Nevada Real Estate Broker Exam — All Questions
3 questions
Nevada common-interest communities, such as homeowners associations, are governed by:
- a.NRS Chapter 645
- b.NRS Chapter 116✓
- c.NRS Chapter 40
- d.The federal RESPA statute
Nevada's Common-Interest Ownership Act is NRS Chapter 116, which governs homeowners associations and other common-interest communities. NRS 645 is the real estate license law, NRS 40 includes the stigma non-disclosure statute, and RESPA is a federal settlement law; none of those governs common-interest communities.
When a unit in a Nevada common-interest community is resold, the seller generally must provide the buyer with:
- a.A federal appraisal
- b.The broker's license certificate
- c.A resale package with the association's governing documents and financial information✓
- d.A survey of the entire subdivision
Under NRS 116, the seller of a unit in a common-interest community generally must provide the buyer a resale package containing the association's governing documents, financial information, and other required disclosures. This lets the buyer understand association rules, assessments, and reserves. It is not an appraisal, license certificate, or subdivision survey.
In Nevada, managing a common-interest community requires:
- a.Only a real estate salesperson license
- b.No license at all
- c.A business broker permit
- d.A separate Community Association Manager (CAM) permit✓
Managing a common-interest community in Nevada requires a separate Community Association Manager (CAM) permit, distinct from the real estate broker or salesperson license. A real estate license alone does not authorize managing an association, so brokers must recognize that this is a separately regulated activity.