Nevada Real Estate Salesperson State-Only Exam Vocabulary

Vocabulary terms, statutory references, official forms, and regulatory concepts from the Nevada State Real Estate Exam study guide.

NRS 645

Nevada statutes regulating real estate brokers and salespersons.

NAC 645

Nevada administrative regulations implementing real estate law.

Form 525

Duties Owed by a Nevada Real Estate Licensee; a required disclosure of statutory duties and agency relationships that does not create a brokerage agreement or purchase contract.

Form 524

Consent to Act for adverse-interest representation; the form used to obtain informed written consent prior to acting for both parties with adverse interests.

Form 547

Seller’s Real Property Disclosure; the prescribed form completed by the seller to disclose known property conditions in a covered residential sale.

Form 622

Residential Disclosure Guide; an official Nevada form that provides a broad guide to residential transaction disclosures.

Broker-salesperson

A broker-qualified licensee who is associated with and practices under another broker.

Commingling

The improper mixing of entrusted client funds or trust money with personal or business money.

Conversion

The unauthorized use of money entrusted to a licensee or brokerage.

Common-interest community

A development subject to association governance and applicable NRS 116 resale package and association disclosures.

Nevada Real Estate Commission

The regulatory body that holds powers to conduct disciplinary hearings concerning Nevada real estate licensees.

Nevada Real Estate Division

The agency that administers licensing, enforcement, and investigations of licensee misconduct under NRS 645.

Property management permit

A credential required in addition to appropriate licensing to manage rental property for others for compensation under NRS 645.

NRS 645.252

The Nevada statutory duty requiring a licensee to exercise reasonable skill and care with respect to all parties in a transaction.

Employing broker

The licensed broker primarily responsible for supervising associated salespersons and through whom all salesperson compensation must be processed.

Unlicensed assistant

A non-licensee who may perform administrative tasks such as scheduling showings under instructions, but cannot negotiate contracts or offer terms.

Water rights

A state-specific property interest in Nevada that requires separate due diligence and does not automatically transfer as expected with a parcel.

Leased solar system

A residential property fixture requiring licensee investigation into system ownership, lease obligations, transfer terms, and related disclosures.