Nevada License Law
Under Nevada Revised Statutes Chapter 645, which of the following acts requires a real estate license?
ASelling your own home
BNegotiating the sale of another person's real property for compensation✓ Correct
CReferring a friend to a licensed agent without receiving a fee
DManaging your own rental property
Explanation
NRS Chapter 645 requires a license to negotiate the sale, purchase, or lease of real property on behalf of another person for compensation. Owners selling their own property are exempt.
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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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
EasementA non-possessory right to use another person's land for a specific purpose.
State-Specific Concepts
License Law
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