Nevada License Law

What is the role of the Nevada Real Estate Commission (NREC)?

ATo set mortgage interest rates in Nevada

BTo adopt regulations and hear disciplinary cases under NRS 645✓ Correct

CTo manage state-owned properties

DTo provide MLS services to licensees

Explanation

The Nevada Real Estate Commission (NREC) adopts administrative regulations to implement NRS 645 and hears disciplinary matters involving Nevada real estate licensees. It works in conjunction with the Nevada Real Estate Division (NRED).

People Also Study

Key Terms to Know

Adjustable-Rate Mortgage (ARM)

A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.

Discount Points

Prepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.

Deed of Trust

A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.

Redlining

An illegal practice where lenders or insurers deny services or charge higher rates in certain neighborhoods based on the racial or ethnic composition of those areas.

Math Concepts

Commission Calculation Interest Rate

State-Specific Concepts

License Law

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