Nevada Real Estate vocab Flashcards

Nevada Real Estate vocab Flashcards Real Estate SalesmanAny person who, as an employee or as an independent contractor, is associated with a licensed real estate broker or registered owner-developer to do or to deal in any act, acts or transactions set out or comprehended by the definition of a real estate broker, whether for a compensation or otherwise.Time-share planThe rights to time shares and the obligations and interests appurtenant thereto created by a time-share instrument.OfferEvery inducement, solicitation or attempt to bring about a sale.Property Management AgreementA written contract between a client and a broker in which the broker agrees to accept valuable consideration from the client or another person for providing property management for the client.Real Estate Broker-SalesmanAny person who holds a real estate broker's license, or who has passed the real estate broker's examination, but who, as an employee or as an independent contractor, for

compensation or otherwise, is associated with: (a) A

licensed real estate broker in the capacity of a salesman, to do or to deal in any act, acts or transactions included within the definition of a real estate broker in the law; or (b) A registered owner-developer in the capacity of a sales manager. Also, remember that the definition of real estate salesman includes "real estate broker-salesman" when applicable.Project brokerAny person who coordinates the sale of time shares for a time-share plan and to whom sales agents and representatives are responsible.Active statusThis means that a person holds a current license, is otherwise in good standing with the Division and may engage in the real estate business.Limited common areaA portion of the common area allocated by a time-share instrument for the exclusive use of at least one, but not all, of the units in a project.Dual agencyA situation in which a real estate agent represents both the buyer and the seller in the same transaction - or if two salespersons that are associated with the same broker represent the opposite parties in the same transaction. This is legal in Nevada, and is referred to under the law as "representing more than one party in a transaction." To represent more than one party to a transaction, a Nevada

broker must obtain the written, signed consent of all parties to the transaction.Real Estate BrokerA person who, for another and for compensation or with the

intention or expectation of receiving compensation: (a)

Sells, exchanges, options, purchases, rents or leases, or negotiates or offers, attempts or agrees to negotiate the sale, exchange, option, purchase, rental or lease of, or lists or solicits prospective purchasers, lessees or renters of,

any real estate or the improvements thereon or any modular homes, used manufactured homes, used mobile homes or other housing offered or conveyed with any interest in real estate; or someone who performs any of the above activities in regard to the business of buyer brokerage, business opportunities, property management, or public land sales.Property ManagementThe physical, administrative or financial maintenance and management of real property, or the supervision of such activities for a fee, commission or other compensation or valuable consideration, pursuant to a property management agreement.

Owner's net proceedsThe gross receipts to which an owner is entitled upon the disposition of any commercial real estate specified in a brokerage agreement. This term does not include any costs incurred by the owner to close escrow for the commercial real estate; or any money that is required to pay an encumbrance, claim or lien that has priority over a claim recorded under the provisions of NRS 645.8775, OTHER THAN any encumbrance, claim or lien that the person to whom the commercial real estate is conveyed or otherwise transferred authorizes to remain after the disposition of the real estate.Blanket encumbranceA deed of trust, mortgage, judgment, including an option or contract to sell or a trust agreement, affecting a subdivision or affecting more than one lot offered within a subdivision, except that such term does not include any lien or other encumbrance arising as the result of the imposition of any tax assessment by any public authority.Time-share resale brokerA person who is registered as a time-share resale broker pursuant to the provisions of this chapter.ProjectThe real property, which, in whole or in part, is the subject of a time-share plan.

Familial statusThe fact that a person: (1) Lives with a child under the age

of 18 and has EITHER legal custody of that child OR written permission to live with that child from whoever does have legal custody of the child; or (2) Is pregnant; or (3) Has begun the process of adopting or otherwise obtaining legal custody of a child.ClientA person who has entered into a brokerage agreement with a broker or a property management agreement with a broker.Affiliate of the managerAny person who controls, is controlled by or is under

common control with a manager, including a person who:

• Is a general partner, officer, director or employer of the

manager; 2. Directly or indirectly or acting in concert with one or more persons, or through one or more subsidiaries, owns, controls, or holds with the power to vote more than 20 percent of the voting interest in the manager; 3. Controls the election of a majority of the directors of the manager; or

• Has contributed more than 20 percent of the capital of

the manager.Post-licensing educationThe post-licensing curriculum of continuing education that a person is required to complete within the two years after his initial licensing under Nevada law.Camping siteA space designed and offered for the purpose of locating a trailer, tent, tent trailer, pickup camper or other similar