions Insurance.)
Q: Will I be required to submit to a criminal background check when I apply for a real estate license?
Yes. Effective January 1, 2012, all applicants for licensure will be fingerprinted and their fingerprints matched with a national criminal data base.
Q: Does having a criminal record disqualify me from getting a real estate license?
- Only if the criminal record includes a felony conviction and if fewer than three years have elapsed since completion of a sentence or probation.
- The Commission takes criminal records into consideration on a case-by-case basis.
Q: Do I need to be a resident of New Mexico to get a real estate license?
Q: Do I need a real estate license to buy, sell, rent, or lease my own property?
Q: Do I need a real estate license to manage someone else’s property, even if the other person is a friend or relative and it’s just one house or apartment?
Q: Is there a criminal penalty for practicing real estate without a license in New Mexico?
Yes. Effective July 1, 2011, it is a fourth-degree felony punishable by a $5,000 fine and 18 months imprisonment to practice real estate without a license.
Q: How do I file a complaint against a real estate broker?
Click here to download a complaint form. Complete, sign, and get the form notarized, attach all relevant documents and mail to Walter Mullen, Chief Investigator, New Mexico Real Estate Commission, 5200 Oakland Avenue NE, Albuquerque, NM 87113.
Q: Who do I talk to about a dispute with my landlord?
The Real Estate Commission doesn’t have jurisdiction over landlord-tenant disputes. Most of these disputes have to be settled in court. However, the Commission may have limited jurisdiction if there is a real estate broker involved in the transaction. As a resource to consumers and brokers, the Commission has included the Owner-Resident Relations Act as an appendix in the 2012-2013 edition of the New Mexico Real Estate License Law and Real Estate Commission Rules manual.