Nevada Property Manager Study Guide

NRS 118A is the core residential landlord-tenant chapter and the largest single domain on the exam at 25% weight.

• Security deposits capped at 3 months' periodic rent, combined with any surety bond and last month's rent (NRS 118A.242)
• Itemized written accounting and return of remaining deposit required within 30 days of termination (NRS 118A.242)
• Tenant's claim to the deposit has priority over the landlord's creditors
• Nonpayment eviction: pay-or-quit notice, then summary eviction if unresolved by close of business on the 7th judicial day (NRS 40.253)
• No-cause termination notice periods: 30 days (month-to-month), 7 days (week-to-week), 5 days (tenancy at will) (NRS 40.251)
• Tenants 60+ or with a documented disability may request an additional 30 days in writing
• Written rental agreements must address duration, rent amount, and deposit/refund conditions (NRS 118A.200)

Source: NRS 118A

The second-largest domain at 18% weight — covers tenant screening compliance, liability, and maintenance risk.

• Tenant screening reports are governed by the federal Fair Credit Reporting Act (FCRA), including authorization and adverse-action-notice requirements
• Liability insurance transfers financial risk of injury/damage claims away from the owner and manager
• Documented, timely maintenance response reduces negligence and habitability liability exposure
• Consistent, written screening criteria applied to every applicant reduces fair-housing complaint risk
• Vendor liability insurance should be verified before hiring outside contractors

Source: General risk/liability principles

NRS 645.6056 sets the required content of a Nevada property management agreement.

• Term of the agreement and renewal provisions
• Retention and disposition of tenant deposits
• Fee or compensation structure
• Extent of the property manager's agency
• Cancellation/termination provisions
• Disclosure of asset management services, added by a 2011 amendment

Source: NRS 645.6056

Trust account handling is governed by NRS 645.310 (amended in the 2025 legislative session) and NAC 645.655, 645.806, and 645.807.

• Two separate trust accounts required: one for rental operations, one for security deposits (NAC 645.655)
• No commingling of client/trust funds with the broker's personal or operating funds (NRS 645.310)
• Monthly reconciliation; annual accounting submitted to NRED (NRS 645.310)
• Records retained at least 5 years (NAC 645.806)
• A broker-salesperson may sign trust checks only with the broker's written permission (NAC 645.807)
• No surety bond is required of Nevada property managers — confirmed by full-text search of NAC 645

Source: NRS 645.310; NAC 645.655, 645.806, 645.807

NRS 118.100 is Nevada's state Fair Housing Law, operating alongside the federal Fair Housing Act of 1968 (42 U.S.C. § 3601 et seq.).

• Federal protected classes: race, color, religion, sex, national origin, familial status, disability
• Nevada adds sexual orientation and gender identity or expression on top of the federal list
• Prohibited acts include refusal to rent, discriminatory terms/conditions, and falsely claiming a unit is unavailable
• State law does not reduce federal protections — the two apply concurrently

Source: NRS 118; 42 U.S.C. § 3601 et seq.

NRS 645.6052 and 645.6055, plus NAC 645.800 and 645.802, govern the permit itself.

• Applicant must hold an active NV RE salesperson or broker license first (NRS 645.6052)
• 24 classroom hours of pre-licensing PM education required (NAC 645.800)
• Exam: 50 scored questions, 90 minutes, 75% to pass, $75 fee (NAC 645.800(6))
• Initial permit fee $40; renewal fee $40 plus 9 hours of PM-specific CE, no re-exam (NAC 645.802)
• Permit expires on the same date as the underlying RE license
• A designated property manager must be appointed when a broker without a PM permit conducts PM activity at an office, with 2 years' active experience in the preceding 4 years (NRS 645.6055)

Source: NRS 645.6052, 645.6055; NAC 645.800, 645.802

NRS 645.6057 sets conflict-of-interest and multi-party-representation disclosure duties.

• Disclose material and relevant facts to each party as soon as practicable
• Disclose each source of compensation the property manager will receive
• Disclose if the property manager is a principal to the agreement or has an interest in a principal
• Disclose and obtain written consent when acting for more than one party
• A confidentiality obligation continues for 1 year after termination of the agreement

Source: NRS 645.6057

General fiduciary and agency-law principles applicable to a property manager acting as an agent for an owner-client.

• Core fiduciary duties: care, loyalty, disclosure, obedience to lawful instructions, and accounting
• Dual agency (representing both owner and tenant in one transaction) requires disclosure and consent
• Withholding material information to protect the manager's own fee breaches both loyalty and disclosure duties

Source: General agency/fiduciary principles

NRS 118C, "Landlord and Tenant: Commercial Premises," governs non-residential tenancies — a separate chapter from the residential protections in NRS 118A.

• "Commercial premises" means any real property other than a dwelling unit as defined in NRS 118A.140
• Net Operating Income (NOI) = gross rental income minus operating expenses, before debt service
• Escalation clauses allow scheduled or index-based rent increases over a commercial lease term
• Residential-specific protections, like the NRS 118A.242 security deposit cap, do not apply to commercial tenancies

Source: NRS 118C

NRS 118.100 also governs discriminatory advertising practices.

• Advertisements may not express a preference for or against a protected class
• An "Equal Housing Opportunity" statement signals compliance intent, though it is not a substitute for non-discriminatory practice
• Describe the property and amenities factually, without referencing a preferred occupant profile

Source: NRS 118.100