Nevada Property Manager Permit Exam
Practice Questions And Correct Answers
(Verified Answers) Plus Rationales 2026
Q&A | Instant Download Pdf
1. A Nevada property manager who collects rents on behalf of an owner
must deposit the funds into a trust account within what maximum
time period after receipt?
A. Immediately upon receipt
B. Within 24 hours
C. Within 3 banking days
D. Within 10 banking days
Answer: C
Nevada regulations require property managers to deposit client funds,
including rent, into a trust account within three banking days to ensure
proper safeguarding and accounting of funds belonging to others.
2. Which Nevada authority is responsible for regulating property
managers and issuing property manager permits?
A. Nevada Department of Business and Industry
B. Nevada Real Estate Division
C. Nevada Department of Taxation
D. Nevada Housing Authority
Answer: B
The Nevada Real Estate Division administers licensing, enforcement, and
regulatory oversight for property managers, brokers, and salespersons
within the state.
, 3. A property manager operating under a Nevada broker must hold
which of the following?
A. Property Management Certification only
B. Real estate broker license
C. Property manager permit issued by the state
D. Real estate appraisal certification
Answer: C
Individuals performing property management activities in Nevada must
obtain a property manager permit and operate under the supervision of a
licensed real estate broker who holds a property management permit.
4. In Nevada, a property manager’s trust account must be designated as
which type of account?
A. Personal checking account
B. Escrow trust account for clients
C. Corporate operating account
D. Petty cash account
Answer: B
Client funds must be placed in a designated trust or escrow account to
ensure separation from the property manager’s personal or business funds
and to maintain fiduciary responsibility.
5. Which fiduciary duty requires a Nevada property manager to always
act in the best interest of the property owner?
A. Loyalty
B. Disclosure
C. Accounting
D. Confidentiality
Answer: A
The duty of loyalty obligates the property manager to prioritize the
owner’s interests above personal interests or those of other parties in
property management transactions.
, 6. Which document typically outlines the responsibilities of a Nevada
property manager toward a property owner?
A. Property management agreement
B. Purchase agreement
C. Listing agreement
D. Deed of trust
Answer: A
The property management agreement defines the relationship between
the owner and property manager, including duties, compensation,
authority, and scope of services.
7. When advertising rental property in Nevada, a property manager must
comply with which federal law prohibiting discrimination?
A. Sherman Antitrust Act
B. Fair Housing Act
C. Interstate Commerce Act
D. Equal Credit Opportunity Act
Answer: B
The Fair Housing Act prohibits discrimination in housing based on
protected classes such as race, color, religion, sex, national origin,
disability, and familial status.
8. In Nevada property management, security deposits must typically be
returned to tenants within how many days after lease termination?
A. 10 days
B. 15 days
C. 30 days
D. 45 days
Answer: C
Nevada law requires landlords or property managers to return a tenant’s
security deposit within 30 days after termination of tenancy, along with an
itemized list of deductions if applicable.
, 9. Which of the following would be considered commingling?
A. Depositing rents into a trust account
B. Mixing client funds with personal funds
C. Issuing receipts for tenant payments
D. Maintaining accounting records
Answer: B
Commingling occurs when a property manager mixes client funds with
personal or business funds, which is strictly prohibited under real estate
trust account regulations.
10. A Nevada property manager must maintain records for trust
account transactions for at least how long?
A. 1 year
B. 2 years
C. 4 years
D. 10 years
Answer: C
Nevada regulations require property managers to maintain transaction
records, including trust account documentation, for at least four years for
regulatory review.
11. A tenant lease agreement primarily establishes which
relationship?
A. Borrower and lender
B. Owner and tenant
C. Broker and buyer
D. Seller and agent
Answer: B
A lease agreement establishes the contractual relationship between the
property owner (or manager) and the tenant, outlining rights, obligations,
and occupancy terms.
Practice Questions And Correct Answers
(Verified Answers) Plus Rationales 2026
Q&A | Instant Download Pdf
1. A Nevada property manager who collects rents on behalf of an owner
must deposit the funds into a trust account within what maximum
time period after receipt?
A. Immediately upon receipt
B. Within 24 hours
C. Within 3 banking days
D. Within 10 banking days
Answer: C
Nevada regulations require property managers to deposit client funds,
including rent, into a trust account within three banking days to ensure
proper safeguarding and accounting of funds belonging to others.
2. Which Nevada authority is responsible for regulating property
managers and issuing property manager permits?
A. Nevada Department of Business and Industry
B. Nevada Real Estate Division
C. Nevada Department of Taxation
D. Nevada Housing Authority
Answer: B
The Nevada Real Estate Division administers licensing, enforcement, and
regulatory oversight for property managers, brokers, and salespersons
within the state.
, 3. A property manager operating under a Nevada broker must hold
which of the following?
A. Property Management Certification only
B. Real estate broker license
C. Property manager permit issued by the state
D. Real estate appraisal certification
Answer: C
Individuals performing property management activities in Nevada must
obtain a property manager permit and operate under the supervision of a
licensed real estate broker who holds a property management permit.
4. In Nevada, a property manager’s trust account must be designated as
which type of account?
A. Personal checking account
B. Escrow trust account for clients
C. Corporate operating account
D. Petty cash account
Answer: B
Client funds must be placed in a designated trust or escrow account to
ensure separation from the property manager’s personal or business funds
and to maintain fiduciary responsibility.
5. Which fiduciary duty requires a Nevada property manager to always
act in the best interest of the property owner?
A. Loyalty
B. Disclosure
C. Accounting
D. Confidentiality
Answer: A
The duty of loyalty obligates the property manager to prioritize the
owner’s interests above personal interests or those of other parties in
property management transactions.
, 6. Which document typically outlines the responsibilities of a Nevada
property manager toward a property owner?
A. Property management agreement
B. Purchase agreement
C. Listing agreement
D. Deed of trust
Answer: A
The property management agreement defines the relationship between
the owner and property manager, including duties, compensation,
authority, and scope of services.
7. When advertising rental property in Nevada, a property manager must
comply with which federal law prohibiting discrimination?
A. Sherman Antitrust Act
B. Fair Housing Act
C. Interstate Commerce Act
D. Equal Credit Opportunity Act
Answer: B
The Fair Housing Act prohibits discrimination in housing based on
protected classes such as race, color, religion, sex, national origin,
disability, and familial status.
8. In Nevada property management, security deposits must typically be
returned to tenants within how many days after lease termination?
A. 10 days
B. 15 days
C. 30 days
D. 45 days
Answer: C
Nevada law requires landlords or property managers to return a tenant’s
security deposit within 30 days after termination of tenancy, along with an
itemized list of deductions if applicable.
, 9. Which of the following would be considered commingling?
A. Depositing rents into a trust account
B. Mixing client funds with personal funds
C. Issuing receipts for tenant payments
D. Maintaining accounting records
Answer: B
Commingling occurs when a property manager mixes client funds with
personal or business funds, which is strictly prohibited under real estate
trust account regulations.
10. A Nevada property manager must maintain records for trust
account transactions for at least how long?
A. 1 year
B. 2 years
C. 4 years
D. 10 years
Answer: C
Nevada regulations require property managers to maintain transaction
records, including trust account documentation, for at least four years for
regulatory review.
11. A tenant lease agreement primarily establishes which
relationship?
A. Borrower and lender
B. Owner and tenant
C. Broker and buyer
D. Seller and agent
Answer: B
A lease agreement establishes the contractual relationship between the
property owner (or manager) and the tenant, outlining rights, obligations,
and occupancy terms.
