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

Offering real estate for sale or lease without the knowledge and consent of the owner's authorized agent or on terms other than those authorized by the owner or the owner's authorized agent, 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 individuals who hold an active Nevada salespersons license are required to complete 24 hours of Commission approved continuing education during each renewal period.

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

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

Any licensee completing a purchase agreement must provide their broker with a copy of the agreement within five days after the paperwork is signed.

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

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.

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

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.”

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 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.

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.

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.

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

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.

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

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

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.

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.

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

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.

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.

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

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

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.”

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.

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

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

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

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.

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

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.

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.

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

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.

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

The states that have community property laws are: Louisiana, Arizona, California, Texas, Washington, Idaho, Nevada, New Mexico, and Wisconsin. Community property is property acquired that is considered to be obtained by mutual effort. The concept is that a husband and wife are EQUAL partners.

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