Nevada Real Estate State Exam Questions and Answers 100% Pass

Nevada Real Estate State Exam Questions and Answers 100% Pass Nevada BROKER salesperson/BROKER education - Answer- - 90 hours of instruction which includes: 45 hours of law, 45 hours of principles Broker testing - Answer- - Pass a NV Testing Center 50 question Nevada State Brokers test with a 75% or better: One hour to complete - Pass a NV Testing Center 80 question Nevada National Brokers test with a 75% or better: Two hours to complete - Cost of Examination: $100 for both tests when taken at the same time, $100 each if Nevada State and National tests are taken separately - If you pass only State or National test and fail the other portion: One year to retake the failed portion, pass and obtain a Nevada license, Must pay NV Testing Center test fee of $100 each time you test Initial broker license application - Answer- - Must submit application to NVRED within 12 months of testing - Pay the following fees: $145 License fee Once a broker is licensed... - Answer- - May sell anything your NVB permits, including residential and commercial - If selling timeshare sales, there is no additional education required - May work under a NVOD First year broker license renewal requirements - Answer- - First year NVCE requirements: 30-hour Post Licensing Course in classroom unless NV Broker. - Pay fees as follows to renew: $220 License fee Broker education - Answer- - 64 college units or equivalency: 37 college units in any subject, 15 college units in real estate related courses, such as: Real estate business, Real estate finance, Real estate economics - 6 college units in Nevada law: The Nevada 90 hour course meets this requirement as a substitute - 3 college units in NV broker management: CANNOT be substituted with full time real estate experience - 3 college units in real estate appraisal: CAN be substituted with full time real estate experience as a real estate licensee in the United States Experience - Answer- - Full Time Real estate experience means: - Every two years as a full-time real estate agent - In the United States or the District of Columbia - NVRED will allow 16 college units for every two years full-time experience - Full-time means: 30 hours a week, 48 weeks a year, 12 months, Notarized form by previous broker If you take NVB before the NV requirements have been met: - Answer- - If you take the NVB test before the NV requirements have been met: You may be licensed as Nevada salesperson immediately, You can't get a NV broker-salesperson license until the requirements met, You have one year to obtain the necessary college units - If you don't obtain all requirements within one year the NV licensee will stay a salesperson. The applicant must retake the NV Broker test to be NVBS or NVB in the future. Difference between NV broker salesperson and NV broker: - Answer- - NV Broker- salesperson: Does not have to have full time real estate experience, Just required college units NV broker must have - Answer- - 2 of the previous 4 years full-time experience in real estate: In the United States or the District of Columbia. Outside of these states, it is on a case by case basis How a Nevada brokers license may be held - Answer- - Nevada Brokerage company may be: Independent Brokerage, such as ABC Realty. Franchise Brokerage, such as ERA Realty - If franchise, franchisor must supply written permission - May set up a Nevada Brokerage office as any of the following: - Sole proprietor - Limited Liability Company (LLC) - Partnership - Corporation sole proprietor - Answer- - Must register with county clerk's office - Can only register one fictitious name LLC (Limited Liability Company) - Answer- - One of the members/managers must be the Nevada Broker - Application must be verified by at least one members of the LLC partnership - Answer- - One of the partners must be the Nevada Broker - Application must be verified by at least one member of the Partnership Corporation - Answer- - One of the corporate members must be the Nevada Broker - Application must be verified by the President and Secretary Money needed to open a Nevada brokerage - Answer- - Must prove there is enough money to run the Nevada Brokerage for 180 days - Money must be seasoned for 90 days: Seasoned means money must be verifiable for 90 days Location of brokerage office/ records - Answer- - Nevada Brokerage must be zoned correctly in Nevada: If working out of a house, room or rooms set aside for real estate - Nevada Brokerage signage must be prominent, not necessarily dominant: If Nevada Brokerage in a free standing building: Signage at nearest street, sidewalk or highway. If in a commercial complex: Signage on marquee, reader board or directory. If NVRED wants proof of signage, send photograph Nevada brokerage must hang all Nevada licenses in: - Answer- - Nevada Brokerage office - In a conspicuous place Nevada broker must keep all records: - Answer- - Five years after close of escrow or last activity - This also includes: Any Nevada duties owed signed for any reason, Any Nevada unaccepted offers, Any Nevada transactions not consummated Nevada Broker must notify NVRED within how many days of any change of address - Answer- 10 days a broker must display a copy of their license at - Answer- each branch office Nevada Brokerage should have fair housing poster to give prima facie evidence: - Answer- - Nevada Brokerage will not discriminate against: Race Religion Color National origin