real estate business broker

STATE OF NEVADA DEPARTMENT OF BUSINESS AND INDUSTRY REAL ESTATE DIVISION 788 Fairview Drive, Suite 200 * Carson City, NV 89701-5453 * (775) 687-4280 2501 East Sahara Avenue, Suite 102 * Las Vegas, NV 89104-4137 * (702) 486-4033 e-mail: realest@red.state.nv.us http://www.red.state.nv.us Real Estate Business Broker Permit Pre-Licensing Education Application for Classroom offerings Dear Pre-Licensing Education Provider: The review process starts with the completed application submission to the Real Estate Division, Education Section. When the file has been screened for completeness and if the course meets the standards for pre-licensing education as defined in NAC 645, it will be placed on the agenda of the NV Real Estate Commission’s next meeting. Commission meetings are scheduled by the Commissioners (see meeting schedule at www.red.state.nv.us). Due to Nevada’s open meeting laws, education applications must be received a minimum of 45 days prior to the scheduled meeting in order to be reviewed and placed on the agenda. Since meeting dates can change and approval is not guaranteed, we strongly recommend that course dates not be scheduled or a course advertised until approval is received. Unless course applicant is a “school” as defined by NAC 645.400.1, applicant must be licensed by the Commission on Post Secondary Education (CPE) to teach the pre-licensing course applied for. The CPE licensure process is separate and apart from the course approval/accreditation by the Real Estate Commission. CPE licensure must be obtained prior to submitting application to the Division. Contact CPE at (702) 486-7330 for further information. • • • • Read instructions on application before completing. Complete forms in full, as applicable. Sign and date (dates to be current) all forms where applicable. Submit application with all requested course materials (see pages 3 & 4 of this application) and fees to the division. A checklist of required items is provided on page 2 for sponsor’s convenience. Check the column marked “S” to ensure the requested forms/materials are included before sending application to the Division. ANNUAL RE-APPROVAL: Complete all forms as you would a new application. Submit changes to course content and/or textbook. If course content and/or textbook has not changed, provide a statement to that effect. Nevada law portions of the course content showing law updates must be submitted. Mail or deliver completed course applications to the Las Vegas address above. Course applicants are invited and encouraged to attend the meeting at which the application will be considered in order to answer any questions from the Commissioners. Decision letters are mailed within 2 weeks after meeting. If you have any questions, please call the Education Section at (702) 486-4033. Sincerely, Safia Anwari, Education and Information Officer Attachments Revised: 08/07 1 of 10 560E STATE OF NEVADA DEPARTMENT OF BUSINESS AND INDUSTRY REAL ESTATE DIVISION 788 Fairview Drive, Suite 200 * Carson City, NV 89701-5453 * (775) 687-4280 2501 East Sahara Avenue, Suite 102 * Las Vegas, NV 89104-4137 * (702) 486-4033 e-mail: realest@red.state.nv.us http://www.red.state.nv.us Application Checklist S Application Form 560E Complete Course information Sheet Course Module Sheet Signed Retention of Records CPE licensure or exemption Sample Attendance Sheet Sample Certificate of Attendance Sample Refund/Cancellation Policy Sample Proposed Advertising Physical Facility Description Copy of Grading System NRED Proposed Schedule Copyright authorization letter Instructor application per NAC 645.426 Resume with dates and detailed work history Copy of licenses, certificates, transcripts, degrees $100 fee A Detailed Timed Outline (see #10 on page 3) Course Materials (plus videos/CD’s as applicable) Sample Handouts Exam and answer key S NRED FOR NRED INTERNAL USE ONLY Application Received Date: ________________ Initials: __________ Duplicate Course: □ Yes □ No PL# ___________ Duplicate Title: □ Yes □ No PL# ___________ Application complete and accepted: □ Yes □ No Date: ________________ Initials: ___________ Revised: 08/07 2 of 10 560E STATE OF NEVADA DEPARTMENT OF BUSINESS AND INDUSTRY REAL ESTATE DIVISION 788 Fairview Drive, Suite 200 * Carson City, NV 89701-5453 * (775) 687-4280 2501 East Sahara Avenue, Suite 102 * Las Vegas, NV 89104-4137 * (702) 486-4033 e-mail: realest@red.state.nv.us http://www.red.state.nv.us REAL ESTATE BUSINESS BROKER PERMIT PRE-LICENSING EDUCATION CLASSROOM COURSE APPLICATION for Course to Meet the Educational Requirements for obtaining a Nevada Business Broker Permit Please Type 1. Name of School: 2. Address: 3. Telephone: 4. e-mail Address: 5. Names of all owners of school: 6. Type of School (College, University, Adult Education, etc.): 7. Provide the title for each course, the hours accredited and the course fee: Title of Course Hours Course Fee License Type Date: Fax URL: Business Broker 8. List all Instructor name(s) below and attach Instructor Application, copy of appropriate license, degree, certificates and resume to clearly indicate instructor qualifications per NAC 645.426 9. Attach a schedule of courses for the accreditation period (July to June). The schedule must include: Course Title and dates and times of instruction for each location. 10. Attach a complete and detailed outline of the course syllabus and teaching materials. Outline must show the number of hours of instruction per subject in accordance with NAC 645.799. Include title, author(s), publisher, and publishing date for any textbooks. 11. Attach one copy of student handouts or course material that will be given to the student. 12. Submit copies of all existing advertising and proposed advertising. Also, submit the student catalog which must contain the cancellation and refund policies. Revised: 08/07 3 of 10 560E 13. Describe the physical facility you will use for instruction. Include student capacity of classrooms, size of classrooms, audio-visual equipment, visual aids, and technical resources utilized. 14. Describe school’s grading system, including the methods of testing and standards of grading. Include a copy of each examination that will be used with the correct answer for each question. 15. List school requirements for attendance, including policy on making-up sessions missed. 16. Location where students records will be maintained: 17. Attach a copy of the renewal period School License issued by the Commission on Postsecondary Education (CPE), including all branch school licenses. For CPE Accreditation contact: Nevada Commission on Postsecondary Education, 1820 East Sahara Ave., Ste 111, Las Vegas, NV 89104; Telephone: (702) 486-7330. 18. Submit the “Course Information Sheet” for the course you wish to have accredited. 19. Submit the “Course Module Sheet” for the course you wish to have accredited. 20..The course application fee is $100.00 per course. Amount enclosed:$ 21. * I consent to auditing and/or evaluating by authorized representatives of the Real Estate Division. * I agree to report any material changes of the information contained in this application to the Real Estate Division prior to presenting the amended course. * I agree to retain attendance records for at least seven years from the date of the offering. * I agree to provide completed certificates with original authorized signatures only to students who have completed this course. * I agree to comply with the provisions of NAC 645. INCOMPLETE APPLICATIONS WILL NOT BE PROCESSED FEES ARE NON-REFUNDABLE Submitted by: Signature Date Print Name If executed in this state: “I declare under penalty of perjury that the foregoing is true and correct.” Executed on........................................... (date) ....................................................................... (signature) If executed outside this state: “I declare under penalty of perjury under the law of the State of Nevada that the foregoing is true and correct.” Executed on........................................... (date) Revised: 08/07 ....................................................................... (signature) 4 of 10 560E BUSINESS AND INDUSTRY NEVADA REAL ESTATE DIVISION EDUCATION SECTION 2501 E SAHARA AVE LAS VEGAS, NV 89104-4137 (702) 486-4033, selection 2 http://www.red.state.nv.us COURSE INFORMATION SHEET Date of Application: Course Title: Instructor Names Instruction Site For Approval Period: July 1,______ to June 30, ______ Course Fee: Hours of Classroom Attendance Required: Number of Required Quizzes Minimum passing grade per test Title Hours of Accreditation: Number of Required Exams: Overall for the course Attach a copy of each examination, with the correct answers stated or marked. REQUIRED TEXTS AND OTHER READINGS FOR THIS COURSE Author Publisher / Date Statement of Course/Learning Objective: COURSE OUTLINE. PLEASE PROVIDE A THREE-LEVEL OUTLINE OF THE COURSE CONTENT AS WELL AS COMPLETING THE COURSE MODULE SHEET. Revised: 08/07 5 of 10 560E BUSINESS AND INDUSTRY NEVADA REAL ESTATE DIVISION EDUCATION SECTION 2501 E SAHARA AVE LAS VEGAS, NV 89104-4137 (702) 486-4033 http://www.red.state.nv.us PRE-LICENSE BUSINESS BROKER PERMIT COURSE MODULE SHEET CLASS TOPIC 1.Financial statements, including, without limitation: Income statements, balance sheets and cash flow statements Reformatting and recasting income statements and balance sheets Terms and concepts used in financial statements 2. Valuation of a business, including, without limitation Business value and alternative purchase offers Cash equivalent value Business purchase price and seller carry-back notes Investment value and fair market value Determining the value of goodwill The significance of a business’s assets in creating market value The market value of a franchised business The rules of thumb of business valuation 3. Purchase offer and sale considerations, including, without limitation Structuring the transaction Describing the business Asset sales and stock sales Describing the tangible assets being acquired Describing the goodwill being acquired Including real property in the transaction Describing the assets included in the purchase Describing the assets excluded from the purchase Cash on hand Method and terms of payment Assumption by the buyer of liabilities of the seller Notification of creditors of the seller Method for the calculation of the purchase price of a business when the buyer of the business assumes the liabilities of the seller Adjustments at the close of escrow to the liabilities of the seller assumed by the buyer Summarizing the structure of the transaction 4. Business brokerage and professional practices, including, without limitation Business opportunity contracts, agreements and disclosure forms Marketing, preparing a business for sale and advertising a business for sale Understanding the significance of the “potential” of a business Offering prospectus and confidentiality agreement Issues of business brokerage compensation Purchase offer and acceptance forms used for business opportunities Business broker and business appraiser associations SESSION NO. REQUIRED HRS 8 Hours 6 Hours 6 Hours 4 Hours IF TOPIC IS COVERED ON EXAM, PLEASE INDICATE NUMBER OF HOURS DEVOTED TO EXAMINATION Revised: 08/07 6 of 10 560E STATE OF NEVADA DEPARTMENT OF BUSINESS AND INDUSTRY REAL ESTATE DIVISION 788 Fairview Drive, Suite 200 * Carson City, NV 89701-5453 * (775) 687-4280 2501 East Sahara Avenue, Suite 102 * Las Vegas, NV 89104-4137 * (702) 486-4033 e-mail: realest@red.state.nv.us http://www.red.state.nv.us REAL ESTATE PRE-LICENSING EDUCATION INSTRUCTOR APPLICATION 1. Name of Applicant: Mailing Address: Business Phone Applicant’s E-Mail Address 2. Name and address of school / organization or sponsor for which the applicant will instruct: Fax Number: 3. Title of Course which the applicant will instruct: PL #: _________________ 4. PROOF OF QUALIFICATION MUST BE ATTACHED to include: • Detailed resume defining dates (from-to) of schooling and experience. Describe experience in the field in which applicant is applying to instruct so that resume clearly indicates how applicant is qualified to teach subject matter of course per NAC 645.426; Copies of applicable documents (licenses, certificates, etc). • QUESTIONS 5, 6 AND 7 MUST BE ANSWERED BY APPLICANT: 5. Have you ever been refused approval of a license or certificate by any Federal, State, County or City agency? Yes No If yes, attach an explanation. 6. Has any license or certificate held by you been suspended, revoked or subject to discipline? Yes No If yes, attach an explanation. 7. Have you ever been subject to disciplinary action by any Federal, State, County or City agency? Yes No If yes, attach an explanation. INCOMPLETE APPLICATIONS WILL NOT BE PROCESSED (WHICH WILL DELAY THE PROCESSING OF YOUR APPLICATION) I declare under penalty of perjury under law of the State of Nevada that the foregoing attached statement pages is true and correct. consisting of Executed on: (Date) , 20 (Signature) (Print Name) FOR NRED INTERNAL USE ONLY Date Application Approved: Approved / Denied By: Revised: 08/07 7 of 10 Date Application Denied: Date of Notification: 560E STATE OF NEVADA DEPARTMENT OF BUSINESS AND INDUSTRY REAL ESTATE DIVISION 788 Fairview Drive, Suite 200 * Carson City, NV 89701-5453 * (775) 687-4280 2501 East Sahara Avenue, Suite 102 * Las Vegas, NV 89104-4137 * (702) 486-4033 e-mail: realest@red.state.nv.us http://www.red.state.nv.us RETENTION OF PRE-LICENSING EDUCATION RECORDS Course: Sponsor: Contact Person: Telephone Number: As a provider of pre-licensing education, the sponsor is required to maintain records of attendance as specified in Nevada Administrative Code: NAC 645.404 Conditions of approval; evidence of licensure required from certain schools. 1. If a school has applied for and received the commission’s approval to offer courses to meet requirements for licensure under chapter 645 of NRS, the school shall, as a condition of the approval: (a) Maintain a record of each student’s attendance and certification in any of those courses for 7 years after his enrollment and shall have such records open to inspection by the division, upon its request, during the school’s business hours. (b) Upon a transferring student’s request, furnish the school to which he is transferring a copy of his attendance record and certification for each of those courses which he has completed. (c) Upon a student’s request, furnish the division a transcript of the record of his grades and attendance. 2. A school that does not meet the definition of a “school” set forth in either subsection 1 or 3 of NAC 645.400 must provide evidence to the division that the school is licensed to operate by the commission on postsecondary education. (Added to NAC by Real Estate Comm’n, eff. 12-16-82; A 12-27-91) Signature verifies that attendance records are kept in accordance with NAC 645.404 and are kept at the following listed location. In addition, it is understood that written notice must be given to the Real Estate Division Education Section should any change in location occur. Business Name Street Address Printed Name of Authorized Person Signed Name of Authorized Person City Title with Sponsoring Agency State Revised: 08/07 8 of 10 560E *S*A*M*P*L*E* NEVADA REAL ESTATE PRE-LICENSING EDUCATION ATTENDANCE VERIFICATION REPORT Sponsor: Course Title: Date: Signature of Instructor: Time: Instructor: PL# Location: Credit Hours: ATTENDEES CERT Y/N Name (Printed or Typed) Sign In Time In Initial Out Time Out NOTE: NAC 645.404.1(a) Attendance Report shall be maintained by the sponsor for a period of 7 years. Revised: 08/07 9 of 10 560E *S*A*M*P*L*E* Certificate of Attendance REAL ESTATE PRE-LICENISNG EDUCATION _____________________________________________ Name has attended and successfully completed a classroom offering "TITLE" PL # ________ ______ HOURS on ________________________ Date This Course is Sponsored By (SPONSOR NAME & ADDRESS) ________________________________________ (ORIGINAL) Authorized Signature THIS COURSE IS APPROVED BY THE NEVADA REAL ESTATE COMMISSION Revised: 08/07 10 of 10 560E