Nevada License Law
A Nevada licensee who acts as a principal in a real estate transaction (buying or selling for their own account) must:
AObtain special permission from NRED
BDisclose their licensed status to all other parties in writing✓ Correct
CHave their broker represent them instead
DUse a separate unlicensed entity for the transaction
Explanation
Under NRS 645, when a Nevada licensee is a principal (buyer or seller) in a transaction, they must disclose their licensed status in writing to all other parties. This prevents unfair advantage based on superior knowledge.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Fair Housing ActFederal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
State-Specific Concepts
License Law
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