Nevada Real Estate State Questions And Answers Rated A+ New Update Assured Satisfaction

Nevada BROKER salesperson/BROKER education - Answer-- 90 hours of instruction which includes: 45 hours of law, 45 hours of principles Broker testing - Answer-- Pass a NV Testing Center 50 question Nevada State Brokers test with a 75% or better: One hour to complete - Pass a NV Testing Center 80 question Nevada National Brokers test with a 75% or better: Two hours to complete - Cost of Examination: $100 for both tests when taken at the same time, $100 each if Nevada State and National tests are taken separately - If you pass only State or National test and fail the other portion: One year to retake the failed portion, pass and obtain a Nevada license, Must pay NV Testing Center test fee of $100 each time you test Initial broker license application - Answer-- Must submit application to NVRED within 12 months of testing - Pay the following fees: $145 License fee Once a broker is licensed... - Answer-- May sell anything your NVB permits, including residential and commercial - If selling timeshare sales, there is no additional education required - May work under a NVOD First year broker license renewal requirements - Answer-- First year NVCE requirements: 30-hour Post Licensing Course in classroom unless NV Broker. - Pay fees as follows to renew: $220 License fee Broker education - Answer-- 64 college units or equivalency: 37 college units in any subject, 15 college units in real estate related courses, such as: Real estate business, Real estate finance, Real estate economics - 6 college units in Nevada law: The Nevada 90 hour course meets this requirement as a substitute - 3 college units in NV broker management: CANNOT be substituted with full time real estate experience- 3 college units in real estate appraisal: CAN be substituted with full time real estate experience as a real estate licensee in the United States Experience - Answer-- Full Time Real estate experience means: - Every two years as a full-time real estate agent - In the United States or the District of Columbia - NVRED will allow 16 college units for every two years full-time experience - Full-time means: 30 hours a week, 48 weeks a year, 12 months, Notarized form by previous broker If you take NVB before the NV requirements have been met: - Answer-- If you take the NVB test before the NV requirements have been met: You may be licensed as Nevada salesperson immediately, You can't get a NV broker-salesperson license until the requirements met, You have one year to obtain the necessary college units - If you don't obtain all requirements within one year the NV licensee will stay a salesperson. The applicant must retake the NV Broker test to be NVBS or NVB in the future. Difference between NV broker salesperson and NV broker: - Answer-- NV Broker-salesperson: Does not have to have full time real estate experience, Just required college units NV broker must have - Answer-- 2 of the previous 4 years full-time experience in real estate: In the United States or the District of Columbia. Outside of these states, it is on a case by case basis