Nevada Real Estate Study Guide 2026 — Free Cheat Sheet

'Agency' means a relationship between a principal and an agent arising out of a brokerage agreement or property management agreement, whereby the agent is engaged to do certain acts on behalf of the principal in dealings with a third party. The term does not include a relationship arising solely from negotiations or communications with a client of another broker with that broker's written permission under NRS 645.635(2).

• ✓Agency arises out of a brokerage agreement or property management agreement
• ✓Agency requires the agent to act on behalf of the principal in dealings with a third party
• ✓Communications with another broker's client (with written permission) do not create an agency relationship

A 'brokerage agreement' is a WRITTEN contract between a client and a broker in which the broker agrees to accept valuable consideration from the client or another person for assisting, soliciting or negotiating the sale, purchase, option, rental or lease of real property, or the sale, exchange, option or purchase of a business. It does NOT include a property management agreement.

• ✓A brokerage agreement must be in writing
• ✓A brokerage agreement does not include a property management agreement
• ✓It covers sale, purchase, option, rental, or lease of real property, or sale/exchange/option/purchase of a business

'Property management' is the physical, administrative or financial maintenance and management of real property, or supervision of such activities, for compensation pursuant to a property management agreement. A 'property management agreement' is a WRITTEN contract between a client and broker to accept valuable consideration for providing property management. A 'property manager' is a person engaged in property management who, as employee or independent contractor, is associated with a licensed real estate broker, whether or not for compensation.

• ✓Property management requires a property management agreement and compensation
• ✓A property management agreement must be in writing
• ✓A property manager must be associated with a licensed real estate broker

A 'real estate broker' is a person who, for another and for compensation (or expectation thereof): (a) sells, exchanges, options, purchases, rents, leases, negotiates, or lists/solicits prospective purchasers of real estate, improvements, or modular/used manufactured/mobile homes conveyed with real estate; (b) engages in the business of advance fees for promoting sale/lease of business opportunities or real estate; (c) engages in property management; or (d) engages in business brokerage. Aiding sale/lease of public lands for compensation also makes a person a broker. Excludes an employee accepting lodging reservations of 31 days or less who does no transfer-related tasks.

• ✓A broker acts for another for compensation covering sale, lease, negotiation, property management, advance fees, or business brokerage
• ✓One who aids/assists in the sale, purchase, rental or lease of public lands for compensation is a broker
• ✓An employee accepting reservations for lodging rentals of 31 days or less (with no transfer duties) is not a broker

Chapter 645 does not apply to certain persons: (a) an owner/lessor or their regular employee performing listed acts incident to management or investment in their own property ('management' means preserving/increasing income, NOT sales activities); (b) a broker's employee collecting rent on the broker's behalf; (c) a person performing property manager duties for one property while maintaining an office on that property (and managing no other property); and (d) a person managing a common-interest community, condo hotel, condominium project, time share, or PUD under specified NRS chapters if a member in good standing with proper credentials.

• ✓Owners/lessors managing their own property are exempt, but 'management' excludes sales activities
• ✓A broker's employee collecting rent on the broker's behalf is exempt
• ✓A person managing only one property while keeping an office on it is exempt
• ✓Managers of qualifying common-interest communities/condo hotels/time shares/PUDs with proper credentials are exempt

An 'advance fee' is a fee contracted for, claimed, demanded, charged, received or collected for an advance fee listing, advertisement or offer to sell or lease property, issued to promote the sale or lease of a business or real estate before the last printing/issuance, other than by a newspaper of general circulation. An 'advance fee listing' includes names/lists of owners, landlords, lessors, or locations of property offered for rent/sale/lease/exchange; names/locations of prospective purchasers, buyers, lessees, or tenants; and brokerage agreements to render services or to locate/promote the sale or lease of a business or real estate for an advance fee.

• ✓An advance fee is charged before the last printing/issuance and does not include newspapers of general circulation
• ✓Advance fee listings include lists of property owners, prospective buyers, or brokerage agreements to promote sale/lease for an advance fee
• ✓Publications intended for general circulation are excluded from advance fee listings

A 'client' is a person who has entered into a brokerage agreement or property management agreement with a broker. A 'business' means the tangible assets and goodwill of an existing enterprise. A 'business broker' is a person who, acting for another and for compensation, sells/exchanges/rents/leases a business sold as part of an interest in real property, negotiates such transactions, or lists/solicits purchasers of a business where a component involves an interest in real property.

• ✓A client is one who has entered into a brokerage OR property management agreement with a broker
• ✓A business means the tangible assets and goodwill of an existing enterprise
• ✓A business broker acts for another for compensation regarding a business sold as part of an interest/estate in real property

A 'real estate broker-salesperson' holds a broker's license (or passed the broker's exam) but is associated as an employee/independent contractor with a licensed broker as a salesperson, or with a registered owner-developer as a sales manager. A 'real estate salesperson' is a person associated as employee/independent contractor with a licensed broker or registered owner-developer to perform acts within the broker definition. In this chapter, 'real estate salesperson' includes 'real estate broker-salesperson' when applicable.

• ✓A broker-salesperson holds a broker's license but works under another licensed broker or owner-developer
• ✓A salesperson must be associated with a licensed broker or registered owner-developer
• ✓The term 'real estate salesperson' includes 'broker-salesperson' when applicable

'Administrator' means the Real Estate Administrator. 'Commission' means the Real Estate Commission. 'Director' means the Director of the Department of Business and Industry. 'Real Estate Division' and 'Division' mean the Real Estate Division of the Department of Business and Industry. These entities administer and enforce Chapter 645.

• ✓The Administrator is the Real Estate Administrator; the Commission is the Real Estate Commission
• ✓The Division is the Real Estate Division of the Department of Business and Industry
• ✓The Director is the Director of the Department of Business and Industry

Certain persons and entities are exempt from the licensing requirements of Chapter 645. These include banks, thrift companies, credit unions, trust companies, savings and loan associations, savings banks, and mortgage or farm loan associations dealing with property acquired for development, business use, or through foreclosure. Also exempt are corporations acting through regular officers (who receive no special compensation) regarding corporate property; attorneys performing their legal duties; court-appointed receivers, trustees in bankruptcy, administrators, or executors; trustees acting under trust agreements, deeds of trust, or wills; mining claim transactions; and the State of Nevada or its political subdivisions.

• ✓Banks and lending institutions are exempt when dealing with property acquired for development, business, or via foreclosure of loans they originated or hold
• ✓Attorneys performing duties as attorneys, and court-supervised receivers/trustees/executors are exempt
• ✓Corporations acting through regular officers who receive no special compensation for property of the corporation are exempt
• ✓The State of Nevada and its political subdivisions, and mining claim transactions, are exempt

The Real Estate Commission consists of five members appointed by the Governor. The Commission acts in an advisory capacity to the Real Estate Division, adopts regulations, and conducts hearings. It must adopt regulations establishing standards for the operation of licensees' offices and for their business conduct and ethics. The Commission may delegate authority to the Administrator by regulation. Service of process may be made at the principal office of the Real Estate Division.

• ✓The Commission consists of five members appointed by the Governor
• ✓The Commission acts in an advisory capacity to the Division, adopts regulations, and conducts hearings
• ✓The Commission must adopt regulations for standards of office operation and business conduct and ethics
• ✓The Commission may delegate its authority to the Administrator by regulation

Chapter 645 is administered by the Real Estate Division, which operates subject to administrative supervision by the Director. The Division carries out the day-to-day implementation of Nevada's real estate licensing law.

• ✓The Real Estate Division administers all provisions of Chapter 645
• ✓The Division is subject to administrative supervision by the Director

Commission members are eligible for reappointment but may not serve more than 6 years consecutively. After serving 6 consecutive years, a member is ineligible for reappointment until 3 years have elapsed. When a successor fills an unexpired term, that time does not count toward the 6-year limit unless the unexpired balance exceeds 18 months.

• ✓Members may not serve more than 6 years consecutively
• ✓After 6 consecutive years, a member must wait 3 years before reappointment
• ✓Time served filling an unexpired term counts toward the 6-year limit only if the unexpired balance exceeds 18 months

Each Commission member must be a U.S. citizen, a Nevada resident for at least 5 years, and actively engaged in business as either a real estate broker in Nevada for at least 3 years immediately preceding appointment, or as a real estate broker-salesperson in Nevada for at least 5 years immediately preceding appointment. Members must take the constitutional oath of office and swear they are legally qualified.

• ✓Members must be U.S. citizens and Nevada residents for at least 5 years
• ✓Members must have been a real estate broker in Nevada for at least 3 years, OR a broker-salesperson for at least 5 years, immediately preceding appointment
• ✓Members must take the constitutional oath and swear they are legally qualified

The Administrator must possess broad knowledge of generally accepted real estate practice and be reasonably well informed on laws governing real estate agency contracts. The Administrator may not be interested in any real estate firm or brokerage firm, nor act as a broker, salesperson, or agent. The same conflict-of-interest restriction applies to all employees of the Real Estate Division.

• ✓The Administrator must have broad knowledge of real estate practice and agency contract law
• ✓The Administrator may not be interested in any real estate or brokerage firm, nor act as a broker/salesperson/agent
• ✓No employee of the Division may be interested in a real estate or brokerage firm or act as a broker/salesperson/agent

The Division must regularly inspect the transaction files, trust records, and pertinent real estate business accounts of all real estate brokers and owner-developers to ensure compliance with Chapter 645. The Commission adopts regulations pertaining to these inspections.

• ✓The Division must regularly inspect brokers' and owner-developers' transaction files, trust records, and business accounts
• ✓The Commission adopts regulations governing these inspections

The Division must prepare and distribute to licensees and property managers forms setting forth the duties owed: one for a licensee/property manager acting for only one party, one for acting for more than one party, and one for a broker who assigns different affiliated licensees or property managers to separate parties in a transaction or property management agreement.

• ✓The Division prepares a 'Duties Owed' form for acting for only one party
• ✓The Division prepares a form for acting for more than one party (dual representation)
• ✓The Division prepares a form for a broker assigning different affiliated licensees to separate parties

NRS 645.230 makes it unlawful for any person, LLC, partnership, association, or corporation to engage in, act in the capacity of, advertise, or assume to act as a real estate broker, broker-salesperson, or salesperson within Nevada without first obtaining the appropriate license from the Real Estate Division. Additional activities require additional credentials: property management requires both a license AND a permit; business brokerage requires a license AND a business broker permit (NRS 645.863). Designated property managers must comply with NRS 645.6055 and designated business brokers with NRS 645.867.

• ✓No person may act as a broker, broker-salesperson, or salesperson in Nevada without first obtaining a license from the Real Estate Division
• ✓Property management requires a real estate license PLUS a permit to engage in property management
• ✓Business brokerage requires a real estate license PLUS a business broker permit under NRS 645.863
• ✓Even advertising or assuming to act in these capacities without a license is unlawful

NRS 645.252 requires a licensee acting as an agent to disclose to each party, as soon as practicable: material and relevant facts about the property known or reasonably knowable; each source of compensation; that the licensee is a principal or has an interest in a principal; that the licensee is acting for more than one party (with written consent required); and any changes in relationship. The licensee must exercise reasonable skill and care toward all parties and provide the Division's duties disclosure form (NRS 645.193) to each represented party and each unrepresented party. Unless agreed in writing, the licensee owes no duty to independently verify statements of certified inspectors/experts, inspect a party's finances, or investigate the property's condition.

• ✓A licensee must disclose material facts about the property known or reasonably knowable, as soon as practicable
• ✓A licensee must disclose all sources of compensation and any interest as a principal in the transaction
• ✓Dual representation requires written consent that includes specified statements (conflict of interest, confidentiality, non-coercion, etc.)
• ✓The licensee must provide the Division's duties-owed disclosure form to represented and unrepresented parties, and owes no duty to independently verify experts, inspect finances, or investigate property condition unless agreed in writing

When a licensee acts for more than one party under NRS 645.252(1)(d), the licensee must obtain written consent from each party before continuing. The written consent must include: a description of the transaction; a statement that the licensee acts for parties with adverse interests and has a conflict of interest; a statement that confidential information will not be disclosed for 1 year after revocation/termination (absent court order or written permission); a statement that a party is not required to consent; and a statement that consent is given without coercion and the party understands its terms.

• ✓A licensee acting for multiple parties must obtain each party's written consent before continuing to act
• ✓The written consent must disclose the conflict of interest and adverse interests of the parties
• ✓Confidential information cannot be disclosed for 1 year after termination unless ordered by court or authorized in writing
• ✓The consent must state that the party is not required to consent and gives consent without coercion

NRS 645.254 imposes additional duties on a licensee who has a brokerage agreement to represent a client: exercise reasonable skill and care to carry out the agreement; not disclose confidential client information for 1 year after revocation/termination (absent court order or written permission); seek a transaction at the client's price/terms or an acceptable price; present all offers as soon as practicable unless waived on a Division form; disclose known material facts about the transaction; advise the client to seek expert advice beyond the licensee's expertise; and account for all money/property in which the client may have an interest as soon as practicable.

• ✓A representing licensee must present all offers as soon as practicable unless the client waives on a Division-prescribed form
• ✓Confidential client information may not be disclosed for 1 year after termination absent court order or written permission
• ✓The licensee must advise the client to obtain expert advice on matters beyond the licensee's expertise
• ✓The licensee must account for all money and property in which the client may have an interest as soon as practicable

NRS 645.260 provides that any person or entity who, for another and for compensation or the expectation of compensation, does or offers or agrees to do any single act or transaction within the definition of a real estate broker (NRS 645.030) — whether an incidental part of a transaction or the entire transaction — is acting in the capacity of a broker or salesperson under Chapter 645.

• ✓A single act for another for compensation triggers the requirement to be licensed
• ✓The act may be incidental or the entire transaction and still constitutes broker/salesperson activity

NRS 645.270 provides that a person or entity acting as a broker or salesperson in Nevada may not commence or maintain any court action to collect compensation for acts under NRS 645.030 without alleging and proving they were a licensed broker or salesperson at the time the cause of action arose.

• ✓A person cannot sue to collect real estate compensation without alleging and proving licensure
• ✓Licensure must have existed at the time the cause of action arose

NRS 645.280 makes it unlawful for a licensed broker, broker-salesperson, or salesperson to pay any part of a commission, compensation, or finder's fee from a real estate transaction to any person who is not a licensed broker, broker-salesperson, or salesperson for services performed. A broker may pay a commission to a licensed broker of another state. A broker-salesperson or salesperson may not be associated with or accept compensation from anyone other than the broker or owner-developer under whom they are licensed, and may only pay commissions through that broker or owner-developer.

• ✓Commissions or finder's fees may not be paid to unlicensed persons for services performed
• ✓A Nevada broker may pay a commission to a licensed broker of another state
• ✓A salesperson/broker-salesperson may accept compensation only from the broker or owner-developer under whom licensed and must pay commissions only through that broker/owner-developer

NRS 645.310 requires all deposits retained by a broker/owner-developer pending consummation or termination to be fully accounted for. Salespersons/broker-salespersons receiving money on behalf of a broker must promptly pay it to the broker/owner-developer. A broker must NOT commingle client money or property with the broker's own. Money belonging to others must be promptly deposited in a separate designated trust account in a Nevada bank or credit union; the broker is personally responsible and liable for the deposit. The broker must keep detailed records, balance each trust account at least monthly, provide the Division an annual reconciliation, notify the Division of banks/accounts, and designate the broker as trustee allowing withdrawal without prior notice. All records and money are subject to Division inspection and audit. If a broker with trust-account money dies or becomes mentally disabled, the Division may petition the district court to appoint a trustee.

• ✓A broker must not commingle client money or property with the broker's own funds
• ✓Money belonging to others must be promptly deposited in a separate designated trust account in a Nevada bank or credit union
• ✓The broker must balance each trust account at least monthly and provide the Division an annual reconciliation
• ✓Trust account records and money are subject to Division inspection and audit at all times
• ✓Salespersons must promptly pay any received money over to their broker or owner-developer

NRS 645.320 requires every brokerage agreement containing an exclusive agency representation provision to: have a definite, specified, and complete termination date in its terms; contain no provision requiring the client to notify the broker of intent to cancel exclusive features after termination; and be signed by both the client (or authorized representative) and the broker (or authorized representative) to be enforceable.

• ✓An exclusive agency brokerage agreement must have a definite, specified, and complete termination date
• ✓It may not require the client to notify the broker of intent to cancel exclusive features after termination
• ✓It must be signed by both the client and the broker (or their authorized representatives) to be enforceable

NRS 645.321 makes it unlawful to discriminate on account of race, religious creed, color, national origin, disability, sexual orientation, gender identity or expression, ancestry, familial status, or sex by: denying access/membership to any multiple-listing service, real estate brokers' organization, or dwelling sale/rental service or in the terms of such; or denying access to a residential real estate transaction or in its terms/conditions. Violations are punished by a $500 fine for the first offense; for a second offense, the licensee must show cause why the license should not be revoked. The statute defines 'disability' (physical/mental impairment substantially limiting major life activities, a record of, or being regarded as having such) and 'familial status' (living with a child under 18 with lawful custody or written permission).

• ✓Discrimination in MLS access, brokers' organizations, or residential transactions on protected bases is unlawful
• ✓Protected classes include race, religion, color, national origin, disability, sexual orientation, gender identity/expression, ancestry, familial status, and sex
• ✓A first offense is a $500 fine; a second offense requires showing cause why the license should not be revoked

NRS 645.230 authorizes the Real Estate Division to prefer a complaint for a violation before any court of competent jurisdiction and to assist in presenting the law or facts at trial. The district attorney of each county must prosecute violations occurring in their county unless the Attorney General prosecutes. Upon request of the Administrator, the Attorney General shall prosecute a violation in lieu of the district attorney.

• ✓The Real Estate Division may file a complaint in court and assist in prosecution of license-law violations
• ✓District attorneys must prosecute violations in their county unless the Attorney General does so
• ✓The Attorney General shall prosecute upon request of the Administrator, replacing the district attorney

Under NRS 645.235, in addition to any other remedy or penalty, the Commission may impose an administrative fine against any person who knowingly engages or offers to engage in activity requiring a license/permit/certificate/registration/authorization without holding it, OR who assists or offers to assist another to commit such a violation. The fine may not exceed the greater of the gain/economic benefit derived or $5,000. The Commission considers severity, harm, gain, prior violation history, and other relevant facts. The person must be given notice and an opportunity to be heard, and is entitled to judicial review under chapter 233B. The section does not apply where a specific statute exempts the person and they act within that exemption.

• ✓The Commission may fine anyone who knowingly acts without required authorization or assists another to do so
• ✓The administrative fine cannot exceed the greater of the gain/economic benefit or $5,000
• ✓The person must receive notice and an opportunity to be heard, with judicial review available under chapter 233B
• ✓The fine does not apply to persons exempt by a specific statute who act within the exemption

The Division may approve a license for a person who has a good reputation for honesty, trustworthiness and integrity (with satisfactory proof), has not made a false statement of material fact on the application, is competent to safeguard the public interest, has passed the examination, and has submitted all required information.

• ✓Applicant must have good reputation for honesty, trustworthiness and integrity with satisfactory proof (NRS 645.330(1))
• ✓Applicant must pass the examination and submit all required application information
• ✓No false statement of material fact may be made on the application

The Division may deny a license to any person convicted of, or who pled guilty/guilty but mentally ill/nolo contendere to, crimes such as forgery, embezzlement, obtaining money under false pretenses, larceny, extortion, conspiracy to defraud, engaging in a real estate business without a license, possession of a controlled substance for sale, or any crime involving moral turpitude. The Division shall not issue a license to such a person until at least 3 years after the person pays any fine/restitution OR the expiration of parole/probation/sentence, whichever is later.

• ✓Enumerated crimes (forgery, embezzlement, larceny, extortion, moral turpitude, etc.) may be grounds for denial (NRS 645.330(2))
• ✓No license issued until at least 3 years after fine/restitution paid OR expiration of parole/probation/sentence, whichever is later
• ✓Prior suspension/revocation in this or any other state is grounds to refuse a license

Except as provided in NRS 645.332, a person may not be licensed as a real estate broker unless actively engaged full-time as a licensed broker-salesperson or salesperson in Nevada, or as a full-time licensed broker, broker-salesperson or salesperson in another state or D.C., for at least 2 of the 4 years immediately preceding issuance of the broker's license.

• ✓Broker applicants need at least 2 of the prior 4 years of full-time licensed experience (NRS 645.330(4))
• ✓Experience may be gained in Nevada or in another state/D.C.

An original salesperson applicant must complete at least 120 hours of instruction in real estate principles, practices, procedures, law and ethics (may be extension/correspondence course from NSHE, accredited college/university, or Commission-approved school). The course must include disclosure of required information in transactions, at least 15 hours on preparation of contracts, and at least 15 hours on agency.

• ✓Salesperson applicant needs at least 120 hours of qualifying pre-license instruction (NRS 645.343(1))
• ✓Must include at least 15 hours on contract preparation and at least 15 hours on agency
• ✓Must include instruction on disclosure of required information in transactions

An original broker/broker-salesperson applicant must complete specified college-level coursework: 3 units real estate law (including at least 18 classroom hours of Nevada real estate law), 3 units principles of real estate, 9 units real estate appraisal and business/economics, 9 units real estate/business/economics, 3 units broker management, at least 1 unit contract preparation, and at least 1 unit on agency. Since Jan 1, 1986, applicants must also complete 64 semester units of college-level courses (inclusive of the above). Active out-of-state licensees may receive 16 units of credit per 2 years of active experience in the prior 10 years, up to 8 years, but not against the broker management or 18-hour Nevada law requirements.

• ✓Broker applicant must complete 64 semester units of college-level courses (NRS 645.343(3))
• ✓Requirements include 3 units broker management and 18 classroom hours of Nevada real estate law
• ✓Experience credit (16 units per 2 years, max 8 years) cannot be applied to broker management or Nevada law requirements

The Division issues each licensee a license showing name, address, and (for broker-salesperson/salesperson) the associated broker's name, bearing the Division seal. A broker-salesperson or salesperson may NOT be associated with or employed by more than one broker or owner-developer at the same time.

• ✓A broker-salesperson or salesperson may not be associated with more than one broker or owner-developer at once (NRS 645.520(3))
• ✓Broker-salesperson/salesperson licenses show the name of the associated broker

The Commission prescribes continuing education standards requiring a minimum of 36 hours, permitting varied subject material and sources but qualifying only courses given by an accredited university or community college addressing appropriate subject matter. The Commission adopts mandatory subject matter for all licensees and may exempt licensees 65+ (licensed in good standing in Nevada 30+ years) from CE other than mandatory subjects. A post-license curriculum may be required within the first year, and licensees whose license was inactive 1+ years or suspended/revoked may be required to complete broker management coursework before reissuance/reinstatement. A license cannot be renewed or reinstated to active status unless the required CE is completed.

• ✓Continuing education standards require a minimum of 36 hours (NRS 645.575(2))
• ✓License cannot be renewed or reinstated to active status without completing required continuing education
• ✓Licensees 65+ with 30+ years of good-standing Nevada licensure may seek exemption from CE other than mandatory subjects

An original license must be renewed before the expiration of the initial 12-month license period; thereafter the license must be renewed before the expiration of each subsequent 24-month license period.

• ✓Original licenses have an initial license period of 12 consecutive months and must be renewed before expiration (NRS 645.490)
• ✓Subsequent renewal periods are 24 consecutive months

A person licensed under Chapter 645 as a real estate broker, broker-salesperson or salesperson may apply to the Real Estate Division for a permit to engage in property management. The applicant must furnish proof of completing at least 24 classroom hours of instruction in property management and comply with all other Commission requirements. The permit expires and renews at the same time as the holder's real estate license.

• ✓A property management permit requires 24 classroom hours of instruction in property management
• ✓Only persons already licensed as a broker, broker-salesperson or salesperson may apply for the permit
• ✓The permit expires and is renewed simultaneously with the licensee's real estate license
• ✓Renewal requires at least 3 hours of continuing education in property management (part of the required CE under NRS 645.575)

If a real estate broker does not hold a property management permit but intends to have property management activities at an office, the broker must appoint a qualified designated property manager to supervise those activities and submit notice of the appointment to the Division. The designated property manager must be a natural person meeting specific qualifications.

• ✓A broker without a PM permit who conducts PM activities must appoint a designated property manager and notify the Division
• ✓The designated PM must hold a real estate broker or broker-salesperson license AND a property management permit
• ✓The designated PM must have 2 years active PM experience within the 4 years immediately preceding the appointment
• ✓The designated PM must comply with NRS 645.6052 to 645.6058 and is subject to all remedies and penalties of the chapter

A broker holding a PM permit may not act as a property manager until obtaining a written property management agreement signed by the broker and the client. The agreement must contain specific mandatory provisions covering term, deposits, compensation, agency scope, cancellation and asset management.

• ✓A signed written property management agreement is required before acting as a property manager
• ✓The agreement must state the term and any renewal circumstances/terms
• ✓It must include provisions for retention and disposition of tenant deposits
• ✓It must state the fee/compensation to the broker and the extent of agency authority
• ✓It must set forth cancellation circumstances (with or without cause) and any asset management services provided

A licensee, property manager, or owner-developer must notify the Division in writing if convicted of, or entering a plea of guilty, guilty but mentally ill, or nolo contendere to a felony relating to the practice, or any crime involving fraud, deceit, misrepresentation, or moral turpitude. Notification must be timely.

• ✓Must notify Division in writing of a felony relating to practice or any crime involving fraud, deceit, misrepresentation or moral turpitude (NRS 645.615)
• ✓Notification due not more than 10 days after conviction or entry of plea, AND when submitting a renewal application
• ✓Applies to guilty, guilty but mentally ill, and nolo contendere pleas

The Commission may impose an administrative fine of not more than $10,000 per violation and/or suspend, revoke, deny renewal of, or place conditions on a license, permit, or registration. Grounds include obtaining a license by false/fraudulent representation, material misrepresentation, false promises, commingling client funds, converting others' money, failure to account for or remit money, and trust account failures.

• ✓Administrative fine of not more than $10,000 for each violation (NRS 645.630)
• ✓Commission may fine, suspend, revoke, deny renewal, place conditions, or combine actions
• ✓Commingling client money with own funds or converting others' money is a ground for discipline
• ✓Broker must deposit earnest money check/cash before end of next banking day unless the purchase agreement provides otherwise
• ✓Broker-salesperson/salesperson must promptly deliver deposits to their broker or owner-developer

A licensee required to maintain a trust account must balance it at least monthly and submit an annual accounting to the Division as required by NRS 645.310. Failure to do either is a ground for discipline under NRS 645.630.

• ✓Failing to balance the trust account at least monthly is a disciplinary ground (NRS 645.630(1)(g))
• ✓Failing to submit the required annual trust account accounting to the Division is a disciplinary ground

Accepting other than cash as earnest money is prohibited unless that fact is communicated to the owner before acceptance of the offer and shown in the earnest money receipt. Upon acceptance of an agreement, a broker must deposit any earnest money check or cash before the end of the next banking day unless the purchase agreement provides otherwise.

• ✓Non-cash earnest money must be disclosed to owner before acceptance and shown on the receipt (NRS 645.630(1)(j))
• ✓Broker must deposit earnest money by end of the next banking day unless purchase agreement says otherwise (NRS 645.630(1)(k))

NRS 645.633 lists additional disciplinary grounds, including violating any Commission order, Division agreement, or provisions of chapters 116, 119, 119A, 119B, 645A, or 645C; paying commissions to unlicensed persons; felony/fraud convictions; gross negligence or incompetence; deceitful, fraudulent, or dishonest dealing; and reciprocal discipline for out-of-state license suspension/revocation.

• ✓Paying a commission or finder's fee to an unlicensed person is a disciplinary ground, except payments to a broker licensed in his state of residence (NRS 645.633)
• ✓Gross negligence or incompetence in performing licensed acts is a disciplinary ground
• ✓Any deceitful, fraudulent, or dishonest dealing is a disciplinary ground
• ✓Commission may take reciprocal action for suspension/revocation of a license in another jurisdiction
• ✓Failure to include a fixed expiration date in a brokerage agreement, or to leave a copy with the client, is a ground

Refusing to show, sell, or rent real estate to qualified purchasers or renters because of race, color, national origin, sex, sexual orientation, gender identity or expression, or ethnic group is a disciplinary ground under NRS 645.635(9).

• ✓Discriminatory refusal to show, sell, or rent to qualified persons based on protected classes is a disciplinary ground (NRS 645.635(9))
• ✓Protected classes include race, color, national origin, sex, sexual orientation, gender identity or expression, and ethnic group

A licensee's violation does not automatically justify disciplining an associate unless the associate knew or should have known. Persistent, consistent conduct is prima facie evidence of knowledge. An owner-developer who knew or should have known of a violation by an employed licensee may be disciplined and fined up to $5,000. A broker who fails to maintain adequate supervision of an associated licensee may be disciplined and fined up to $5,000.

• ✓Associate is not disciplined for another licensee's violation unless the associate knew or should have known (NRS 645.660)
• ✓Owner-developer who knew or should have known of an employee's violation may be fined up to $5,000
• ✓Broker who fails to adequately supervise an associated licensee may be fined up to $5,000

Before the Commission revokes, suspends, or denies renewal, the Administrator initiates a complaint and schedules a hearing before the Commission. The hearing must be held within 90 days of the complaint filing. The licensee must receive at least 30 days' written notice with a copy of the complaint and supporting documents. Notice is complete on personal delivery or certified mail to the last known address; the associated broker or owner-developer must also be notified.

• ✓Commission must hold the hearing within 90 days after the Administrator files the complaint (NRS 645.680)
• ✓Licensee must be given at least 30 days' written notice with a copy of the complaint and supporting documents
• ✓Notice is complete upon personal delivery or certified mail to the last known address

After the Commission revokes a license, permit, or registration, no new one may be issued to the same person within 1 year after the revocation date. Even after 1 year, reissuance is only at the sole discretion of the Real Estate Division, and only if the person meets all requirements for an original license, permit, or registration.

• ✓No new license/permit/registration may issue within 1 year of revocation
• ✓After 1 year, reissuance is at the sole discretion of the Real Estate Division
• ✓Applicant must satisfy all requirements for an original license

Each license expires at midnight on the last day of the last month of its license period. The initial license period for an original broker, broker-salesperson, or salesperson license is 12 consecutive months beginning the first day of the first calendar month after issuance. Each subsequent renewal period is 24 consecutive months. All other licenses have a 24-month period unless a specific statute provides otherwise.

• ✓Licenses expire at midnight on the last day of the last month of the license period
• ✓Initial license period for broker/broker-salesperson/salesperson is 12 months
• ✓Subsequent renewal periods are 24 months
• ✓All other licenses have a 24-month period unless a statute provides differently

If a licensee fails to apply for renewal before expiration, no license may be issued except upon a new original application. However, within 1 year of expiration a late renewal may be issued upon payment of a $100 late fee (for licenses) in addition to the normal renewal fee. For permits, the late renewal fee within 1 year is $20, plus compliance with continuing education requirements under NRS 645.6052 or 645.863.

• ✓Failure to renew before expiration normally requires a new original application
• ✓Within 1 year of expiration, a license may be late-renewed with a $100 penalty fee plus the renewal fee
• ✓Within 1 year of expiration, a permit may be late-renewed with a $20 penalty fee plus the renewal fee and CE compliance

A person who obtains a final judgment against a licensee based on fraud, misrepresentation, or deceit in a transaction requiring a license may petition the court for payment from the Fund for unpaid actual damages, but not more than $25,000 per judgment. Total Fund liability for any one licensee cannot exceed $100,000. A licensee cannot recover for damages related to a transaction in which they acted as a licensee. The petition must be filed within 1 year after termination of all proceedings.

• ✓Recovery is limited to $25,000 per judgment for unpaid actual damages
• ✓Total Fund liability per licensee cannot exceed $100,000
• ✓Recovery requires a final judgment based on fraud, misrepresentation, or deceit
• ✓The petition must be filed within 1 year after all proceedings end
• ✓The petitioner cannot be the spouse of the debtor and must show reasonable efforts to collect from the debtor

When the Administrator pays from the Fund on a licensee's account, that licensee's license is automatically suspended upon the effective date of the court's payment order. The license cannot be reinstated and no new license granted until the licensee repays the full amount plus interest (prime rate at the largest Nevada bank plus 2 percent), computed from the date the Fund payment was made.

• ✓A licensee's license is automatically suspended when the Fund pays on their account
• ✓No reinstatement or new license until full repayment plus interest is made
• ✓Interest equals the prime rate at the largest Nevada bank plus 2 percent

Fraudulent licensing or sale of real property is a category D felony, while other chapter violations carry escalating fines and misdemeanor penalties. Courts may revoke or suspend licenses upon conviction.

• ✓Obtaining a license or selling real property by intentional misrepresentation, deceit, or fraud is a category D felony with mandatory restitution
• ✓A licensee/permittee/owner-developer committing acts under NRS 645.630/645.633/645.635 may be fined up to $5,000 per offense
• ✓Other chapter violations are a gross misdemeanor for natural persons, or up to $2,500 fine for an entity
• ✓Officers/agents who personally participate in an entity's violation are subject to natural-person penalties
• ✓A court may revoke or suspend the license of a person convicted, in addition to other penalties

'Postlicensing education' means the postlicensing curriculum of continuing education that, pursuant to NRS 645.575, a person is required to complete within the first year after his or her initial licensing. An 'approved course' includes courses approved for continuing education (NAC 645.455) or postlicensing education (NAC 645.4444).

• ✓Postlicensing education must be completed within the first year after initial licensing
• ✓Required under NRS 645.575
• ✓Approved courses may be for continuing education or postlicensing education

NAC 645 defines exclusive agency listing agreements, exclusive right to sell or lease listing agreements, and exclusive buyer's brokerage agreements. All must meet the requirements of NRS 645.320. Key distinction: under an exclusive agency listing, the seller/lessor may sell on their own without owing commission; under an exclusive right to sell/lease, the broker earns compensation regardless of who (broker, seller, or anyone) produces the buyer, except specifically exempted persons.

• ✓All exclusive agreements must meet the requirements of NRS 645.320
• ✓Exclusive agency listing: no commission owed if seller/lessor sells solely through own efforts
• ✓Exclusive right to sell/lease: broker compensated even if the seller finds the buyer, unless the buyer is specifically exempted
• ✓Exclusive buyer's brokerage agreement grants the broker exclusive right to represent a purchaser/tenant

Under NAC 645.095, the Division may deny an application for owner-developer registration, a license, or a permit for any reason sufficient under NRS 645.330, or where: the application is not in proper form, lacks required fees, has incomplete/unsatisfactory forms, contains a false statement, has other deficiencies, the investigation fails to affirmatively show necessary qualifications (including good moral character and financial responsibility), the applicant willfully violated (or aided/abetted violation of) chapters 113, 116, 119, 119A, 645, 645A, 645C or 645D of NRS, the fee check is not honored, or (for owner-developer) the applicant fails to verify licensed contractor status.

• ✓The Division may deny for false statements, improper form, missing fees, or deficiencies
• ✓Investigation must affirmatively show good moral character and financial responsibility
• ✓Willful violation of specified NRS chapters (113, 116, 119, 119A, 645, 645A, 645C, 645D) is grounds for denial
• ✓A dishonored fee check is grounds for denial
• ✓Owner-developer applicants must verify they are a licensed contractor in Nevada

An applicant for a real estate salesperson license in Nevada must meet a minimum age requirement and submit a complete application package to the Division under NRS 645.350. The application must include fingerprint cards, proof of completing required education, a passing exam grade, a verified statement, proof of good character, the welfare/child support statement, and required fees.

• ✓Applicant must be at least 18 years of age
• ✓Application must include a fingerprint card as required by NRS 645.355
• ✓Must provide proof of satisfying salesperson educational requirements under NRS 645.343
• ✓Must show a passing grade (per NAC 645.220) on the licensing examination
• ✓Must include proof of honesty, truthfulness and good reputation, plus required fees

A broker applicant must first obtain approval of financial condition from the Division before submitting an application. The applicant must meet salesperson requirements except education (substituting broker education), and must also prove they have satisfied the broker experience requirement.

• ✓Must obtain Division approval of financial condition BEFORE applying
• ✓Must submit proof of broker educational requirements under NRS 645.343 in lieu of salesperson education
• ✓Must prove satisfaction of broker experience requirements under NRS 645.330(4)

The examination fee for an original license or reinstatement (broker, broker-salesperson, or salesperson) is $100. To pass, an applicant must score at least 75 percent.

• ✓Examination fee for original or reinstatement is $100
• ✓Passing grade requires at least 75 percent
• ✓Examination period must not exceed 4 hours without prior written Division consent

Within 10 days after a change in association (other than termination), name, business location, or status, a licensee must request a Division license change on the required form and pay fees. The receipt serves as a temporary working permit pending the new license. A broker may change to broker-salesperson status by application.

• ✓License change request must be submitted within 10 days of the change, with required fees
• ✓The Division receipt constitutes a temporary working permit pending the new license
• ✓A broker may change status to broker-salesperson by filing a Division form

The Division shall not renew an active broker, broker-salesperson, or salesperson license unless the licensee provides proof of compliance with continuing education requirements under NRS 645.575, including any postlicensing continuing education curriculum.

• ✓Active license cannot be renewed without proof of continuing education compliance
• ✓Includes postlicensing curriculum of continuing education per NRS 645.575

A licensee who fails to file for renewal before expiration must not engage in real estate business until reinstated. Reinstatement requires applying on the proper form, paying fees, passing the exam if required, and submitting other required items including current fingerprint cards.

• ✓A licensee with an expired license may not conduct real estate business until reinstated
• ✓Reinstatement requires application, fees, exam if required, and current fingerprint cards

An approved school must require each student to attend the required hours and take at least two examinations as a condition of certification. Schools may certify only the number of hours approved by the Division. The entire course must be completed to satisfy licensing requirements — a portion does not qualify. An 'hour of instruction' means 50 minutes or more, and one semester credit equals 15 hours of instruction.

• ✓Students must attend required hours and take at least two examinations to be certified
• ✓An 'hour of instruction' means 50 minutes or more; one semester credit = 15 hours
• ✓The entire course must be completed; a portion does not satisfy licensing requirements

NAC 645.435 requires a salesperson prelicensing course of at least 120 hours of classroom lectures (or distance-education equivalent), divided by subject: at least 45 hours on principles and practices (brokerage/agency 21, valuation/economics 12, finance 12); at least 45 hours on law of property, regulation and ethics (ownership/transfer/use 25, chapters 113/116/119/119A/645/645C/645D of NRS 18, applied practice and statutory disclosures 2); at least 15 hours on preparation of contracts; and at least 15 hours on agency (3 hours each on broker-agent relationship foundation and risk reduction).

• ✓Original salesperson course must be at least 120 hours of classroom lectures or distance-education equivalent
• ✓Content: 45 hours principles/practices, 45 hours law/regulation/ethics, 15 hours contracts, 15 hours agency
• ✓Agency portion must include 3 hours on broker-agent relationship foundation and 3 hours on risk reduction

Each first-time licensee must take a prescribed postlicensing course focused on practical applications, completed within the first year after initial licensing. It must not repeat original-license content, be offered in modules (at least 15 modules covering topics like contracts, listing, buyer representation, ethics, advertising, agency, disclosures, property management, escrow/title/closing, financing, negotiation, and taxes), and be provided by live instruction (rural licensees may request distance education). Exemptions apply to licensees holding an out-of-state license, those who held a Nevada license within the prior 5 years, and certain broker-salespersons under NRS 645.343(4).

• ✓First-time licensees must complete postlicensing education within the first year after initial licensing
• ✓Postlicensing curriculum must contain at least 15 modules and must be by live instruction (rural exception)
• ✓Postlicensing courses are separate from continuing education and cannot be credited as CE

To renew an active license, a licensee must show compliance with postlicensing (NAC 645.4442) for renewal of an initial license, or continuing education (NAC 645.448/645.449) for later renewals. To reinstate an inactive license, the licensee must meet NAC 645.4441 requirements. For compliance purposes, 50 or more minutes of actual instruction constitutes a clock hour. Reinstatement requirements vary with the inactive period: less than 2 years generally requires the applicable postlicensing or 36 CE hours; 2 years or more may require postlicensing plus an additional 36 CE hours.

• ✓50 or more minutes of actual instruction constitutes a clock hour
• ✓Renewal of the initial license requires postlicensing education, not continuing education
• ✓Reinstatement after 2+ years inactive may require postlicensing plus an additional 36 CE hours

For renewals after the first renewal of an initial license, salespersons must complete at least 36 CE hours including agency relationships (3), Nevada law (3), contracts (6), ethics (3), risk reduction (3), and 18 hours of designated CE. Brokers/broker-salespersons must complete 36 hours including agency (3), Nevada law (3), contracts (6), ethics (3), broker management (6), risk reduction (3), and 12 designated hours. Proof must be provided before the end of each 2-year renewal period. At least 50% of required CE must be by live instruction (rural licensees may request distance education).

• ✓Salespersons and brokers each need at least 36 CE hours per 2-year renewal period
• ✓Broker CE must include 6 hours of broker management; salesperson CE does not
• ✓At least 50 percent of required CE hours must be through live instruction (rural exception)

NAC 645.463 sets key limits on CE credit: a course may not be taken for credit more than once during a single licensing period; courses used for renewal or reinstatement must be completed within the 2 years immediately before the renewal/reinstatement deadline; a licensee receives credit only upon sponsor certification of attending and completing at least 90% of the course; and the sponsor determines whether a final examination is required for course completion.

• ✓A CE course may not be taken for credit more than once in a single licensing period
• ✓CE courses must be completed within 2 years immediately before renewal/reinstatement
• ✓Credit requires attendance and completion of at least 90 percent of the course

Every broker must teach associated licensees the fundamentals of real estate/time-share practice and professional ethics, and must supervise their activities, employees, and business operations. Supervision requires written policies, rules, procedures, and systems to review and manage transactions, documents, recordkeeping, handling of money, advertising, and legal compliance including anti-discrimination laws. Broker must establish a monitoring system, may delegate administration to a broker-salesperson but cannot relinquish overall responsibility, and may retain licensees as independent contractors by written, signed, dated agreement.

• ✓Broker must teach fundamentals and ethics and supervise licensees, employees, and business
• ✓Supervision includes policies over transactions, documents, recordkeeping, money handling, advertising, and legal/anti-discrimination compliance
• ✓Broker may delegate to a broker-salesperson but retains overall supervisory responsibility
• ✓Independent contractor agreement must be signed/dated and describe supervision

In determining gross negligence/incompetence under NRS 645.633(1)(h) or deceitful/fraudulent/dishonest dealing under NRS 645.633(1)(i), the Commission considers factors including protecting the public against fraud, ascertaining pertinent facts, not exceeding one's field of competence without disclosure, disclosing interest/expected referral fees in writing, keeping current on laws, fidelity to principal and fair dealing with all parties, written signed agreements with copies to all, obtaining changes in writing, conveying material facts, and whether the licensee impeded a Division investigation. A licensee shall not accept compensation from more than one party without full disclosure to all parties.

• ✓Licensee must disclose in writing any interest, referral fees, or expected compensation from service providers
• ✓Cannot accept compensation from more than one party without full disclosure to and consent from all parties
• ✓Must convey all reasonably ascertainable material facts to the parties
• ✓Impeding an investigation (delaying documents, false information, forged/altered docs, concealing facts) is misconduct

Advertisements of services requiring a license must not be false or misleading. A licensee cannot use their name/phone in a 'for sale/lease by owner' ad unless they have an ownership interest, in which case they must use 'for sale/lease by owner-broker' or 'owner-agent.' The brokerage firm name must appear with prominence. A licensee cannot advertise another broker's exclusively-listed property without prior written consent (which the listing broker cannot give/withhold without the owner's knowledge). Licensees must conspicuously include their license number in advertisements. Franchise ads must include the licensed name and note each office is independently owned/operated. 'Advertisement' broadly includes printed, broadcast, electronic, Internet, social media, signs, billboards, business cards, and transaction documents.

• ✓Advertising must not be false or misleading
• ✓'For sale by owner' ads with licensee name require ownership interest and 'owner-broker'/'owner-agent' wording
• ✓Brokerage firm name must be clearly identified with prominence
• ✓Prior written consent required to advertise another broker's exclusive listing
• ✓Licensee must conspicuously include license number in ads; franchise ads must state each office is independently owned and operated

A licensee may not sell or offer to sell real property or a time share knowing the title is unmerchantable unless the buyer is notified before paying any part of the purchase price. In every transaction involving a licensee as agent or principal, the licensee must clearly disclose in writing to the client and any unrepresented party the agent relationship or principal status. Disclosure must be as soon as practicable but no later than when any written document is signed, then confirmed in a separate provision and kept in the broker's transaction files.

• ✓Must notify buyer of unmerchantable title before any part of the purchase price is paid
• ✓Licensee must disclose agent relationship or principal status in writing to client and unrepresented parties
• ✓Disclosure required no later than signing of any written document, confirmed separately, and kept in broker's files

A licensee must not acquire, lease, or dispose of any property/time share (or interest) for themselves, immediate family, their firm/members, or an entity in which they have an ownership interest without first disclosing in writing (1) that they are acting for themselves/related party, and (2) that they are a licensed broker, broker-salesperson, or salesperson (active or inactive). If advertising such a property or intent, the licensee must include this disclosure in the advertisement.

• ✓Written disclosure required before acquiring/leasing/disposing of property for self, family, firm, or owned entity
• ✓Must disclose licensed status (active or inactive) as broker/broker-salesperson/salesperson
• ✓Disclosure must be included in any advertisement for such transactions

A broker must keep complete real estate transaction and property management records for at least 5 years after closing or the last activity involving the property, including unaccepted offers and incomplete transactions, unless otherwise directed by the Division. A salesperson or broker-salesperson must provide paperwork to their broker within 5 calendar days after it is executed by all parties.

• ✓Broker must retain complete transaction and property management records at least 5 years
• ✓Retention includes unaccepted offers and incomplete transactions
• ✓Salesperson/broker-salesperson must give paperwork to broker within 5 calendar days of full execution

Each brokerage transaction must be numbered consecutively or indexed for audit. Complete records must be kept in Nevada and open to Division inspection/audit; electronically stored records require providing access to equipment. The broker must give written notice of records' exact location and not move them until notifying the Division. No custodial/trust account may allow withdrawal without a licensee's signature (rubber stamp is insufficient), and a salesperson may not be the only required signatory (may cosign with the broker). A broker filing bankruptcy must immediately terminate trust accounts and deposit funds into escrow with disbursement instructions. A property-management broker must keep two separate property-management trust accounts (one for rental operations, one for security deposits) distinct from other trust accounts, with a ledger for each unit. Trust accounts must be reconciled monthly within 30 days of the bank statement; allowing an account/ledger to remain in deficit more than 45 consecutive days in a year is subject to discipline.

• ✓Records must be kept in Nevada, numbered/indexed, and open to Division audit
• ✓No trust account withdrawal without a licensee's signature; salesperson cannot be sole signatory
• ✓Property managers must keep two separate trust accounts (rental operations and security deposits) with per-unit ledgers
• ✓Trust accounts must be reconciled monthly within 30 days; deficit over 45 consecutive days/year is subject to discipline

A licensee who receives a deposit on behalf of a broker or owner-developer must pay it over to that broker/owner-developer or to the designated escrow business/company within 1 business day after receiving a fully executed contract. A licensee must not deposit money into any escrow business/company in which the licensee or an associate has an interest without disclosing this association to all parties.

• ✓Deposits must be paid over within 1 business day after receiving a fully executed contract
• ✓Must disclose to all parties any interest of the licensee or associate in the escrow company used

The Division may renew a PM permit if the holder submits a renewal request with their real estate license renewal application, a $40 renewal fee, and documentation of 9 hours of property management continuing instruction. Renewal is effective on the later of license-renewal submission or fee payment; the permit expires on the same date as the holder's license.

• ✓Renewal requires a request filed with the license renewal, a $40 renewal fee, and 9 hours of property management instruction
• ✓A PM permit expires on the same date as the holder's real estate license

Real estate brokers who maintain trust accounts must submit an annual reconciliation to the Division showing a reconciliation of each trust account. The reconciliation is due by the license expiration date and must cover the calendar month immediately preceding the expiration month. Brokers not required to submit a reconciliation must instead file a declaration form annually informing the Division of this fact.

• ✓A broker must submit trust account reconciliation to the Division annually by the license expiration date
• ✓The reconciliation must include the calendar month immediately preceding the month of license expiration
• ✓A broker not required to reconcile must file a declaration form annually by the license expiration date
• ✓Violation of the reconciliation or declaration requirement subjects the broker to an administrative fine under NAC 645.695

A broker who engages in property management, or who associates with a property manager engaging in property management, must maintain complete accounting records of each property management trust account for at least 5 years after the last activity involving that account. If records are kept by computer, an additional copy must be maintained on computer disc for the same 5-year period.

• ✓Property management trust account records must be kept at least 5 years after the last activity involving the account
• ✓If maintained by computer, an additional copy must be kept on computer disc for at least 5 years
• ✓This applies to brokers who engage in or associate with property managers who engage in property management

• A. They are legally interchangeable; the landlord may apply either amount to any unpaid obligation at lease end.
• B. The last month's rent prepayment is not considered a security deposit and may only be applied to rent for the final month of tenancy.
• C. Both amounts are considered security deposits and are collectively subject to the three-times-monthly-rent statutory cap. ✓ Answer
• D. The last month's rent prepayment automatically converts to a security deposit if the tenant vacates without notice.

• A. The notice is valid because 30 days is sufficient for any month-to-month tenancy regardless of duration. ✓ Answer
• B. The notice is invalid because Nevada requires 45 days for all month-to-month terminations.
• C. The notice is valid only if the landlord provides a stated cause for termination.
• D. The notice is invalid because Nevada requires 60 days notice for tenancies that have lasted more than 6 months.

• A. 1 year
• B. 3 years
• C. 5 years ✓ Answer
• D. 7 years

• A. A clause stating that if either party sues over the lease, the prevailing party may recover reasonable attorney's fees
• B. A clause authorizing the landlord's attorney to confess judgment against the tenant for any claim arising out of the rental agreement ✓ Answer
• C. A clause imposing a late fee of 4 percent of the monthly rent when rent is more than three days late
• D. A clause requiring the tenant to carry renter's insurance and name the landlord as an additional insured

• A. All agreements automatically transfer to the supervising salesperson who has the most seniority.
• B. The agreements remain valid indefinitely until the property owners take action to cancel them.
• C. The agreements are terminated by operation of law because a property management agreement is a personal services contract tied to the broker's license. ✓ Answer
• D. NRED assumes temporary control of the agreements until a new qualifying broker is designated.

• A. 12 hours
• B. 24 hours ✓ Answer
• C. 48 hours
• D. 72 hours