Exam (elaborations)
NRS 645 QUESTIONS AND ANSWERS GRADED A+
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Exam of 11 pages for the course NRS at NRS (NRS 645)
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NRS 645owner developer - answer owns 5 or more parcels within a recorded subdivision
the Commission - answer-5 members
-appointed by Governor
-adopts regulations establishing standards for the operation of licensees' offices and for
their business conduct and ethics.
Real Estate Commission: Qualifications of members - answer1. Be a citizen of the
United States.
2. Have been a resident of the State of Nevada for not less than 5 years.
3. Have been actively engaged in business as:
(a) A real estate broker within the State of Nevada for at least 3 years immediately
preceding the date of appointment; or
(b) A real estate broker-salesperson within the State of Nevada for at least 5 years
immediately preceding the date of appointment
Administrator: Qualifications; restrictions. - answerThe Administrator shall:
1. Possess a broad knowledge of generally accepted real estate practice and be
reasonably well informed on laws governing real estate agency contracts.
2. Not be interested in any real estate firm or brokerage firm, nor shall he or she act as
a broker or salesperson or agent therefor.
Employees of Real Estate Division; restrictions. - answerNo employee of the Real
Estate Division may be interested in any real estate firm or brokerage firm, nor may any
employee act as a broker or salesperson or agent
Real Estate Commission: Meetings. - answerThe Commission may hold at least two
regular meetings annually, one of which must be held in the southern part of the State,
and one of which must be held in the northern part of the State
Investigation by Real Estate Division relating to unimproved land or subdivision;
injunction for fraud, deceit or false advertising. - answerDivision shall advise the
Attorney General or the district attorney of the county in which the land or subdivision is
located. The district attorney or, upon the request of the Administrator, the Attorney
General shall cause appropriate legal action
Duties of licensee acting as agent - answer1. Shall disclose to each party:
(a) Any material and relevant facts, data or information which the licensee knows, or
which by the exercise of reasonable care and diligence should have known
(b) Each source from which the licensee will receive compensation
, (c) That the licensee is a principal to the transaction
-that the licensee is acting for more than one party to the transaction. If a licensee
makes such a disclosure, he or she must obtain the written consent of each party
-licensee will not disclose any confidential information for 1 year after the revocation or
termination of any brokerage agreement, unless he or she is required to do so by a
court of competent jurisdiction or is given written permission to do so by that party.
2. Shall exercise reasonable skill and care with respect to all parties to the real estate
transaction
Licensees affiliated with same brokerage - answerEach licensee shall not disclose,
except to the real estate broker, confidential information relating to a client
Additional duties of licensee entering into brokerage agreement to represent client -
answer1. Shall exercise reasonable skill and care to carry out the terms of the
brokerage agreement and to carry out his or her duties pursuant to the terms of the
brokerage agreement;
2. Shall not disclose confidential information relating to a client for 1 year after the
revocation or termination of the brokerage agreement, unless he or she is required to do
so pursuant to an order of a court of competent jurisdiction or is given written
permission to do so by the client;
4. Shall present all offers made to or by the client as soon as is practicable
5. Shall disclose to the client material facts
6. Shall advise the client to obtain advice from an expert relating to matters which are
beyond the expertise of the licensee;
7. Shall account for all money and property the licensee receives in which the client may
have an interest as soon as is practicable.
Owner-developers: Employment of licensed salespersons - answeran owner-developer
who is registered with the Real Estate Division may employ one or more licensed real
estate salespersons to sell any single-family residence,
An owner-developer may not employ a licensed real estate sales unless a licensed real
estate broker-salesperson is associated with the owner-developer as a sales manager
to oversee the activities of the real estate salesperson.
-Registration may be kept in force by annual renewal.
Owner-developers: Regulations concerning qualifications - answerCommission shall not
establish any educational qualification or require any examination of an owner-
developer, but shall provide appropriate standards of good moral character and financial
stability.
Owner-developers: Qualifications and duties of person who acts as sales manager -
answerTo qualify as a sales manager, a licensed real estate broker-salesperson must
have at least 2 years of experience during the immediately preceding 4 years as a real
estate broker-salesperson or salesperson licensed in this State or any other state or
territory of the United States
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