Use this guide to better inform yourself about the Nevada Real Estate licensing process.
Q-What Nevada Law Governs the licensing process and practice of real estate?
A-The primary law governing the practice of real estate is NRS/NAC 645. Click here to review NRS 645 – Click here to review NAC 645
Q –What amount of education does the state of Nevada require before an individual can become licensed?
A –The state of Nevada requires a person to complete ninety hours of education before he or she can become licensed in real estate. By no means does this requirement state that the student must attend 90 hours of class time. This requirement means that a student must understand the principles and practices (including Nevada law) of real estate before they can become licensed.
Q –How does the state measure a students knowledge of the principles and practices of real estate?
A –The states testing company administers one final exam comprised of 120 multiple choice questions. This test contains 80 questions pertaining to National real estate principles and 40 questions pertaining to the state of Nevada’s real estate laws. The prospective licensee must score a 75% or better on both of these portions.
Q –How can a student meet the ninety hour requirement deemed necessary by the state of Nevada?
A –Key Realty School has a number of different ways in which the student can meet the state of Nevada’s requirements, whether it be by classroom, home study, or the combination of both the classroom and the home study. (See the pre licensing page for descriptions) Whatever method of education is chosen by the student, it is imperative that the student understands all of the subject material before taking the examination.
Q –Does a licensee have to be a resident of the state of Nevada or a citizen of the country to become licensed?
A –No, the licensee has to be legally capable of working in the United States.
Q –Can out of state licensees wave some of the Nevada real estate educational requirement?
A –Yes, depending on how many hours of pre licensing education the prospective licensee took in another state. (See the out of state licensee page) Though the student can waive portions of the education, they must still the licensing exam at the state approved testing center. Psychological Services Incorporated is the state of Nevada’s chosen testing company. There are four locations in Nevada (two in Las Vegas) and many more across the United States. The test is administered two times a day 6 days a week. (Just call to schedule about 3 days in advance) This availability of testing is possible because the Nevada testing center administers most state licensing exams, therefore exams for management, appraisal or other licensing might be given at the same time a real estate exam is administered.
Q –Must a prospective licensee find a broker to work under before getting licensed?
A –NO, It is strongly recommended that students choose a broker that best suits there independent needs after attending the pre licensing education program. Key Realty School has several school counselors who assist in finding the right brokerage company. The licensee must choose a brokerage before they begin the practice of real estate. Nevada allows one year from the date that the student passes the licensing exam to make the decision of which brokerage to conduct business under.
Q –What are the costs of the examination and the license?
A –The exam is $100 (for both portions) payable to the Nevada approved testing company. The license is a total of $125 payable to the state of Nevada Real Estate Division. (Broker or Broker Salesperson is $145) – See the state website for any proposed or passed fee scheduled: www.Red.state.nv.us
Q –Are there additional fees that I have to pay outside of my education, test and licensing fee?
A –NO. Many licensees elect to join memberships or brokerage marketing plans which can better the licensees success ratio. These memberships and marketing plans may have fees, but no additional fees are required by law to begin your practice as a real estate licensee. All additional fees are paid for at the sole discretion of the licensee.
Q –Do I have to join the GLVAR, RSAR or another Association of Realtors?
A –NO, but many licensees elect to join the local Association of Realtors to obtain access to the MLS and other systems which may make the licensee more marketable.
Q –How competitive is the Nevada real estate market compared to other states?
A –Many successful licensees in other states have sought refuge in the savvy Nevada real estate marketplace. A senior member of the NAR was quoted when speaking about the Nevada real estate market with the following statement: “If a real estate licensee cannot succeed in Nevada, they wouldn’t be successful in real estate anywhere in the United States. From licensees prospective, it’s the easiest real estate market in the country.”
Q –What are the differences between all of the pre licensing courses offered?
A –Key Realty School’s pre licensing course has many benefits. The instructors chosen to teach the pre licensing courses are among the best in the country. (Evaluations taken from students with out of state licenses) The materials used to help students better retain the information are all designed by Key Realty School. The books and materials are always the most current laws and practice of real estate because Key Realty School publishes all of its own teaching material. All workbooks and study aids are specifically designed for Nevada testing and licensing. Key Realty School is proud to say that over 15,000 students have received their Nevada real estate education through its superior instruction.
Q –How many Nevada Real Estate licensees are there currently in Nevada? and how large is this figure in relation to other states?
A –There are 13,791 licensees as of January 1 2013 (This figure was taken from the NRED database) California has 324,178 licenses as of January 1 2013 (This figure was taken from the CDRE database) Per population, Nevada has less licensees than most neighboring states including California and Arizona.
Q –What can a real estate licensee expect to make in income the first year of practice?
A –Most positions in real estate are paid via commission only. The average income reported for the first year of practice in the state of Nevada is approximately $48,000.