Carlos recently passed the Nevada broker examination and submitted his broker license application to NRED. While his application is pending, he continues to work under his current broker as a salesperson. NRED approves his broker license and issues it. Carlos decides he would prefer to continue working under his current broker rather than open his own office. What must Carlos do to lawfully continue working under his current broker now that his broker license has been issued?
Correct Answer
A) Carlos must apply to NRED to have his license status changed to broker-salesperson so he can lawfully affiliate with and work under his current broker
Once NRED issues Carlos a broker license, his salesperson license is superseded. To lawfully continue working under his current broker, Carlos must apply to change his license status to broker-salesperson under NRS 645.343 and NRS 645.380. The broker-salesperson status allows him to retain his broker-level qualifications while remaining affiliated with and supervised by another broker. Simply holding a broker license does not permit him to work under another broker in a salesperson capacity.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
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.
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?
- → A responsible broker in Wyoming asks about a first-time salesperson applicant prepares for Wyoming-specific licensing. Which answer follows Wyoming law?
- → Which Wyoming rule applies when an out-of-state salesperson applies for Wyoming licensure?
- → A responsible broker in Wyoming asks about the Commission director receives a complaint about real estate practice. Which answer follows Wyoming law?
- → For the Wyoming salesperson state portion, a first-time Wyoming salesperson applicant starts the application process. Which statement is correct?
- → A Wyoming licensee is reviewing all first-time salesperson steps are otherwise complete. What is the best answer?
- → For the Wyoming salesperson state portion, a licensee asks how long Wyoming renewal periods are. Which statement is correct?
- → Which Wyoming rule applies when a licensee does not timely submit the complete renewal application, proof of CE, and renewal fees?
- → Which Wyoming rule applies when the Commission acts on license issuance and discipline?
- → In Wyoming real estate practice, a written sworn complaint or Commission motion starts a disciplinary matter. What should the licensee remember?
- → A Wyoming licensee is reviewing a first-time salesperson applicant asks which prelicense courses are required. What is the best answer?
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