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

No, but they must apply to become one. After they apply and are accepted, registration is valid for one year.

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

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

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.

By law Nevada recognizes general and special agencies. Nevada does not recognize transactional agencies. Transactional agencies are where the broker agrees that he or she is not representing either party but only is hired to facilitate the transaction. Lastly unified and conceptual agencies are made up - they do not exist. So the answer is General and Special Agency.

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

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.

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.

Commingling is when a licensee mixes funds held in care for a client with their own funds.

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 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.

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.

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

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.

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

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

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.

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

Some Nevada statutes require disclosure be made within a relative time frame. If the licensees' relation with any party changes, legally, disclosure should be made as soon as possible.

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

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.

Failure to produce any document, book or record in his or her possession concerning any real estate transaction under investigation by the Division, results in a violation of: NRS 645.635. NRS 645.635 is Unprofessional and improper conduct relating to real estate transactions. Read More Here

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

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.

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

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.

Representing to any lender, guaranteeing agency or any other interested party, verbally or through the preparation of false documents, an amount of excess of the actual sales price of the real estate or terms differing from those actually agreed upon, results in a violation of: NRS 645.635. NRS 645.635 is Unprofessional and improper conduct relating to real estate transactions. Read More Here

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

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

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

The Real Estate Commission is a five-member body appointed by the governor that acts in an advisory capacity to the Division, adopts regulations, and conducts disciplinary hearings. It does not make real estate laws that falls under Nevada's legislature.

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

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.”

No it is not. Commingling is a breach of trust in which a fiduciary mixes funds held in care for a client with their own funds. Commingling is illegal in Nevada and is a violation of NRS 645.630

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.

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

Per Nevada License law, the minimum balance of the real estate education, research and recovery fund is $300,000.

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.

If a broker has a trust account and fails to maintain or submit an annual accounting to the Real Estate division, this 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

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