Questions and Answers
What is the length of the prelicense course for a real estate license?
90 hours
The Nevada Revised Statutes, or ______, is the official title of the document in which the Nevada statutes are published.
NRS
The Nevada Administrative Code, or ______, is the official name of the document in which the Nevada regulations are published.
NAC
What are statutes?
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Define agency in the context of real estate.
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A brokerage agreement can only be written.
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Match the following terms with their definitions:
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What does the term 'commission' refer to in real estate law?
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A property manager can be an independent contractor.
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What is included in the definition of real estate?
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Study Notes
Prelicense Course
- Duration: 90 hours required for a real estate license.
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Content Breakdown:
- At least 45 hours on principles and practices of real estate.
- At least 45 hours on property law, real estate regulations, and ethics.
Legal Framework
- Nevada Revised Statutes (NRS): Contains all statutory laws in Nevada.
- Nevada Administrative Code (NAC): Contains all regulations governing the enforcement of these laws.
Key Terms and Definitions
- Agency: A relationship established via a brokerage agreement, allowing an agent to act on behalf of the principal in dealings with third parties.
- Brokerage Agreement: A contract where a broker agrees to assist a client in the sale, purchase, rental, or lease of real property.
- Business: Refers to tangible assets and goodwill of an enterprise.
- Business Broker: A real estate professional who sells or negotiates the sale of a business for compensation.
- Client: A person who has signed a brokerage or property management agreement with a broker.
- Commission: Refers specifically to the Real Estate Commission in Nevada.
Management and Development
- Designated Property Manager: A qualified individual appointed to manage a property as per Nevada law.
- Owner-Developer: An individual owning five or more lots in a subdivision with single-family homes, not previously sold.
- Property Management: Involves maintaining and managing real property for a fee, following a management agreement.
Real Estate Professional Roles
- Property Manager: Engaged in property management, associated with a licensed real estate broker.
- Real Estate: Encompasses various interests in real property including freeholds, leaseholds, and ownership interests in condominiums and developments.
- Real Estate Broker: Professional who facilitates transactions for compensation, including selling, renting, or leasing real estate or related properties.
- Real Estate Broker-Salesperson: Holds a broker’s license and works under a broker, typically for compensation.
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Description
Explore the Chapter 1 summary of the Prelicense Course for real estate. This chapter focuses on the principles, practices, and relevant laws that govern the real estate industry in Nevada. Understand the foundational knowledge required for obtaining a real estate license.
