Nevada License Law
What is the Nevada Real Estate Recovery Fund and who may make a claim against it?
AA fund for licensees who suffer financial hardship
BA fund created under NRS 645 that compensates members of the public who obtain an unsatisfied court judgment against a Nevada licensee for fraudulent, misrepresented, or deceptive conduct in a real estate transaction✓ Correct
CA federal fund matching state contributions for homebuyer assistance
DA fund used to reimburse brokers for legal defense costs
Explanation
The Nevada Real Estate Recovery Fund (NRS 645.842) protects consumers — not licensees — who suffer financial damage from a licensed agent's fraudulent, deceptive, or dishonest conduct. To make a claim, the consumer must have obtained a civil court judgment against the licensee, attempted to collect, and been unable to satisfy the judgment. The fund has a maximum per-licensee payout limit. The licensee's license is suspended while any recovery fund claim is outstanding.
Related Nevada Nevada License Law Questions
- What is the Nevada Real Estate Education, Research and Recovery Fund (NREC Recovery Fund) used for?
- What does it mean when a Nevada real estate license is placed on 'inactive' status?
- What is the 'Nevada Association of Realtors' (NVAR) and how does it relate to NRED?
- What is the maximum civil penalty NRED may impose on an unlicensed person who performs real estate activities in Nevada?
- What is the Nevada 'property management permit' and when is it required?
- What is 'conversion' of client funds under Nevada real estate law?
- A Nevada licensee who acts as a principal in a real estate transaction (buying or selling for their own account) must:
- To obtain a Nevada real estate broker license, an applicant must have at least how many years of active experience as a salesperson?
Practice More Nevada Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nevada Quiz →