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Real Estate Nevada Law > STATE: Need to Move > Flashcards

STATE: Need to Move Flashcards

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1
Q

Real Estate Division Positions

A

1) Director 2) Officers 3) Principal and Branch Offices 4) Administrator (link) 5) Attorney General

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2
Q

Real Estate Division

What the Real Estate Division’s Duties

A
  1. Prepare and Distribute
  2. Investigation
  3. Maintain Records of Complaints and Investigations.
  4. License applications and renewals are submitted to them.
  5. Front line governing enforcement of NV las and Regulations.
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3
Q

Real Estate Division Duties Prepare and Distribute

A

Booklet concerning certain disclosures require in sale of Residential Property. - Distribution of booklets concerning certain disclosures required in sale of residential property

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4
Q

What is the Real Estate Division Dutie to Investigate?

A

1) Investigates complaints and inspects records - Hire advisory committee to help with investigation
2) Inspection of Records

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5
Q

Real Estate Division Duties Maintain Records of Complaints and Investigations.

A

Public Record Confidential Records

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6
Q

Real Estate Division Duties

When does the Real Estate Division conduct investigations?

A

*** Test Question*** they say regularly. They don’t give a specific set of time.

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7
Q

Real Estate Division Authority

A

1) Injunction 2) Licensee Deficiency - Authority to grant 10 days to licensee to correct deficiency involving advertising, business location, office operation or a broker’s sign.

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8
Q

Restrictions

No Employee of the Real Estate division May?

A
  • No employee of the Real Estate Division may be interested in any real estate firm or brokerage firm, nor may any employee act as a broker or salesperson or agent therefor.
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9
Q

Restrictions

Who may the real Estate Division Employ?

A
  • The Real Estate Division may employ:
    • Legal counsel,
    • investigators and
    • other professional consultants without regard to the provisions of chapter 284 of NRS.
    • 2.  No employee of the Real Estate Division may be interested in any real estate firm or brokerage firm, nor may any employee act as a broker or salesperson or agent therefor.
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10
Q

Restrictions

Can you have a Active License if you are working for the Real Estate Divsion?

A
  • Can’t have an active license if you are working in the real estate division.
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11
Q

Administration

What is the Real Estate Commission ?

A
  • They are a group of professionals in the real estae field, that
  • preside over Comission meetings,
  • conduct, disciplinary action hearings,
  • lic denials appeals,
  • education approval request,
  • changes in NAC and other matters.
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12
Q

Administration by Real Estate Division.

A

The provisions of this chapter shall be administered by the Real Estate Division, subject to administrative supervision by the Director. NRS 645.045

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13
Q

Real Estate Commission: Creation; number and appointment of members; powers and duties; regulations; service of process.

A

2.  The Commission shall act in an advisory capacity to the Real Estate Division, adopt regulations and conduct hearings as provided in this chapter. The Commission shall adopt regulations establishing standards for the operation of licensees’ offices and for their business conduct and ethics. 3.  The Commission may by regulation delegate any authority conferred upon it by this chapter to the Administrator to be exercised pursuant to the regulations of the Commission. 4.  Service of process and other communications upon the Commission may be made at the principal office of the Real Estate Division. NRS 645.050

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14
Q

Real Estate Commission:

A

1.  The Real Estate Commission is hereby created. The Commission consists of five members appointed by the Governor. NRS 645.050

Creation; number and appointment of members; powers and duties; regulations; service of process. How many people make up the real estate commission?

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15
Q

Types of Identity

Cities and Town

A

Power: can tax, lic, regulate, in addition to stae taxes, lic and regs.

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16
Q

Types of Identity Licensee

A

Anyone with a real estate lic.

17
Q

Licensee

Three Types of Licensee

A
  1. Broker
  2. Broker Sales Person
  3. Sales Person
18
Q

Broker Duties and Requirements to Licensee and Employees Disciplinary

A

Broker must supervise licensees and be aware of what is going on with the brokerage.

19
Q

Type of Identity

Who is a Owner-Developer?

A
  • is specific definiton of the seller of housin units only.
  • means
    • a person who owns five (5) 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
20
Q

Types of Identity Licensee

A

Anyone with a real estate lic.

21
Q

Three Types of Licensee

A

Broker Broker Sales Person Sales Person

22
Q

Types of License Who is a Broker?

A

Creates a real estate company that can be labled as a limited-liability, partership, corp or sole proprietorship entity. Manages, educates and monitors sales people.

23
Q

Who is a Broker? Business Broker

A

Permits Requirements

24
Q

Broker Duties and Requirements to Licensee and Employees

Can a Broker get discipliend for the actions of the Salesperson?

A

Broker must supervise licensees and be aware of what is going on with the brokerage.

25
Q

Type of Identity

Owner-Developer

A

is specific definiton of the seller of housin units only. 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

26
Q

“Advance fee”

A

Advance fee” means a fee contracted for, claimed, demanded, charged, received or collected for an advance fee listing, advertisement or offer to sell or lease property, issued for the purpose of promoting the sale or lease of a business or real estate or for referral to a business or real estate brokers or salespersons, or both, before the last printing or other last issuance thereof, other than by a newspaper of general circulation. NRS 645.002 

27
Q

Broker-sales person

A
  1. Within the meaning of this chapter, a “real estate broker-salesperson” is any person who holds a real estate broker’s license, or who has passed the real estate broker’s examination, but who, as an employee or as an independent contractor, for compensation or otherwise, is associated with:
    1. (a) A licensed real estate broker in the capacity of a salesperson, to do or to deal in any act, acts or transactions included within the definition of a real estate broker in NRS 645.030; or
    2. (b) A registered owner-developer in the capacity of a sales manager in accordance with NRS 645.283 and 645.289. 2.  In this chapter, the term “real estate salesperson” includes “real estate broker-salesperson” when applicable. NRS 645.035

Real Estate Nevada Law (10 decks)

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