Chapter 3 - Nevada Real Estate Education Quiz Flashcards

Chapter 3 - Nevada Real Estate Education Quiz Flashcards Continuing education is completed:during each subsequent 2-year license renewal period An owner-developer must obtain a registration for:EACH recorded subdivision he or she intends to sell. An owner-developer registration is valid for 1 year.If a license was on inactive status for more than 2 years, and NO part of that time was during the initial license

period:

then the licensee must complete at least 48 hours of continuing education with at least 24 hours devoted to ethics, professional conduct, or the legal aspects of real estate, to reinstate the license.Course sponsors must maintain records of class attendance for credit courses by licensees, and course completion for how many years?

• years

The fee for the broker, broker-salesperson, or salesperson

licensing exam:

is $100 per exam.Any courses taken to satisfy renewal or reinstatement

requirements must be completed within:

the 2 years immediately before the latest date for the renewal or reinstatement of the license.The Real Estate Education Research and Recovery Fund:-is also referred to as ERRF or the Fund.-is a special revenue fund created under NRS 645.842 and must maintain a balance of at least $300,000 at all times.-funds are used to satisfy claims against real estate licensees.If a license was on inactive status for 2 years or less and

NO part of that time was during the initial license period:

the licensee must complete at least 24 hours of continuing education, with at least 12 hours devoted to ethics, professional conduct or the legal aspects of real estate, to reinstate the license.The Commission will not approve more than how many full hours of credit per day for a CE course if a final exam is not given?

• hours

At the end of each fiscal year, any Fund balance of over

$300,000:

must be set aside and used by theAdministrator for real estate education and research purposes.

The Real Estate Division must hold licensing exams:at least bimonthly.

If a license was inactive for between 1-2 years with any

part during the initial license period:

then the licensee must complete the 30-hour post-licensing course and a minimum of 18 hours of continuing education, not less than 12 hours of which must be devoted to ethics, professional conduct, or the legal aspects of real estate, to reinstate the license.A licensee must attend and complete at least how much of a course to receive CE credit?90% of a course to receive CE credit for it.How many hours will the Commission approve of continuing education?-7 full hours of credit per day of instruction in a course for continuing education if a final examination is NOT given; or-8 full hours of credit per day of instruction in a course for continuing education if a final examination IS given.All initial salesperson, broker-salesperson and broker

licenses issued in Nevada are valid for:

12 months, at the end of which the first time licensees are required to take 30 hours of post-licensing education within

the initial year of licensure after receiving a license.

An owner-developer is:a person who owns 5 or more lots within a recorded

subdivision, upon each of which is a previously unsold single-family home.In which of the following situations may a Nevada licensee recover his commission from the Fund, in a transaction in which he was a licensee, but was cheated out of his fee by another licensee?A licensee is never eligible to collect money from the Fund.The Fund may cover unpaid actual damages up to a

maximum of:

$25,000 per judgment, with a maximum liability of $100,000 for any one real estate licensee.A non-resident licensee who wishes to become licensed in

Nevada must first:

Appoint, in writing, the Administrator to be his or her agent before he or she can be issued a license.Licensing fees in Nevada can be found in: NRS 645.830 and the Nevada Real Estate Division (NRED) website.A payment from the Fund does not limit the Commission's

authority to:

pursue other disciplinary actions against a licensee for his violation of license laws.Once an owner-developer registers with the Division:-he is legally allowed to directly hire real estate salesmen or broker-salesmen to sell the homes covered by the owner-developer's registration.-may ONLY employ a real estate PROVIDED the owner-developer engages a real estate broker-salesperson as a sales manager and oversees the real estate salesperson's activities.Post-licensing education is completed;-during the first year of licensure-contains 15 modules-must achieve a 75% to pass

Continuing Education:-A license issued or renewed in Nevada BEFORE July 1,

2015 is valid for 4 years.-A license issued or renewed in Nevada AFTER July 1, 2015 is valid for 2 years.-Licensees must complete 24 hours of continuing education every 2 years for a total of 48hours of continuing education if the license is valid for a 4-year period.-Licensees must complete a total of 24 hours of continuing education if the license is valid fora 2-year period.-At least 12 of these 24 hours must be devoted to ethics, professional conduct, or the legal aspects of realestate.Within the first 12 months of receiving his original license, each real estate licensee must earn how many hours of post-license education?30 hours A course may not be taken for credit to meet CE

requirements more than:

once during any two consecutive renewal periods.If a license was inactive for 1 year or less, during the initial

license period:

then the licensee mustcomplete the 30-hour post-licensing course to reinstate the license.Each license period, after the initial one, is how long?24 months Each license must be renewed with the Division: BEFORE the license period expires.An owner-developer is a licensed building contractor who owns a minimum of how many lots within a recorded subdivision (on the each of which there is a previously

unsold, single-family home)?5 Once payment is made from the Fund to satisfy a judgment

against a licensee:

that licensee's license will be automatically suspended. The license must NOT be reinstated until the licensee has