NAC645.4442. Courses required for first-time licensees; exempt licensees; standards for courses; effect of noncompliance.

     1. Except as otherwise provided in subsection 2, each first-time licensee shall take a prescribed postlicensing course of education that focuses on practical applications of real estate transactions. The postlicensing course:

     (a) Must not repeat the content of the course work required to meet the educational requirements for an original license;

     (b) Must constitute the education required to be completed by a licensee within the first year immediately after initial licensing pursuant to NRS 645.575;

     (c) Must be offered in modules;

     (d) Must be provided through live instruction in which the licensee and the instructor are in the same room, except that first-time licensees who live in a rural area may, with the prior written approval of the Division, take the postlicensing course as an interactive or televideo course that involves interaction with the instructor and other students; and

     (e) Must provide the Division with proof of completion within the first year immediately after initial licensing.

     2. The requirement for postlicensing education set forth in subsection 1 does not apply to a first-time licensee who:

     (a) Holds a real estate license issued by another state or territory of the United States, or the District of Columbia, on the date on which the first-time licensee obtains a real estate license issued by the State of Nevada;

     (b) Held a license as a real estate broker, real estate broker-salesperson or real estate salesperson issued by the State of Nevada within the 5 years immediately preceding the date on which the first-time licensee obtained a license as a real estate salesperson; or

     (c) Is licensed as a real estate broker-salesperson and obtained the qualifications for licensure as a real estate broker-salesperson pursuant to the provisions of subsection 4 of NRS 645.343.

     3. The postlicensing course may include material that has not previously been approved or allowed for continuing education credit. Courses approved for postlicensing education will not be accepted or approved as a course for continuing education.

     4. The curriculum for postlicensing education must contain at least 15 modules that include, without limitation:

     (a) Real estate contracts, including the writing and presenting of a purchase agreement and qualifying prospects;

     (b) The listing process, market analysis and inspections;

     (c) Communication, technology and records management, including time management, goal setting and devising a plan of action;

     (d) Buyer representation, including the buyer’s brokerage contract, fiduciary duties, disclosures, cooperation between agents and new-home tracts;

     (e) Professional conduct, etiquette and ethics;

     (f) Advertising, including Regulation Z of the Truth in Lending Act of the Federal Trade Commission issued by the Board of Governors of the Federal Reserve System, 12 C.F.R. Part 226, fair housing, the multiple-listing service, Internet websites and electronic mail;

     (g) Proceeds of sale, costs of sale and cost sheets;

     (h) Agency relationships;

     (i) Land;

     (j) Regulatory disclosures, including disclosures required by federal, state and local governments;

     (k) Property management and the management of common-interest communities;

     (l) Escrow, title and closing processes;

     (m) Financing;

     (n) Negotiation; and

     (o) Tax opportunities and liabilities related to the client.

     5. Each first-time licensee must complete an additional 12 hours of continuing education within the first 2 years immediately after initial licensing. The additional 12 hours of continuing education:

     (a) Must include 3 hours in each of the following areas:

          (1) Agency relationships;

          (2) Nevada law, with an emphasis on recent statutory and regulatory changes;

          (3) Contracts; and

          (4) Ethics.

     (b) Must be provided through live instruction in which the licensee and the instructor are in the same room, except that first-time licensees who live in a rural area may, with the prior written approval of the Division, take the additional continuing education course as an interactive or televideo course that involves interaction with the instructor and other students.

     6. A first-time licensee who fails to comply with the requirements for postlicensing education set forth in this section is subject to immediate involuntary inactivation of the license by the Division and an administrative fine in the amount set forth in subsection 1 of NAC 645.695.

     7. As used in this section, “rural area” means any area which is more than 100 miles from a city in this State whose population is 40,000 or more.

     (Added to NAC by Real Estate Comm’n by R031-04, 11-30-2004, eff. 1-1-2006; A by R123-06, 6-1-2006; R093-10, 5-30-2012)

Notation

REVISER’S NOTE.

      The regulation of the Real Estate Commission filed with the Secretary of State on May 30, 2012 (LCB File No. R093-10), which amended this section, contains the following provisions not included in NAC:

      “1.  The amendatory provisions of section 1 of this regulation [NAC 645.4442] apply only to first-time licensees whose licenses expire on or after July 1, 2012.

      2.  The amendatory provisions of section 3 of this regulation [NAC 645.448] apply only to licensees whose licenses expire on or after July 1, 2013.

      3.  The amendatory provisions of section 4 of this regulation [NAC 645.695] apply only to:

      (a) A first-time licensee whose license expires on or after July 1, 2012.

      (b) A licensee whose license expires on or after July 1, 2013.”