Real Estate Pre Licensing Students. Commonly asked Q and A for students taking Real Estate Pre Licensing Course Pg 3-4

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1 READ THIS FIRST! Step-by-Step Real Estate Pre Licensing Students Important: Retain Document for Easy Reference This document contains: Commonly asked Q and A for students taking Real Estate Pre Licensing Course Pg 3-4 Step by Step study charts and suggested reading Pg 5-8 The User ID and Password for Online Course Study Pg 9 The User ID and Password for Online Practice Testing Pg 10 Instructions for scheduling Nevada State Licensing exam Pg Fingerprint and Background Check information Pg Pho ne: Realty Sch o ol.co m

2 Turn off Cell Phones Key Realty School prohibits the use of Cell Phones in any of the classroom areas. Cell phones are NOT to be used in the Key Realty School classrooms, halls, or restrooms. Students are to exit the facility and use cell phones outside of the building if necessary. Cell phones should be completely silent or turned off during instruction. The instructor will ask the student to leave for the day if a cell ring disrupts the class. Parking Do not park in the 15 minute parking zones when visiting or attending Key Realty School, unless your visit will be 15 minutes or less. Key Realty School advises all students to park in the center or rear lots of the facility. Parking policies are enforced and violators can be towed. Speak to an admissions office representative if you have questions regarding parking policies.

3 Q - Where do I attend my classes? QUESTIONS and ANSWERS A - Visit the calendar section at to click on calendars and review the location for the course that you are enrolled in. Q - How do I know what subject will be taught in the course on a specific date? A - Calendars are located in the back of all course workbooks. Calendars are also posted at Q - Do I have to check in with the admissions office? A - No, Students who have already enrolled in the course do not have to check in at the admissions Office. Q - What if I miss a scheduled class? A - Key Realty School does not monitor attendance of students; therefore students are able to arrive late, leave early and miss days. If a student comes late or leaves early, they must do so in a quiet manner. Students can learn any information missed by using the workbook, audio CD s, Online course work and any text provided with the course. Q - How do I get my state required 90 hours of education if I am absent? A - Key Realty School requires all students to take completion exams at the school location or online. Passing (75% or higher) of the completion exam shows that a student has understood 90 hours of education. Q - Why do some students have different books and materials? A - Some students have licenses in other states, thus allowing them to waive portions of the education. Other students have elected to purchase additional study material for a particular area of study. Every student is given the same core materials. Key Realty School does not recommend studying any course work not sanctioned by the school. School sanctioned material is either published by Key Schools or is sold in the admissions office. Q - What if any of my materials are defective or broken? A - Students may bring in any item found defective or broken between business hours 8AM to 6PM and Key Realty School will replace the item. Key Realty School does not replace lost items. Q - How many hours should I study outside of the classroom? A - Key Realty School recommends 1.5 hours of study for every 4.5 hours of classroom instruction. The 1.5 hours of study should include audio and book review. Students should only test themselves when the student has mastered the subject. Q - How do I access the online course work and testing? A - Directions to online course work and online testing banks are located in this stapled orientation packet. You can also request the password directly from the web site or @keyrealtyschool.com Q - What is the completion exam and when should I take it? A- A student should take the completion exam as soon as the student feels comfortable with all four of the Real estate subjects. The completion exam can be taken anytime without an appointment (8AM to 6PM/ Monday through Friday / All testing must be finished by 6PM). Simply walk in and ask for the exam. The student may take the school completion exam online by following the directions under the Current Student tab at the top of the home page. Passing students (75% or better) will also receive a certificate of completion for the course. If the student fails the completion exam, Key Realty School recommends that the student retake the areas of weakness. There is no additional cost for the completion exam at Key Schools.

4 Q - How long does the completion exam take? A - Key Realty School allows 1 hour maximum in which to complete the 40 question state portion, 2 hours maximum to complete the 80 question national portion. Q - When can I receive the results of the completion exam? A - The completion exam is scored instantly and allows students to examine their results. Q - What if I fail the completion exam? A - Students may review the results of any exam taken only during that same business day. Students may retake any failed portion of the completion exam after one business day. Students must pass both portions of the completion exam within one year of the initial enrollment to receive a certificate of completion. Q - When do I sign up for the Nevada licensing exam given by the state approved testing center? A - Students should schedule the Nevada licensing exam approximately 2 weeks ahead of the date student would like to take the exam. Key Realty School recommends that each student educate themselves to the best of their ability on all four subjects first, and then take the completion exam. The completion test will give students either a green light (passing) to proceed forward and take the state licensing exam through the state approved, or the completion exam will give the student a red light (failing) that indicates a student s weakness and suggests to further study before scheduling the state of Nevada s licensing exam. Q - How do I sign up for the Nevada licensing exam given by the state approved testing center? A - Students can enroll for the Nevada licensing exam by following the strict policies and procedures of the state approved testing center. These policies and procedures are located in this staple document or can be found online at (under the current students tab) Q - When do I actually apply for licensure? A - Students should not apply for licensure until all education and required testing has been completed. Prospective licensees will receive the application for licensure upon passing the licensing exam. This application can also be found at on the home page under Current Students tab. Prospective Nevada Real Estate salespersons need all of the following items before Nevada will except the licensing application: (salesperson only, broker or broker salesperson should use (go to current students, then select state forms for all licensing) to investigate the items necessary to turn in with the completed application) Certificate of 45 Hours of Principles in real estate education Certificate of 45 Hours of Practice and Law in real estate education state approved test pass results Completed licensing application signed off by a broker of record Q - When do I choose the broker that I would like to conduct business under? A - Key Realty School recommends that a student does not select a broker until they have completed the education and passed the Nevada licensing exam. This allows a student to make an educated decision as to which broker would work best with their independent needs. Q - What are the steps to take to simplify my licensing process? A - 1. Get fingerprints done 2. Complete your course and completion exam 3. Pass licensing exam at state approved testing center 4. Submit licensing application

5 REALTY AND PERSONAL PROPERTY Realty and Personal Property This subject is required for all Real Estate Pre Licensing Students learning via classroom or home study. Students should study all the material provided for Realty and Personal Property using the recommended steps for study below. Classrooms students may use the calendar in the back of your workbook to note dates and times of Realty and Personal Property course study. Attendance is not required. Calendars can also be found at **Students should take the school s completion exam ONLY after the student feels comfortable with all the course topics. More information pertaining to completing testing can be found online at RECOMMENDED STEPS FOR STUDY PURPOSES: STEP ONE: Please read the following Chapters in the Modern Real Estate Practice Book 19 th Edition Chapters: 1, 2, 3, 4, 5, 6, 7, 8, 13, 18, 19, 20, 21 *Textbook is not supplied in law courses and is not be included in any online only courses. Online Only students should skip this step. STEP TWO: Listen to the Realty and Personal Property AUDIO Files prior to studying the Lesson Outlines. Watch streaming video for Real and Personal Property STEP THREE: Online Students- Study Realty and Personal Property Segment in Workbook or online lesson plans / correlate to Modern R.E. Practice when needed Classroom Students- Attend classroom lecture on Realty and Personal Property and use workbook to reinforce STEP FOUR: Take Practice tests online and/or in workbook RECOMMENDED 5 DAY SCHEDULE OF STUDY: DAY ONE: Different Types of Property DAY TWO: Freehold Estates, Restrictions On Realty, 7 Ways to Take Title DAY THREE: 5 Ways to Obtain Realty DAY FOUR: 4 Types of Leasehold 3 Ways of Transferring Tenant Occupancy Rights 3 Ways to Legally Refer Realty DAY FIVE: Subject One Practice Testing

6 AGENCY AND FEDERAL LAWS Agency and Federal Laws This subject is required for all Real Estate Pre Licensing Students learning via classroom or home study. Students should study all the material provided for Agency and Federal Laws using the recommended steps for study below. Classrooms students may use the calendar in the back of your workbook to note dates and times of Agency and Federal Law course study. Attendance is not required. Calendars can also be found at **Students should take the school s completion exam ONLY after the student feels comfortable with all the course topics. More information pertaining to completing testing can be found online at RECOMMENDED STEPS FOR STUDY PURPOSES: STEP ONE: Please read the following Chapters in the Modern Real Estate Practice Book Chapters: 9, 10, 11, 12 * Textbook is not supplied in law courses and is not included in any online only courses. *Textbook is not supplied in law courses and is not be included in any online only courses. Online Only students should skip this step. STEP TWO: Listen to the Agency and Federal Laws AUDIO Files prior to studying the workbook. Watch the streaming video sessions. STEP THREE: Online Students- Study Agency and Federal Laws Segment in Workbook or online lesson plans /correlate to Modern R.E. Practice when needed Classroom Students- Attend classroom lecture on Agency and Federal Laws and use workbook to reinforce RECOMMENDED 5 DAY SCHEDULE OF STUDY: DAY ONE: 2 Types of Agency DAY TWO: 4 Different Listing Contracts, 7 Ways to Terminate Listing Agreement, Puffing Etc. DAY THREE: Status of Contracts, Classification of Contracts DAY FOUR: Federal Regulations, Fair Housing Law of 1974 and 1988, Disability Acts DAY FIVE: Subject Two Practice Testing STEP FOUR: Take Practice tests online and/or in workbook

7 FINANCE AND APPRAISAL Finance and Appraisal This subject is required for all Real Estate Pre Licensing Students learning via classroom or home study. Students should study all the material provided for Finance and Appraisal using the recommended steps for study below. Classrooms students may use the calendar in the back of your workbook to note dates and times of Finance and Appraisal course study. Attendance is not required. Calendars can also be found at **Students should take the school s completion exam ONLY after the student feels comfortable with all the course topics. More information pertaining to completing testing can be found online at RECOMMENDED STEPS FOR STUDY PURPOSES: RECOMMENDED 5 DAY SCHEDULE OF STUDY: STEP ONE: Please read the following Chapters in the Modern Real Estate Practice Book Chapters: 14, 15, 16, 17, 22 * Textbook is not supplied in law courses and is not included in any online only courses. *Textbook is not supplied in law courses and is not be included in any online only courses.online Only students should skip this step. STEP TWO: Listen to the Finance and Appraisal AUDIO Files prior to studying the workbook. Watch the streaming video sessions. STEP THREE: Online Students- Study Finance and Appraisal Segment in Workbook or online lesson plans /correlate to Modern Real Estate Practice textbook when needed Classroom Students- Attend classroom lecture on Finance and Appraisal and use workbook to reinforce STEP FOUR: Take Practice tests online and/or in workbook DAY ONE: Urban Patterns, Employment, Physical Characteristics of Land Appraisal, Types of Values DAY TWO: Approaches to Value Market Approach Value, Cost of Approach Value, Income Approach Value DAY THREE: Mortgage Brokers & Retail Mortgage Banker, FHA Loans, Housing Loans DAY FOUR: Mortgage Payment Plans Equity, Points, Prime Rate Federal Reserve Systems DAY FIVE: Subject Three Practice Testing

8 NEVADA STATE LAW Nevada State Law This subject is required for all Real Estate Pre Licensing Students learning via classroom or home study. Students should study all the material provided for Nevada State Law using the recommended steps for study below. Classrooms students may use the calendar in the back of your workbook to note dates and times of Nevada State Law course study. Attendance is not required. Calendars can also be found at **Students should take the school s completion exam ONLY after the student feels comfortable with all the course topics. More information pertaining to completing testing can be found online at RECOMMENDED STEPS FOR STUDY PURPOSES: RECOMMENDED 5 DAY SCHEDULE OF STUDY: STEP ONE: Listen to the two Nevada State Law AUDIO Files prior to studying the workbook. STEP TWO: Online Students- Study Nevada State Law Segment in Workbook or online. Watch the streaming view sessions Classroom Students- Attend classroom lecture on Nevada State Law and use workbook to reinforce STEP THREE: Located in the second part of your State Law workbook you will find the NAC/NRS codes. Review these codes. Do not attempt to memorize all the information contained in this section, but understand how they apply to the practice of real estate in Nevada. STEP FOUR: Take Practice tests online and/or in workbook DAY ONE: Useful Acronyms used throughout NV State Law, Obtaining a NV Sales Agent s License, Obtaining a NV Salesperson s License, Requirement for a NV Property Management Permit (NVPMP), NRS/NAC 113, NRS/NAC 116, NRS/NAC 119, NRS/NAC 119A, Quiz 1 DAY TWO: NVREC, NVRED, Outcomes of Consumer Complaints, NVREDA, Cooperative Broker Certificates, NVERFF, Quiz 2 DAY THREE: Applying for a Nevada License, License Status, Who is Not Required to Have a Nevada License, Quiz 3 DAY FOUR: Nevada Broker/Brokerage Requirements, What a Broker Must Teach, Train and Supervise, Duties of a Nevada Broker, Quiz 4 DAY FIVE: Nevada Broker Agreements, Broker Requirements Penalties and Regulations, Subject Four (State Law) Testing, Take Final Exam in the Book

9 Online Course Study Password Note: If the student has received their own online access they are encouraged to use that. If the student cannot locate it, then the codes below are general and may be used in place of their own access codes. A unique student code can also be acquired at KeyRealtySchool.net under forgot User name. (see following page for Online Practice Testing password) STEP ONE: Log onto STEP TWO: Select the Current Students tab at top of page, then click on Online Course Work STEP THREE: Select the 90 Hour Nevada Real Estate Pre Licensing course link STEP FOUR: Select the Login Button (blue key) STEP FIVE: Type in the Username and Password exactly (uppercase, lowercase) as shown below: USERNAME: KeyStudent PASSWORD: 1926 (NOTE: The above password is for Online Course Study ONLY. There is a password for Online Practice Testing on the following page.) STEP SIX: Click OK STEP SEVEN: READ the directions that appear on the first page of the online course STEP EIGHT: Read, review and study the supplied online course study material NOTE: Questions or problems pertaining to course work must be ed to @keyrealtyschool.com Commonly Asked Questions and Answers Q- Do I have to log onto the course a certain number of hours? A- No, a certain number of hours is not required. The passing of the completion exam will provide the student with the number of hours necessary to receive the educational certificates. Q- What if I don t understand a section of the material? A- Online or Correspondence students are required to their question to @keyrealtyschool.com Classroom students may their question, ask the admissions office or ask their classroom instructor. Q- What happens if my internet connection or the server times out or fails during my course study? A- Student will need to begin with STEP ONE above again.

10 Online Practice Testing Password Note: If the student has received their own online access they are encouraged to use that. If the student cannot locate it, then the codes below are general and may be used in place of their own access codes. A unique student code can also be acquired at KeyRealtySchool.net under forgot User name. (see preceding page for Online Course Study password) STEP ONE: Log onto STEP TWO: Select the Current Students tab at top of page, then click on Online Practice Testing STEP THREE: Read the testing directions before selecting the Login Button (Blue Key) STEP FOUR: Type in the Username and Password exactly (lowercase) as shown below: USERNAME: keystudent PASSWORD: 1925 (NOTE: The above password is for Online Practice Testing ONLY. There is a password for Online Course Study on the preceding page.) STEP FIVE: Click OK STEP SIX: Click on the desired practice test. NOTE: Questions or problems pertaining to practice testing must be ed to @keyrealtyschool.com Commonly Asked Questions and Answers Q- Do any of the practice tests that I take online or via the workbook count toward my overall grade? A- No. All practice testing is designed to aid the student in their understanding of the course study material. Students are advised to educate themselves using ALL materials provided until they are able to pass the completion exam with Key Realty School. The completion exam is designed to mimic the State of Nevada s licensing exam, therefore giving the student the confidence to pass the exam. Q- How many practice questions are there online? A- There are approximately 550 practice questions online. Questions are constantly added and subtracted from the testing pool. *NOTE: Testing is time sensitive and may log the tester out if more than the allotted time is spent on a practice exam. Key Realty School recommends the student print a hard copy of the exam and mark all answers on the printed copy. This will allow the student to sign back in and input the answers without concern relative to timing. The tester WILL forfeit all answers entered if the exam times out.

11 INTRODUCTION CONTACT INFORMATION Candidates may contact Pearson VUE with questions about this handbook or an examination. Pearson VUE/Nevada Real Estate 5601 Green Valley Dr., Bloomington, MN Phone: (888) Website: Live Chat is available to address your support inquiries and is the quickest way to reach a customer service agent. It s available from 8:00 AM through 5:00 PM Central Time, Monday through Friday, subject to change during locally designated holidays. Please visit for further information. Candidates may contact the Nevada Real Estate Division (NRED) with questions about obtaining or maintaining a license or permit East Sahara Avenue, Ste. 102 Las Vegas, Nevada Phone: (702) Nevada Real Estate Division Department of Business and Industry Website: East College Parkway, Suite 110 Carson City, Nevada Phone: (775) THE LICENSURE PROCESS Licensure is the process by which an agency of state government or other jurisdiction grants permission to individuals to engage in the practice of, and prohibits all others from legally practicing, a particular profession, vocation, or occupation. By ensuring a minimum level of competence, the licensure process protects the general public. The state regulatory agency is responsible for establishing the acceptable level of safe practice and for determining whether an individual meets that standard. The state of Nevada has retained the services of Pearson VUE to develop and administer its real estate examination program. Pearson VUE is a leading provider of assessment services to regulatory agencies and national associations. PRACTICE TESTS GENERAL (NATIONAL) PORTION ONLY General-portion practice tests are offered exclusively online at giving candidates even more opportunity to succeed on real estate examinations. The general-portion practice tests will not only help prepare candidates for the types of questions they will see on the general portion of the licensure examination but also familiarize them with taking computer-based examinations. Pearson VUE offers a practice test for real estate that contains questions developed by subject matter experts using concepts found in the general portion of the licensure examination. The test closely reflects the format of the general portion of the licensure examination, can be scored instantly, and provides immediate feedback to help candidates identify correct and incorrect answers. Candidates can purchase general-portion practice tests anytime by visiting

12 RESERVATIONS MAKING AN EXAM RESERVATION Walk-in examinations are not available. Online reservations are the most efficient way for candidates to schedule their examination. Candidates must go to to make an online reservation for an examination. First-time users are required to create an account. The candidate will need to fill in all required fields, which are preceded by an asterisk (*), on the online form in order to create an ID and be assigned a password. Step-by-step instructions will lead the candidate through the rest of the examination reservation process. Our website is optimized to work on mobile devices such as phones and tablets as pictured below. Candidates must make an online reservation at least twenty-four (24) hours before the desired examination date. Candidates who wish to make a phone reservation at (888) must do so at least twenty-four (24) hours before the desired examination date (unless an electronic check is used for payment, as detailed on page 9). Before making a reservation, candidates should have the following: Legal name, address, Social Security number, daytime telephone number, and date of birth The name of the examination(s) CHANGE/CANCEL POLICY Candidates should call (888) at least forty-eight (48) hours before the examination to change or cancel a reservation. Candidates who change or cancel a reservation with proper notice may either transfer the fee to a new reservation or request a refund. Candidates who change or cancel their reservations without proper notice will forfeit the examination fee. Refunds for credit/ debit cards are immediate, while refunds for electronic checks will be processed in two to three (2-3) weeks. Candidates are individually liable for part of the examination fee once a reservation has been made, whether individually

13 or by a third party. ABSENCE/LATENESS POLICY Candidates who are late to or absent from an examination may be excused for the following reasons: Illness of the candidate or that of the candidate s immediate family member Death in the immediate family Disabling traffic accident Court appearance or jury duty Military duty Weather emergency Candidates who are absent from or late to an examination and have not changed or canceled the reservation according to the Change/Cancel Policy will not be admitted to the examination and will forfeit the examination fee. Written verification and supporting documentation for excused absences must be submitted to Pearson VUE within fourteen (14) days of the original examination date. Written verification and supporting documentation can be sent by fax to (888) or mailed to the following address: Pearson VUE/Nevada Real Estate 5601 Green Valley Dr., Bloomington, MN WEATHER DELAYS AND CANCELLATIONS If severe weather or a natural disaster makes the Pearson VUE test center inaccessible or unsafe, the examination may be delayed or canceled. Pearson VUE will notify and reschedule candidates in the case of severe weather. ACCOMMODATIONS Pearson VUE complies with the provisions of the Americans with Disabilities Act as amended. The purpose of accommodations is to provide candidates with full access to the test. Accommodations are not a guarantee of improved performance or test completion. Pearson VUE provides reasonable and appropriate accommodations to individuals with documented disabilities who demonstrate a need for accommodations. Test accommodations may include things such as: A separate testing room Extra testing time A Reader or Recorder, for individuals with mobility or vision impairments and cannot read or write on their own Test accommodations are individualized and considered on a case-by-case basis. All candidates who are requesting accommodations because of a disability must provide appropriate documentation of their condition and how it is expected to affect their ability to take the test under standard conditions. This may include: Supporting documentation from the professional who diagnosed the condition, including the credentials that qualify the professional to make this diagnosis A description of past accommodations the candidate has received The steps to follow when requesting test accommodations vary, depending on your test program sponsor. To begin, go to and then select your test program sponsor from the alphabetized list. Candidates who have additional questions concerning test accommodations may contact the ADA Coordinator at accommodationspearsonvue@pearson.com.

14 EXAM DAY WHAT TO BRING All candidates must bring to the test center on examination day the following: Two (2) forms of signature identification, one of which must be government-issued and photo-bearing Acceptable Forms of Candidate Identification Candidate must present two (2) forms of current signature identification. The name on the identification must exactly match the name on the registration. The primary identification must be government issued and photo-bearing with a signature and the secondary identification must contain a valid signature. Identification must be in English. Primary ID (photograph and signature, not expired) Government-issued Driver s License U.S. Dept. of State Driver s License U.S. Learner s Permit (plastic card only with photo and signature) National/State/Country ID card Passport Passport Card Military ID Military ID for spouses and dependents Alien Registration Card (Green Card, Permanent Resident Visa) Secondary ID (signature, not expired) U.S. Social Security card Debit (ATM) or Credit card Any form of ID on the Primary ID list REQUIRED ITEMS Candidates who do not present the required items will be denied admission to the examination, will be considered absent, and will forfeit the examination fee. If the ID presented has an embedded signature that is not visible (microchip), or is difficult or impossible to read, the candidate must present another form of identification from the Primary ID or Secondary ID list that contains a visible signature. Pearson VUE does not recognize grace periods. For example, if a candidate s driver s license expired yesterday and the state allows a 30-day grace period for renewing the ID, the ID is considered to be expired. EXAM PROCEDURES Candidates should report to the test center thirty (30) minutes before the examination and check in with the test center administrator. The candidate s identification and other documentation will be reviewed and they will be photographed for the score report. Candidates are required to review and sign a Candidate Rules Agreement form. If the Candidate Rules Agreement is not followed and/or cheating or tampering with the examination is suspected, the incident will be reported as such and the appropriate action will be taken. The examination fee will not be refunded, the exam may be determined invalid, and/or the state may take further action such as prohibiting candidates from retaking the examination and/or denying a license. Candidates will have an opportunity to take a tutorial on the PC on which the examination will be administered. The time spen t on this tutorial will not reduce the examination time. The examination administrators will answer questions, but candidates should be aware that the administrators are not familiar with the content of the examinations or with the state s licensing requirements. Examination administrators have been instructed not to advise candidates on requirements for licensure. Candidates may begin the examination once they are familiar with the PC. The examination begins the moment a candidate looks at the first examination question. The time allotted for the examination varies (see chart on next page). The examination will end automatically after the examination time has expired, and candidates will leave the test center with their official scores in hand.

15 EXAMINATION TIME ALLOTTED NUMBER OF ADDITIONAL EXAMINATION NUMBER OF QUESTIONS PRETEST QUESTIONS* TIME ALLOTTED Salesperson Combination minutes General Portion minutes State Portion minutes Broker Combination minutes General Portion minutes State Portion minutes Business Broker minutes Community Association Manager minutes Inspector of Structures minutes Property Manager minutes Timeshare Sales Agent minutes * These questions are not scored but are included in the time allotted. SCORE REPORTING When candidates complete the examination, they will receive a score report marked pass or fail. Candidates who pass the examination will receive a score report that includes information on how to apply for a license. Candidates who fail the examination will receive a score report that includes a numeric score and diagnostic information relating to the general section of the examination, as well as information about reexamination. REVIEW OF EXAMS For security reasons, examination material is not available to candidates for review. RETAKING THE EXAM The salesperson and broker examination is divided into two parts: general (national) and state. Those who pass one part of the examination and fail the other part, need to only retake the failed part within twelve (12) months. Candidates who after twelve (12) months have not passed both parts must retake the entire examination. Reservations for reexamination may not be made at the test center, and candidates must wait twenty-four (24) hours before making one. SCORE EXPLANATION Percent Score There are multiple versions of each of the licensing examinations. These versions are known as forms. All forms of an examination are developed based on the content outlines. To ensure that no candidate is put at an unfair advantage or disadvantage due to the particular form of an examination that he or she is given, a statistical procedure known as equating is used to attain comparable form difficulty. The passing score of an examination was set by the Nevada Real Estate Division (in conjunction with Pearson VUE) after a comprehensive study was completed for each examination. The examination score is reported as a percent score on a scale of 0%- 100%. It is the percentage of questions answered correctly on the examination. You need to answer 75% of questions correctly in order to pass the examination. The diagnostic information provides the percentage of questions in each content area that you answered correctly. It is determined by taking the number of questions answered correctly in a content area divided by the total number of questions in that content area. As each content area does not contain the same number of questions, it is not appropriate to mathematically manipulate (for example, sum or average) the content area percentages in an effort to calculate your overall score. The content area information provided is meant only as a general guide for study purposes. Please note that even if your percentages are high in certain content areas you should review all content areas before retaking

16 the exam. DUPLICATE SCORE REPORTS Candidates may request a duplicate score report by completing and submitting the form found in this handbook. TEST CENTER POLICIES The following policies are observed at each test center. Candidates who violate any of these policies will not be permitted to finish the examination and will be dismissed from the test center, forfeiting the examination fee. No personal items are allowed in the testing room. Personal items include but are not limited to: cellular phones, handheld computers or other electronic devices, pagers, watches, wallets, purses, firearms or other weapons, hats, bags, coats, books, notes, or pens or pencils. Candidates must store all personal items in a secure area as indicated by the administrator, or return items to their vehicle. All electronic devices must be turned off before storing them in a locker. The test center is not responsible for lost, stolen or misplaced personal items. Studying is not allowed in the test center. Visitors, children, family or friends are not allowed in the test center. Dictionaries, books, papers (including scratch paper), and reference materials are not permitted in the examination room (unless permitted by the Nevada Real Estate Division), and candidates are strongly urged not to bring such materials to the test center. Upon entering and being seated in the testing room, the test administrator will provide the candidate with materials to make notes or calculations and any other items specified by the Nevada Real Estate Division. The candidate may not write on these items before the exam begins or remove these items from the testing room. Eating, drinking, chewing gum, smoking, and/or making noise that creates a disturbance for other candidates is prohibited during the exam. Break policies are established by the Nevada Real Estate Division. To request an unscheduled break, the candidate must raise their hand to get the administrator s attention. The exam clock will not stop while the candidate is taking a break. Candidates must leave the testing room for all breaks. However, candidates are not permitted to leave the floor or building for any reason during this time, unless specified by the administrator and the Nevada Real Estate Division. If a candidate is discovered to have left the floor or building they will not be permitted to proceed with the examination and may forfeit the exam fees. While taking a break, candidates are permitted to access personal items that are being stored during the exam only if necessary for example, personal medication that must be taken at a specific time. However, a candidate must receive permission from the administrator prior to accessing personal items that have been stored. Candidates are not allowed access to other items, including but not limited to, cellular phones, exam notes, and study guides, unless the Nevada Real Estate Division specifically permits this. Any candidate discovered causing a disturbance of any kind or engaging in any kind of misconduct giving or receiving help; using notes, books, or other aids; taking part in an act of impersonation; or removing examination materials or notes from the examination room will be summarily dismissed from the examination and will be reported to the state licensing agency. Decisions regarding disciplinary measures are the responsibility of the state licensing agency. QUESTIONS OR COMMENTS ABOUT THE EXAM For security reasons, examination material is not available to candidates for review. Candidates who have questions, comments, or concerns related to the exams, scoring or score reports, or who wish to verify any data held in Pearson VUE files, should direct written inquiries to Pearson VUE at the address provided on the inside front cover of this handbook. Candidates may also their questions directly to Pearson VUE Customer Service at pearsonvuecustomerservice@pearson.com. In all correspondence, candidates should provide their name and address information. If questions or comments concern an examination already taken, candidates should also include: the name of the examination the date the examination was taken the location of the test center

17 General Exam Content Outline for Salesperson and Broker The general portion of the real estate exam is made up of eighty (80) scored items, which are distributed as noted in the following content outline. The general examination also contains five (5) pretest items that are not counted toward the score. These items are used to g ather statistics on performance and to help assess appropriateness for use on future examinations. Because pretest items look exactly like items that are scored, candidates should answer all the items on the examination. I. REAL PROPERTY CHARACTERISTICS, LEGAL DESCRIPTIONS, AND PROPERTY USE (SALES 8; BROKER 8) A. Real property vs. personal property 1. Fixtures, trade fixtures, emblements 2. Attachment, severance, and bill of sale B. Characteristics of real property 1. Economic characteristics 2. Physical characteristics C. Legal descriptions 1. Methods used to describe real property 2. Survey D. Public and private land use controls encumbrances 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 b. Easements c. Licenses and encroachments II. FORMS OF OWNERSHIP, TRANSFER, AND RECORDING OF TITLE (SALES 7; BROKER 7) A. Ownership, estates, rights, and interests 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 b. Estate at will and estate at sufferance c. Gross, net, and percentage leases 4. Liens and lien priority 5. Surface and sub-surface rights B. Deed, title, transfer of title, and recording of title 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 7; BROKER 7) A. Concept of Value 1. Market value vs. market price 2. Characteristics of value 3. Principles of value B. Appraisal process 1. Purpose and steps to an appraisal 2. Federal oversight of the appraisal process C. Methods of estimating value and Broker Price Opinions (BPO) 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; BROKER 16) A. Types of contracts 1. Express vs. implied 2. Unilateral vs. bilateral B. Required elements of a valid contract C. Contract performance 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

18 6. Statute of Frauds 7. Time is of the essence D. Sales contract 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 F. Creation and termination of agency G. Licensee obligations to parties of a transaction V. REAL ESTATE PRACTICE (SALES 18; BROKER 18) A. Responsibilities of broker 1. Practicing within scope of expertise 2. Unauthorized practice of law 3. Privacy and Do Not Contact B. Brokerage agreements between the broker and principal (seller, buyer, landlord, or tenant) 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 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 1. Supervision 2. Compliance with federal regulations 3. Vicarious liability 4. Antitrust laws 5. Fraud and misrepresentation 6. Types of insurance a. Errors and Omissions b. General Liability VIII. REAL ESTATE MATH CALCULATIONS(SALES 8; BROKER 10) A. Property area calculations 1. Square footage 2. Acreage total B. Property valuation 1. Comparative Market Analysis (CMA) 2. Net Operating Income (NOI) VI. PROPERTY DISCLOSURES AND ENVIRONMENTAL ISSUES (SALES 6; BROKER 5) A. Property conditions and environmental issues 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 plain 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 and impact statements d. Wetlands protection B. Disclosure obligations and liability VII. FINANCING AND SETTLEMENT (SALES 10; BROKER 9) A. Financing concepts and components 1. Methods of financing a. Mortgage financing conventional and nonconventional 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. FHA requirements 2. VA requirements 3. Buyer qualification and Loan to Value (LTV) 4. Hazard and flood insurance 5. Private mortgage insurance (PMI) and mortgage insurance premium (MIP) C. Federal Financing Regulations and Regulatory Bodies 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

19 3. Capitalization rate 4. Gross rent multiplier - Broker Only 5. Gross income multiplier - Broker Only 6. Equity in property 7. Establishing a listing price 8. Assessed value and property taxes C. Division/compensation D. Loan financing costs 1. Interest 2. Loan to Value (LTV) 3. Amortization 4. Discount Points 5. Prepayment penalties 6. Fees E. Settlement and closing costs 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. Return on investment 2. Appreciation 3. Depreciation 4. Tax implications on investment G. Property management calculations 1. Property management and budget calculations 2. Tenancy and rental calculations

20 Nevada Salesperson and Broker Content Outline The state-specific examination is made up of forty (40) scored items for salesperson candidates and fifty (50) scored items for broker candidates. The salesperson and broker examinations also contain five to ten (5-10) pretest items. The pretest items are not identified and will not affect a candidate s score in any way. The following examination content outline is applicable to both real estate salespersons and real estate brokers. I. DUTIES AND POWERS OF THE COMMISSION (5%) A. Determining Misconduct 1. Investigations 2. Hearings and Appeals B. Enforcement and Disciplinary Action 1. Sanctions and Fines 2. Additional Education 3. License Suspension 4. Revocation C. Real Estate Education, Research, and Recovery Fund II. LICENSING REQUIREMENTS (10%) A. Types of Licensing and Permits and Requirements B. Activities Requiring a License or Permit C. License Maintenance 1. License Renewal 2. Changes in License Status 3. Reasons for Denial of a License or Renewal D. Required Timely Notifications to the Division 1. Conviction or entry of a guilty/nolo contendere plea 2. Broker association 3. Changes in personal information E. Branch Offices and License Display (Broker Only) F. Cooperative Certificates (Broker Only) III. AGENCY (20%) A. Agency B. Duties Owed by a Nevada Licensee C. Consent to Act D. Confirmation of Agency Relationship 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. Other disclosures VI. CONTRACTS (15%) A. Brokerage Agreements, including listing and buyer representation B. Preparation and Handling of Documents C. Closing Statements D. Advance Fees E. Handling of Earnest Money Deposits VII. RECORD KEEPING (5%) A. Maintenance of Records 1. Timely submission of records to broker 2. Required retention 3. Protection of confidential information B. Inspection of Records (Broker Only) C. Trust Account Records and Management (Broker Only) VIII. SPECIAL TOPICS (5%) A. Subdivisions B. Time Shares C. Environmental Issues D. Water Rights IV. LICENSE PRACTICE (20%) A. Licensee Responsibilities B. Broker Supervision of Licensees C. Commissions and other Compensation D. Advertising E. Rules for Broker Price Opinions F. Handling of Monies

21 Fingerprinting Electronic Fingerprint Vendors Southern Nevada Fingerprinting Pros 2620 S. Maryland Pkwy, Suite 17 Las Vegas, NV Phone: (702) NOTICE: Prints are valid for 180 days The Nevada Real Estate Division will only accept verification of fingerprints with a submission date of no more than 180 calendar days prior to the application date. Applicants who have completed prints more than 180 days prior may be required to complete a current set of prints and submit for a current background check. Obtaining your prints and commencing the background check early will ensure your ability to activate your license in the quickest way possible. There are two approved methods to obtain the fingerprints and begin the Nevada Real Estate Division required background check. Key Realty School recommends that students who elect to complete the fingerprint and background submission OUTSIDE of Nevada follow the directions with the Hard Copy section below. Students who elect to complete the fingerprint and background submission WITHIN Nevada should follow the directions in the Electronic section below. ELECTRONIC: When the applicant is electronically submitting fingerprints, the vendor they choose will collect the state and service fee (see for current fee schedule) and submit the fingerprints and fee to the Nevada Real Estate Division. The recommended electronic fingerprint centers in Nevada are Fingerprinting Pros and PSI Testing Center. (See left side of page) Fingerprints are recorded using inkless, state of the art electronic fingerprinting equipment. Northern Nevada Fingerprinting Express: 1320 E. Plumb Lane Suite A Reno, NV Phone: HARD COPY: Local Police Stations are usually able to process hard copy fingerprint cards (2 Standard FD258 cards are required) When the applicant submits the hard copy cards, they must pay with a CASHIER CHECK or MONEY ORDER (see for current fee schedule) and make the check payable to the DEPARTMENT OF PUBLIC SAFETY. The applicant attaches the prints to their application or may send the prints to the division in advance of the application. The division will forward the prints and fee to DOPS. (Complete and attach the Division form on following page when submitting the prints) Mail the Fingerprints, Fees and Division form to: Nevada Real Estate Division 3300 West Sahara #350 Las Vegas NV 89102