1. In addition to the other requirements contained in this chapter, an applicant for an original real estate salespersons license must furnish proof satisfactory to the Real Estate Division that the applicant has successfully completed a course of instruction which consists of not less than 120 hours of instruction in the principles, practices, procedures, law and ethics of real estate, which course may be an extension or correspondence course offered by the Nevada System of Higher Education, by any other accredited college or university or by any other college or school approved by the Commission. The course of instruction must include: (a) The subject of disclosure of required information in real estate transactions, including instruction on methods a seller may use to obtain the required information; (b) Not less than 15 hours of instruction in the preparation of contracts in real estate transactions to the extent allowed in the capacity of a licensee; and (c) Not less than 15 hours of instruction on agency. 2. An applicant for an original real estate brokers or broker-salespersons license must furnish proof satisfactory to the Real Estate Division that the applicant has successfully completed: (a) Three semester units or an equivalent number of quarter units in real estate law, including at least 18 classroom hours of the real estate law of Nevada; (b) Three semester units or an equivalent number of quarter units in the principles of real estate; (c) Nine semester units or the equivalent in quarter units of college level courses in real estate appraisal and business or economics; (d) Nine semester units or the equivalent in quarter units of college level courses in real estate, business or economics; (e) Three semester units or an equivalent number of quarter units in broker management; (f) Not less than one semester unit or an equivalent number of quarter units of instruction in the preparation of contracts in real estate transactions to the extent allowed in the capacity of a licensee; and (g) Not less than one semester unit or an equivalent number of quarter units of instruction on agency. 3. On and after January 1, 1986, in addition to other requirements contained in this chapter, an applicant for an original real estate brokers or broker-salespersons license must furnish proof satisfactory to the Real Estate Division that the applicant has completed 64 semester units or the equivalent in quarter units of college level courses. This educational requirement includes and is not in addition to the requirements listed in subsection 2. 4. For the purposes of this section, each person who holds a license as a real estate broker, broker-salesperson or salesperson, or an equivalent license, issued by a state or territory of the United States, or the District of Columbia, is entitled to receive credit for the equivalent of 16 semester units of college level courses for each 2 years of active experience that, during the immediately preceding 10 years, the person has obtained while he or she has held such a license, not to exceed 8 years of active experience. This credit may not be applied against the requirement in subsection 2 for three semester units or an equivalent number of quarter units in broker management or 18 classroom hours of the real estate law of Nevada. 5. An applicant for a brokers license pursuant to NRS 645.350 must meet the educational prerequisites applicable on the date his or her application is received by the Real Estate Division. 6. As used in this section, college level courses are courses offered by any accredited college or university or by any other institution which meet the standards of education established by the Commission. The Commission may adopt regulations setting forth standards of education which are equivalent to the college level courses outlined in this subsection. The regulations may take into account the standard of instructors, the scope and content of the instruction, hours of instruction and such other criteria as the Commission requires.
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