Nevada Real Estate Contracts: What the Exam Tests

Nevada contract law has distinctive features tied to community property and deed of trust that are heavily tested.

Essential Elements Offer and acceptance, consideration, legal capacity (18+), legal purpose, in writing (Statute of Frauds).

Community Property Signing Requirement For community real property, **both spouses must sign** the purchase contract and deed. A contract signed by only one spouse is voidable by the other. This is one of the most tested Nevada contract topics.

Earnest Money - Salesperson delivers to broker by next business day - Broker deposits in trust account promptly - Retained by seller if buyer defaults after contingencies expire - Returned to buyer if seller defaults or buyer terminates within contingency period

Deed of Trust in Nevada Nevada uses deeds of trust: trustor (borrower), trustee (holds title), beneficiary (lender). Default enables **non-judicial foreclosure** (trustee's sale) — faster than judicial foreclosure.

Nevada Transfer Tax **Rate**: $1.95 per $500 of consideration (round up to nearest $500 if needed). - **Example**: $490,000 sale: $490,000 / $500 x $1.95 = $1,911.00 (982 x $1.95 = **$1,914.90** using exact calculation) - Simpler: $490,000 x 0.0039 = **$1,911**

Common Exam Question **Q**: A Nevada couple divorces. The husband, whose name is on the deed alone, wants to sell the family home. Can he sign the deed by himself? **A**: No — if the home is community property, both spouses must sign the deed regardless of whose name is on title.

[Practice Nevada contract questions at CARealestate.com/states/nevada](https://carealestate.com/states/nevada)