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How to apply for a business license for Real a Estate Salesperson in Las Vegas
Whether you want to invest in commercial or residential real estate, a Nevada real estate business license is necessary to ensure you are able to conduct this business. The real estate market in Nevada whether commercial, industrial or residential is expected to grow in the next few years. Your startup can take advantage of the existing and forecasted growth opportunities in the Nevada real estate market.
An Introduction to Business License for Real Estate Salesperson in Las Vegas
Why is the Las Vegas real estate market considered a great investment opportunity? In the first six months of 2019, Las Vegas saw an increase in demand for residential real estate. An increase in the overall population of the city along with growth of its economy has made commercial and residential real estate one of the hottest markets in the nation. This is probably the best time to obtain a real estate salesperson license in Las Vegas and start your real estate business in Nevada.
Real Estate a Buzzing Business in Las Vegas
Las Vegas is going through what many experts consider as the next big “construction boom”. New commercial and residential properties are being built right from the domed football stadium called Allegiant Stadium to new logistics and industrial buildings including a massive 5.5 million square feet of warehousing capacity. The construction boom is being considered as one of the prime drivers behind the rise in new businesses applying for a Nevada real estate business license.
It is not just the commercial real estate market that is heating up but the residential market is also undergoing a huge facelift. A Las Vegas valley apartment complex called Evo sold for more than $100 million in 2019. Experts in real estate believe that the Las Vegas new and existing housing market will show steady improvement in 2020. The real estate market is attracting investors in projects, new businesses, salespersons and much more. A startup registering in Nevada has to apply for and obtain a real estate salesperson license in Las Vegas to leverage the growing commercial and residential real estate market. Some of the salient highlights of the buzzing real estate market in Las Vegas are:
- There is a $50 million industry focused business park that is being constructed in West Henderson near Las Vegas
- The Tesla Gigafactory, considered the largest factory in the world is located near Reno, Nevada. The 10 million square feet of floor space is expected to employ almost 6,500 people.
- The attached-product market share for new home closings in Las Vegas exceeded the 15 percent threshold four times in 2019
- The Las Vegas new-home market witnessed the strongest week of net sales in February 2020 with home closings rising to 21 percent in January 2020
- The Resorts World is a hotel and casino project under construction in Las Vegas at a cost of $4.3 billion
- The MSG Sphere is a 17,500-seated entertainment venue with 160,000 square feet of display surface and is set to open in Las Vegas in 2021.
- The Las Vegas Convention Center expansion estimated at $1 billion will add almost 1.4 million square feet to the existing convention center. It is slated to open in 2023
These are some of the many commercial, industrial, and residential projects that are either in the construction phase or in the pipeline, thus opening a platform of opportunity for small and medium sized real estate businesses. These projects make Nevada a hotbed for investing in the real estate market and you can do so after obtaining a Nevada real estate business license.
Apply for a Nevada Real Estate Salesperson License
The Nevada real estate market provides unparalleled opportunities for professionals and businesses to grow. In order to take advantage of the growth opportunities in the commercial, residential and industrial real estate markets, you will be required to register your business first. Business formation needs to be followed up by applying for a real estate salesperson license in Las Vegas. A business license in Nevada is a mandatory requirement pursuant to NV Rev Stat § 645.330 (2015).
The regulations and requirements pertaining to the application for a Nevada real estate business license are administered by the Nevada Real Estate Division. It is also important to note that any agent, broker, or salesperson conducting real estate business in the state without the necessary license or permit may be considered as unlawful and can be prosecuted by the district attorney or Attorney General pursuant to NV Rev Stat § 645.230 (2015).
Register Your Business in Nevada Effortlessly!
Las Vegas Real Estate Business Salesperson License Requirements
A Nevada real estate business license will ensure you are able to buy, sell, or rent property for your clients. You will also be able to perform a range of real estate related duties like studying various commercial and residential property listings, interviewing prospective clients, accompanying clients to their chosen property sites, and discussing conditions of the sale among others. You will also be responsible for drawing up Las Vegas real estate contracts.
If you are wondering how you can apply for and obtain a real estate salesperson license in Las Vegas then it is important to know that there are certain requirements that you have to be compliant with. The requirements for a salesperson license in Nevada are governed by Chapter 645 of 2015 Nevada Revised Statutes. We have created this guide to help you identify the various requirements.
Nevada Real Estate Division licensed real estate person needs to apply for a city of Las Vegas business license
If you have obtained a Nevada real estate business license or NRED license then you will be required to apply for the real estate salesperson license Las Vegas within 30 days from the date specified on your NRED license. This is applicable to new businesses being formed in Las Vegas.
If your business entity already exists in Nevada and you want to relocate to the City of Las Vegas then you will have to apply for a real estate salesperson license Las Vegas 30 days prior to the date of relocation.
Confirm Business Location Limit within Las Vegas
In order to apply for and obtain a real estate salesperson license in Las Vegas, you will have to confirm that the proposed business location is within the City of Las Vegas limits. The requirement also specifies that you need to ensure that your proposed location falls under the 2020 Las Vegas Master Plan. The plan is an integral aspect of the Las Vegas zoning review and designates the various types of activities that can be carried out by a business at a specific location or property. You will be required to file your zoning application in compliance with the Unified Development Code Title 19.12.
Obtain a Real Estate License from the Real Estate Division of the Nevada Department of Business & Industry
If you are planning to operate as a real estate salesperson in the city of Las Vegas then you need to apply for and obtain a Nevada Real Estate Division license (NRED) first. You can apply for the NRED license using Form 549. The requirements for the NRED license application are:
- You will need to provide a Proof of education certificate or a real estate licensed experience. You need to ensure the certification is from a Nevada approved school only.
- You will be required to submit the fingerprint verification form as issued by an approved Nevada Fingerprint Vendor. It is important to note that fingerprints expire after six (6) months.
- You will be required to submit original exam results along with your Nevada real estate business license application. If you have already cleared the Nevada State exam then ensure it is within the last 12 months. You can contact Pearson VUE testing service for exam scheduling.
- If you currently possess or have possessed a Real Estate license within a period of last 10 years in any state then you will have to submit a certified license history issued by the state you are or were licensed in. The history should be dated within a period of 90 days of your Nevada license application submission date.
- While submitting your Nevada real estate business license application, ensure it is completed correctly and submitted with a license fee of $125.00.
Provide proof of compliance with the Nevada Secretary of State
In order to apply for and obtain a real estate salesperson license in Las Vegas, you will have to provide a proof of compliance. The proof may include a copy of registration or incorporation document as submitted with the Nevada Secretary of State. It can be any proof that an NRS Title 7 entity like a business corporation, LLC, PLLC etc., is compliant with all the filing as well as business license requirements of the state of Nevada.
Copy of Written Agreement
Real Estate Salesmen who are acting as independent contractors in the city of Las Vegas have to provide a copy of their written agreement between the broker and salesmen. This should be compliant and in accordance with Nevada State regulation of practices NV Rev Stat § 645.251 to NRS 645.321 (2015).
Apply for License Online
You can apply online for a real estate salesperson license Las Vegas at least 30 days prior to commencing business in the City of Las Vegas. Alternatively, we at IncParadise can also assist with the process of filing for a business license in Nevada.
Fees
If you are planning to establish a real estate business in Las Vegas, you will have to obtain a Nevada real estate business license. The fee for your license application will be $200 and this includes a license fee of $150 and a non-refundable processing fee of $50. If you have received approval to operate your business from home then there will be an additional fee of $50. This is a one-time fee and it is for a Home Occupation Permit.
Review by Planning or Fire Department
A real estate business in Las Vegas is required to comply with the codes of the Fire Department and Planning Department. This is primarily for those businesses that are operating from a commercial or industrial space. The inspection will be carried out only after you submit your application to the fire and planning department. The inspection followed by approval is necessary for issuance of a real estate salesperson license in Las Vegas.