Key Ideas Real Estate Licensees have passed a test sponsored by the state

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1 Key Ideas Real Estate Licensees have passed a test sponsored by the state Real Estate Exam rules: Nevada s testing service is presently PSI at: Test-takers should review the PSI bulletin provided with this course, before testing; especially the outline. The test costs $100. The test consists of 80 national and 40 Nevada-specific questions, but there may be a few additional questions that are being tested for future test-takers, and not scored or counted against the test-takers allotted time. Test takers choose from 2 tests Broker or Salesperson. Salespeople complete the salesperson s exam brokers and broker-salespeople complete the broker s exam. Test results are good for 1 year. Applicants who have passed a state exam in another state other than Nevada, within 1 year of their application to Nevada, can show proof of the test to the Division with their application and be exempt from the national portion of the exam; taking only the 40 state-specific questions. Applicants need to score 75% on both exam sections to pass. The exam can be repeated, for full-price, as many times as necessary. If a test-taker passes only one section of the test, he only needs to repeat the section he did not pass. Test-takers only need to bring 2 forms of identification and a simple, silent calculator without text memory, to the test site. Test-takers have 3 hours to complete the exam 2 hours for the national portion and 1 hour for the state-specific portion. Exam questions are compiled randomly by the testing service. The exam is presently administered by computer at 3 Nevada locations and locations in other states across the country, by request. Please refer to the testing company s Web site for specific locations. Exams can be scheduled on-line or on the phone. ABC Real Estate School Nevada Law Nov 2009 Page 51

2 Test-Taking Skills Don t read into the questions! Don t try to broaden the questions. They are usually just showing you a narrow snapshot of an event. Don t rush! Take your time when answering the questions. Read every question 3 times before you answer it. Read every word! One word can change the meaning of a sentence. I write RTQ on the top of my page when I am taking a test. When I find myself skimming or flying through questions through the corner of my eye I see RTQ (Read The Question). Cover up the answers when you are reading the question. Read the question 3 times. What is the answer? Think of the answer yourself. Next read the answers. Find your answer. Finally read all of the answers to make sure you have found the BEST answer. There may be - and probably is - more than 1 correct answer, but there is only ONE BEST answer. Find the most ethical answer. The Real Estate Division is involved in approving state exam questions originating in state laws and regulations. They think very ethically. They are not interested in making a sale. They are interested in having licensees treat their clients the way they would like to be treated. You will need to memorize/know the material not just recognize it! Many college students get used to recognizing the correct answer on tests. That is not enough knowledge to pass a real estate exam. Cramming doesn t work with this material. There are too many terms and too much material. Notice your habits. You will be taking many quizzes. Notice your strengths and weaknesses as you go along. Knowing the material is important, but so is the ability to take a test. It is a learned skill. Some test-takers miss words. (ex. All of the following is true EXCEPT.) Did you see the EXCEPT at the end of the sentence? Are you looking for the one that is true, or the one that is false? Go with your initial instinct. A test-taker will usually change the correct answer to the wrong answer if his/she changes the initial answer. ABC Real Estate School Nevada Law Nov 2009 Page 52

3 Don t Stall. The quicker you finish this material, pass your final exam and Nevada real estate tests; the more you will remember. It does build on itself, but you need to keep all of the terms fresh in your mind for test-taking. Review the Glossary. After you have completed the material, review the glossary in the back of the yellow text. Say the word aloud. Do you know what it means? What is it used for? What are its shortcomings? What are its strengths? If you don t know those answers, review the material in your text and workbook. Flashcards. Students learn at different speeds. Some students can read information once and remember it. Most need more repetition that one read. If you are one of those learners, make flashcards for your use. Usually students that find flashcards useful, learn as much from creating them as they do from studying them. They need to become interactive with the material. Tests tell you when you are ready or need some more studying! Make sure you schedule your Nevada real estate exam at the time of day that you are the most rested and energetic. They offer test times morning, noon, and evening - 7 days a week. When are you the best test taker? Don t be nervous. Don t put too much pressure on yourself. Students fail tests. That s how they know they need more studying. Self-employment Since real estate sales is a self-motivated profession now is the time to prove you can excel, proving you are self-motivated. What if I need more help? The audio CD s are good as a review of the material. We can also help. Call or us! Most public libraries also offer online tests for real estate test-takers. Ask them about their online tests. They are free and can give you test-taking skills. Company doesn t matter PSI, AMP, ASI questions geared towards any of the major test companies are fine. They are not a substitute for this material however, just supplemental. This material is geared towards Nevada so other generic questions will not be. ABC Real Estate School Nevada Law Nov 2009 Page 53

4 Supporting Law/Code: State Examinations NRS Time for examinations. Examination for licenses shall be held by the real estate division at least bimonthly. NAC Fee for examination. The fee for an examination for an original license or the reinstatement of a license as a real estate broker, broker-salesman or salesman is $100. NRS Examination: Subjects covered; acceptance of national examination. 1. The division shall ascertain by written examination that the applicant has an appropriate knowledge and understanding of those subjects which commonly and customarily apply to the real estate business. 2. The division may hire a professional testing organization to create, administer or score the written examination or perform all of those functions. (Note: presently PSI at 3. The division may accept successful completion of the uniform portion of a national real estate examination in partial satisfaction of the requirements of the examination in Nevada. NAC Schedule for written examination; authorization required. An applicant may obtain the handbook on candidate examinations that is currently approved by the division at an office of the division at no cost. NAC Application for reexamination; limit on application for license. The division shall only accept results of an examination taken during the 12 months, to the day, immediately preceding the date of application for a license. (Note: Even if taken for a state other than Nevada,) NRS Examination for license as broker may be taken before meeting requirements for experience; issuance of license as broker-salesman upon passing examination; application and experience required for issuance of license as broker. 1. An applicant for a real estate broker s license may take the written examination before he has complied with the experience requirements of subsection 4 of NRS , but the division shall not approve the issuance of a broker s license until all the requirements of this chapter are met. 2. An applicant, pursuant to subsection 1, who passes the broker s examination must be issued a broker-salesman s license. The applicant may be issued a broker s license upon: (a) Making proper application to the division; and (b) Satisfying the experience requirements of subsection 4 of NRS NAC Length of examination; disclosure of results. (NRS ) The examination period must not exceed 4 hours without prior written consent of the division. An applicant may not retain any examination materials. Examinations must not be made public except as provided in NRS NAC Passing grade on examination. To pass an examination, an applicant must achieve a grade of at least 75 percent on each section of the examination. ABC Real Estate School Nevada Law Nov 2009 Page 54

5 NAC Examination aids. 1. The use or possession of any unfair methods or notes, the giving or receiving of aid of any kind, or the failure to obey instructions during the examination will result in a denial of the application and license. 2. A silent, cordless, electronic calculator may be used by an applicant during the examination if the calculator: (a) Is not programmable; (b) Does not have the capability to print on paper tape; and (c) Does not have a keyboard containing the alphabet. NAC Scope of examination. The examination for salesmen may be a different examination from the examination for brokers. Each of the examinations will consist of questions covering any or all of the following subjects: 1. Principles: (a) Contract and agency law; (b) Real estate law and conveyancing; (c) Listing property and services to the seller; (d) Selling property and services to the buyer; and (e) Deposits. 2. Practices: (a) Land economics and appraising; (b) Land descriptions; (c) Financing and insurance; (d) Mathematics; (e) Escrows and closings; (f) Subdivisions and developments; (g) Property management; (h) Environmental issues; and (i) Tax issues that affect real estate ownership. 3. Procedures and ethics: (a) NRS , inclusive, and , and chapters 119, 119A, 119B and 645 of NRS and the regulations adopted pursuant to them; (b) Federal laws, including, without limitation: (1) Fair Housing Act, 42 U.S.C et seq.; (2) Interstate Land Sales Full Disclosure Act, 15 U.S.C et seq.; (3) Truth in Lending Act, 15 U.S.C et seq.; (4) Americans with Disabilities Act of 1990, 42 U.S.C et seq.; (5) Real Estate Settlement Procedures Act, 12 U.S.C et seq.; (6) Equal Credit Opportunity Act, 15 U.S.C et seq.; and (7) The Residential Lead-Based Paint Exposure Reduction Act of 1992, 42 U.S.C. (c) Real estate brokerage and ethics, professional responsibility, fair practice and the duties listed in any form prepared by the division pursuant to NRS A copy of the form prepared by the division pursuant to NRS may be obtained from the division. ABC Real Estate School Nevada Law Nov 2009 Page 55