Nevada (NV) Collection Agency Manager
Exam 2026 Practice Test | Verified Questions
& Answers with Detailed Rationales |
Updated Licensing Prep PDF
• This practice test covers key federal and Nevada-specific laws tested on the NV
Collection Agency Manager Exam, featuring 200 verified questions with bolded
correct answers and detailed EXPERT RATIONALE to reinforce your understanding.
• Study tip: Work through each question independently before reading the answer,
then use the EXPERT RATIONALE to understand the "why" — this builds the
deeper knowledge needed to pass the licensing exam with confidence.
NEVADA (NV) COLLECTION AGENCY MANAGER EXAM 2026
Practice Test | 200 Questions with Answers & EXPERT RATIONALE
1. Under Nevada Revised Statutes (NRS) Chapter 649, which state agency is
responsible for licensing collection agencies in Nevada?
A. Nevada Department of Taxation
B. Nevada Attorney General's Office
C. Nevada Secretary of State
D. Financial Institutions Division (FID) of the Nevada Department of Business
and Industry
E. Nevada Department of Commerce
Correct Answer: D. Financial Institutions Division (FID) of the Nevada
Department of Business and Industry
EXPERT RATIONALE: The Financial Institutions Division (FID), under the Nevada
Department of Business and Industry, is the regulatory body responsible for
licensing, examining, and regulating collection agencies operating in Nevada under
NRS Chapter 649.
,2. Under NRS 649, a collection agency license in Nevada must be renewed:
A. Every three years
B. Every five years
C. Once, with no renewal required
D. Annually
E. Every two years
Correct Answer: D. Annually
EXPERT RATIONALE: Nevada collection agency licenses must be renewed on an
annual basis. Failure to renew on time can result in license expiration and the
agency being prohibited from collecting debts in Nevada.
3. The Fair Debt Collection Practices Act (FDCPA) is enforced primarily by:
A. The Nevada Attorney General
B. The U.S. Department of Justice
C. The Nevada Financial Institutions Division
D. The Federal Trade Commission (FTC) and Consumer Financial Protection
Bureau (CFPB)
E. The Social Security Administration
Correct Answer: D. The Federal Trade Commission (FTC) and Consumer
Financial Protection Bureau (CFPB)
EXPERT RATIONALE: The FDCPA is a federal law enforced by the FTC and the
CFPB. The CFPB gained primary enforcement authority after its creation under the
Dodd-Frank Act. Both agencies oversee compliance and can take action against
violators.
,4. Under the FDCPA, a debt collector must send a written validation notice to
the consumer within how many days of the initial communication?
A. 3 days
B. 10 days
C. 5 days
D. 30 days
E. 7 days
Correct Answer: C. 5 days
EXPERT RATIONALE: Under FDCPA Section 809, a debt collector must send a
written validation notice within 5 days of the initial communication with the
consumer, informing them of the debt amount, the creditor's name, and their right
to dispute the debt within 30 days.
5. A Nevada collection agency applicant must post a surety bond in the
amount of at least:
A. $5,000
B. $25,000
C. $50,000
D. $100,000
E. $10,000
Correct Answer: C. $50,000
EXPERT RATIONALE: Under NRS 649, a Nevada collection agency is required to
maintain a surety bond of at least $50,000 to protect consumers and creditors from
unlawful collection activity or misappropriation of funds.
, 6. Which of the following is NOT a permissible time to contact a consumer
under the FDCPA?
A. 9:00 AM local time
B. 12:00 PM local time
C. 9:30 PM local time
D. 8:05 AM local time
E. 7:00 PM local time
Correct Answer: C. 9:30 PM local time
EXPERT RATIONALE: The FDCPA prohibits debt collectors from contacting
consumers before 8:00 AM or after 9:00 PM in the consumer's local time zone.
Contacting a consumer at 9:30 PM is a violation.
7. Under the FDCPA, when a consumer sends a written cease communication
request, the debt collector may STILL contact the consumer to:
A. Offer a settlement
B. Verify the consumer's address
C. Inform the consumer that collection efforts are being terminated or that a
specific remedy will be pursued
D. Negotiate payment terms
E. Provide additional account information
Correct Answer: C. Inform the consumer that collection efforts are being
terminated or that a specific remedy will be pursued
EXPERT RATIONALE: After receiving a written cease request, the collector must
stop contacting the consumer except to: notify them that collection is being
terminated, inform them of a specific remedy (such as filing a lawsuit), or
acknowledge the cease request. No further collection contact is permitted.
Exam 2026 Practice Test | Verified Questions
& Answers with Detailed Rationales |
Updated Licensing Prep PDF
• This practice test covers key federal and Nevada-specific laws tested on the NV
Collection Agency Manager Exam, featuring 200 verified questions with bolded
correct answers and detailed EXPERT RATIONALE to reinforce your understanding.
• Study tip: Work through each question independently before reading the answer,
then use the EXPERT RATIONALE to understand the "why" — this builds the
deeper knowledge needed to pass the licensing exam with confidence.
NEVADA (NV) COLLECTION AGENCY MANAGER EXAM 2026
Practice Test | 200 Questions with Answers & EXPERT RATIONALE
1. Under Nevada Revised Statutes (NRS) Chapter 649, which state agency is
responsible for licensing collection agencies in Nevada?
A. Nevada Department of Taxation
B. Nevada Attorney General's Office
C. Nevada Secretary of State
D. Financial Institutions Division (FID) of the Nevada Department of Business
and Industry
E. Nevada Department of Commerce
Correct Answer: D. Financial Institutions Division (FID) of the Nevada
Department of Business and Industry
EXPERT RATIONALE: The Financial Institutions Division (FID), under the Nevada
Department of Business and Industry, is the regulatory body responsible for
licensing, examining, and regulating collection agencies operating in Nevada under
NRS Chapter 649.
,2. Under NRS 649, a collection agency license in Nevada must be renewed:
A. Every three years
B. Every five years
C. Once, with no renewal required
D. Annually
E. Every two years
Correct Answer: D. Annually
EXPERT RATIONALE: Nevada collection agency licenses must be renewed on an
annual basis. Failure to renew on time can result in license expiration and the
agency being prohibited from collecting debts in Nevada.
3. The Fair Debt Collection Practices Act (FDCPA) is enforced primarily by:
A. The Nevada Attorney General
B. The U.S. Department of Justice
C. The Nevada Financial Institutions Division
D. The Federal Trade Commission (FTC) and Consumer Financial Protection
Bureau (CFPB)
E. The Social Security Administration
Correct Answer: D. The Federal Trade Commission (FTC) and Consumer
Financial Protection Bureau (CFPB)
EXPERT RATIONALE: The FDCPA is a federal law enforced by the FTC and the
CFPB. The CFPB gained primary enforcement authority after its creation under the
Dodd-Frank Act. Both agencies oversee compliance and can take action against
violators.
,4. Under the FDCPA, a debt collector must send a written validation notice to
the consumer within how many days of the initial communication?
A. 3 days
B. 10 days
C. 5 days
D. 30 days
E. 7 days
Correct Answer: C. 5 days
EXPERT RATIONALE: Under FDCPA Section 809, a debt collector must send a
written validation notice within 5 days of the initial communication with the
consumer, informing them of the debt amount, the creditor's name, and their right
to dispute the debt within 30 days.
5. A Nevada collection agency applicant must post a surety bond in the
amount of at least:
A. $5,000
B. $25,000
C. $50,000
D. $100,000
E. $10,000
Correct Answer: C. $50,000
EXPERT RATIONALE: Under NRS 649, a Nevada collection agency is required to
maintain a surety bond of at least $50,000 to protect consumers and creditors from
unlawful collection activity or misappropriation of funds.
, 6. Which of the following is NOT a permissible time to contact a consumer
under the FDCPA?
A. 9:00 AM local time
B. 12:00 PM local time
C. 9:30 PM local time
D. 8:05 AM local time
E. 7:00 PM local time
Correct Answer: C. 9:30 PM local time
EXPERT RATIONALE: The FDCPA prohibits debt collectors from contacting
consumers before 8:00 AM or after 9:00 PM in the consumer's local time zone.
Contacting a consumer at 9:30 PM is a violation.
7. Under the FDCPA, when a consumer sends a written cease communication
request, the debt collector may STILL contact the consumer to:
A. Offer a settlement
B. Verify the consumer's address
C. Inform the consumer that collection efforts are being terminated or that a
specific remedy will be pursued
D. Negotiate payment terms
E. Provide additional account information
Correct Answer: C. Inform the consumer that collection efforts are being
terminated or that a specific remedy will be pursued
EXPERT RATIONALE: After receiving a written cease request, the collector must
stop contacting the consumer except to: notify them that collection is being
terminated, inform them of a specific remedy (such as filing a lawsuit), or
acknowledge the cease request. No further collection contact is permitted.
