Broker-salesperson Carlos holds a Nevada broker-salesperson license and has been working under employing broker Fiona for four years. Carlos decides to leave Fiona's brokerage and begin operating as an independent broker. However, Carlos discovers that while he meets the experience requirement for a broker license, he has not yet completed the required broker pre-license education courses. Carlos asks NRED if he can operate independently as a broker-salesperson without an employing broker while he completes the remaining education. Under NRS Chapter 645, which statement is correct?
Correct Answer
D) Carlos may not operate independently without an employing broker because a broker-salesperson license requires affiliation with a licensed employing broker at all times under NRS Chapter 645
Under NRS 645.030 and NRS 645.343, a broker-salesperson is a distinct license category in Nevada that requires affiliation with a licensed employing broker at all times. Unlike a full broker, a broker-salesperson does NOT have the authority to operate independently, open their own office, or practice without an employing broker. The broker-salesperson license is not equivalent to a broker license for purposes of independent practice. Carlos must either complete the broker education and upgrade to a broker license, or affiliate with a new employing broker. He cannot operate independently on a broker-salesperson license under any circumstances.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
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.
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