NV State Law

Question 1

NRS

Answer 1

Nevada Revised Statutes - Written by Nevada Legislature

Question 2

NAC

Answer 2

Nevada Administrative Codes - Written by NVREC/NVREDA

Question 3

NVREDA

Answer 3

Nevada Real Estate Division Administrator

Question 4

NVREC

Answer 4

Nevada Real Estate Commissioner

Appointed by Governor. There are 5 in NV.

Must be a NV Resident for 5 years and a US Citizen
Must be a Broker Salesperson for 5 years OR a Broker for 3 years.

Term is 3 years. Must hold at least 2 meetings in a year 1 in the north and one in the south.

Question 5

NVERRF

Answer 5

Nevada Education, Research and Recovery Fund

Question 6

When a consumer complains to NVRED

Answer 6

NVREDA turns the case over the to Attorney General or District Attorney if it involves a NON LICENSEE. If convicted it’s a Felony D (Class D Felony).

Otherwise, he’ll set up a hearing with NVRECommissioner

Max Fine - $10,000 plus hearing costs
In discrimination cases it’s $500 for first case.
Second case would be probable grounds for license revocation.

Question 7

NV Sales Agent

Answer 7

Also known as a TSA. Time Share Agent.

14 hours of Education. Doesn’t Sign Contracts or contribute to ERRF.

Sells Timeshares under a Nevada Project Broker.

6 Hours of Continuing Education every 2 years.

LICENSE - NOT PERMIT!!!

Question 8

NV Salesperson’s License

Answer 8

90 Hours - 45 of Law & 45 of Principles

$170 for License
$40 to ERRF

By end of 1st year - 30 hour Post Licensing Course

$280 to renew License
$80 to ERRF

Question 9

$ for a Brokerage

Answer 9

Enough Money to run a Brokerage for 180 Days (6 months)

Money must be seasoned for 90 days (3 months)

Question 10

Brokerages Records Keeping

Answer 10

Must maintain all records for 5 years from last activity.

Must notify NVRED within 10 days of an address change.

Must have a Fair Housing Practice Poster apparent

Question 11

Discrimination is forbidden against:

Answer 11

Race 
Religion
Color
National Origin
Sex
Familial Status
Handicap

Question 12

NV Property Management Permit

Answer 12

NOT A LICENSE. A Permit!

24 Hours of Classroom. No Home Study.

Work under a Broker with a NVPMP too. Or a NV Broker Salesperson with 2 of the previous 4 years in real estate and NVPMP experience.

Permit is a separate document NOT Attached to license.

Must take a 3 hour Continuing Education every renewal period.

Question 13

NV Business Brokerage Permit

Answer 13

NOT A LICENSE. A Permit!

Same Rules as the Property Management Permit BUT this is tied to your license.

Question 14

CANE

Answer 14

Contracts
Agency
Nevada Law
Ethics

12 Hours Completed by a Licensee’s 2nd Year. (remember the 30 hours post licensing course in the 1st year.)

After 2nd year renewal you need 24 hours every 2 years. 12 of CANE and 12 of your choosing.

Question 15

License Status

Answer 15

If you leave a brokerage. Your license must be moved within 10 days.

Question 16

NRS/NAC 113 -

Answer 16

Sales of Nevada Real Property

Must disclose water and sewage fees for units of land more than 25 and less than 2000.

Open Range Home Sales - Livestock can enter land if no fence is built. Illegal to hunt or maim them for doing so.

You must disclose zoning before signing a contract. Must be updated every 6 months

On Brand New Homes in Nevada you are required to supply a NV Gaming Overlay Map in counties with more than 700,000 people.

The gaming map must be updated every 6 months.

Question 17

SRPDS

Answer 17

NV Sellers Real Property Disclosure Statement

4 page form completed by Seller at least 10 days prior to Close of Escrow.

Any new defects must be disclosed before close of escrow.

If the seller lies, the buyer can sue for triple damages.
Buyer has up to 2 years to file a complaint.

If defects are not corrected by the seller, the buyer may cancel the purchase contract or continue and buy “as is”

If rescinding contract. It must be made IN WRITING within 4 days.

New Homes and Foreclosures are exempt from SRPDS

Question 18

Mandatory Laws

Answer 18

It is illegal to disclose a homicide, suicide, or death.

It is illegal to discuss AIDS

It is illegal to disclose Sex Offender in the area.

Pre 1978 - Lead Paint. Approximately 75% of homes built before contain lead.

Asbestos also banned in 1978.

Radon

Urea and Formaldehyde banned in 1982.

Question 19

NRS/NAC 116

Answer 19

Common Interest Community

HOA’s for example:

Resale Packages:
CC&R’s - Conditions, Covenants, and Restrictions
Financial Statement- Current Operating Budgets
Pending Litigations-

Buyer must accept or reject contents within 5 days.

Question 20

NRS/NAC 119

Answer 20

Sale of Subdivided Land

Nevada broker who oversees land sales of 35 units must keep for a minimum of 3 years after last activity (WHICH IS DIFFERENT THAN THE 5 YEARS FOR EVERYTHING ELSE)

Does not apply when units are larger than 80 acres or smaller than 1 square yard.

Time Share Rules - Run by Nevada Project Broker
All ads must be approved by NVRED

Purchaser has right to cancel through the 5th Calendar day either by personal appearance or certified mail.

NV Developer must return any monies within 15 days of canceling.

Question 21

Cooperative Brokers Certificates

Answer 21

Good for 1 year

Our of State Buyer using and out of state broker

Must apply for a certificate to NVREDA.

Question 22

Nevada Owner Developer

Answer 22

Must be a licensed contractor.

Hires a Broker Salesperson to act as a Sales Manager.

They CANNOT be paid referral fees, listing fees, or any other things than selling or leasing.

Question 23

NVERRF

Answer 23

Nevada Education Research and Recovery Fund

Fiscal year is July 1st. Minimum of $300,000 in fund at all times.

Fraud, Misrepresentation, or Deceit

NVERRF pays out if licensee doesn’t have the money themselves.

Max $25,000 for single claim
Max $100,000 for class action claims

Question 24

NRS 645

Answer 24

sdf