Nevada License Law
How long must a Nevada broker retain transaction records after closing?
A1 year
B3 years
C5 years✓ Correct
D10 years
Explanation
Nevada Administrative Code requires brokers to retain transaction records, including purchase agreements, disclosures, trust account records, and correspondence, for a minimum of five years after the transaction closes. NRED may audit these records during routine investigations or complaints.
Related Nevada Nevada License Law Questions
- Nevada's Real Estate Division is under the supervision of which state department?
- What is the Nevada Real Estate Appraiser Board and how does it differ from NRED?
- How many hours of pre-license education are required for a Nevada real estate salesperson license?
- What is the 'Nevada Association of Realtors' (NVAR) and how does it relate to NRED?
- Can a Nevada real estate licensee pay a referral fee to an unlicensed person?
- What is the Nevada Real Estate Recovery Fund and who may make a claim against it?
- Which of the following is a ground for disciplinary action against a Nevada real estate licensee?
- What is the Nevada requirement for a licensee's 'competence' when handling a type of transaction outside their experience?
Practice More Nevada Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nevada Quiz →