In cooperation with the Nevada Real Estate Division, and an Examination Review Committee from the Nevada real estate industry, PSI has developed examination content outlines. These outlines reflect the minimum knowledge required by real estate salespersons and brokers to perform their duties to the public properly. Future changes in the examination content will be preceded by changes in these published Examination Content Outlines.
Use the outline as the basis of your study; it lists all the topics that will be on the test. Do not schedule your examination until you are familiar with all topics in the outline. The percentages indicate the portion of the test devoted to each major topic.
The examination content outline for the national portion of the examination has been approved by the Nevada Real Estate Division. This portion tests knowledge areas which are required for real estate professionals in every state. This portion of the examination will consist of 100 questions.
I. Property Ownership refers to a knowledge of characteristics affecting the acquisition and transfer of real estate. Included is an understanding of classes of property, land characteristics, encumbrances, and types of ownership.
II. Laws of Agency refers to an understanding of what agency is, how it is created and terminated, and the distinction between various kinds of agency relationships. Included is a knowledge of duties, responsibilities, and legal obligations of an agent toward a principal and toward other parties.
III. Contracts refers to the knowledge of common contract terms, contract legal requirements, and remedies in case of contract default, and basic features of contracts and options.
IV. Federal Laws and Regulations refers to a knowledge of federal legislation dealing with fair housing including the Civil Rights Act of 1964, the Fair Housing Act of 1968, the Fair Housing Act Amendment of 1988, and IRS regulations.
V. Real Estate Mathematics includes the ability to add, subtract, multiply, and divide whole numbers, decimals, and fractions. Also included is the ability to calculate land and building areas, real estate commissions, and mortgage payments and an understanding and ability to work with percentages.
VI. Valuation and Real Estate Economics refers to a knowledge of the methods used to estimate value. Included is an understanding of how economic and financial conditions impact real estate values.
VII. Financing refers to a knowledge of the financial aspects of real estate transfer including financing alternatives (i.e. FHA/VA, conventional, seller financing, second trust deeds) and practices of financial institutions.
VIII. Land Use Controls and Regulations refers to a knowledge of the kinds of restrictions that can be put on property use including public restrictions such a zoning ordinances and building and housing codes and private restrictions such as those identified in deed restrictions.
IX. Brokerage Management refers to a knowledge of types of ownership, financial responsibilities, and liabilities of licensure under the law.
The examination content outline for the state portion of the test has been approved by the Nevada Real Estate Division. This portion tests knowledge areas which are required specifically for the Nevada real estate professional. There are 40 questions in this portion of the examination.
X. State Real Estate Laws and Real Estate Division Rules includes a knowledge of state legislation as outlined in the Nevada Revised Statutes, and Administrative Codes dealing with real estate licensing. Also included is a knowledge of legislation and rules governing license law, transfer taxes, property taxes, and fair housing.