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Recent Blog Posts
A primary responsibility of a real estate licensee is to prepare a Residential Purchase Agreement (“RPA”) that reflects “a meeting of the minds.” In today’s vernacular that means having everyone “on the same page.” The listing agent sets the ball in motion at the...read more
I was recently asked whether I was aware of any legal authority that required a real estate broker to have a "hard copy" of NRS 645 and/or NAC 645, along with any other pertinent and relevant NRS / NAC chapters in their real estate office. I contacted Mr. Jan R....read more
Can an agent send out holiday cards to past clients offering money to them if they refer a prospect to the agent?
According to Nevada Real Estate Division Chief Compliance/Audit Investigator Jan Holle, "As long as payment is not contingent on the referral closing a transaction, then it would be okay. Agents pay for leads all the time... Zillow, etc." Note: Paying an unlicensed...read more
Is a broker required to display their license & that of all other licensees associated with them so that members of the public may view them?
NRS 645.530(2)(a) states that "each real estate broker shall display his or her license conspicuously [my bold & italics] in the broker’s place of business." NRS 645.530(2)(b) states that "each broker shall prominently [my bold & italics] display in his or...read more
Does the Broker Need a Property Management Permit for the Brokerage to Conduct Property Management Activities?
NO! According to colleague Forrest Barbee, "the broker may hire a qualified person who maintains an active property management permit to either act as broker of the property management activities or appoint a qualified person as the designated property manager (see: ...read more
Let's examine the Greater Las Vegas Association of REALTORS ("GLVAR") Residential Purchase Agreement ("RPA") (Rev. 06/17). On page 1 of 11 paragraph 2: Additional Financial Terms & Contingencies: A. New Loan Application and continuing onto page 2 of 11 it asks...read more
How Much Money Will I Need to Meet the NRED’s Financial Requirement in Establishing My Own Brokerage?
I'm am not aware of any specific amount that's required. Now, let me provide you with some additional information that I hope will further assist you in the process. You'll have to complete "Instructions for Broker License All Broker Applicants" (Form 508) and "Real...read more
Some of the current issues under investigation by the Nevada Real state Division ("NRED") include the following: 1) Licensees not submitting their mid-term education or submitting mid-term education late. 2) Brokers failing to submit their annual Trust Account...read more
There are several reasons why a CE course or Post-Licensing module does not appear on your Nevada Real Estate Division ("NRED") My Account. Here are a few of the possibilities: (1) The course sponsor did not send in their upload to the NRED (sponsors are required...read more
Can I Still Renew My License Even If Some of My CE Classes Are Not Showing Up on the NRED’s “My Account”?
Yes! According to the education dept. of the NRED, as long as you have your certificate(s) you can renew. The NRED does not rely upon "My Account" in determining whether you've met your educational requirements.read more
New State Law Catches Up to Real Estate Practice – Delivery of Cancellation Upon Review of Resale Docs
SB255 amended NRS 116.4109 and now allows for the rescission ("cancellation") of a real estate contract via electronic means after the Common-Interest Community ("CIC") aka, "HOA" resale package has been reviewed by a Buyer. Most agents have always used electronic...read more
According to the NRED licensing dept., "we advise licensees to renew inactive and submit Form 580 and pay the renewal fee. No education is required to renew a license in inactive status." You mentioned your license was expiring June 30th, so you should renew inactive...read more
Oftentimes, the broker of a real estate company is not the owner. Nevertheless, the broker must show financial responsibility in order to be licensed as the company's broker. In some cases, a prospective broker is unable to meet the NRED's broker licensing financial...read more
No. According to the NRED, a broker cannot be active as a corporate broker for one company and be issued a broker salesperson license for another company. They must resign as the corporate broker and submit Form 504 with Section 3 completed for a status change from...read more
No. According to the licensing dept. at the NRED, a corporate broker can only be active for ONE corporation or LLC at a time. However, that being said, there are circumstances when a broker licensee may hold dual licenses (this information can found on page 2 of...read more
Effective, July 1st, 2017, The Nevada Real Estate Division will no longer be issuing 2-year licenses for "first-time" licensees. Those "first-time" licensees who have a 2-year license should have completed their 30 hours of "live classroom" Post-Licensing (POST)...read more