Chapter 3 - Nevada Real Estate Education Quiz

Licensing fees in Nevada can be found in:

NRS 645.830 and the Nevada Real Estate Division (NRED) website.

The renewal date for a real estate license in Nevada would be:

The last day of the last month of the applicable license period

An owner-developer is:

a person who owns 5 or more lots within a recorded subdivision, upon each of which is a previously unsold single-family home.

The Real Estate Division must hold licensing exams:

at least bimonthly.

Continuing education is completed:

during each subsequent 2-year license renewal period

What fees form the funding of the Real Estate Education Research and Recovery Fund?

every initial real estate license and license renewal, the licensee must pay a fee.

The fee for the broker, broker-salesperson, or salesperson licensing exam:

is $100 per exam.

At the end of each fiscal year, any Fund balance of over $300,000:

must be set aside and used by the Administrator for real estate education and research purposes.

A course may not be taken for credit to meet CE requirements more than:

once during any two consecutive renewal periods.

A payment from the Fund does not limit the Commission's authority to:

pursue other disciplinary actions against a licensee for his violation of license laws.

Once payment is made from the Fund to satisfy a judgment against a licensee:

that licensee's license will be automatically suspended. The license must NOT be reinstated until the licensee has repaid the Fund in FULL, plus interest.

Any courses taken to satisfy renewal or reinstatement requirements must be completed within:

the 2 years immediately before the latest date for the renewal or reinstatement of the license.

If a license was on inactive status for 2 years or less and NO part of that time was during the initial license period:

the licensee must complete at least 24 hours of continuing education, with at least 12 hours devoted to ethics, professional conduct or the legal aspects of real estate, to reinstate the license.

If a license was on inactive status for more than 2 years, with any part of that inactive status occurring during the initial license period:

the licensee must complete the 30-hour post-licensing course, as well as a minimum of 24 hours of continuing education, with at least 12 of those hours devoted to ethics, professional conduct or the legal aspects of real estate, to reinstate the license.

If a license was inactive for 1 year or less, during the initial license period:

then the licensee must complete the 30-hour post-licensing course to reinstate the license.

If a license was on inactive status for more than 2 years, and NO part of that time was during the initial license period:

then the licensee must complete at least 48 hours of continuing education with at least 24 hours devoted to ethics, professional conduct, or the legal aspects of real estate, to reinstate the license.

If a license was inactive for between 1-2 years with any part during the initial license period:

then the licensee must complete the 30-hour post-licensing course and a minimum of 18 hours of continuing education, not less than 12 hours of which must be devoted to ethics, professional conduct, or the legal aspects of real estate, to reinstate the license.

When a recovery payment is made from the Fund, the maximum payment allowed per judgment is:

$25,000

The Fund may cover unpaid actual damages up to a maximum of:

$25,000 per judgment, with a maximum liability of $100,000 for any one real estate licensee.

What is the minimum balance that should be maintained in the Education Research and Recovery Fund at all times?

$300,000

What is the fee to be paid for the Real Estate Education, Research and Recovery Fund at the time an application for renewal of a license is filed?

$40

How many hours will the Commission approve of continuing education?

-7 full hours of credit per day of instruction in a course for continuing education if a final examination is NOT given; or -8 full hours of credit per day of instruction in a course for continuing education if a final examination IS given.

Continuing Education:

-A license issued or renewed in Nevada BEFORE July 1, 2015 is valid for 4 years. -A license issued or renewed in Nevada AFTER July 1, 2015 is valid for 2 years. -Licensees must complete 24 hours of continuing education every 2 years for a total of 48 hours of continuing education if the license is valid for a 4-year period. -Licensees must complete a total of 24 hours of continuing education if the license is valid for a 2-year period. -At least 12 of these 24 hours must be devoted to ethics, professional conduct, or the legal aspects of real estate.

Post-licensing education is completed;

-during the first year of licensure -contains 15 modules -must achieve a 75% to pass

Once an owner-developer registers with the Division:

-he is legally allowed to directly hire real estate salesmen or broker-salesmen to sell the homes covered by the owner-developer's registration. -may ONLY employ a real estate PROVIDED the owner-developer engages a real estate broker-salesperson as a sales manager and oversees the real estate salesperson's activities.

The Real Estate Education Research and Recovery Fund:

-is also referred to as ERRF or the Fund. -is a special revenue fund created under NRS 645.842 and must maintain a balance of at least $300,000 at all times. -funds are used to satisfy claims against real estate licensees.

All initial salesperson, broker-salesperson and broker licenses issued in Nevada are valid for:

12 months, at the end of which the first time licensees are required to take 30 hours of post-licensing education within the initial year of licensure after receiving a license.

A real estate salesperson who wishes to renew his license must complete at least how many hours of continuing education at approved educational courses, seminars or conferences during each license period for the license (not including the initial license period)?

24 hours

Each license period, after the initial one, is how long?

24 months

Within the first 12 months of receiving his original license, each real estate licensee must earn how many hours of post-license education?

30 hours

Course sponsors must maintain records of class attendance for credit courses by licensees, and course completion for how many years?

4 years

An owner-developer is a licensed building contractor who owns a minimum of how many lots within a recorded subdivision (on the each of which there is a previously unsold, single-family home)?

5

The Commission will not approve more than how many full hours of credit per day for a CE course if a final exam is not given?

7 hours

A licensee must attend and complete at least how much of a course to receive CE credit?

90% of a course to receive CE credit for it.

In which of the following situations may a Nevada licensee recover his commission from the Fund, in a transaction in which he was a licensee, but was cheated out of his fee by another licensee?

A licensee is never eligible to collect money from the Fund.

A non-resident licensee who wishes to become licensed in Nevada must first:

Appoint, in writing, the Administrator to be his or her agent before he or she can be issued a license.

Each license must be renewed with the Division:

BEFORE the license period expires.

An owner-developer must obtain a registration for:

EACH recorded subdivision he or she intends to sell. An owner-developer registration is valid for 1 year.