Nevada · state portion

Nevada real estate law vocabulary

15 terms, defined plainly. Where a term is commonly confused with another, the definition says so — that confusion is usually the wrong answer.

NRS 645

Nevada's real estate licensing statute; with NAC 645 (the regulations) it governs licensing and conduct, enforced by the Nevada Real Estate Division.

Nevada Real Estate Division

The state agency (with the Real Estate Commission) that licenses, regulates, and disciplines real estate licensees to protect the public.

Duties Owed by a Nevada Licensee

Nevada's mandatory agency disclosure form describing the duties a licensee owes — provided to the parties. (Not the Texas IABS, PA Consumer Notice, or NC Working With Real Estate Agents form.)

Consent to Act

Nevada's signed written consent allowing a licensee to act for MORE THAN ONE party in the same transaction — NV's mechanism for multiple representation.

Nevada salesperson

NV's entry-level license — works under a licensed broker (or broker-salesperson); compensated only through the broker.

Community property (NV)

Nevada IS a community-property state — property acquired during marriage is presumed community property.

Seller's Real Property Disclosure (NRS 113)

Nevada requires the seller of residential property to disclose known defects/conditions on the state disclosure form.

Common-interest community disclosure

In an NV common-interest community (HOA), the seller must provide the buyer the resale package/certificate — a heavily tested NV requirement.

Advance fees

Fees collected before services are rendered — specifically regulated in Nevada, with accounting requirements.

Trust account (NV)

Earnest money and client funds go into the BROKER's trust account; commingling and conversion are prohibited; a salesperson delivers funds to the broker.

Real Estate Education, Research & Recovery Fund

Nevada fund that reimburses a consumer holding an unsatisfied judgment against a licensee for fraud or misrepresentation.

Timely notifications to the Division

A Nevada licensee must promptly notify the Division of a conviction or guilty/nolo plea, a change of broker association, and changes in personal information.

Advertising (NV)

Advertising must identify the broker; a salesperson advertises under the broker, not independently.

Broker price opinion (BPO)

Nevada regulates when and how a licensee may give a broker price opinion — a value estimate that is not a formal appraisal.

License renewal (NV)

Nevada licenses are renewed with required continuing education; status changes and denials are governed by NRS/NAC 645.