Nevada law Flashcards
Nevada real estate division
state agency
grants 10 days for licensee changes
distributes disclosure forms
Real Estate Commission
5 commissioners
appointed by governor
adopt regulations
advise real estate Division
Nevada real estate definition
Real Estate means every interest or estate in real property
including but not limited to freeholds, leaseholds and interests in condominiums, town houses or
planned unit developments, whether corporeal or incorporeal, and whether the real property is
situated in this state or elsewhere.
Broker qualifitcations
- active fulltime for at least 2 of the last 4 years
- 64 college credits
- 2 years active= 16 college credits
What is considered “active experience” to apply as broker?
30 hours per week for 48 weeks per year.
When should earnest money be deposited?
salesperson to broker/escrow - within 1 business day
broker to escrow - by next banking day
cash unless communicated to all parties
License renew
- 30 days to associate with another broker
- late renewal = 100$ penalty
- if revoked wait 1 year
death of broker
-another broker can submit an affidavit to Division to become new broker for 60 days
must be submitted to Division in writing within 7 business days
real estate license exemptions
- owners selling their own property
- employees only collecting rent for broker
- property managers managing 1 property
- prop manager for common interest communities
- government
2nd, 3rd… Renewal for license
- 2 year license
- 36 hours of CE
first renewal for initial license
- 30 hours (not exempt from post licensing)
- 36 hours (exempt from post- licensed in another state or in nevada 5 years prior.
How many hours of CE for property management?
9
When should licensees provide copies of contracts?
To all parties?
To Broker?
To all parties at time of signing or reasonable time after.
To broker - 5 calendar days
Advertising requirements
- name on license
- name of brokerage firm
- of owner or related to owner, must say owner/broker, for sale by owner-broker
- license #
Duties owed disclosure
- all parties - unrepresented parties
- signed by agent’s client only
assigned agency
Broker assigns another agent in the office to represent a client, when client doesn’t want to give written permission for multiple representation
consent to act disclosure form
for dual agency/multiple representation
confidentiality agreement for 1 year
sellers real property disclosure form
- seller fills out for buyer review
- seller must disclose all known conditions that materially affect the value
- can not waive
- buyer must receive 10 days before conveyance, otherwise buyer may cancel contract with no penalties
public offering statement
- seller provides for buyer review
- updated quarterly
- midnight of 5th calendar day to cancel purchase agreement
- agreeing to restrictions on how you can use property
- if fail to pay owners assessments, can lose home
How many days after closing does a licensee need to provide a complete closing statement to the buyer and seller?
10 days after closing
Fair Housing Act (Title VIII of the Civil Rights Act of 1968)
prohibits discrimination based on:
- race
- color
- religion
- national origin
- sex (1974)
- familial status (1988)
- disability (1988)
62 or older - 100%
55 or older - 80%
1st offense - $500
2nd offense - must show cause why license shouldn’t be revoked
property management permit
- 24 hours of education and exam
- 9 hours of property management CE to renew permit
business brokerage permit
- 24 hours education and state exam
- 3 hours of business broker CE to renew permit
Cooperating Certificate
- used by out-of-state brokers, with out-of-state byers wanting to purchase property in Nevada
- client needs to be out-of-state
- money handled by Nevada broker
- valid for 12 months
- out-of-state broker can assign 1 salesman to act for him
