NRED receives a complaint against Nevada salesperson Greg alleging that he accepted a referral fee directly from a mortgage company without his broker's knowledge. After investigation, NRED's investigator recommends a citation. Greg argues that because he disclosed the referral fee to his client in writing, no violation occurred. Under NRS Chapter 645, which analysis is most accurate?
Correct Answer
B) Greg violated NRS Chapter 645 because a salesperson may not receive compensation from any party other than their employing broker, regardless of client disclosure
Under NRS 645.280, a real estate salesperson (and broker-salesperson) may only receive compensation through their employing broker. Accepting compensation directly from any third party—including a mortgage company—without routing it through the employing broker is a violation of NRS Chapter 645, regardless of whether the client was disclosed. Client disclosure does not substitute for the requirement that all compensation flow through the broker.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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- → For the Wyoming salesperson state portion, a licensee asks how long Wyoming renewal periods are. Which statement is correct?
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