NV Real Estate study guide
NV Real Estate · Work through your exam, one topic at a time.
The Nevada Real Estate Salesperson license is the entry-level credential that allows a person to be employed by a licensed Nevada broker to list, market, and negotiate the sale or lease of real property and to represent buyers and sellers in those transactions. It is intended for new entrants to the industry - career changers, recent graduates, and assistants moving into licensed sales work - who will work under broker supervision rather than independently. The NV Real Estate study guide has 10 sections and about 3,224 words.
01Nevada Real Estate Division, Commission, and Licensing Law
Nevada splits real estate regulation between the Real Estate Commission and the Real Estate Division (NRED) . The Commission is a five-member body appointed by the Governor - four experienced licensees and one public member serving staggered terms.
334 words, about 2 min02Agency Relationships and Fiduciary Duties
Nevada does not imply agency from a friendly conversation. An agency relationship arises from a written agreement , so a licensee who shows homes to an unrepresented buyer without a signed buyer-broker agreement is not that buyer's agent.
364 words, about 2 min03Real Estate Contracts and Contract Law
A valid contract needs offer, acceptance, consideration, capacity, and legality. Nevada's statute of frauds requires a writing, signed by the party to be charged, for a conveyance of an interest in real property and for leases longer than one year.
308 words, about 2 min04Property Ownership, Interests, and Land Use
Freehold estates include fee simple absolute (the broadest), defeasible fees (terminated by a condition), and life estates, where the holder must not commit waste and the future interest belongs to a remainderman or reversioner. Leaseholds are personal property interests.
300 words, about 2 min05Transfer of Title, Deeds, and Closing
Every deed needs a grantor, grantee, words of conveyance, a legal description sufficient to identify the property, and the grantor's signature. Validity requires delivery and acceptance ; recording is not required between the parties but protects against later buyers.
315 words, about 2 min06Real Estate Financing and Mortgages
Nevada practice relies on the deed of trust, a three-party instrument naming the trustor (borrower), beneficiary (lender), and trustee, who holds the power of sale. Default leads to nonjudicial foreclosure: notice of default, a statutory waiting period, notice of sale, and a trustee's sale.
316 words, about 2 min07Property Valuation and Appraisal
Price is what a transaction produced; market value is the most probable price in a competitive, arms-length sale with informed parties and reasonable exposure time. Cost is what it would take to build.
324 words, about 2 min08Leasing, Property Management, and Common-Interest Communities
Nevada's residential landlord-tenant statutes govern deposits, habitability, entry, and eviction. A security deposit must be returned, with an itemized accounting of any deductions, within the statutory period after the tenant surrenders possession - commonly tested as 30 days.
332 words, about 2 min09Disclosures and Consumer Protection
Layered disclosure is the theme. The agent delivers the agency disclosure at first substantive contact.
298 words, about 1 min10Real Estate Calculations and Practical Applications
Compute the gross commission from the sale price, split it between cooperating brokers, then apply the brokerage's internal split. Order matters: sale price × rate = total commission; total ÷ cooperating brokers; then the individual's share.
333 words, about 2 min