NV Duties and Powers of the Commission Flashcards

NV Duties and Powers of the Commission Flashcards a nevada sales agent may sell residential property under a nv broker a nevada sales agent works under a nv project broker any nvrec can call a meeting with at least 3 days noticethe nvrec holds hearings against nv licensees An employee of the NVRED may hold a nevada real estate license The NVRED administers the provisions of NRS and NAC if a nv licensee is found guilty of discrimination, there is a 5,000 fine NVRED administrators requirements After an investigation, the complaint may be turned over to the NVAG if an unlicensed person is found guilty or wrongdoing, it is a felony D a NVREDA may not have an interest in a NV RE brokeragethe NVREDA may issue certain fines against NV licensees if nvrec doesnt complete term, nvg appoints someone to take over termif nvrec filling term serves more than 18 months, that counts as a termif nvrec filling term serves less than 18 months, it doesnt count as a term NVREC positions elected a nvrec may serve two terms of three years each consecutively there can be no more than 2 nvrecs from any nv county 64 credits in total37 in anything15 real estate related6 nevada law3 nv broker management3 real estate appraisal nv broker experience NVRED emloyee's requirementscannot have a NVRE licensecannot have a personal/financial interest in a Nevada RE company at least four nvrec meetings are held per year, two in the north and two in the south a quorum constitutes all five nvrecs a nv timeshare agent is the same as a nevada sales agentnevada sales agents must complete 90 hours of education a nevada sales agent must complete 14 hours of nvce to renew their license NV salesperson education requirements $145 license feenv broker license constitutes 3 yearsMax NVREC terms can call a meeting at anytime with three working days notice

• NVRECs

NVRED officesmust have a principle office and branches officethe principle office may be in the southern part of the state (Las Vegas)while a branch office may be in the northern part of the state (Carson City) first meeting of the fiscal yearpresident, vice president, secretary, and two other nvrecs NVREC meetings must be a us citizenmust be a nv resident for at least 5

yearsmust be actively engaged in a business as a:NV

broker for at least 3 years preceding appointment or a NV broker-salesperson for at least 5 years preceding appointmentmust take constitutional and legal oath that they have met the above requirements NVRE commission rules

90 hours45 law45 principlesnv broker testing adopt regulations in NACconduct hearings against nv licenseesadvise the nvred A nvrec must have been a nvb for 5 years nv governor appoints 5 NVREC3 nvrec from either south or north tier of nv countiesno more than 2 nvrec from any one nv county NVREC term additional terms after one term out of office NVREC 18 month rule Helps the NVREDNV Attorney general as the advisorNV attorney general will defend the NVRED against any action brought against them NV sales agentalso known as a timeshare agent not more than 10,000 per offense plus hearing costsif

discrimination: $500 first offensesecond- show why nv

license should not be revokednv licensee may also be liable for civil actionNevada attorney generals office will assist in the prosecutionmake have license suspended or revokedTake NVCE A consumer may file a complaint against a NV licensee over the phone 50 questions state80 questions nationalnv broker license application can also call a meeting at anytime with three working days notice quorum a nevada salesperson cannot work for a nv project brokerto sell commerical property, another nv license is required for a nv salesperson NVRED consists ofcustomer service and licensing departmenteducation departmentinvestigating departmentadministrative departmentsupport staff The ERRF is part of the NV State General Fund Requirement of complaint consumer must bring written statement of fact to NVREDNVRED investigator 90 hours of instruction45 law45 principles NV salesperson license investigates wrongdoing in NVREset up hearings for nv licensees with NVRECset up hearings for non-nevada licensees before the nv district attorney or nv attorney generalcheck a nevada brokers office when warrantedmay issue fines from $100 to $1,000 and require nine hours of NVCEissues certificates for cooperative brokerissues registrations for owner developersNVERRF certification at the end of the fiscal yearNevada fiscal year 7/1-6/30 a NVREDA must have a strong background in real estate finance appointed by the head of the NVDBI called the directorhead of the NVRED on behalf of NVDBIcannot have a NV real estate license in a NV RE companycannot have a personal/financial interest in a NV RE companyshould have a strong background in real estate principles and practicesshould have a strong background in real estate agency laws NVRED administrators duties NV sales agent renewal requirementssix hours of nvce in law/ethics every two years

NV sales agent testingpass nv sales agent test at a nv testing center with a 75% or better 30 hours post licensing course in classroom unless nv

brokerpay fees as follows to renew:$220 license fee

nv broker additional education nv salesperson must take a 14 hour course in order to sell timeshares nv broker education requirements set up hearing with NVREC within 90 daysinformal decision within 15 daysformal decision within 60 daysmay appeal within 30 days on matter of law, never on fine amount to appellate or district court Penalties against NV licensee

investigates complaint with two possible outcomes:dismiss

without prejudiceturn complaint over to NVREDA NVREDA - complaint - not a NV licensee

two possible outcomes:it is turned over to NV district

attorney or NV AGif guilty- Felony D NVREDA - complaint- NV licensee a nvrec need not to be a resident of nv for any length of time a nvrec is paid for their services at a rate of $150 per week 30-hour post licensing course$180 nvs license fee The nv testing center exam costs $100 for each time you take the test The NVRED checks NV brokers offices whenever they want to All the records of the NVRED are open to the public must work for a licensed nv broker or nv owner developermay sell anything your nvb permits, including residential and commercialif selling nevada timeshares, there is no additional education required NV salesperson license renewal requirements NVRED dutiesadminister the provisions under NAC/NRSissuing and renewing NV licensescollecting fines against NV licenseesinvestigating NV real property activities against NV licensees when warrantedprepare and distribute forms for duties owedprepare a booklet concerning certain NV disclosures required in a sale of Nevada Residential Property NV sales agent education requirements14 hours of instruction in timeshares and ethics renewing a nv salespersons license requiresa 45 hour post licensing course a nv salesperson can only sell residential property under a nv broker NV sales agent licensecan only sell timeshares under a nv project brokerissued a two year NV sales agent license may sell anything your nvb permits, including residential and commercialno additional education for timesharesmay work under owner developer nv broker license renewal requirements The NVREDA certifies the funds in the NVERRF at the end of the fiscal year NVRE commissioner requirements NV Records not open to the publicBroker, broker-salesperson and salesperson examinationscriminal and financial records of licensees, applicants or owner-developersif court is ordered they can be public

Nevada state general fundwhere all the nv licensees fees. penalties, and charges are

placedEXCEPT: sales of publications of various forms and

NRS/NAC regulationsexaminationsNVERRF funds collected from Nevada licensees and Nevada Brokers three members of NVREC and must have official meetingNVREC duties NV sales agents are issued a 2 year permit a nv sales agent can only sell timeshares in nv

• consecutiveNVREC Reappointment

minimum of 2one in the north and one in the south NVREC president