Broker Common Q&A

The following questions are designed to assist applicants in better understanding the Nevada Broker or Broker Salesperson licensing requirements:

 

Q- What is the difference in education between a broker, broker-salesperson and a salesperson?
A- All licenses must obtain the preliminary requirement of 90 hours of education, which must include the principles and practices of real estate. After taking and passing the state of Nevada’s broker test, Brokers and broker-salespersons must then show proof of either eight years experience or 64 college credits (24 of which must be real estate related). Students can also use the combination of both experience and education. (Formula: every 2 years of experience is equivalent to 16 college credits)

 

Q- What functions can a broker perform that a salesperson can’t?
A- Salespersons can facilitate a sale in representation of a broker, while a broker can perform the real estate practice independently without a superseding figure. A salesperson must have a broker who oversees the actions of the salesperson, while brokers can oversee themselves.

 

Q-What is the difference between a Broker and a Broker-Salesperson?
A- Broker-Salespersons often meet all of the same requirements as brokers, yet do not wish to be independent or have agents working underneath their brokers license. Broker-Salespersons with at least 2 of the previous 4 years full time may manage a branch office. Therefore, broker-salespersons can maintain this license for recognition purposes or for the ability to upgrade to broker license at anytime they see fit.

 

Q- If I have been Licensed for more than 8 years in another state, what will I have to take?
A- Of course you will have to meet the state of Nevada’s pre licensing requirements before you can activate a Nevada brokers license but you must also take the 45 hour or three credit course known as broker management. This course is the only broker requirement that can not be met through experience.

 

Q- What are the exact requirements deemed necessary by the state of Nevada to become a broker or a broker-salesperson?
A- The state of Nevada requires 64 college credits. 24 of these credits must be in specific real estate related courses: 

  1. 6 Credits of Law          
  2. 15 Credits in Real Estate related subjects (business, accounting, economics…)
  3. 3 Credits of Appraisal (Can be waived through 2 years full time experience)
  4. 3 Credits of Broker Management (Broker Management can not be waived and does not count toward the 64 )

Each 2 year period in which an individual was licensed in the state of Nevada or another state constitutes 16 college credits toward the requirement. Therefore, an individual licensed 8 years may waive all requirements except the Broker Management. (Licensees with over eight years experience do not need to show proof of college education) Experience can be proved through a certified licensing history from your particular state, along with broker signatures if applicable. Please call Key Schools to obtain the contact information for your state licensing department.

 

Q- How can I show proof of my college education?
A- Prospective brokers or broker sales people with under eight years must obtain a copy of their college transcripts. (education is valid for life, so it does not matter how old it is) Proof of previous education from other states, such as pre licensing or specific broker education can be received by contacting the school attended or showing proof of a licensing history from the state in which the license was active. The state will require official college transcripts but the licensing department does hold the policy that they will accept unofficial transcripts when the transcripts appear to be legitimate copies of the official. The policy to accept unofficial transcripts is at the discretion of the licensing department.   

 

Q- Does my license have to be active in another state to waive some education or validate passed education?
A- Absolutely Not. Education is valid for life, but be clear that a broker must have two of the previous four years full time experience. A broker-salesperson does not have to show proof of an active license, just education and or previous experience as a licensee. 

 

Q- What if I have only taken some college but not enough to meet the state requirements?
A- Key Realty School offers several different 3 credit college courses. The school can provide up to 21 college credit hours of education to prospective licensees. Courses titled broker upgrades each meet the three credit requirement.

 

Q- I have experience but no college education. How can I fulfill the remaining balance of the broker educational requirement?
A- Key Realty School can provide students with a maximum of 21 college credits toward the brokerage requirement. The school also works with many online colleges to fulfill additional credits. In summary, the school can assist an applicant with only 4 years of experience and no college obtain their brokers license. Contact the school admissions office today to have your credentials assessed by a broker licensing specialist. (800 472 3893)

 

Q- I have college education but no experience. How can I expedite the process of becoming a broker?
A- Prospective licensees who have college education must assess how much of the education can fit the profile of the 64 college credits noted above. (24 must be in misc. business subjects) If the individual has a college education in business or a related field the process of meeting the states requirements is much easier. Prospective licensees who do not have specific business credits can take courses offered through Key Schools to meet the state of Nevada’s business credit requirement. Individuals using education only, must first activate a Broker-Salesperson license because the individual does not have the required two years experience to become a Broker.