How to Become a Real Estate Agent in Nevada

To become a real estate agent in Nevada, you'll have to satisfy all the requirements set by the Nevada Real Estate Division. Requirements include completing the required classes at an approved real estate school.


Here's what you need to know to become a real estate agent in Nevada:
1) Licensing Requirements
2) License Renewal and Continuing Education Requirements
3) What is a REALTOR®?
4) Income Potential
5) Real Estate Schools


How to Become a Real Estate Agent in Nevada

1) Real Estate Agent Licensing Requirements in Nevada
You MUST be licensed by the Nevada Real Estate Division in order to be a real estate agent in Nevada.

To obtain your Nevada real estate agent's license so that you can practice as a real estate agent in Nevada, you must:

i) Satisfy the minimum requirements requirements to apply for the real estate license:

  1. Real Estate Law (including 18-hours of Nevada real estate law, not waived by experience)- 45 hours or 3 Semester Units
  2. Real Estate Principles - 45 hours or 3 Semester Units

ii) Register, Take and pass the Nevada salesperson exam. The exam is 3 hours long  with 80 questions on the national  portion and 40 questions on the state portion. There is a $100 exam fee. To pass, you'll need to answer at least 75% correctly.

iii) Complete and submit application for real estate license to the Nevada Real Estate Division along with:

 

 

 

2) License Renewal and Continuing Education Requirements

The original Nevada real estate license is valid for 1 year only. Each renewal after that is valid for 2 years.

To continue practicing as a real estate agent in Nevada, license renewal fees and continuing education must be completed within that 2 year period.

For the first renewal, 30 hours of continuing education is required.

For the subsequent renewals, the current continuing education requirement is 15 hours with a minimum of 6 hours in ethics and law.

Starting January 01, 2006, the continuing education requirement is 24 hours with 3 hours each in agency relationships, legislative update or current law, contracts and ethics.

The renewal fee is $180.

 

3) What is a REALTOR®?

A real estate agent is a REALTOR® when he or she pays an annual fee to be a member of the National Association of REALTORS® and subscribe to its Code of Ethics.

The agent generally join through the local board or association.

For example, in Las Vegas, NV, once you have obtain your real estate license, you may pay a fee to join the GREATER LAS VEGAS ASSOCIATION OF REALTORS®.

Joining these local boards makes you a member of the Nevada Association of REALTORS® and the National Association of REALTORS®.

All REALTORS® are real estate agents but not all real estate agents are REALTORS®.

 


4) Income Potential
Real estate agents are generally paid based on a percentage of the sales price. The seller may pay 4 to 7% of the sales price as the fee and that will usually be split 50/50 between the seller and buyer's broker.

In Las Vegas, Nevada, the 2004 median home price is approximately $2668,000. Assume that the fee is 6%, the buyer's and seller's broker is each paid 3% or $7980.

This fee is then split further between the broker and agent. Generally, for starting agents, the split is 50/50.

So in this case, the agent will end up receiving $3990 for the transaction.

There is no limit as to how much an agent can make in a year - the sky's the limit.

Based on Las Vegas' median home price and the above example, a real estate agent in Nevada can make about $39,900/year by selling 10 houses a year.

By selling one house per week, the real estate agent in Nevada will have a salary of $207,480.


4) Real Estate Schools

The first step to becoming a real estate agent in Nevada is to take the required classes at an approved real estate school.

School status may change so it is best to call the Nevada Real Estate Division at 702.486.4033 prior to signing up for a class.

Below are some real estate schools in Nevada that are currently approved by the Nevada Real Estate Division:

 

Real Estate Schools in Las Vegas, NV:

ABC Real Estate School Academy for RE Professionals Liberty Real Estate School
222 S. Rainbow Blvd. #202 3148 N. Rainbow Blvd 9728 Gilespie Street Building B
Las Vegas, NV 89145 Las Vegas, NV 89108 Las Vegas, NV 89123
(702) 256-2801 (702) 839-4618 (702) 507-9000

 

Real Estate Schools in Reno, NV:

Avalon School of Real Estate

1135 Terminal Way, Suite 204

Reno, NV 89502

(775) 688-3222

 

Northern Nevada Real Estate School

3951 S. McCarran Blvd.

Reno, NV 89502

(775) 829-1055

 

Truckee Meadows Community College

7000 Dandini Blvd.

Reno, NV 89512

(775) 674-7910

 

 

Also check out information on how to become a real estate appraiser in Nevada

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Read about other real estate careers in Nevada:

 

 

 

 

 

 

 

 

 

 

 

 

Read some of the best real estate books out there to prepare yourself for your new career: