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Real estate > Nevada law > Flashcards

Nevada law Flashcards

1
Q

Nevada real estate division

A

state agency
grants 10 days for licensee changes
distributes disclosure forms

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2
Q

Real Estate Commission

A

5 commissioners
appointed by governor
adopt regulations
advise real estate Division

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3
Q

Nevada real estate definition

A

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.

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4
Q

Broker qualifitcations

A
  • active fulltime for at least 2 of the last 4 years
  • 64 college credits
  • 2 years active= 16 college credits
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5
Q

What is considered “active experience” to apply as broker?

A

30 hours per week for 48 weeks per year.

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6
Q

When should earnest money be deposited?

A

salesperson to broker/escrow - within 1 business day
broker to escrow - by next banking day
cash unless communicated to all parties

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7
Q

License renew

A
  • 30 days to associate with another broker
  • late renewal = 100$ penalty
  • if revoked wait 1 year
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8
Q

death of broker

A

-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

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9
Q

real estate license exemptions

A
  • owners selling their own property
  • employees only collecting rent for broker
  • property managers managing 1 property
  • prop manager for common interest communities
  • government
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10
Q

2nd, 3rd… Renewal for license

A
  • 2 year license

- 36 hours of CE

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11
Q

first renewal for initial license

A
  • 30 hours (not exempt from post licensing)

- 36 hours (exempt from post- licensed in another state or in nevada 5 years prior.

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12
Q

How many hours of CE for property management?

A

9

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13
Q

When should licensees provide copies of contracts?
To all parties?
To Broker?

A

To all parties at time of signing or reasonable time after.

To broker - 5 calendar days

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14
Q

Advertising requirements

A
  • name on license
  • name of brokerage firm
  • of owner or related to owner, must say owner/broker, for sale by owner-broker
  • license #
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15
Q

Duties owed disclosure

A
  • all parties - unrepresented parties

- signed by agent’s client only

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16
Q

assigned agency

A

Broker assigns another agent in the office to represent a client, when client doesn’t want to give written permission for multiple representation

17
Q

consent to act disclosure form

A

for dual agency/multiple representation

confidentiality agreement for 1 year

18
Q

sellers real property disclosure form

A
  • 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
19
Q

public offering statement

A
  • 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
20
Q

How many days after closing does a licensee need to provide a complete closing statement to the buyer and seller?

A

10 days after closing

21
Q

Fair Housing Act (Title VIII of the Civil Rights Act of 1968)

A

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

22
Q

property management permit

A
  • 24 hours of education and exam

- 9 hours of property management CE to renew permit

23
Q

business brokerage permit

A
  • 24 hours education and state exam

- 3 hours of business broker CE to renew permit

24
Q

Cooperating Certificate

A
  • 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
25
Q

qualified intermediaries

A

experts in 1031 tax-deferred exchanges
-allows a seller of real property to avoid or minimize capital gains taxes by re-investing their gain in another property

25
Q

qualified intermediaries

A

experts in 1031 tax-deferred exchanges
-allows a seller of real property to avoid or minimize capital gains taxes by re-investing their gain in another property

26
Q

injunction

A

stops a licensee from continuing an illegal violation

  • issued in name of Real Estate Division by district court
  • 5 day notice going to court
26
Q

injunction

A

stops a licensee from continuing an illegal violation

  • issued in name of Real Estate Division by district court
  • 5 day notice going to court
27
Q

Real Estate Education, Research and Recovery Fund (ERRF)

A
  • Fund used for payment to victims of licensee’s incompetence
  • controlled by Division Administrator
  • must have minimum balance of 300,000
  • may pay 25,000 per person
  • up to 100,000 for all judgments against 1 licensee
28
Q

NRS 113

A

-give notice of rates for water and sewage services
-rights and duties under contract for purchase and sale of real property when destroyed
-disclosures relating to zoning classifications
-provide current gaming enterprise gaming area map
-

29
Q

NRS 119

A
  • Subdividing and selling subdivided vacant land
  • 35 lots or more
  • common name
  • developers need license issued by Division to sell subdivided land
30
Q

Registered Representative

A
  • need permit issued by Real Estate Division
  • may solicit buyers to attend meetings
  • CANNOT negotiate sales or discuss prices
31
Q

Property Report

A
  • report issued by Administrator authorizing a developer to offer to sell subdivisions
  • must give and review to each purchaser by broker or salesperson before execution of any contract
  • cover sheet RED
  • contain cancel information
  • right of cancellation by written notice until midnight of 5th calendar day.
32
Q

NRS 119A and NAC 119A

A
  • Nevada Time share statues and regulations are not applicable when 12 or fewer time-shares in a project
  • Time share sales agent needs 14 hour time-share sales agent course

Real estate (2 decks)

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