Manufactured Housing: Brokers
Q: How do I get licensed as a broker?
- Take broker exam administered by Psychological Services Inc. (PSI) and pass with a minimum score of 70 percent. (www.psiexams.com or call 1-800- 733-9267)
- Complete license application, post $200 fee and $50,000 consumer protection bond.
- Submit financial disclosure statement.
PSI Testing Study Reference Material
Unfair Trade Practices Act
Follow the links to New Mexico Statutes >
Statutory Chapters in New Mexico Statutes Annotated 1978 >
Chapter 57 Business Licenses >
Article 12. Unfair Trade Practices Act
Manufactured Home Procedural and Enforcement Regulations
Code of Federal Regulation 3282
Manufactured Housing Requirements
Truth in Lending
Q: How often do I renew my broker license?
- Broker licenses must be renewed every year for a fee of $200.
- Show proof of $50,000 consumer protection bond.
Q: What happens if I don’t renew my broker license on time?
- There is a thirty day grace period in which to renew a license, and if it is not renewed with that period, the license will be revoked.
Q: Can I put my broker license on temporary hold in cases of family and medical emergencies?
- Yes. The license holder, however, must turn in his or her license, keep all fees current and must cease to do business.