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Steve’s Blog
What is the Current FHA 90-Day Anti-Flipping Policy?
A property that is being resold 90 Days or less following the seller’s date of acquisition is not eligible for an FHA insured loan. The Rule went in and out of effect over the years. According to Rey Gallegos, Nevada State Manager & Mortgage Loan Originator...
Does a VA Appraisal Attach to a Property?
VA Appraisals stay with the property similar to FHA appraisals, but for a period of 180 days. If a Buyer is using a loan other than a VA loan to purchase the property, then a new appraisal will be ordered on a new transaction.
How Long Does an FHA Appraisal Attach to a Property?
I contacted Rey Gallegos, Nevada State Manager and Mortgage Loan Originator (NMLS # 557038) with HomeBridge Financial Services to get an answer to this question. Here it is! "When a property purchase transaction occurs where an FHA loan is being used to buy the...
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...
Current Issues Under Investigation by the NRED
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...
Why Aren’t the Classes I’ve Taken Showing Up on my NRED “My Account”?
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...
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.
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...
I Didn’t Take My Postlicensing Modules & My Licensing is Expiring.
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...
Can an Owner of a Real Estate Co. Provide the Required Financial Statement On Behalf of the Broker?
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...
Can a Corporate Broker of One Company be a Broker Salesman at Another Company?
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...
Can a Broker be a Corporate Broker for Two Companies?
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...
No More “First Time” Licensee 2-Year Licenses – Effective July 1st, 2017
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)...