NEVADA COLLECTION AGENCY MANAGER EXAM –
PRACTICE QUESTIONS WITH VERIFIED ANSWERS &
RATIONALES
ABOUT THIS RESOURCE
This comprehensive practice exam is designed for candidates preparing for the Nevada
Collection Agency Manager Licensing Examination administered by the Nevada
Financial Institutions Division (FID) under NRS Chapter 649.
Exam Format & Requirements:
• The exam consists of approximately 100-150 questions
• Candidates must be at least 21 years of age
• 2 years of full-time collection experience are required, with at least 1 year within
the 18 months preceding application
• The Commissioner provides examinations at least twice per year
• Licenses must be renewed every two years
Core Content Areas Covered:
• Nevada Laws & Regulations (NRS Chapter 649, NAC, FID regulations)
• Federal Laws (FDCPA, FCRA, TCPA, GLBA)
• Licensing Requirements & Manager Responsibilities
• Debt Collection Practices & Consumer Protection
• Agency Operations & Recordkeeping
• Trust Account Management & Financial Principles
• Ethics & Professionalism
SECTION 1: NEVADA LAWS, REGULATIONS & LICENSING
REQUIREMENTS (Questions 1–40)
,Question 1: What is the primary Nevada statute regulating collection agencies?
A) NRS Chapter 648
B) NRS Chapter 649
C) NRS Chapter 645
D) NRS Chapter 86
Correct Answer: B) NRS Chapter 649
Rationale: NRS Chapter 649 governs collection agencies in Nevada, outlining licensing,
operations, and consumer protections. NRS Chapter 648 covers private investigators, NRS
Chapter 645 covers real estate, and NRS Chapter 86 covers corporations.
Question 2: Under NRS 649.196, what is the minimum age requirement to apply for a
manager's certificate?
A) 18 years of age
B) 21 years of age
C) 25 years of age
D) 30 years of age
Correct Answer: B) 21 years of age
Rationale: NRS 649.196 requires applicants to be at least 21 years of age, have a good
reputation for honesty, trustworthiness, and integrity, and be competent to transact the
business of a collection agency.
Question 3: How many years of full-time collection experience are required to apply for
a Nevada collection agency manager's certificate?
A) 1 year
B) 2 years
C) 3 years
D) 5 years
,Correct Answer: B) 2 years
Rationale: NRS 649.196 requires applicants to have at least 2 years of full-time collection
experience. At least 1 year of that experience must have occurred within the 18 months
preceding the application.
Question 4: Which Nevada entity is responsible for regulating collection agencies and
administering the manager's examination?
A) Nevada Department of Taxation
B) Nevada Secretary of State
C) Nevada Financial Institutions Division (FID)
D) Nevada Attorney General's Office
Correct Answer: C) Nevada Financial Institutions Division (FID)
Rationale: The Nevada Financial Institutions Division (FID) is responsible for regulating
collection agencies and administering the manager's examination under NRS Chapter
649.
Question 5: The Commissioner shall provide for compliance managers' examinations at
least how often?
A) Once per year
B) Twice per year
C) Four times per year
D) Once every two years
Correct Answer: B) Twice per year
Rationale: The Commissioner shall provide for compliance managers' examinations at
such times and places as the Commissioner may direct, at least twice each year.
, Question 6: How often must a Nevada collection agency manager's certificate be
renewed?
A) Every year
B) Every two years
C) Every three years
D) Every five years
Correct Answer: B) Every two years
Rationale: Nevada law requires the compliance manager's certificate to be renewed
biennially (every two years) to maintain compliance.
Question 7: Under Nevada law, which of the following best defines a "collection
agency"?
A) Any business that purchases delinquent debts for its own account
B) An entity that, for a fee, collects debts owed to others
C) A corporation that provides legal representation to debtors
D) A government agency that enforces tax collections
Correct Answer: B) An entity that, for a fee, collects debts owed to others
Rationale: Nevada NRS 649 defines a collection agency as a person or entity that, for a
fee, engages in the collection of debts owed to another party.
Question 8: Who is required to be licensed as a collection agency manager in Nevada?
A) Any employee handling collections
B) The individual responsible for supervising collection activities
C) Administrative staff
D) Only business owners
Correct Answer: B) The individual responsible for supervising collection activities
Rationale: Nevada law requires the manager overseeing collection operations to hold a
license. The individual responsible for supervising collection activities must be licensed.
PRACTICE QUESTIONS WITH VERIFIED ANSWERS &
RATIONALES
ABOUT THIS RESOURCE
This comprehensive practice exam is designed for candidates preparing for the Nevada
Collection Agency Manager Licensing Examination administered by the Nevada
Financial Institutions Division (FID) under NRS Chapter 649.
Exam Format & Requirements:
• The exam consists of approximately 100-150 questions
• Candidates must be at least 21 years of age
• 2 years of full-time collection experience are required, with at least 1 year within
the 18 months preceding application
• The Commissioner provides examinations at least twice per year
• Licenses must be renewed every two years
Core Content Areas Covered:
• Nevada Laws & Regulations (NRS Chapter 649, NAC, FID regulations)
• Federal Laws (FDCPA, FCRA, TCPA, GLBA)
• Licensing Requirements & Manager Responsibilities
• Debt Collection Practices & Consumer Protection
• Agency Operations & Recordkeeping
• Trust Account Management & Financial Principles
• Ethics & Professionalism
SECTION 1: NEVADA LAWS, REGULATIONS & LICENSING
REQUIREMENTS (Questions 1–40)
,Question 1: What is the primary Nevada statute regulating collection agencies?
A) NRS Chapter 648
B) NRS Chapter 649
C) NRS Chapter 645
D) NRS Chapter 86
Correct Answer: B) NRS Chapter 649
Rationale: NRS Chapter 649 governs collection agencies in Nevada, outlining licensing,
operations, and consumer protections. NRS Chapter 648 covers private investigators, NRS
Chapter 645 covers real estate, and NRS Chapter 86 covers corporations.
Question 2: Under NRS 649.196, what is the minimum age requirement to apply for a
manager's certificate?
A) 18 years of age
B) 21 years of age
C) 25 years of age
D) 30 years of age
Correct Answer: B) 21 years of age
Rationale: NRS 649.196 requires applicants to be at least 21 years of age, have a good
reputation for honesty, trustworthiness, and integrity, and be competent to transact the
business of a collection agency.
Question 3: How many years of full-time collection experience are required to apply for
a Nevada collection agency manager's certificate?
A) 1 year
B) 2 years
C) 3 years
D) 5 years
,Correct Answer: B) 2 years
Rationale: NRS 649.196 requires applicants to have at least 2 years of full-time collection
experience. At least 1 year of that experience must have occurred within the 18 months
preceding the application.
Question 4: Which Nevada entity is responsible for regulating collection agencies and
administering the manager's examination?
A) Nevada Department of Taxation
B) Nevada Secretary of State
C) Nevada Financial Institutions Division (FID)
D) Nevada Attorney General's Office
Correct Answer: C) Nevada Financial Institutions Division (FID)
Rationale: The Nevada Financial Institutions Division (FID) is responsible for regulating
collection agencies and administering the manager's examination under NRS Chapter
649.
Question 5: The Commissioner shall provide for compliance managers' examinations at
least how often?
A) Once per year
B) Twice per year
C) Four times per year
D) Once every two years
Correct Answer: B) Twice per year
Rationale: The Commissioner shall provide for compliance managers' examinations at
such times and places as the Commissioner may direct, at least twice each year.
, Question 6: How often must a Nevada collection agency manager's certificate be
renewed?
A) Every year
B) Every two years
C) Every three years
D) Every five years
Correct Answer: B) Every two years
Rationale: Nevada law requires the compliance manager's certificate to be renewed
biennially (every two years) to maintain compliance.
Question 7: Under Nevada law, which of the following best defines a "collection
agency"?
A) Any business that purchases delinquent debts for its own account
B) An entity that, for a fee, collects debts owed to others
C) A corporation that provides legal representation to debtors
D) A government agency that enforces tax collections
Correct Answer: B) An entity that, for a fee, collects debts owed to others
Rationale: Nevada NRS 649 defines a collection agency as a person or entity that, for a
fee, engages in the collection of debts owed to another party.
Question 8: Who is required to be licensed as a collection agency manager in Nevada?
A) Any employee handling collections
B) The individual responsible for supervising collection activities
C) Administrative staff
D) Only business owners
Correct Answer: B) The individual responsible for supervising collection activities
Rationale: Nevada law requires the manager overseeing collection operations to hold a
license. The individual responsible for supervising collection activities must be licensed.
