New Mexico real estate exam
Format, passing score, fees and what to study — compiled from the official candidate handbook and state sources, with a link and a confidence level for every fact. Last verified 2026-10-31.
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New Mexico exam format and requirements
| Fact | Value | Confidence | Source |
|---|---|---|---|
| Regulator | New Mexico Real Estate Commission (Regulation and Licensing Department) | Official source | Link |
| Exam provider | PSI Services LLC CIB updated 10/30/2024. PSI also approves eligibility (online application). | Official source | Link |
| National-portion questions | 75 New Mexico has no "salesperson" license; the entry-level Associate Broker takes the BROKER exam: national = 75 questions (80 points; some questions worth 2 points), 5-10 experimental unscored. | Official source | Link |
| State-portion questions | 50 State = 50 questions; 5-10 experimental unscored (do not count against time per NM bulletin). | Official source | Link |
| Exam time (minutes) | 180 National 120 min + State 60 min = 180 min. | Official source | Link |
| Passing score | 75%: 60 correct (of 80 points) national; 38 correct (of 50) state Both portions must be passed within 90 days of passing the first, else retake both. | Official source | Link |
| Exam fee (USD) | $95 $95 for the two portions regardless of taking 1 or both; retakes $95; fee valid one year. | Official source | Link |
| Pre-licensing hours | 90 Associate Broker: three 30-hour Commission-approved courses (Real Estate Principles & Practice, Real Estate Law, Broker Basics) completed within 3 years before applying for the exam. Waivers available for out-of-state… | Official source | Link |
| Languages | English Handbook/bulletin describes no non-English exam version; English presumed. | Secondary source | Link |
“Official source” = read in a state agency page or the exam provider’s candidate handbook on 2026-10-31. Anything marked “Vendor claim” or “Not verified” should be confirmed before you rely on it. Fees and formats change.
What this means for your study plan
- Time per question: about 1.4 minutes each (180 minutes ÷ 125 questions). Practice at that pace.
- Both portions count: you must reach the pass mark on each portion — a strong national score does not make up for a weak New Mexico score.
- Where people lose points: math word problems, wording traps (NOT/EXCEPT), and state rules that differ from the national rule. Our formula sheet covers the math.
- Good to know: IMPORTANT for product scoping: NM does not license "salespersons"; the entry-level license is Associate Broker, which sits the same exam as Broker (national portion uses the 75-Q/80-pt broker format with 2-point items). Qualifying Broker (managing) later requires 120 hrs + experience but no separate exam. Recognized reciprocal states (MA, LA, GA) via the Commission. PSI no longer accepts paper applications (since …
State-portion topics published for New Mexico
- Real Estate Commission (6 items): purposes/powers/duties, license law violations/investigations/audit, hearings/penalties/appeals
- Licensing Requirements (7 items): activities requiring license, unlicensed assistant limits, qualifications (education, background check, E&O, qualifying broker experience), renewal & transfer
- Real Estate Commission Regulations (15 items): qualifying/associate broker responsibilities, relationships & independent contractor agreements, advertising/signage, record keeping, property management (written agreement, trust accounts)
- Additional State-Required Topics (7 items)
- Note: visible itemized counts sum to 35 of 50 state items; remainder not itemized in extracted text.
Sample New Mexico practice questions
Original questions written from the law, each with an explanation and a citation. New Mexico-specific questions are coming soon; these samples come from the national portion.
Usury laws restrict:
- The minimum down payment required on a home
- The maximum term of a residential mortgage
- The number of lenders a borrower may apply to
- The maximum interest rate a lender may charge
Answer: D. A usurious loan carries an interest rate above the legal maximum. Usury ceilings are generally set by state law, though federal law preempts state usury limits for many first-lien residential mortgage loans.
Topic: Real Estate Finance · Source: 12 U.S.C. § 1735f-7a (preemption of state usury laws for certain first-lien residential loans)
When a loan will be secured by a building in a special flood hazard area, the lender must notify the borrower of that fact:
- Within 30 days after the loan has closed
- Only if the borrower asks for the flood determination
- Within a reasonable time before the loan closes
- At least one year before the next map revision
Answer: C. A lender making, increasing, extending or renewing a loan secured by a building in a special flood hazard area must give the borrower written notice within a reasonable time before the transaction is completed. The notice warns that the building is in a special flood hazard area and states whether federal disaster relief assistance may be available. The lender must keep a record of the borrower's receipt.
Topic: Land Use Controls & Regulations · Source: 12 C.F.R. § 22.9
Why is the GRM considered a rougher valuation tool than the income capitalization method?
- It requires an accurate and recent land survey
- It uses the owner's income taxes
- It ignores operating expenses and vacancy
- It is based on the construction date
Answer: C. The GRM uses gross rent only, so it does not reflect differences in expenses, vacancy or tax burdens among properties. It is most often applied to small residential rental properties where expense patterns are similar.
Topic: Valuation & Market Analysis · Source: The Appraisal of Real Estate (Appraisal Institute), income capitalization approach
Try the full 20-question New Mexico quiz
Frequently asked questions
How many questions are on the New Mexico real estate exam?
The New Mexico exam format we found is 75 national questions plus 50 New Mexico questions (125 in total) in 180 minutes. Confirm in the official handbook before exam day.
What is the passing score for the New Mexico real estate exam?
75%: 60 correct (of 80 points) national; 38 correct (of 50) state (Official source).
How much does the New Mexico real estate exam cost?
The exam fee we found is $95, paid to PSI Services LLC. Fees change, so check the current handbook.
How many pre-licensing hours does New Mexico require?
90 hours for the entry-level license, according to the sources below. Pre-licensing education must come from a state-approved school; GablePrep is exam prep and is not an approved course.
Official sources for New Mexico
- Regulator: New Mexico Real Estate Commission (Regulation and Licensing Department)
- Exam provider: PSI Services LLC
- Official candidate handbook / content outline
Independent exam prep. Not affiliated with any state real estate commission or testing provider. Not an approved pre-licensing course. Not legal advice.