NV Real Estate Exam Review Questions
And Correct Answers.
Agency - Answer Relationship between the principal (client) and agent.
Business - Answer Tangible assets of an existing enterprise.
Define Business broker:
What are the requirements for a permit - Answer RE broker, broker-salesman, or salesman who sells
businesses.
-minimum 24 hours of instruction
-$40 permit
-$75 examination fee (must pass 75%)
Owner-Developer - Answer Owns 5+ Lots within a subdivision
Real Estate Division - Answer 1. The RE Division of the Department of the Business Industry
2. Regulates RE Practice in NV
3. Administers NRS 645
4. NV Attorney General acts as Divisions Attorney
Commission according to NRS 645 - Answer Refers to the RE Commission in NV
1. 5 members, maximum 2 from same county
2. US citizens, NV residents 5 yrs
3. Maximum 6 yrs
4. 2 meetings per year
5. $150 per day
, Used Manufactured or Mobile Home - Answer 1. Occupied before or after the sale or lease
2. Only can sell if used
Administrator - Answer 1. CEO of the Division - heads Division
2. FT employee of state of NV
3. Must not be active RE licensee
How much experience time is needed to obtain a brokers license if you were previously outside of
Nevada? - Answer 2 of the 4 immediate preceeding years the applicant was a full time RE licensee
Active Experience according to NRS 645 - Answer 30hrs per week for min 48 weeks per year
Advisory Committee - Answer Established to help Commission handle any issues to carry out the
license laws
If someone has been convicted, plead guilty or no contest for a felony, they cannot receive a license
until? - Answer 3 yrs after either the person pays any fine, or parole or probation sentence has expired.
Broker License Education Requirements - Answer 64 semester units total, 45 su from below
-3 su RE law (18 hrs)
-3 su principals of RE
-9 su RE appraisal & Business or Economics
-9 su RE Business or Economics
-3 su Broker Management
When must you receive post license education? How many hours? How many modules must it contain? -
Answer Within two years
30 hours
15 modules
And Correct Answers.
Agency - Answer Relationship between the principal (client) and agent.
Business - Answer Tangible assets of an existing enterprise.
Define Business broker:
What are the requirements for a permit - Answer RE broker, broker-salesman, or salesman who sells
businesses.
-minimum 24 hours of instruction
-$40 permit
-$75 examination fee (must pass 75%)
Owner-Developer - Answer Owns 5+ Lots within a subdivision
Real Estate Division - Answer 1. The RE Division of the Department of the Business Industry
2. Regulates RE Practice in NV
3. Administers NRS 645
4. NV Attorney General acts as Divisions Attorney
Commission according to NRS 645 - Answer Refers to the RE Commission in NV
1. 5 members, maximum 2 from same county
2. US citizens, NV residents 5 yrs
3. Maximum 6 yrs
4. 2 meetings per year
5. $150 per day
, Used Manufactured or Mobile Home - Answer 1. Occupied before or after the sale or lease
2. Only can sell if used
Administrator - Answer 1. CEO of the Division - heads Division
2. FT employee of state of NV
3. Must not be active RE licensee
How much experience time is needed to obtain a brokers license if you were previously outside of
Nevada? - Answer 2 of the 4 immediate preceeding years the applicant was a full time RE licensee
Active Experience according to NRS 645 - Answer 30hrs per week for min 48 weeks per year
Advisory Committee - Answer Established to help Commission handle any issues to carry out the
license laws
If someone has been convicted, plead guilty or no contest for a felony, they cannot receive a license
until? - Answer 3 yrs after either the person pays any fine, or parole or probation sentence has expired.
Broker License Education Requirements - Answer 64 semester units total, 45 su from below
-3 su RE law (18 hrs)
-3 su principals of RE
-9 su RE appraisal & Business or Economics
-9 su RE Business or Economics
-3 su Broker Management
When must you receive post license education? How many hours? How many modules must it contain? -
Answer Within two years
30 hours
15 modules
