Nevada Real Estate Broker Exam — All Questions

Nevada real estate brokers are licensed and regulated primarily under which law?

• a.NRS Chapter 116
• b.NRS Chapter 40
• c.NRS Chapter 645✓
• d.The Nevada Merchandising Practices Act

Nevada real estate brokers and salespersons are licensed and regulated under NRS Chapter 645, administered by the Nevada Real Estate Division. NRS Chapter 116 governs common-interest communities and NRS Chapter 40 includes the stigma non-disclosure statute; those are related but separate from the licensing law in Chapter 645.

Under NRS Chapter 645, a Nevada broker's core supervisory duty is to:

• a.Actively and adequately supervise the real estate activities of affiliated licensees and the brokerage✓
• b.Personally handle every showing in the firm
• c.Guarantee each transaction closes
• d.Serve on the Real Estate Commission

NRS 645 requires a broker to actively and adequately supervise the real estate activities of affiliated licensees and the operation of the brokerage, and the broker is accountable to the Division for compliance. The broker need not personally handle every showing or guarantee closings, and serving on the Commission is not a licensing duty.

Which disclosure form is a distinctive Nevada requirement that lists the statutory duties a licensee owes to the parties?

• a.The Seller's Real Property Disclosure
• b.The Duties Owed by a Licensee form✓
• c.The lead-based paint disclosure
• d.The federal Closing Disclosure

Nevada requires the 'Duties Owed by a Licensee' form, which lists the statutory duties a licensee owes to all parties and to the client. The Seller's Real Property Disclosure covers property condition, the lead-based paint disclosure is a federal requirement, and the Closing Disclosure is a lending form; none of those is the Duties Owed disclosure.

A Nevada broker who fails to supervise affiliated licensees under NRS 645 may:

• a.Never be disciplined if the licensee acted alone
• b.Be exempt because supervision is optional
• c.Lose only the affiliated licensee's license
• d.Face discipline by the Real Estate Division for the supervisory failure✓

Failure to supervise is a basis for discipline against the broker under NRS 645, independent of the affiliated licensee's own liability. Supervision is a mandatory broker duty, not optional, and the broker's own license is at risk when the duty is neglected.