Nevada LegalLife Multistate Guide and Handbook for Selling or Buying Real Estate
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FAQ
Nevada State Reciprocity: Nevada has reciprocal agreements with the following states for real estate salesperson licenses: Arizona, Colorado, Delaware, Idaho, Kentucky, Louisiana, Minnesota, Texas, Utah and West Virginia.
The national portion of the Nevada Real Estate salesperson exam is comprised of 80 questions. In order to pass the exam an examinee must answer 60 out of the 80 questions correct to pass. The time limit allowed to complete the Real Estate Salesperson National Portion is 120 minutes.
ANSWER: No. The type of listing the real estate agent suggested is called a net listing. It is illegal in some states and very dangerous in every state.
Age 18 or older. High school graduate or GED. Proof of completion of Pre-License Education. 64 semester college credits required. 45 hours or 3 college credits Real Estate Principles or licensed experience. 45 hours or 3 college credits Real Estate Law or licensed experience.
What is a net listing in California? Net listings are legal in California only if the commission amount is disclosed to the seller before she becomes committed to the sale. Under a net listing, the seller stipulates the net amount of money he requires from the sale of the property.
The broker agrees to sell the property in order to achieve a net price to the owner, and anything which is received above the net price is the broker's commission. A net listing is prohibited by the licensing law in many states.The seller and the broker agree to terminate their relationship.
45 hours or 3 college credits Real Estate Law or licensed experience. (must include 18 hours Nevada law provided by a NV school).
Sales contracts and listings are examples of bilateral contracts. In a listing contract, the seller promises to pay if the agent promises to procure a purchaser.A lease option is a unilateral contract until the option is exercised.
Why are net listings illegal? They give dishonest brokers an opportunity to low ball the true worth of a property. The Missouri Revised Statue 339.730 states a licensee representing a seller or landlord as a sellers agent or a landlords agent will be a __. Listing agreements must be __ to be enforceable.