As a Nevada Real Estate Broker, I get asked quite often: ”How do I get my Nevada Real Estate License?” So you want to live that semi-charmed life that those of us live where we (as Nevada real estate licensees) show a couple of homes, throw a sign in a yard, talk a lot, eat a lot and golf a lot? :giggle: That’s actually not reality but it is the perception and I couldn’t help myself! It’s not a difficult process to get a real estate license in Nevada HOWEVER it is a lot of steps that require time, patience &
some a LOT of $$.
- Talk to other agents in the Nevada market. Not recruiters or non-competing brokers or part timers that may sell one or two units a year BUT people who are immersed in the market and understand reality. Reality is our market is rough: our customers/clients are rough on us, agents are rough on each other and the market forces that change like Nebraska weather are rough. If you don’t have a thick skin and the ability to say “NO” when you have to stand your own ground, you will go out of business quick.
- Save a substantial wad of cash. It costs money to run a business and it takes money to live. MINIMUM six months reserves. You need to look at this new career as a Nevada real estate agent is a business. If you don’t, you will go out of business, if that makes sense!
- Draw up a formal business & marketing plan. Businesses fail because they fail to plan!
- Review form 501 “Real Estate Licensing Requirements”.
- Register for Nevada Real Estate Division approved 90-hour pre-licensing class. This will cost you from $350 on up.
- GET YOUR FINGERPRINTS & BACKGROUND CHECK. Do this as soon as you can. This does take quite a bit of time and will “hold up” your Nevada Real Estate License. Approximate cost $40.
- Since you are planning on being a successful business owner – you may want to consult with your attorney & CPA to talk about legal structures and tax consequences. You may want to consider an LLC or S-Corp for your business. Remember – it must be in your name that your Nevada real estate license is in. CPA/Lawyer consultation fees and LLC/S-Corp fees will run you a minimum of $1500.
- Interview Nevada real estate brokers – unless you plan to open your own real estate brokerage. Make sure you are the “right fit” for both parties. Ask to attend their meetings. Ask about training. Make sure YOUR business plan will work in THEIR environment! Just because they have the shiny offices and say the right things, doesn’t mean you will succeed. Your plan needs to fit with the company! Make sure you receive a copy of the independent contractor’s agreement from all brokers you are considering and that you read and understand what the terms of your affiliation with their company means!
- Schedule & pass your national and state test with PSI. Cost = $100. Make sure you pass because your “retake” cost is also $100 each!
- Sign affiliation papers & form 549 with your new broker. Nevada Real Estate Division paperwork must have live signatures and it is good for only 10 days. Once you pass your test and align yourself with a broker and get those signatures, you only have 10 days to get to the division. Your new broker may have additional affiliation fees that you will pay at this time.
- Go to the Nevada Real Estate Division apply for your license! Take your form 549 and the checklist of items listed on form 549 to accompany your application for your Nevada real estate license. If it is incomplete, you will have to leave and come back! You may want to ask your broker to review your packet to make sure it is complete. You will also have to pay a fee to the Nevada Real Estate Division for your application and that fee is currently $210.
- Wait a second…….you aren’t there yet! You will now have to wait for your license to be issued! DO NOT go out thinking you are going to sell right when you leave the division! Your application needs to be processed and the division needs to issue your license. See step #6! At the time of this blog post it seems like it is taking about 3-4 months for your fingerprints and background check to be processed!
- YAY IT’S HERE! SO your license arrives at your broker’s office. You are all good to go, right? WRONG! A couple more steps!
- GLVAR Board Affiliation. Our board requires that if your broker is a member of the board, all affiliated agents must be a member! You will need to fill out your REALTOR® application and get ready to pony up some cash! It will depend on what time of the year you join on how much your dues will be. You can plan on this being a minimum of $1000. I did say dues, so this will be a recurring expense for you year round. See the schedule for more information.
- Obtain your State & City or County business licenses. Remember you are running a business, the next thing to do will be to obtain your state & city/county licenses. In the Las Vegas Valley, it will depend on your broker’s location for your jurisdiction. There is a jurisdiction locator on Clark County’s website right here. You can also ask your broker about it. These entities DO edit brokerages and every independent contractor agreement that I have seen ALLOWS THE BROKERAGE to fine or fire you if you do not have your business license. Expect to pay around $500 for all of this.
- Order your business basics: yard signs, business cards, lockboxes, all in one printer & computer.
If you haven’t already added the approximate fees in this post up on how much it costs to become a Nevada real estate agent, we are at $3700. This doesn’t include your “business basics”, “6 months reserves”, any broker affiliation fees and the assumption you will pass the test the first time! OK now you seem to be in business! Remember to play it safe out there and hold yourself to the highest ethical, moral and legal standards. If you are looking for a career as a Nevada real estate agent, please fill out my form for your confidential interview!