Term
| Nevada Salesperson Education Requirements |
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Definition
-pass exam
-90 hours instruction (45 law, 45 principle) |
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Term
| Nevada Broker/Broker-Salesperson Education Requirements |
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Definition
-pass broker exam
-64 college units
-2 years full time experience = 16 college units
*experience can be from any state, any level of licensure |
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Term
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Definition
2 years full time exp
-financial responsibility (enough money to run a brokerage for 180 days)
-May have 2 broker license, 1 personal 1 corporate |
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Term
| property management permit |
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Definition
-real estate license
-24 hours of instruction in prop mgmt
-property mgmt exam
-designate property mgr (broker/salesperson with 2 of previous four years exp in PM) |
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Term
| business brokerage permit |
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Definition
-real estate license
-24 hours of instruction in business brokerage
-business brokerage exam
-designated business broker (broker/salesperson with 2 of the previous 4 years experience in BB) |
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Term
| License Renewal Education Requirements |
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Definition
**First year (initial license)
- 30 hour post licensing course (live classroom)
- Second Year: 12 hours (3 contracts, 3 agency, 3 NV law, 3 ethics)
- Renewal after second year - every 2 years: 48 hrs continuing ed |
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Term
| Sellers Real Property Disclosure - SRPD |
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Definition
-sellers responsibility to fill out in an residential sale
-to be given to buyer 10 days before closing
-buyer has 4 working days to rescind
-if buyer doesnt receive SRPD, they have until closing to rescind |
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Term
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Definition
-a new or worsening defect must be promptly disclosed
-As Is means seller is not fixing anything they they must still disclose all material facts |
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Term
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Definition
**New Homes
-Foreclosure (any info gained through the process must be disclosed to buyer)
-Transfer between relatives, all the way to 1st cousin
-Transfer between co-owners
****GOVERNMENT ALWAYS EXEMPT |
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Term
| Stigmatized Properties - what do you NOT have to disclose? |
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Definition
You DO NOT have to disclose
-homicide, suicide, or death (unless a condition of the property caused the death)
-AIDS virus
-Sex Offender
-Crime (unless a meth lab was involved) |
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Term
| Stigmatized property disclosure is established by who? |
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Definition
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Term
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Definition
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Term
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Definition
Radioactive gas that you can't smell or see
**Basement - radon never used as a building material |
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Term
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Definition
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Term
| Environmental Impact Study - when is this used? |
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Definition
| used for a PROPOSED project BEFORE building |
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Term
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Definition
Comprehensive Environmental Response Compensation and Liability Act
-super fund used to REMEDIATE hazardous waste (remedy or clean up)
-9 billion dollar fund |
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Term
| Common Interest Community |
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Definition
-Buyer must be give at the time of contract signing:
- CC&Rs (owers rules they must abide by to live in the HOA)
- Association by-laws (HOA laws they must abide by to BE an HOA)
- monthly assessments
- operating budget (where are they spending your money?)
- financial statement
- pending litigation (dues will go up) |
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Term
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Definition
| can cause your home to be foreclosed on |
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Term
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Definition
| can cause a lien on your house, but not cause it be foreclosed on |
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Term
| NRS 119 - Subdivided Land |
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Definition
-35 or more parcels (parcel must be vacant piece of property)
-Unit broker |
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Term
| Exemptions to NRS 119 - Subdivided land |
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Definition
-Larger than 80 acres
-40 to 80 acres (buyer has seen and inspected)
-cemetery lots
-campgrounds
-timeshares
-owner developers, governed by NRS 645 |
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Term
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Definition
-interval ownership
- project broker
- property report |
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Term
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Definition
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Term
| NRS 119 Rules and Procedures |
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Definition
-Regulated by the NVRED, including advertising
-Property Report
- reviewed and signed by buyer (present, review, get signed. EVERY buyer)
- Buyer has 5 day right to rescind
- Developer must return any monies received w/in 15 days
*Registered representatives may not sell (they get ppl to the meeting, NO SELLING) |
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Term
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Definition
| -property must be touching the water (contiguous to water) and usable |
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Term
| What are the requirements to be a commissioner for Nevada Real Estate Commmission (NREC) |
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Definition
-must be a US citizen
-NV resident for 5 years
-NV broker for 3 years
-NV broker/salesperson for 5 years
**NO SALESPEOPLE MAY BE COMMISSIONERS |
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Term
| What is the NREC and what are their duties? |
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Definition
Nevada Real Estate Commission
- 5 member board appointed by the Governor
-Adopts regulations
-approves education courses
-conduct hearings against NV licensees
-Advise the NRED
-SUSPEND OR REVOKE LICENSE. ONLY the commission may do. |
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Term
| What is the NVRED and what are their duties? |
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Definition
Nevada Real Estate Division
-Employees my not have active NV Real Estate License (conflict of interest)
-Administer the provisions under NAC/NRS - administrator is the boss of RED
-investigate the activities of licensees when warranted
-audit brokerage records when warranted
**may audit you at brokerage or bank w/ NO PRIOR NOTIFICATIOn
-distribute agency forms ( 4- duties owed, consent to act, SRPD, Disclosure booklet of fed and local laws)
-Issue licenses |
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Term
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Definition
Real Estate Division receives complaints
-assigns an employee to investigate
-compiles report and administrator reviews
-They have 3 choices
1)Dismiss
2)negotiate resolution with licensee (can fine you or require CE class)
3)Commission hearing |
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Term
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Definition
-hearing with in 90 days in front of a 5 member board
-informal decision within 15 days
-formal decision within 60 days
-if decision IN FAVOR of licensse, the decision is final
-if decision AGAINST licensee:
-judicial review (petition court to reverse decision)
-appeal to commission decision within 30 days (another hearing)
-up to $10,000 per offense |
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Term
| Cooperative Brokers Certificate |
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Definition
-out of state broker
-out of state clients
-NV property
-**Out of state broker cooperates with NV broker
-**NV broker in charge of transaction and money (NV Broker inherits liability)
-Certificate good for ONE year
-can obtain as many as you like, no limitation |
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Term
| What are the requirements for Owner Developers? |
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Definition
-governed by NRS645
-NV licensed contractor
-Registered with NVRED
-5 or more new homes (legally a subdivision)
-May hire NV licensees for sales people, but they may only sell OD's homes
-Sales Manager is broker/salesperson with 2 of previous 4 years experience, NO SALESPEOPLE
-must have sales manager before hiring licensees |
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Term
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Definition
Education and Research Recovery Fund
-consumer judgements against NV licensees
-*brokers, broker/salespersons, and salespersons pay into fund (at application and renewal)
-not owner developers or sales agent
- $300,000 minimum balance
- $25,000 per judgement
- $100,000 per licensee
- **NV licensee suspended if funds used
-To get license back must pay back the fund with prime +2% intereste |
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Term
| What is required with your license application? |
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Definition
-18 years or older
-Fingerprint cards, background check
-Education certificate of completion
-statement regarding child support (will be suspended w/in 30 days if not current)
-passing grade for state exam
-application signed and notarized by applicant and broker |
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Term
| What if a licensed is issued in error? |
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Definition
-NVRED will immediately invalidate license WITHOUT a hearing
-Must return license within 20 days, may have a hearing |
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Term
| Who is not required to have a real estate license? |
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Definition
-Mgmt activities to preserve physical desirability (ex. lawn mower)
-no sales activity
-collection of rents
-an onsite, 1 site manager
-oversee an HOA
-manage for a gov agency
-bank or banking institution
-corporate office, no addtl compensation (not paid based on production)
-attorney at law (only applies if need arises for a case)
-trustee, executor, administrator
-mining claims
-NV Government agency |
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Term
| Location of office/records of brokerage |
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Definition
- separate room set aside (if you have 2 business, separate room for each)**files must make sense in case of audit
- brokerage sign must be prominent (not dominant)
-signage at nearest street, sidewalk, or highway
-signage on marquee or directory
-must hang ALL licenses
-keep records for FIVE years from LAST activity
-Notify NVRED within 10 days of any change of address
- **Display Fair Housing Poster - prima fossi evidence |
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Term
| What MUST a NV brokerage do? |
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Definition
-teach fundamentals of real estate, federal/state/discrimination laws, and ethics
-**supervise activities of licensees, responsible if licensee messes up
-establish policies, rules, and procedures (not required to be written in NV) |
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Term
| How can NV brokers employ agents? |
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Definition
- Employee - must withhold taxes
- independent contractor - must be in writing and signed by broker and licensee
- 1099 - no taxes withheld
- paid by commission, based on production |
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Term
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Definition
- may be oral or written
- MUST have end date, NO AUTOMATIC RENEWAL
- duties owed (disclosure statement, MUST be used in ALL transactions)
- Consent to Act (only in a dual agency, written consent of BOTH parties) |
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Term
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Definition
must write and present ALL offers
-no authority to say you will not write an offer
-you shall seek the transaction your client is looking for |
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Term
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Definition
**salesperson MUST turn over all monies to broker NEXT BUSINESS day from receipt
**broker may hold monies WHILE in negotiations
**Broker must act within next banking day from acceptance of an offer |
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Term
| where can the broker deposit earnest money to? |
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Definition
-Deposit into trust account (must be solely designated for client funds)
- may NEVER commingle/mix money
- may NEVER conversion/use money
- must reconcile monthly and send annual report to NVRED
-deposit to escrow company (most common)
-give to seller
-what all parties agree to in writing** |
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Term
| How long does the salesperson have to get earnest money to broker? |
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Definition
| until end of the NEXT day from day you receive it to get it to the broker |
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Term
| how many accounts MUST a property manager have? |
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Definition
| at least 2 trust accounts - one for rent, one for deposits |
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Term
| Real Estate Commissions - how you get paid |
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Definition
- All monies MUST go to Nevada BROKERAGE
- **money goes broker to broker then each broker shares with their licensee, even across state lines
- may only pay a licensee
- licensee may only receive payment from their EMPLOYING broker
**exception- gift to and from a client of $100 or less |
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Term
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Definition
-brokerage may have as many branch offices as they want
-must have a manager for each
-office manager may only manage ONE branch and be a broker/salesperson with 2 of the previous 4 years experience |
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Term
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Definition
-fee for a service prior to completion of a transaction
-owe accounting to client not the NVRED
-**Cannot guarantee a sales |
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Term
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Definition
- MUST contain brokerage name with prominence, not dominance**
- If NV licensee is selling their own property:
-MUST say for sale by owner/licensee
-CANNOT say owner/REALTOR |
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Term
| What does the term realtor mean? |
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Definition
| -it means you belong to the association of realtors, it is not your title |
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Term
| what must be disclosed with NEW homes |
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Definition
-gaming districts map (6 months) in county of 400,000
-water and sewer rates |
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