Nevada License Law
What does NRS 645.315 require regarding the broker's trust account in Nevada?
AOnly one trust account is allowed per broker
BBrokers must maintain a separate, non-interest-bearing trust account for client funds, keep accurate records, reconcile monthly, and not commingle client funds with operating funds✓ Correct
CTrust accounts must earn interest that is paid to NRED
DBrokers may deposit client funds in any FDIC-insured account
Explanation
NRS 645.315 requires Nevada brokers to maintain a separate trust account for client deposits, earnest money, and security deposits.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Discount PointsPrepaid 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 TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Math Concepts
State-Specific Concepts
Trust Account Rules
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