Nevada Law Pearson Vue Practice Flashcards

Nevada Law Pearson Vue Practice Flashcards Every Nevada real estate office is required toA. maintain escrow account records for five years.B. keep transaction records for three years.C. keep transaction records for five years.D. keep transaction records for eight years.

• keep transaction records for five years.

A Nevada broker entered an exclusive buyer representation agreement with a client. The agreement, by its terms, was to expire on November 2, 2006. However, the broker and the client both agreed that if suitable property was not found by then, the agreement would automatically extend to January 5, 2007, unless either party gave notice that the extension was not desired.Suitable property was found and purchased on October 15, 2006, but the buyer refused to pay the agreed fee to the broker. Which of the following is MOST likely to happen in court if the broker sues to recover the agreed fee?A. The buyer will win because buyer representation agreements are not allowed to have an expiration date.B. The buyer will win because all such fees are paid by the seller.C. The buyer will win because the agreement is unenforceable.D.The broker will win because the property was purchased before the original expiration date.

• The buyer will win because the agreement is

unenforceable.Listings based on a net proceeds received by the seller areA. illegal in Nevada at any time.B. legal in Nevada as long as the seller agrees.C. always advisable.D.permissible with approval of the Commission.

• legal in Nevada as long as the seller agrees.

Nevada law requires that theA. broker disclose material facts relating to the property even if the buyer does not ask for it and the seller has told the broker to keep it confidential.B. broker keep all information confidential that the seller has provided about the property.C. broker disclose everything that the seller has told the broker.D.seller disclose any material facts that might affect the sale.

• broker disclose material facts relating to the property

even if the buyer does not ask for it and the seller has told the broker to keep it confidential.A person is applying for a license as a broker. The applicant must show proof of liquid assets sufficient to maintain an office for at LEAST how many days?A. 180B.

60C. 90D. 120

A. 180

If a broker establishes an account to hold money belonging to others, which of the following is correct?A. Accounts may be labeled as either a trust or a general account.B. The account cannot be in the same bank as the broker's personal checking account.C. The account must be

designated as a trust account.D. An individual account is required for each transaction.

• The account must be designated as a trust account.

The sale of a property for less than the amount of the liens encumbering the property is called aA. short sale.B.deficiency sale.C. lien encumbered sale.D. fraud.

• short sale.

Betty is a real estate broker with a small office. She does not have a property management permit. Can her office still legally engage in property management activities?A. Yes, if Betty is enrolled in the necessary classes to obtain a property management permit.B. Yes, if she posts a $50,000 bond with the Real Estate Division.C. No, the broker must have a property management permit.D. Yes, if she appoints a designated property manager who has a property management permit and meets other qualifications.

• Yes, if she appoints a designated property manager who

has a property management permit and meets other qualifications.In Nevada, proof of marketable title is provided throughA.title insurance.B. certificate of title.C. Torrens certificate.D.a deed.

• title insurance.

Nevada real estate license law (NRS 645) is administered by theA. Real Estate Division.B. legislature.C. state district courts.D. governor.

• Real Estate Division.

How much active experience is required to obtain a real estate broker's license?A. Two years within the preceding four yearsB. Two years within the preceding five yearsC.One year within the preceding two yearsD. One year within the preceding four years

• Two years within the preceding four years

A salesperson who wants to place a For Sale sign on a listed property mustA. first sell the property.B. list only the brokerage office phone number on the sign.C. get permission from the neighbors.D. identify the brokerage firm on the sign and may identify the salesperson.

• identify the brokerage firm on the sign and may identify

the salesperson.Which warning message is on the cover of a public offering statement?A. "Prospective purchaser should see the exact parcel considered before purchasing."B. "Prospective purchaser has five calendar days to cancel any contract signed."C. "Prospective purchaser should seek competent advice if this report is not understood."D. "Prospective purchaser should read this report before signing any paper."

• "Prospective purchaser should read this report before

signing any paper." In Nevada, in order to successfully sue for a commission, under an exclusive-right-to-sell listing, all of the following are necessary for a listing broker to be entitled to a commission EXCEPTA. that there was a ready, willing, and able buyer under the terms of theB. agreement or terms that the seller subsequently accepted.C. that the listing agreement was in writing.that the broker was properly licensed at the time the contract was negotiated.D. that closing of title by the purchaser occurred.

• that closing of title by the purchaser occurred.

The limits on recovery from the Education Research and Recovery Fund are _____ per judgment and _____ per

licensee.A. disclosure and analysis report.B. disclosure report.C. public offering statement.D. $25,000, $100,000

D. $25,000, $100,000