Examinations.3. NVERRF funds collected from Nevada

Nevada state real estate law Flashcards What does NVDBID stand for?Nevada division of business and industry director Where are Nevada licensees fees, penalties and charges placed?

The Nevada state general fund EXPECT for :1. Sales and

publications of various forms and NRS/NAC regulations.2.Examinations.3. NVERRF funds collected from Nevada licensees and brokers.What does NVRED stand for?Nevada real estate division.What are the requirements for an NVREDA? 1. Should have a strong background in real estate principles and practices.2. Should have a strong background in real estate agency laws.What do you do when you receive an offer in writing?You must respond in writing How many meetings per year does the NVREC have to hold?A minimum of two meetings per year one in the north one in the south.Who appoints the Nevada real estate commissions? The governor.Requirements for Nevada real estate division employeesCannot have NV real license Who appoints the head of the NVDBI?The NVREDA.What does NVAG stand for?Nevada attorney general.What does NVERRF stand for?Nevada education, research and recovery fund What does NVDBI stand for?Nevada division of business and industry What nv real estate records are available to the public?All records held at the division are open to the public...except broker sales persons exam scores, criminal records of agent unless court ordered What does NVREDA stand for?Nevada real estate division administrator What are the rules to be a Nevada real estate commission1. A maximum of two consecutive terms2. A term constitute three years3. May be reappointed for additional terms after one term out of office.What are the duties of NV real estate division? 1.Issuing and renewing NV licenses.2.Collecting fines against licensees.3.Investigating NV real property activities against licensees when warranted.4. Checking brokers and owner developers offices when warranted.Nevada real estate divisionPrinciple office in south (las vegas)Branch office in north (carson city) How many real estate commissions does the governor appoint?He will appoint 5 commissionsNo more than two from anyone Nevada County

• different kinds of agencies1. Single agent2.Assigned3.licensee acting for both parties

What does NRS stand for?Nevada revised statutes what could happen if you were caught working without a Nevada real estate license?

• it is turned over to the Nevada district attorney or the NV

attorney general.2. Could be a class D felony What is the 18 moth rule?If the NVREC doesn't complete their term the Nevada governor appoints somebody to take over.If the new NVREC serves more then 18months it counts as a full term if less then 18 it doesn't.

What does NAC stand for?Nevada administrative code What is the Nevada fiscal year?7/1 - 6/30 Can a NVREC call a meeting with a 3 working day notice?Yes Who helps the NVRD?The NV attorney general acts as advisor.The attorney general will defend the NVRD against any action brought against it.If the complaint is against a Nevada licensee 1. A hearing will be set up with the NVREC with in 90days.2. Informal decision in 15 days3. Formal decisions in 60 days4. May appeal after 30 days on matters of law not fines.What could happen if cot discriminating against a consumer?

• $500 first offense2. Show why Nevada license should

not be revoked3. Licensee May also be liable for civil suit What are the duties of the NVREDA?1. Investigate wrongdoings2. Set up hearings with the NVREC.3. Check brokers offices when warranted4. Issue fines from $100-$10005. Issue certificates for cooperative broker6. NVERRF certifications at the end of the fiscal year.What are the duties of the NVREC?1. Adopt regulations in the NAC2. Conduct hearings against Nevada licensees3. Advise the Nevada real estate division What happens when a consumer complains about a licensee two the NVRED?

1.consumer must bring a written statement2. It may be dismiss without prejudice or turned over to the NVREDA What are the five requirements to be a Nevada real estate commissioner.

• Must be a US citizen2. Must be a Nevada resident for

five years3. Must be actively engaged in business as a broker for at least three years or a broker salesperson for at least five What does NVREC stand for?Nevada real estate commissioner