Nevada Real Estate Division, Commission, and Licensing Law
Two bodies, two jobs
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. It makes policy: it adopts regulations, sets fees, approves education providers, and imposes discipline after an administrative hearing. The Division is the administrative arm, run by an Administrator appointed by the Commission; it issues and renews licenses, audits trust accounts, and investigates complaints. Questions love to blur these roles. "Adopts a regulation" and "revokes a license" belong to the Commission; "investigates a complaint" and "conducts a trust-account audit" belong to the Division.
Licensing basics
A salesperson applicant must be at least 18, hold a high school diploma or equivalent, complete the required prelicense course hours, pass the examination, clear a fingerprint/background check, and be associated with a licensed broker before performing any act. A broker applicant needs additional education plus qualifying experience as a licensee. Licenses renew on a biennial cycle, with post-license education early in the first term and continuing education each renewal period, including mandatory law and ethics topics.
Money rules
Commissions may be paid only to licensed persons or entities, and a salesperson takes compensation only from their own broker. Client funds belong in the broker's trust account - commingling or conversion is a fast track to discipline. The Education, Research and Recovery Fund reimburses members of the public harmed by licensee misconduct; it does not reimburse the licensee.
Rule of thumb: when a question describes a sequence, ask "who acts first?" - Division investigates, Commission decides.