90-Hour Nevada Pre-License Course Flashcards

90-Hour Nevada Pre-License Course Flashcards Personal properties that became permanently affixed to

land, thereby making them real property, are known as:

Fixtures The original fair housing statue, which prohibits

discrimination in housing based on race, is:

The Civil Rights Act of 1866 The Administrator must provide the Commission with the Real Estate Education, Research and Recovery Fund's financial statement that shows beginning and ending balances, receipts and expenditures, within how many days after the end of the fiscal year?15 A lease in which the tenant has agreed to pay ownership expenses, usually utilities, property taxes, and special

assessments is known as:

A net lease

A type of a loan where only interest is paid is call a/n:Straight term loan

The course requirements to obtain an original license

assalespersoninclude:

A course of instruction in real estate principles, practices,

procedures, law and ethics consisting of:At least90 hoursof

classroom lectures; orThe equivalent in a correspondence or extension course.The content of the course must

include:At least45 hourson theprinciples and practices of

real estate.At least45 hourson thelaw of property and the regulation of brokers and salespersons and the ethics of selling real estate.An interest in your land that you give to someone else to

use, while you still retain the ownership rights is a/n:

Easement In the case of brokers or broker-salespeople, at least how many hours -- of the total CE hours required -- in each 2 year period must be devoted to ethics, professional conduct or the legal aspects of real estate?24hrs Which of the following disclosures are not required for the sale of used mobile homes being sold by a real estate licensee?The year, serial number and manufacturer of the used mobile home Provided a meeting meets all other Nevada CE requirements, the Commission allows CE credit for attending a meeting a maximum of how many hours of credit during a single licensing period 6 Should the tenant not remove the trade fixtures, then they will become the property of the landlord. This method of

gaining property (for the landlord) is referred to as:

Accession The subdivision property report sets forth the buyer's right

to cancel the contract:

By midnight of the 5th calendar day following the date of the contract's execution Anagentis also known as afiduciary

A course may not be taken for credit to meet CE requirements more than once during any two consecutive periods for renewal of a license.

You can make real property personal through: Severance

If the Real Estate Division denies a license application, the applicant must receive notice of this denial within how many days of this ruling?15 Which of the following is not valid in Nevada? A nuncupative will

A broker must balance each of his trust accounts at least:Once a month

A clause that says the mortgagee or beneficiary declares the entire balance of the loan becomes due and payable

when the property is transferred is known as the:

Alienation clause If the Real Estate Division denies a license application, the applicant may be eligible to receive a refund of application

fees up to a maximum of:

100% As defined under NRS 645, which of the following terms means, "A voluntary conveyance or other transfer of title or any interest of an owner in any commercial real estate specified in a brokerage agreement"?Disposition This written document (or "instrument"), which transfers

ownership from the grantor to the grantee is the:

Deed Anyone who chooses to cancel his contract to purchase within a subdivision (and does so within his right of recission period) must be refunded his money by the developer within how many days after the developer receives the cancellation notice?15 days Two or more people holding ownership concurrently, with the right to individually possess, will, or sell. This is

undivided, but not necessarily equal, interest is known as:

Tenants in common The right to use and occupy a unit on a recurrent periodic basis according to an arrangement allocating this right among various owners whether or not there is an additional

charge to the owner for occupying the unit is known as:

time share The clause that defines the ownership taken by the grantee

is:

habendum clause A lease that usually begins with low, fixed rental rates, which increase at specified, regular intervals, is known as graduated lease The right to ownership of land, and the evidence that such

ownership exists is:

Title The Division must submit a written report about all complaints against property managers and disciplinary actions taken against property managers, to the Director of

Legislative Counsel Bureau. This report must be submitted:

On or before February 1 of each odd-numbered year To receive credit on a CE course in a classroom setting, the course must be worth a minimum of how many hours of instruction?3

The developer must pay a fee of how much per permit renewal to sell time shares, per subdivision?$500 A type of lease in which the landlord lets you stay without a lease, and notice can be given by either party with 5 day

notice, is known as an:

Estate at will The grant guarantees that no third party will try to establish a more superior title than the grantee is given.Covenant of Quiet Enjoyment The transfer of rights or duties to a third party and original

party remains secondarily liable is:

assignment A single parcel or lot within a zone that does not have the same land use as the rest of that zone, but is allowed to be used for that one parcel if the building is consistent with the

surrounding neighborhood, is known as:

Spot zoning

You can make personal property real through: annexation

A broker must deposit any money received as earnest money by what time after the acceptance of an agreement?before the end of the next banking day Within how many days of receiving all the required application information for a subdivision must the Administrator make a decision?30 days A series of numbers or letters, or any combination thereof, which identifies, for the duration of a time-share plan, one

time share in the plan, is the:

permanent identifying number Which of the following regulations is not set forth for an advance fee agreement?provision and refund minus $100

The Administrator:- Is the CEO of the Division.- Is a full-time employee of the

State of Nevada.- Heads the Real Estate Division.- The Administrator must not be an active real estate licensee or have an interest in any real estate firm.Real Estate Education Research and Recovery Fund Fund must maintain abalance ofat least $300,000at all times.At theend of each fiscal year,any Fund balance ofover $300,000must be set aside and used by the Administrator for real estate education and research purposes.If anyinterest or incomeis earned on the Fund's balance, these monies (after any charges have been deducted) will becredited to the Fund.The maximum payable by the Fund is $25,000 per judgment.The Fund'smaximum liability is $100,000for a single real estate licensee.The Division has the right, upon receiving a court order stating that any real estate licensee has not paid child support according to a court order, to suspend that person's license at what point after the court order was issued?30th day The Real Estate Division has the authority to deny areal estate license application, the reasons for which are set out

in the "Licenses" section of the statutes. These include:

May deny a license to anyone who has been convicted of, or entered a plea of "guilty," "guilty but mentally ill" or "nolo