Free Nevada Real Estate Practice Exam Questions (December 2024) 40+

Gross negligence or incompetence in performing any act for which the person is required to hold a license, results in a violation of: NRS 645.633. NRS 645.633 is improper trade practices; violations of certain orders, agreements, laws and regulations; criminal offenses; other unprofessional and improper conduct; reciprocal discipline; violations relating to property management; log of complaints. Read More Here

All individuals who hold an active Nevada salespersons license are required to complete 24 hours of Commission approved continuing education during each renewal period.

Yes, brokers must notify the division before moving records to a new location, no matter what the circumstance.

The Real Estate Recovery Fund is a special fund established by Nevada Real Estate Code to provide reimbursement to persons who are victims of fraud, misrepresentation or deceit committed by real estate licensees during the course of any transaction for which a license is required. The fund is designed to protect consumers.

When it comes to calculating proation in Nevada, ordering the preliminary title report, and preparing the purchase money mortgage note and trust deed, that is handled by the escrow agent.

An “owner-developer” means a person who owns five or more lots within a recorded subdivision, shown on an approved parcel map, or the parceling of which has been approved by the county, on each of which there is a single-family residence not previously sold.

In order to qualify for a Real Estate commission membership applicants must be a resident of Nevada for at least five (5) years. Read More Here

Failing to deposit any check or cash deposit received as earnest money before the end of the next banking day, unless otherwise provided in the purchase agreement, results in a violation of: NRS 645.630. NRS 645.630 is authorized disciplinary action; grounds for disciplinary action; orders imposing discipline deemed public records. 645.630 put simply is any violation that has to do with: Making any material misrepresentation, misusing funds, improper handling of funds, failing to report information of funds and/or how they were handled.

Per Nevada License law, licensees are subject to a fine up to $10,000, and may have conditions placed on his or her license, such as suspension, revocation, or denied renewal.

All purchasers have a five calendar day grace period where they may cancel the transaction within the time period.

Failure to reduce a bona fide offer to writing where a proposed purchaser requests that it be submitted in writing, results in a violation of: NRS 645.635. NRS 645.635 is Unprofessional and improper conduct relating to real estate transactions. Read More Here

A guilty conviction relating to the practice of the licensee, property manager or owner developer, results in a violation of: NRS 645.633. NRS 645.633 is improper trade practices; violations of certain orders, agreements, laws and regulations; criminal offenses; other unprofessional and improper conduct; reciprocal discipline; violations relating to property management; log of complaints. Read More Here

Nevada state law requires that copies of purchase agreements (and all related records whether or not the transaction ever closed), be kept by the broker for at least five years

All of the following actions are allowed aside from: Giving listing presentations, interview buyers or present or negotiate offers. Per Nevada Code: Unlicensed assistants cannot give listing presentations, interview buyers or present or negotiate offers.

Per Nevada License law the maximum paid out of the Real Estate Recovery Fund is $25,000 per judgement.

The Nevada Real Estate Division (RED) is Nevada’s licensing entity. It is often abbreviated RED.

The Commission may take disciplinary action against any person who is guilty of guaranteeing future profits which may result from the resale of real property. This is misleading and is in the eyes of the commission fraudulent.

Accepting, giving or charging any undisclosed commission, rebate or direct profit on expenditures made for a client, results in a violation of: NRS 645.633. NRS 645.633 is improper trade practices; violations of certain orders, agreements, laws and regulations; criminal offenses; other unprofessional and improper conduct; reciprocal discipline; violations relating to property management; log of complaints. Read More Here

Guaranteeing, or having authorized or permitted a person to guarantee, future profits which may result in the resale of real property, results in a violation of: NRS 645.633. NRS 645.633 is improper trade practices; violations of certain orders, agreements, laws and regulations; criminal offenses; other unprofessional and improper conduct; reciprocal discipline; violations relating to property management; log of complaints. Read More Here

The fee tail has been abolished in all but four states in the United States: Massachusetts, Maine, Delaware and Rhode Island. However, in the first three states, property can be sold or deeded as any other property would be, with the fee tail only applying in case of death without a will. Fee tails in Nevada are illegal.

The Real Estate Advisory Committee assists the Commission and/or Administrator in the evaluation of any educational course, seminar or conference; or the review of a matter that is the subject of an investigation pursuant to NAC 645.680. Read More Here

Willfully using any trade name, service mark or insignia of membership in any real estate organization of which the licensee is not a member, without the legal right to do so, results in a violation of: NRS 645.633. NRS 645.633 is improper trade practices; violations of certain orders, agreements, laws and regulations; criminal offenses; other unprofessional and improper conduct; reciprocal discipline; violations relating to property management; log of complaints. Read More Here

Dower and Curtesy was an old law. Oftentimes, back in the day, real property owned by a husband was typically not inherited by the wife nor was the wife's property inherited by her husband. Instead, the property would either go to the children or some other member of the husband or wife's line. Since the late 1800’s the law has been largely abolished, however some states still hold the law true. Maryland abolished Dower and Courtesy in 1980. Today most states abolished dower and curtesy and generally provide the same benefits regardless of sex.

Per Nevada License law, every licensee has a total amount of $100,000 worth of liability from the Real Estate Recovery Fund.

Paying a commission, compensation or a finder's fee to any person performing the services of a broker, broker-salesperson or salesperson who has not secured a license, results in a violation of: NRS 645.633. NRS 645.633 is improper trade practices; violations of certain orders, agreements, laws and regulations; criminal offenses; other unprofessional and improper conduct; reciprocal discipline; violations relating to property management; log of complaints. Read More Here

All parties, both buyer and seller, must be informed of any material defect; even if it is discovered after the contract has been formed per Nevada Licensing Law.

Failing, within a reasonable time to remit money which comes into their possession which belongs to others, results in a violation of: NRS 645.630. NRS 645.630 is authorized disciplinary action; grounds for disciplinary action; orders imposing discipline deemed public records. 645.630 put simply is any violation that has to do with: Making any material misrepresentation, misusing funds, improper handling of funds, failing to report information of funds and how they were handled. Read More Here

All of the following actions are allowed aside from: show property or provide clients or consumers information on listings. Per Nevada Code: Unlicensed assistants cannot show property or provide clients or consumers information on listings.

All of the following actions are prohibited aside from drafting and assembling transaction documents. Unlicensed assistants can in fact do that. Per Nevada Code: Unlicensed assistants can draft and assemble transaction documents, draft correspondence, do office filing, develop and maintain mailing lists, and perform other clerical duties for a licensee.

Nevada’s protected classes are race, religious creed, color, national origin, disability, ancestry, familial status and sex. Currently sexual orientation is not a protected class for housing in Nevada.

Per NRS 645.660, “the Commission may suspend, revoke or deny the renewal of the license of a real estate broker and may assess a civil penalty of not more than $5,000 against the broker if it appears he or she has failed to maintain adequate supervision of a salesperson or broker-salesperson associated with the broker and that person commits any unlawful act or violates any of the provisions of this chapter.”

All individuals who hold an active Nevada real estate salesperson's license are required to complete continuing education every two years in each four year licensing term.

In any advertisement, the licensee must indicate the brokerage firm’s name in prominence to the licensee’s name. The purpose of this regulation is to provide accurate identification of the licensee and their broker to the consumer and the Real Estate Division.

Per, NRS 645.990 Unlawful acts; penalties. “A person who violates any other provision of this chapter, if a natural person, is guilty of a gross misdemeanor, and if a limited-liability company, partnership, association or corporation, shall be punished by a fine of not more than $2,500.”

Duties Owed by a Nevada Real Estate Licensee Form must be used in all types of agency representation.

Failing to maintain brokerage or property management records, results in a violation of: NRS 645.630. NRS 645.630 is authorized disciplinary action; grounds for disciplinary action; orders imposing discipline deemed public records. 645.630 put simply is any violation that has to do with: Making any material misrepresentation, misusing funds, improper handling of funds, failing to report information of funds and how they were handled. Read More Here

The Governor is in charge of handling the appointment of board members. Per Nevada Real Estate License Law.

The term "residential property" in Nevada, means any land which has attached not less than one or more than four dwelling units.

Failure to deliver within a reasonable time, a copy of any purchase agreement of offer to buy or sell real estate to the purchases or to the seller, results in a violation of: NRS 645.635. NRS 645.635 is Unprofessional and improper conduct relating to real estate transactions. Read More Here

Any balance over $300,000 at the end of the fiscal year must be set aside and used by the Administrator for RE education & research.