<%@LANGUAGE="JAVASCRIPT" CODEPAGE="65001"%> Frequently Asked Questions

Compliance

Frequently Asked Questions (FAQs)

 

Can a real estate broker have a home office?

Can a board hold a board member removal election based upon the president’s or a board member placing it on an agenda?

Can a real estate licensee with a Property Management Permit (PMP) manage a Common Interest Community?

Is there some place I can go to in order to determine whether a real estate professional is any good or not?

What is the standard commission charged by a real estate agent?

If someone dies, either by natural causes, criminal act or suicide, must that be disclosed to the potential buyer of the property?

Several years ago I had a flood in my upstairs bathroom as a result of a sink overflowing. The problem was corrected by a licensed plumber. Must that be disclosed when I complete the Sellers Real Property Disclosure?

When I place my home on the market can I insist on a minimum earnest money deposit and refuse to look at any offer that does not include that minimum amount?

Where can I find out more information about the Nevada Residential Disclosure Guide?

 

1.  Can a real estate broker have a home office?

Nevada does allow for a home office so long as all the requirements regarding an office are complied with. These requirements include having a sign, being accessible to the public and complying with local zoning laws.

 

2.  Can a board hold a board member removal election based upon the president’s or a board member placing it on an agenda?

NRS 116.3108 (2) specifically requires that ten per cent (10%) of the members must request that a board member removal election be held, therefore the board or board president cannot hold such an election without the prerequisite member’s request.

 

3.  Can a real estate licensee with a Property Management Permit (PMP) manage a Common Interest Community?

No. In order to manage a Common Interest Community an individual must hold a Community Association Manager (CAM) Certificate.

 

4.  Is there some place I can go to in order to determine whether a real estate professional is any good or not?

 The Division is a State of Nevada agency, and precluded by law from making any recommendations regarding the capabilities of one licensee over another.  The Nevada Real estate Division web site, www.red.state.nv.us, now gives you the ability to determine the license status of anyone.  A Request for Records of Complaints, available through the Division website, can be filled out and submitted to the Las Vegas Division office to find out if a licensee has had any disciplinary problems in the past.

 

5.  What is the standard commission charged by a real estate agent?

There is no standard or mandated real estate commission amount. The commission is a negotiated amount between the seller and listing agent.

 

6.  If someone dies, either by natural causes, criminal act or suicide, must that be disclosed to the potential buyer of the property?

The only time a death by any cause must be disclosed is if something that is a part of the property was a cause of or precipitated that death. However if asked, one must be honest.

 

7.  Several years ago I had a flood in my upstairs bathroom as a result of a sink overflowing. The problem was corrected by a licensed plumber. Must that be disclosed when I complete the Sellers Real Property Disclosure?

While some problems, such as a broken door, that have been repaired need not be disclosed, any water damage, no matter how long ago must be disclosed to a potential buyer.

 

8.  When I place my home on the market can I insist on a minimum earnest money deposit and refuse to look at any offer that does not include that minimum amount?

As a seller you can put requirements on the sale of your property, so long as those requirements do not violate statutes such as discriminatory practices. However, to protect your agent, who is normally required to show you all offers, you should put that requirement in writing. Your agent should also put that in the multiple listing service notes so that all agents are aware.

 

9.  Where can I learn more about the Nevada Residential Disclosure Guide?

View our frequently asked questions about the guide here.

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