Property Management: Trust Funds [Mandatory/Elective]

Course Goals:

This course is designed to give the licensee a comprehensive understanding of Nevada law relating to the handling of client trust funds. The concept of trust funds is discussed, along with the rules and regulations relating to the handling of such trust funds. Specific attention is focused on the trust fund account and the liability associated with managing the account. Particular attention is placed on trust fund violations relating to commingling and trust fund conversion. A detailed discussion of the various types of permitted trust fund accounting records is presented, along with suggested good recordkeeping procedures.

Since the majority of RED audit violations relate to trust funds, a great deal of attention is focused on the RED audit. A detailed discussion of Nevada Trust Funds handling procedures is emphasized. Once a student has completed this course, a working knowledge of trust fund handling and record keeping requirements will assist the student in staying in compliance with the Nevada trust funds laws.

Course Materials:

The course contains approximately sixty-five pages of text and two appendices. The section quizzes, cover page and first four pages are not counted as course text content. The course is divided into six sections and two appendices. A review quiz of five questions follows Section 1, 2, 3, 4 and 5. A quiz score of 60% or greater is required prior to being allowed to proceed to the next course section.

At the end of the course, a final examination is required. The final examination consists of fifty questions: forty-two in true or false format. Eight are in multiple choice format. A test score of 75% or greater is required for course completion.

The Real Estate Division requires that the final examination is not downloadable or printable. The student will be notified of the number of questions answered correctly after final examination has been completed. The student will NOT be given the questions that were answered incorrectly.