Nevada Real Estate Exam Preparation

Overview

• 100 questions covering Nevada-specific laws, principles, and practices.
• State-specific laws are key, with a focus on licensing requirements, continuing education, fair housing laws, contract requirements, and more.
• Utilize Birdie.AI for additional help and study sessions.

Licensing Requirements and Procedures

• Minimum Age for License: 18 years.
• Broker's License: Requires 2 years of active real estate experience within the last 4 years.
• License Renewal: Every 2 years.
• Reactivation of Inactive License: Complete continuing education and submit a reactivation form.

Continuing Education

• Hours Required: 24 hours every 2 years.
• Mandatory Topics: Ethics, law updates, agency relationships (marketing strategies not required).
• Failure to Complete: Results in license expiration.

Exam Structure and Content

• Focus: Both National and Nevada-specific laws.
• Number of Questions: 120 questions.
• Passing Score: 75%.
• Emphasized Topics: Nevada agency relationships.

Fair Housing Laws and Regulations

• Protected Classes: Familial status, among others.
• Nevada Equal Rights Commission: Enforces anti-discrimination laws.
• Discriminatory Actions: Refusing to rent to families with children.

Contract Requirements

• Disclosure Timelines: 10 days before closing.
• Lead-Based Paint Disclosure: Seller's responsibility for properties built before 1978.
• Penalties for Non-Disclosure: Up to $10,000 per violation.

Real Estate Division and Enforcement

• Purpose: Regulate and enforce real estate laws.
• Renewal Requirements: Completion of continuing education.
• First-Time Violation Penalties: Fines up to $10,000.

Property Ownership and Land Use

• Types of Ownership: Joint tenancy (right of survivorship), leasehold (temporary interest).
• Land Use Controls: Zoning regulated by local governments.
• Zoning Laws: Promote orderly development and prevent incompatible uses.

Condominiums and HOAs

• HOA Role: Maintain common areas and enforce community rules.
• Amending Documents: Requires super majority vote from members.

Environmental and Water Rights

• Water Rights: Prior appropriation doctrine.
• Groundwater Depletion: Managed through permits.

Agency Law and Ethics

• Agent Duties: Act in client's best interest, disclosure, loyalty.
• Dual Agency: Requires full disclosure and consent.
• Fiduciary Obligations: Loyalty, confidentiality, reasonable care.

Property Valuation

• Valuation Purpose: Determine market value.
• Approaches: Cost approach for new properties, income approach for commercial.

Financing and Mortgage Options

• Home is Possible Program: Down payment assistance for first-time buyers.
• VA Loans: No down payment required.
• Loan Estimate: Informs borrowers of costs and terms.

Disclosure Requirements

• Seller's Real Property Disclosure: Must disclose material defects.
• Lead-Based Paint: Disclosure required for properties built before 1978.
• Failure to Disclose: Buyer can rescind the agreement.

Tips & Next Steps

• Use Birdie.AI for additional practice and study sessions.
• Review all disclosure forms and legal requirements for transactions.
• Understand valuation approaches and financing options thoroughly.
• Stay informed about continuing education requirements to maintain licensure.