NEVADA COLLECTION AGENCY MANAGER EXAM 2025/2026 EDITION
COMPREHENSIVE PRACTICE EXAMINATION
150+ Verified Questions with Detailed Rationales
SECTION 1: NEVADA LAWS, REGULATIONS & LICENSING REQUIREMENTS (Questions 1-
30)
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
Answer B:
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. ---
,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
Answer B:
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. ---
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
Answer B:
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. ---
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
Answer C:
Rationale: The Nevada Financial Institutions Division (FID) of the Department of Business
and Industry is responsible for regulating collection agencies and administering the
manager's examination. ---
5. What is the initial surety bond amount required for a Nevada collection agency?
A) $5,000
B) $10,000
C) $25,000
D) $50,000
Answer B:
Rationale: Nevada law requires collection agencies to maintain a surety bond, typically in
the amount of $10,000, to ensure compliance with state regulations and protect
consumers. ---
6. When a compliance manager changes address, what is the required action?
A) Notify the Commissioner within 30 days
B) Update the address on the agency's website only
C) No notification is required
D) Submit a new application for a license
Answer A:
, Rationale: Nevada law requires notification of any address change to the Commissioner
within 30 days to keep records current. ---
7. Under NRS 649.305, a collection agency is prohibited from operating without:
A) A physical office in Nevada
B) A valid compliance manager's certificate
C) A minimum of 10 employees
D) An annual audit
Answer B:
Rationale: NRS 649.305 requires that a collection agency must have a designated
compliance manager holding a valid certificate to lawfully operate. ---
8. Who is required to hold a compliance manager's certificate under Nevada law?
A) Any employee who handles collections
B) A person designated to oversee collection operations and ensure compliance
C) Administrative staff who process payments
D) Only the business owner of the agency
Answer B:
Rationale: Nevada law requires that the individual responsible for supervising collection
activities and ensuring regulatory compliance hold a valid compliance manager's
certificate. The manager must share equally with the licensee the responsibility for the
collection operation and devote a majority of their work hours to oversight and
compliance. ---
COMPREHENSIVE PRACTICE EXAMINATION
150+ Verified Questions with Detailed Rationales
SECTION 1: NEVADA LAWS, REGULATIONS & LICENSING REQUIREMENTS (Questions 1-
30)
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
Answer B:
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. ---
,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
Answer B:
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. ---
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
Answer B:
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. ---
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
Answer C:
Rationale: The Nevada Financial Institutions Division (FID) of the Department of Business
and Industry is responsible for regulating collection agencies and administering the
manager's examination. ---
5. What is the initial surety bond amount required for a Nevada collection agency?
A) $5,000
B) $10,000
C) $25,000
D) $50,000
Answer B:
Rationale: Nevada law requires collection agencies to maintain a surety bond, typically in
the amount of $10,000, to ensure compliance with state regulations and protect
consumers. ---
6. When a compliance manager changes address, what is the required action?
A) Notify the Commissioner within 30 days
B) Update the address on the agency's website only
C) No notification is required
D) Submit a new application for a license
Answer A:
, Rationale: Nevada law requires notification of any address change to the Commissioner
within 30 days to keep records current. ---
7. Under NRS 649.305, a collection agency is prohibited from operating without:
A) A physical office in Nevada
B) A valid compliance manager's certificate
C) A minimum of 10 employees
D) An annual audit
Answer B:
Rationale: NRS 649.305 requires that a collection agency must have a designated
compliance manager holding a valid certificate to lawfully operate. ---
8. Who is required to hold a compliance manager's certificate under Nevada law?
A) Any employee who handles collections
B) A person designated to oversee collection operations and ensure compliance
C) Administrative staff who process payments
D) Only the business owner of the agency
Answer B:
Rationale: Nevada law requires that the individual responsible for supervising collection
activities and ensuring regulatory compliance hold a valid compliance manager's
certificate. The manager must share equally with the licensee the responsibility for the
collection operation and devote a majority of their work hours to oversight and
compliance. ---
