Nevada Real Estate Reciprocity
Brokers from the following States can receive a Nevada Salespersons license via Reciprocity:
California, Connecticut, District of Columbia, Florida ,Maine Maryland, Michigan, New Jersey, New Mexico, New York, North Dakota, Ohio, New Mexico, Minnesota, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Virginia, Wyoming
Confirmed by Nevada Dept of Business & Industry
Specific to Nevada Real Estate
- NV is considered a Two-Entity State, meaning that a Broker in this state can only represent one entity and his/herself individually, keeping separate books, whereas a broker in other states may represent multiple entities. - NAC 645.380
Nevada Reverse Reciprocity
These states specifically mention Nevada in their Reciprocity:
These States recognize any other State licenses but may have additional requirements:
Alaska, Alabama, Colorado, Georgia, Idaho, Indiana, Kansas, Kentucky, Maine, Nebraska, North Carolina, Rhode Island, South Dakota, Tennessee, Vermont, Washington
Nevada Real Estate Customs
Escrow similar to California’s is used for closings.
Conveyance is by grant deed, bargain-and-sale deed, or quitclaim deed.
Deeds of trust are the customary security instruments.
Nevada uses both ALTA and CLTA policies and endorsements.
Buyers and sellers share escrow costs. Buyers pay the lender’s title insurance premiums; sellers pay the owner’s and the state’s transfer tax.
Nevada is a community-property state.
Nevada has no state income tax.
BIZ BROKER STATE
The rules are very clear in this State that a Business Broker must hold a real estate license to sell a business.
NRS 645.0075 “Business broker” defined. “Business broker” means a person who, while acting as a real estate broker, real estate broker-salesman or real estate salesman for another and for compensation or with the intention or expectation of receiving compensation: 1. Sells, exchanges, options or purchases a business; 2. Negotiates or offers, attempts or agrees to negotiate the sale, exchange, option or purchase of a business; or 3. Lists or solicits prospective purchasers of a business.