Nevada Real Estate State Guaranteed Success
Nevada BROKER salesperson/BROKER education ✔️✔️- 90 hours of instruction which includes: 45
hours of law, 45 hours of principles
What is a "buyer’s agent" in Nevada real estate?
✔️✔️ A buyer’s agent represents the buyer's interests in a real estate transaction, assisting with
property searches, negotiations, and guiding them through the purchasing process.
What is a “seller’s net sheet” in Nevada?
✔️✔️ A seller’s net sheet is a document that estimates how much the seller will earn from the sale
after closing costs, agent commissions, and other expenses are deducted.
What is the purpose of a "walk-through inspection" before closing in Nevada?
✔️✔️ A walk-through inspection allows the buyer to confirm that the property is in the agreed-upon
condition and that any requested repairs have been completed before closing.
What does "ownership in severalty" mean in Nevada?
✔️✔️ Ownership in severalty means that a property is owned by one individual or entity, with no co-
owners involved, giving the owner full control over the property.
What is the difference between "joint tenancy" and "tenancy in common" in Nevada?
✔️✔️ In joint tenancy, co-owners have equal shares and a right of survivorship, meaning ownership
passes to surviving owners upon death. In tenancy in common, shares can vary, and ownership can be
passed to heirs.
What is "eminent domain" in Nevada real estate?
✔️✔️ Eminent domain is the government’s power to take private property for public use, with fair
compensation to the owner, often for infrastructure projects.
,What does "title search" mean in Nevada real estate?
✔️✔️ A title search is a review of public records to ensure the seller has legal ownership and to check
for any liens or claims that may affect the property’s transfer.
What is a “foreclosure” in Nevada?
✔️✔️ Foreclosure is the legal process where a lender takes possession of a property due to the
borrower’s failure to meet mortgage payments, allowing the lender to recover the loan amount.
What is "probate" in Nevada real estate?
✔️✔️ Probate is the legal process of distributing a deceased person's estate, including real estate,
according to their will or Nevada state law if there is no will.
What does "listing agreement" mean in Nevada real estate?
✔️✔️ A listing agreement is a contract between a property owner and a real estate agent authorizing
the agent to market and sell the property, usually for a specified period.
What is “community property” in Nevada?
✔️✔️ Community property means that all assets acquired during marriage are owned equally by both
spouses, affecting how property is divided upon divorce or death.
What does “first-time homebuyer” benefit mean in Nevada?
✔️✔️ Nevada offers first-time homebuyers certain benefits, such as down payment assistance and tax
credits, to make purchasing a home more affordable for new buyers.
What is "seller financing" in Nevada real estate?
✔️✔️ Seller financing is when the seller provides the buyer with a loan to purchase the property,
allowing the buyer to make payments directly to the seller instead of a traditional lender.
What is “escrow” and why is it important in Nevada real estate transactions?
✔️✔️ Escrow is a secure holding process where a third party holds funds and documents until all
transaction terms are met, protecting both the buyer and the seller.
,What does “liquidated damages” mean in Nevada real estate contracts?
✔️✔️ Liquidated damages are a pre-agreed amount that one party will pay to the other if they breach
the contract, commonly used to limit the amount of loss in real estate transactions.
What is a “property tax exemption” in Nevada?
✔️✔️ Nevada offers property tax exemptions for certain groups, such as veterans, seniors, and
disabled homeowners, to reduce the amount of property tax they owe each year.
What does “capital gains tax” mean when selling property in Nevada?
✔️✔️ Capital gains tax is a tax on the profit from selling a property. Nevada does not have a state
capital gains tax, but sellers may still owe federal capital gains taxes on their profits.
What is a “seller’s agent” in Nevada real estate?
✔️✔️ A seller’s agent represents the seller’s interests, helping to market the property, find potential
buyers, and negotiate the terms of sale.
What is a "title commitment" in Nevada real estate?
✔️✔️ A title commitment is a document provided by a title company that outlines the conditions
under which they will issue title insurance, specifying any issues that must be resolved before closing.
Broker testing ✔️✔️- 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 ✔️✔️- Must submit application to NVRED within 12 months of testing
, - Pay the following fees: $145 License fee
Once a broker is licensed... ✔️✔️- 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 ✔️✔️- 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 ✔️✔️- 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 ✔️✔️- 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: ✔️✔️- 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.
