In the aftermath of the 2008 real estate crash, more Americans than ever are living in homes that they rent. According to a Pew Research Center analysis of 2010 Census data, more than one-third of Americans are living in homes that they don’t own. Managing rental properties requires a great deal of specialized knowledge. This is one of the reasons why the state of Nevada requires most of its professional property managers to be licensed. If you’re interested in a career as a property manager, Key Property Management Las Vegas can help you prepare for licensure as a Nevada property manager.
Nevada Property Management Classes
In order to become a licensed property manager in the Silver State, you must hold a Nevada Real Estate license, you must complete 24 hours of property management-related coursework and you must pass the Nevada Property Management exam. There are exceptions to this requirement, however: On-site managers and managers who do not engage in leasing activities need not be licensed as official property managers.
Nevada requires prospective property managers to be physically present in the classroom during their management education. The class cannot be completed through online home study. Real estate management schools generally teach the course as three daylong classes that take place during a single week. Once you’ve completed the course, you should have the knowledge necessary to ensure you will pass the exam.
What Is the Nevada Property Management Exam?
The Nevada Property Management exam consists of 50 multiple-choice questions. Fifteen percent of these questions cover rental agreements, leases and other types of contracts while another 10 percent focus on bookkeeping and accounting activities. Questions about mandatory disclosure, a real estate broker’s fiduciary responsibilities and Nevada laws that are specific to property management each comprise 5 percent of the test.
The largest number of questions is devoted to landlord/tenant law. Twenty-five percent of the exam consists of questions about the obligations and rights of landlords and tenants under Nevada’s existing statutes, particularly as they pertain to issues like security deposits, cleaning fees and “extraordinary circumstances” like domestic violence and foreclosures. Issues surrounding risk management account for another 20 percent of the examination.