NEVADA REAL ESTATE PROPERTY MANAGER EXAM | ALL
QUESTIONS AND ANSWERS(VERIFIED ANSWERS) PLUS
DETAILED RATIONALES | COMPLETE STUDY GUIDE |
DOWNLOAD INSTANT PDF 2027-2028
1. Under Nevada law, which of the following individuals must hold an active real estate
broker or broker-salesperson license with a property management permit to manage
residential properties for others for compensation?
A. An on-site resident manager who is a direct employee of the property owner handling routine
maintenance coordination
B. A licensed real estate salesperson operating independently without a designated broker
C. A third-party property management company owner who solicits management agreements
from multiple property owners
D. An attorney-at-law acting solely within the scope of their professional legal representation
for a client
Answer: C
Under Nevada Revised Statutes (NRS) Chapter 645, any person or entity engaging in property
management for others for compensation must be properly licensed and hold a property
management permit. A third-party property management company owner soliciting business
must be a licensed broker with a property management permit. On-site resident employees of
the owner, attorneys acting within legal representation, and salespersons operating under a
broker (not independently) have specific statutory exemptions or limitations.
2. A property manager in Nevada collects a security deposit from a tenant entering into a
residential lease agreement. Within what timeframe must the property manager deposit
these funds into the brokerage's trust account, barring statutory exceptions?
A. Within 24 hours of receipt
B. The next banking day following receipt
C. Within 5 banking days following receipt
D. Within 10 banking days following receipt
Answer: C
Nevada administrative regulations require that all security deposits and earnest money
received by a property manager on behalf of a client must be deposited into a dedicated trust
account within 5 banking days following receipt, unless the agreement specifies otherwise or
funds are delivered directly to an escrow agent or owner pursuant to written instructions.
3. Which of the following lease provisions would be considered legally unenforceable under
Nevada landlord-tenant law?
, A. A clause requiring the tenant to pay a reasonable late fee after a specified grace period
B. A clause requiring the tenant to maintain renter's insurance with specific liability limits
C. A clause waiving the tenant's statutory right to a judicial eviction process and permitting self-
help lockouts
D. A clause holding the tenant responsible for repair costs caused by documented tenant
negligence
Answer: C
Nevada law strictly prohibits landlords and property managers from utilizing self-help eviction
methods, such as changing locks, shutting off utilities, or removing tenant property, without
obtaining a formal court order through summary eviction proceedings. Any lease clause
attempting to waive statutory eviction rights is void and unenforceable.
4. When a tenancy is terminated in Nevada, how many days does the landlord or property
manager have to return the tenant's security deposit, along with an itemized accounting of
any deductions?
A. 14 days
B. 21 days
C. 30 days
D. 45 days
Answer: C
NRS 118A.242 dictates that the landlord or property manager must return the security deposit,
less any lawful deductions for unpaid rent or cleaning/repair costs beyond normal wear and
tear, within 30 days after the tenancy terminates and the premises are vacated.
5. A prospective tenant applies for a rental property managed by a licensed Nevada
brokerage and pays a non-refundable holding deposit. The applicant subsequently decides
not to rent the unit. Under what condition may the property manager retain these funds?
A. The property manager can always retain holding deposits automatically.
B. The retention is permissible only if there is a written agreement signed by the applicant
disclosing that the deposit is non-refundable and outlining the specific conditions of retention.
C. Holding deposits are strictly illegal under Nevada real estate law.
D. The funds must be deposited into the state real estate education fund.
Answer: B
Nevada law permits the collection of holding deposits or application fees provided there is a
clear, written disclosure and agreement signed by the applicant detailing whether the funds
are refundable and under what exact circumstances administrative costs or lost rental time
will be deducted.
,6. Which federal legislation prohibits discrimination in the sale, rental, and financing of
dwellings based on race, color, religion, sex, familial status, national origin, and disability?
A. Truth in Lending Act
B. Fair Housing Act (Title VIII of the Civil Rights Act of 1968)
C. Real Estate Settlement Procedures Act
D. Equal Credit Opportunity Act
Answer: B
The Fair Housing Act is the foundational federal law administered by HUD that protects
citizens from housing discrimination across seven protected classes. Nevada state laws also
incorporate these protections and add additional protected classes such as sexual orientation
and gender identity.
7. A property manager receives a request from a disabled tenant to install a ramp at the
entrance of a single-family rental home at the tenant's own expense. How should the
property manager handle this request under fair housing guidelines?
A. Deny the request because structural modifications to the exterior are strictly prohibited.
B. Approve the request, but require the tenant to pay into an escrow account for ultimate
removal upon lease termination.
C. Grant permission for the reasonable modification at the tenant's expense, typically
conditioning approval on professional installation and restoration agreements if necessary.
D. Pay for the ramp construction using the property's maintenance reserve account.
Answer: C
Under the Fair Housing Act, landlords and property managers must permit tenants with
disabilities to make reasonable modifications to the premises at their own expense. While the
landlord can require reasonable assurances that the work will be done in a workmanlike
manner and, in some cases, require restoration upon move-out (if reasonable), blanket denials
are illegal.
8. An owner instructs a property manager not to rent a unit to families with young children
because the swimming pool lacks a safety fence. What is the correct course of action for the
property manager?
A. Follow the owner's instruction to avoid liability under agency law.
B. Refuse the instruction, explain that familial status discrimination violates federal and state
fair housing laws, and advise the owner to install a compliant pool fence instead.
C. Rent the unit to families but charge a higher security deposit to offset potential risk.
D. Terminate the property management agreement immediately without notifying the owner.
Answer: B
, Familial status is a protected class under fair housing laws. Discriminating against families
with children is illegal. A property manager cannot execute unlawful instructions from a
client and must counsel the client on legal compliance or terminate the relationship if the
client insists on discriminatory practices.
9. What is the primary purpose of a property management agreement between a property
owner and a real estate brokerage?
A. To establish an employment relationship making the broker a general employee of the owner
B. To create a legally binding agency contract outlining the scope of authority, duties,
compensation, and responsibilities of both parties
C. To transfer legal title of the real estate to the brokerage for tax purposes
D. To serve as a residential lease agreement for the end-user tenant
Answer: B
A property management agreement is a specialized employment and agency contract that
defines the legal relationship, fiduciary duties, management fees, authorized expenditures,
and operational parameters between the property owner (principal) and the real estate broker
(agent).
10. Which type of agency relationship is typically created when a broker executes a
property management agreement with a property owner?
A. Universal agency
B. General agency
C. Special agency
D. Subagency
Answer: B
A property manager typically acts as a general agent for the property owner, authorized to
represent the principal in a broad range of ongoing operational, maintenance, and leasing
matters related to the specific managed property. A special agent is authorized to perform only
a specific, single act (such as selling a single home).
11. Under Nevada law, a property manager managing common-interest communities
(HOAs) or condominiums must hold which additional specialized credential issued by the
Real Estate Division?
A. Community Association Manager (CAM) certificate
B. Mortgage Loan Originator license
C. Appraiser certification
D. General Contractor license
Answer: A
QUESTIONS AND ANSWERS(VERIFIED ANSWERS) PLUS
DETAILED RATIONALES | COMPLETE STUDY GUIDE |
DOWNLOAD INSTANT PDF 2027-2028
1. Under Nevada law, which of the following individuals must hold an active real estate
broker or broker-salesperson license with a property management permit to manage
residential properties for others for compensation?
A. An on-site resident manager who is a direct employee of the property owner handling routine
maintenance coordination
B. A licensed real estate salesperson operating independently without a designated broker
C. A third-party property management company owner who solicits management agreements
from multiple property owners
D. An attorney-at-law acting solely within the scope of their professional legal representation
for a client
Answer: C
Under Nevada Revised Statutes (NRS) Chapter 645, any person or entity engaging in property
management for others for compensation must be properly licensed and hold a property
management permit. A third-party property management company owner soliciting business
must be a licensed broker with a property management permit. On-site resident employees of
the owner, attorneys acting within legal representation, and salespersons operating under a
broker (not independently) have specific statutory exemptions or limitations.
2. A property manager in Nevada collects a security deposit from a tenant entering into a
residential lease agreement. Within what timeframe must the property manager deposit
these funds into the brokerage's trust account, barring statutory exceptions?
A. Within 24 hours of receipt
B. The next banking day following receipt
C. Within 5 banking days following receipt
D. Within 10 banking days following receipt
Answer: C
Nevada administrative regulations require that all security deposits and earnest money
received by a property manager on behalf of a client must be deposited into a dedicated trust
account within 5 banking days following receipt, unless the agreement specifies otherwise or
funds are delivered directly to an escrow agent or owner pursuant to written instructions.
3. Which of the following lease provisions would be considered legally unenforceable under
Nevada landlord-tenant law?
, A. A clause requiring the tenant to pay a reasonable late fee after a specified grace period
B. A clause requiring the tenant to maintain renter's insurance with specific liability limits
C. A clause waiving the tenant's statutory right to a judicial eviction process and permitting self-
help lockouts
D. A clause holding the tenant responsible for repair costs caused by documented tenant
negligence
Answer: C
Nevada law strictly prohibits landlords and property managers from utilizing self-help eviction
methods, such as changing locks, shutting off utilities, or removing tenant property, without
obtaining a formal court order through summary eviction proceedings. Any lease clause
attempting to waive statutory eviction rights is void and unenforceable.
4. When a tenancy is terminated in Nevada, how many days does the landlord or property
manager have to return the tenant's security deposit, along with an itemized accounting of
any deductions?
A. 14 days
B. 21 days
C. 30 days
D. 45 days
Answer: C
NRS 118A.242 dictates that the landlord or property manager must return the security deposit,
less any lawful deductions for unpaid rent or cleaning/repair costs beyond normal wear and
tear, within 30 days after the tenancy terminates and the premises are vacated.
5. A prospective tenant applies for a rental property managed by a licensed Nevada
brokerage and pays a non-refundable holding deposit. The applicant subsequently decides
not to rent the unit. Under what condition may the property manager retain these funds?
A. The property manager can always retain holding deposits automatically.
B. The retention is permissible only if there is a written agreement signed by the applicant
disclosing that the deposit is non-refundable and outlining the specific conditions of retention.
C. Holding deposits are strictly illegal under Nevada real estate law.
D. The funds must be deposited into the state real estate education fund.
Answer: B
Nevada law permits the collection of holding deposits or application fees provided there is a
clear, written disclosure and agreement signed by the applicant detailing whether the funds
are refundable and under what exact circumstances administrative costs or lost rental time
will be deducted.
,6. Which federal legislation prohibits discrimination in the sale, rental, and financing of
dwellings based on race, color, religion, sex, familial status, national origin, and disability?
A. Truth in Lending Act
B. Fair Housing Act (Title VIII of the Civil Rights Act of 1968)
C. Real Estate Settlement Procedures Act
D. Equal Credit Opportunity Act
Answer: B
The Fair Housing Act is the foundational federal law administered by HUD that protects
citizens from housing discrimination across seven protected classes. Nevada state laws also
incorporate these protections and add additional protected classes such as sexual orientation
and gender identity.
7. A property manager receives a request from a disabled tenant to install a ramp at the
entrance of a single-family rental home at the tenant's own expense. How should the
property manager handle this request under fair housing guidelines?
A. Deny the request because structural modifications to the exterior are strictly prohibited.
B. Approve the request, but require the tenant to pay into an escrow account for ultimate
removal upon lease termination.
C. Grant permission for the reasonable modification at the tenant's expense, typically
conditioning approval on professional installation and restoration agreements if necessary.
D. Pay for the ramp construction using the property's maintenance reserve account.
Answer: C
Under the Fair Housing Act, landlords and property managers must permit tenants with
disabilities to make reasonable modifications to the premises at their own expense. While the
landlord can require reasonable assurances that the work will be done in a workmanlike
manner and, in some cases, require restoration upon move-out (if reasonable), blanket denials
are illegal.
8. An owner instructs a property manager not to rent a unit to families with young children
because the swimming pool lacks a safety fence. What is the correct course of action for the
property manager?
A. Follow the owner's instruction to avoid liability under agency law.
B. Refuse the instruction, explain that familial status discrimination violates federal and state
fair housing laws, and advise the owner to install a compliant pool fence instead.
C. Rent the unit to families but charge a higher security deposit to offset potential risk.
D. Terminate the property management agreement immediately without notifying the owner.
Answer: B
, Familial status is a protected class under fair housing laws. Discriminating against families
with children is illegal. A property manager cannot execute unlawful instructions from a
client and must counsel the client on legal compliance or terminate the relationship if the
client insists on discriminatory practices.
9. What is the primary purpose of a property management agreement between a property
owner and a real estate brokerage?
A. To establish an employment relationship making the broker a general employee of the owner
B. To create a legally binding agency contract outlining the scope of authority, duties,
compensation, and responsibilities of both parties
C. To transfer legal title of the real estate to the brokerage for tax purposes
D. To serve as a residential lease agreement for the end-user tenant
Answer: B
A property management agreement is a specialized employment and agency contract that
defines the legal relationship, fiduciary duties, management fees, authorized expenditures,
and operational parameters between the property owner (principal) and the real estate broker
(agent).
10. Which type of agency relationship is typically created when a broker executes a
property management agreement with a property owner?
A. Universal agency
B. General agency
C. Special agency
D. Subagency
Answer: B
A property manager typically acts as a general agent for the property owner, authorized to
represent the principal in a broad range of ongoing operational, maintenance, and leasing
matters related to the specific managed property. A special agent is authorized to perform only
a specific, single act (such as selling a single home).
11. Under Nevada law, a property manager managing common-interest communities
(HOAs) or condominiums must hold which additional specialized credential issued by the
Real Estate Division?
A. Community Association Manager (CAM) certificate
B. Mortgage Loan Originator license
C. Appraiser certification
D. General Contractor license
Answer: A
