OpenExamsFREE PRACTICE — ANY EXAM

Nevada Real Estate Salesperson — Requirements & Free Practice

US-NV · License preparation

312 free questions · Answer explanations · No signup required

Choose what to practice

Start with an exam below. Your examination requirements depend on your application pathway. View licensing requirements

Combined practice

Choose an exam or combined practice to begin.

Licenses, application pathways and examination requirements

Each license and applicant pathway has its own requirements and exemptions. Choosing practice questions does not determine your eligibility.

Real Estate Salesperson

Ordinary Nevada salesperson licence, including entity representation, inactive status, renewal and restoration pathways.

Licensing authority: real estate division of the department of business and industry · Application information

Prompt reassociation or reactivation after supervising broker fails to renew
No examination is required for this applicant pathway.
Later Reactivation
After 30 days, NAC 645.325 supplies the applicable reactivation requirements.
Time Window
Within 30 calendar days, transfer to another broker and pay required fees, or reactivate with the former broker once that broker reinstates and renews.

Official no-examination sources

Effective from 2026-09-22.

  • NAC-645.html

    NAC 645.345(1), prompt transfer or reactivation after supervising broker lapse

Restoration after child support or process compliance suspension
No examination is required for this applicant pathway.
Compliance
Obtain the district attorney or public agency compliance letter under NRS 425.550 after complying with the subpoena or warrant or satisfying the arrearage under NRS 425.560.
Restoration
The Division must reinstate the licence when it receives the compliance letter under NRS 645.6605(2).

Official no-examination sources

Effective from 2026-09-22.

  • NRS-645.html

    NRS 645.6605(2), mandatory restoration after compliance letter

  • NRS-425.html

    NRS 425.550, current compliance-letter provision

Original salesperson licence on behalf of an eligible corporation or LLC
Application
Submit Form 549 with required information and verified sponsoring-broker statement; supply prior licence history when applicable.
Attorney Education
Form 501, Attorney Policy Education, accepts an accredited law degree for principles and law; approved Nevada-law, contracts and agency instruction remains required as specified, with the stated currently licensed out-of-state exemptions.
Automatic Expiration
The entity licence automatically expires upon the licensed shareholder or manager’s death, or prohibited additional share ownership, under NRS 645.387(5).
Character
Must meet NRS 645.330 honesty, trustworthiness, competence and disclosure requirements; criminal and licensing history are reviewed.
Education
Meet the 120-hour education requirement of NRS 645.343(1): principles, practices, procedures, law and ethics including at least 15 hours of contracts and 15 hours of agency; current Form 501 specifies 45 hours principles and 45 hours law including 18 hours Nevada law.
Entity Eligibility
Be the sole shareholder of a Chapter 89 corporation or manager of a Chapter 86 LLC; the nonvoting spouse community-interest exception in NRS 645.387(2) applies.
Fee
Current Form 501 and the Division initial-licensing page state a $140 salesperson application fee.
Fingerprints
Sign the fingerprint background waiver before fingerprinting; submit approved-vendor verification; current Form 501 states fingerprints expire after two months.
Minimum Age
Must be at least 18 years of age under NAC 645.100(1).
Nonresident
Non-Nevada residents must submit notarized consent to service of process, Form 656.
Restricted Capacity
Act only as the entity’s officer or agent associated with a licensed broker, not personally; file required ownership affidavits within 30 days.
Score Window
Submit original passing results within the last 12 months; NAC 645.225 accepts results for 12 months after issuance.
Equivalent out of state salesperson licence on behalf of an eligible corporation or LLC
Nevada Salesperson Examination — State Portion
Application
Submit Form 549 with required information and verified sponsoring-broker statement; supply prior licence history when applicable.
Attorney Education
Form 501, Attorney Policy Education, accepts an accredited law degree for principles and law; approved Nevada-law, contracts and agency instruction remains required as specified, with the stated currently licensed out-of-state exemptions.
Automatic Expiration
The entity licence automatically expires upon the licensed shareholder or manager’s death, or prohibited additional share ownership, under NRS 645.387(5).
Character
Must meet NRS 645.330 honesty, trustworthiness, competence and disclosure requirements; criminal and licensing history are reviewed.
Education
Meet the 120-hour education requirement of NRS 645.343(1): principles, practices, procedures, law and ethics including at least 15 hours of contracts and 15 hours of agency; current Form 501 specifies 45 hours principles and 45 hours law including 18 hours Nevada law.
Education Implementation
Form 501 accepts certified licensing history as educational proof and states currently licensed out-of-state applicants need not take the contracts and agency courses; NRS 645.343(1) remains the controlling educational provision.
Entity Eligibility
Be the sole shareholder of a Chapter 89 corporation or manager of a Chapter 86 LLC; the nonvoting spouse community-interest exception in NRS 645.387(2) applies.
Existing Licence
Hold a licence in good standing in another United States jurisdiction; its salesperson licensing requirements must be substantially equivalent and the applicant must have passed its examination, under NRS 645.332(1)(a)-(c).
Fee
Current Form 501 and the Division initial-licensing page state a $140 salesperson application fee.
Fingerprints
Sign the fingerprint background waiver before fingerprinting; submit approved-vendor verification; current Form 501 states fingerprints expire after two months.
Minimum Age
Must be at least 18 years of age under NAC 645.100(1).
National Exemption
NRS 645.332(1) exempts a qualifying applicant from the uniform national portion; current Form 501 requires the Nevada state examination and states equivalent licensed out-of-state applicants need not take the general examination.
Nonresident
Non-Nevada residents must submit notarized consent to service of process, Form 656.
Prior Jurisdiction Examination
Passing the examination in the licensing jurisdiction is prior qualification evidence. No other jurisdiction’s state examination is a Nevada requirement leaf.
Reciprocal Eligibility
Form 501, section B and its table, identifies qualifying external licence types for the Nevada salesperson pathway; eligibility must be established from the certified history.
Restricted Capacity
Act only as the entity’s officer or agent associated with a licensed broker, not personally; file required ownership affidavits within 30 days.
Score Window
Submit original passing results within the last 12 months; NAC 645.225 accepts results for 12 months after issuance.
Initial licensure by examination
Application
Submit Form 549 with required information and verified sponsoring-broker statement; supply prior licence history when applicable.
Attorney Education
Form 501, Attorney Policy Education, accepts an accredited law degree for principles and law; approved Nevada-law, contracts and agency instruction remains required as specified, with the stated currently licensed out-of-state exemptions.
Character
Must meet NRS 645.330 honesty, trustworthiness, competence and disclosure requirements; criminal and licensing history are reviewed.
Education
Meet the 120-hour education requirement of NRS 645.343(1): principles, practices, procedures, law and ethics including at least 15 hours of contracts and 15 hours of agency; current Form 501 specifies 45 hours principles and 45 hours law including 18 hours Nevada law.
Fee
Current Form 501 and the Division initial-licensing page state a $140 salesperson application fee.
Fingerprints
Sign the fingerprint background waiver before fingerprinting; submit approved-vendor verification; current Form 501 states fingerprints expire after two months.
Minimum Age
Must be at least 18 years of age under NAC 645.100(1).
Nonresident
Non-Nevada residents must submit notarized consent to service of process, Form 656.
Score Window
Submit original passing results within the last 12 months; NAC 645.225 accepts results for 12 months after issuance.
First active renewal
No examination is required for this applicant pathway.
Education
Thirty hours of postlicensing modules in the first licence year, subject to NAC 645.4442(2) exemptions; exempt licensees complete the applicable continuing education.
Fee
Applicable current renewal fee is $195.
Renewal Deadline
Renew the initial 12-month licence before expiration; submit education proof and the renewal application.

Official no-examination sources

Effective from 2026-09-22.

Renewal while inactive
No examination is required for this applicant pathway.
Education
No continuing-education proof is required for inactive renewal; applicable education must be satisfied when reinstating to active status.
Fee
Applicable current renewal fee is $195.
Status
Remain inactive and refrain from licensed transactions; renew on time.

Official no-examination sources

Effective from 2026-09-22.

Late renewal within one year of expiration
No examination is required for this applicant pathway.
Education
Meet the otherwise applicable active or inactive renewal requirements.
Fees
Pay the renewal fee, statutory late penalty and any applicable reinstatement fee; no licensed activity while expired.
Time Window
Apply within one year after expiration.

Official no-examination sources

Effective from 2026-09-22.

Restoration after military service inactive status
No examination is required for this applicant pathway.
Fee
Pay the reinstatement fee; the current-year licence fee is not required by NRS 645.600(2).
Service Proof
Present certified honorable discharge or satisfactory-service certificate.
Time Window
Request military inactive status; seek restoration within six months after service ends.

Official no-examination sources

Effective from 2026-09-22.

  • NRS-645.html

    NRS 645.600(1)-(3), explicit reinstatement without examination

Licensure for qualifying out of state licensees
Nevada Salesperson Examination — State Portion
Application
Submit Form 549 with required information and verified sponsoring-broker statement; supply prior licence history when applicable.
Attorney Education
Form 501, Attorney Policy Education, accepts an accredited law degree for principles and law; approved Nevada-law, contracts and agency instruction remains required as specified, with the stated currently licensed out-of-state exemptions.
Character
Must meet NRS 645.330 honesty, trustworthiness, competence and disclosure requirements; criminal and licensing history are reviewed.
Education
Meet the 120-hour education requirement of NRS 645.343(1): principles, practices, procedures, law and ethics including at least 15 hours of contracts and 15 hours of agency; current Form 501 specifies 45 hours principles and 45 hours law including 18 hours Nevada law.
Education Implementation
Form 501 accepts certified licensing history as educational proof and states currently licensed out-of-state applicants need not take the contracts and agency courses; NRS 645.343(1) remains the controlling educational provision.
Existing Licence
Hold a licence in good standing in another United States jurisdiction; its salesperson licensing requirements must be substantially equivalent and the applicant must have passed its examination, under NRS 645.332(1)(a)-(c).
Fee
Current Form 501 and the Division initial-licensing page state a $140 salesperson application fee.
Fingerprints
Sign the fingerprint background waiver before fingerprinting; submit approved-vendor verification; current Form 501 states fingerprints expire after two months.
Minimum Age
Must be at least 18 years of age under NAC 645.100(1).
National Exemption
NRS 645.332(1) exempts a qualifying applicant from the uniform national portion; current Form 501 requires the Nevada state examination and states equivalent licensed out-of-state applicants need not take the general examination.
Nonresident
Non-Nevada residents must submit notarized consent to service of process, Form 656.
Prior Jurisdiction Examination
Passing the examination in the licensing jurisdiction is prior qualification evidence. No other jurisdiction’s state examination is a Nevada requirement leaf.
Reciprocal Eligibility
Form 501, section B and its table, identifies qualifying external licence types for the Nevada salesperson pathway; eligibility must be established from the certified history.
Score Window
Submit original passing results within the last 12 months; NAC 645.225 accepts results for 12 months after issuance.
Reactivation after no more than two years inactive renewed
No examination is required for this applicant pathway.
Application
Submit Form 544, fees, recovery-fund payment evidence, applicable education and any additional required information; current fingerprint verification is required if inactive for over one year.
Education
Meet NAC 645.4441 and applicable NAC 645.448 requirements; first-license periods may also require postlicensing education.
Eligibility
Licence in good standing and inactive-renewed for no more than two years, subject to the special supervising-broker rule.
Implementation At Exactly Two Years
NAC 645.325(2) requires an examination only after more than two years. The lower-ranked Form 544 (Revised August 1, 2025), p. 1, instead states: EXAM: For licensees that have a “renewed/inactive” status for 24 months (2 years) or more, only the state exam must be taken. Reinstatement applicants must register and pay for the exam on the Real Estate Division’s website: https://red.nv.gov/Content/Licensing/Testing/. For exam scheduling, contact Pearson testing service: http://www.pearsonvue.com/nv/realestate/, or call: (888) 248-8055.) The rule governs this no-more-than-two-years route; applicants at exactly 24 months should see the Division form’s stricter stated demand.

Official no-examination sources

Effective from 2026-09-22.

  • NAC-645.html

    NAC 645.325(1), complete reinstatement application requirements

  • NAC-645.html

    NAC 645.325(2)-(3), examination after more than two years

  • form-544.pdf

    p. 1, EXAM, only state exam at 24 months or more

Reactivation after more than two years inactive renewed
Nevada Salesperson Examination — State Portion
Application
Submit Form 544, all applicable fees, recovery-fund evidence, current fingerprint verification and educational proof.
Competency
Demonstrate competency to the Administrator and achieve at least 75 percent on the state examination; the national portion is not required by current Form 544.
Education
Meet NAC 645.4441 requirements; if the inactive period includes the initial licence year, postlicensing and continuing education requirements may both apply.
Eligibility
Licence in good standing and inactive-renewed for more than two years.
New original application after more than one year expired
Application
Submit Form 549 with required information and verified sponsoring-broker statement; supply prior licence history when applicable.
Attorney Education
Form 501, Attorney Policy Education, accepts an accredited law degree for principles and law; approved Nevada-law, contracts and agency instruction remains required as specified, with the stated currently licensed out-of-state exemptions.
Character
Must meet NRS 645.330 honesty, trustworthiness, competence and disclosure requirements; criminal and licensing history are reviewed.
Education
Meet the 120-hour education requirement of NRS 645.343(1): principles, practices, procedures, law and ethics including at least 15 hours of contracts and 15 hours of agency; current Form 501 specifies 45 hours principles and 45 hours law including 18 hours Nevada law.
Fee
Current Form 501 and the Division initial-licensing page state a $140 salesperson application fee.
Fingerprints
Sign the fingerprint background waiver before fingerprinting; submit approved-vendor verification; current Form 501 states fingerprints expire after two months.
Minimum Age
Must be at least 18 years of age under NAC 645.100(1).
Nonresident
Non-Nevada residents must submit notarized consent to service of process, Form 656.
Previous Licence
The old licence is closed after more than one year expired; submit a new original application, new exam results, new fingerprints and other original-licence documents.
Score Window
Submit original passing results within the last 12 months; NAC 645.225 accepts results for 12 months after issuance.
Active renewal with senior continuing education exemption
No examination is required for this applicant pathway.
Education
Complete the mandatory subject areas required by NAC 645.448 and 645.449; salesperson hours are three each in agency, law, contracts and ethics. Broker-salespersons also complete required broker-management education. Permit continuing education is not exempted.
Eligibility
At least 65 years old, licensed in Nevada in good standing for at least 30 years, and approved for the exemption.
Fee
Applicable current renewal fee is $195.

Official no-examination sources

Effective from 2026-09-22.

Subsequent active renewal
No examination is required for this applicant pathway.
Education
Complete 36 hours of approved continuing education per two-year cycle, including required agency, Nevada law, contracts, ethics and risk reduction; broker-salespersons include six hours broker management. At least half must be live, subject to the authorised rural alternative.
Fee
Applicable current renewal fee is $195.
Renewal Deadline
Renew before expiration and provide proof.

Official no-examination sources

Effective from 2026-09-22.

  • NRS-645.html

    NRS 645.490(3), ordinary renewal

  • NAC-645.html

    NAC 645.445(1), complete active-renewal educational requirements

  • NAC-645.html

    NAC 645.448(1), salesperson continuing education

Transfer or status change with temporary working permit
No examination is required for this applicant pathway.
Application
Within 10 days, file the prescribed change request and pay required fees.
Existing Licence
Already hold the salesperson classification being changed.
Temporary Authority
The Division receipt supplies temporary working authority pending delivery of the changed licence.

Official no-examination sources

Effective from 2026-09-22.

  • NAC-645.html

    NAC 645.305(1)-(2), change and temporary working permit

Nevada Salesperson Examination — State Portion

Examination outline
  • I. Duties and Powers of the Commission (2%)
    • A. Determining Misconduct
    • A.1. Investigations
    • A.2. Hearings and Appeals
    • B. Enforcement and Disciplinary Action
    • B.1. Sanctions and Fines
    • B.2. Additional Education
    • B.3. License Suspension
    • B.4. Revocation
    • C. Real Estate Education, Research, & Recovery Fund
  • II. Licensing Requirements (3%)
    • A. Types of Licensing and Permits and Requirements
    • B. License Maintenance
    • B.1. License Renewal
    • B.2. Changes in License Status
    • B.3. Reasons for Denial of a License or Renewal
    • C. Required Timely Notifications to the Division
    • C.1. Conviction or entry of a guilty/nolo contendere plea
    • C.2. Broker association
    • C.3. Changes in personal information
  • III. Agency and Duties Owed (20%)
    • A. Agency
    • B. Duties Owed by a Nevada Licensee
    • B.1. Consent to Act
    • B.2. Confirmation of Agency Relationship
    • C. Waiver and Authorization to Negotiate Directly with the Seller
  • IV. License Practice (24%)
    • A. Licensee Responsibilities
    • B. Activities Requiring a License or Permit
    • C. Broker Supervision of Licensees
    • D. Commissions and other Compensation
    • E. Advertising, electronic and print
    • F. Rules for Broker Price Opinions
    • G. Handling of Monies
  • V. Disclosures (20%)
    • A. Residential Disclosure Guide
    • B. Seller’s Real Property Disclosure
    • C. Disclosure of Common-Interest Communities
    • D. Disclosure of licensee as principal
    • E. Environmental and Other disclosures
  • VI. Contracts (23%)
    • A. Brokerage Agreements, including listing and buyer representation
    • B. Preparation and Handling of Documents
    • C. Settlement Statements
    • D. Advance Fees
    • E. Handling of Earnest Money Deposits
    • F. Timelines
  • VII. Record Keeping (3%)
    • A. Maintenance of Records
    • A.1. Timely submission of records to broker
    • A.2. Required retention
    • A.3. Protection of confidential information
  • VIII. Special Topics (5%)
    • B. Timeshares
    • C. Water Rights
    • D. Solar
    • E. Smart Homes
Examination sources

Real Estate Salesperson Examination — National/General Portion

Provider
Pearson VUE
Format
General (national) portion of a state real estate salesperson examination delivered by Pearson VUE; scored separately from the state portion with a pass/fail result, and a candidate who passes one part and fails the other retakes only the failed part
Exam questions
85 items: 80 scored items and 5 pretest items that are not counted toward the score
Examination outline
  • I. REAL PROPERTY CHARACTERISTICS, LEGAL DESCRIPTIONS, AND PROPERTY USE (SALES 11; 6 KNOWLEDGE, 3 APPLICATION, 2 ANALYSIS)
    • A. Real property vs. personal property (3 items): 1. Fixtures, trade fixtures, emblements; 2. Attachment, severance, and bill of sale
    • B. Characteristics of real property (2 items): 1. Economic characteristics (a. Scarcity; b. Modification / Improvement; c. Permanence of Investment / Fixity; d. Area Preference / Situs); 2. Physical characteristics (a. Immobility; b. Indestructibility; c. Non-homogeneity / Uniqueness)
    • C. Legal descriptions (3 items): 1. Methods used to describe real property; 2. Survey
    • D. Public and private land use controls – encumbrances (3 items): 1. Public controls – governmental powers (a. Police power, eminent domain, taxation, escheat; b. Zoning ordinances); 2. Private controls, restrictions, and encroachments (a. Covenants, conditions, and restrictions (CC&Rs), HOAs; b. Easements; c. Licenses and encroachments)
  • II. FORMS OF OWNERSHIP, TRANSFER, AND RECORDING OF TITLE (SALES 9; 5 KNOWLEDGE, 2 APPLICATION, 2 ANALYSIS)
    • A. Ownership, estates, rights, and interests (5 items): 1. Forms of ownership; 2. Freehold estate (a. Fee simple absolute; b. Fee simple defeasible, determinable, and condition subsequent; c. Life estate; d. Bundle of rights); 3. Leasehold estates and types of leases (a. Estate for years and from period to period (periodic estate); b. Estate at will and estate at sufferance; c. Gross, net, percentage leases, etc.); 4. Liens and lien priority; 5. Air, surface and sub-surface rights
    • B. Deed, title, transfer of title, and recording of title (4 items): 1. Elements of a valid deed; 2. Types of deeds; 3. Title transfer (a. Voluntary alienation; b. Involuntary alienation); 4. Recording the title (a. Constructive and actual notice; b. Title abstract and chain of title; c. Marketable title and cloud on title; d. Attorney title opinion, quiet title lawsuit, and title insurance)
  • III. PROPERTY VALUE AND APPRAISAL (SALES 11; 6 KNOWLEDGE, 3 APPLICATION, 2 ANALYSIS)
    • A. Concept of value (4 items): 1. Market value vs. market price; 2. Characteristics of value; 3. Principles of value
    • B. Appraisal process (2 items): 1. Purpose and steps to an appraisal; 2. Federal oversight of the appraisal process
    • C. Methods of estimating value and Broker Price Opinions (BPO) (5 items): 1. Sales comparison approach (market data); 2. Cost approach (a. Improvements and depreciation; b. Physical deterioration, functional, and economic obsolescence; c. Reproduction or replacement costs); 3. Income approach; 4. Gross rent and gross income multipliers; 5. Comparative Market Analysis (CMA); 6. Broker Price Opinion (BPO); 7. Assessed value and tax implications
  • IV. REAL ESTATE CONTRACTS AND AGENCY (SALES 16; 7 KNOWLEDGE, 6 APPLICATION, 3 ANALYSIS)
    • A. Types of contracts (1 item): 1. Express vs. implied; 2. Unilateral vs. bilateral
    • B. Required elements of a valid contract (3 items): 1. Voluntary; 2. Agreement / Promise; 3. Legally competent parties; 4. Lawful consideration; 5. Legal act / Purpose
    • C. Contract performance (3 items): 1. Executed vs. executory; 2. Valid vs. void; 3. Voidable vs. unenforceable; 4. Breach of contract, rescission, and termination; 5. Liquidated, punitive, or compensatory damages; 6. Statute of Frauds; 7. Electronic contracts and digital signatures; 8. Time is of the essence
    • D. Sales contract (2 items): 1. Offer and counteroffer; 2. Earnest money and liquidated damages; 3. Equitable title; 4. Contingencies; 5. Disputes and breach of contract; 6. Option contract and installment sales contract
    • E. Types of agency and licensee-client relationships (2 items)
    • F. Creation and termination of agency (2 items)
    • G. Licensee obligations to parties of a transaction (3 items)
  • V. REAL ESTATE PRACTICE (SALES 10; 5 KNOWLEDGE, 3 APPLICATION, 2 ANALYSIS)
    • A. Responsibilities of broker (2 items): 1. Practicing within scope of expertise; 2. Unauthorized practice of law
    • B. Brokerage agreements between the broker and principal (seller, buyer, landlord, or tenant) (3 items): 1. Seller representation – Types of listing agreements (a. Exclusive right-to-sell and exclusive agency listing; b. Non-exclusive or open listing; c. Net listing (conflict of interest); d. Multiple listing service (MLS)); 2. Buyer representation; 3. Property management agreement (a. Accounting for funds; b. Property maintenance; c. Leasing property; d. Collecting rents and security deposits); 4. Termination of agreements; 5. Services, fees, and compensation
    • C. Fair Housing (3 items): 1. Equal opportunity in housing; 2. Protected classes; 3. Fair housing laws; 4. Illegal practices, enforcement, and penalties; 5. Prohibited advertising; 6. Housing and Urban Development (HUD); 7. Americans with Disabilities Act (ADA)
    • D. Risk management (2 items): 1. Supervision; 2. Compliance with federal regulations; including Privacy and Do Not Contact; 3. Vicarious liability; 4. Antitrust laws; 5. Fraud and misrepresentation; 6. Types of insurance (a. Errors and Omissions; b. General Liability)
  • VI. PROPERTY DISCLOSURES AND ENVIRONMENTAL ISSUES (SALES 9; 5 KNOWLEDGE, 3 APPLICATION, 1 ANALYSIS)
    • A. Property conditions and environmental issues (5 items): 1. Hazardous substances (a. Lead-based paint; b. Asbestos, radon, and mold; c. Groundwater contamination and underground storage tanks; d. Waste disposal sites and brownfields; e. Flood plains, flood zones, and flood insurance); 2. Clean Air and Water Acts; 3. Environmental Protection Agency (EPA) (a. Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA); b. Superfund Amendment and Reauthorization Act (SARA); c. Environmental site assessments (including Phase I and II studies) and impact statements; d. Wetlands protection)
    • B. Environmental and property disclosure obligations and liability (4 items)
  • VII. FINANCING AND SETTLEMENT (SALES 7; 4 KNOWLEDGE, 2 APPLICATION, 1 ANALYSIS)
    • A. Financing concepts and components (2 items): 1. Methods of financing (a. Mortgage financing – conventional and non-conventional loans; b. Seller financing – land contract/contract for deed); 2. Lien theory vs. title theory and deed of trust; 3. Sources of financing (primary and secondary mortgage markets, and seller financing); 4. Types of loans and loan programs; 5. Mortgage clauses
    • B. Lender Requirements (1 item): 1. FHA requirements; 2. VA requirements; 3. USDA Loan requirements and rural development financing; 4. Conventional requirements; 5. Buyer qualification and Loan to Value (LTV); 6. Hazard and flood insurance; 7. Private mortgage insurance (PMI) and mortgage insurance premium (MIP)
    • C. Federal Financing Regulations and Regulatory Bodies (2 items): 1. Truth-in-Lending and Regulation Z; 2. TILA-RESPA Integrated Disclosures (TRID) (a. Consumer Financial Protection Bureau (CFPB); b. Loan Estimate (LE); c. Closing Disclosure (CD)); 3. Real Estate Settlement Procedures Act (RESPA) (a. Referrals; b. Rebates); 4. Equal Credit Opportunity Act (ECOA); 5. Mortgage fraud and predatory lending
    • D. Settlement and closing the transaction (2 items)
  • VIII. REAL ESTATE MATH CALCULATIONS (SALES 7; 4 APPLICATION, 3 ANALYSIS)
    • A. Property area calculations (1 item): 1. Square footage; 2. Acreage total
    • B. Property valuation (1 item): 1. Comparative Market Analysis (CMA); 2. Net Operating Income (NOI); 3. Capitalization rate; 4. Equity in property; 5. Establishing a listing price; 6. Assessed value and property taxes
    • C. Commission/compensation (1 item)
    • D. Loan financing costs (1 item): 1. Interest; 2. Loan to Value (LTV); 3. Fees; 4. Amortization, discount points, and prepayment penalties
    • E. Settlement and closing costs (1 item): 1. Purchase price and down payment; 2. Monthly mortgage calculations- principal, interest, taxes, and insurance (PITI); 3. Net to the seller; 4. Cost to the buyer; 5. Prorated items; 6. Debits and credits; 7. Transfer tax and recording fee
    • F. Investment (1 item): 1. Return on investment; 2. Appreciation; 3. Depreciation; 4. Tax implications on investment
    • G. Property management calculations (1 item): 1. Property management and budget calculations; 2. Tenancy and rental calculations
Examination sources