Nevada Real Estate Flashcards

Nevada Real Estate Flashcards

• A person who believes that he or she has been illegally

discriminated against may file a complaint with theA) NV Association of RealtorsB) Attorney GeneralC) Real Estate CommissionD) Department of Housing and Urban development (HUD) d

• Regarding a broker's trust account, the brokerA) may

use his or her personal account for clearing earnest money deposits as long as proper records and balances are maintainedB) is not required to have a trust accountC) must keep a separate trust account for each separate transactionD) may use the same trust account for both property management as well as general brokerage transaction b

• A buyer has purchased land regulated under NRS 119

and cancels within the five days allowed by law. How much time does the broker have to refund the buyer's money?A)

• daysB) 10 daysC) 15 daysD) 30 days

c

• A prospective buyer has inspected a parcel in a

subdivision registered under NRS 119. He has decided to purchase the parcel, receives the property report, and signs the contract. The prospective buyer has second thoughts the next day. Can he rescind the contract?A) Yes, because a buyer has five days to rescind the contract no matter what the reasonB) Yes, because escrow has not closedC) No, because the buyer has already signed the contractD) No, because the buyer got the property report a

• What is the minimum balance of the real estate

education, research, and recovery fund?A) $300,000.B)

$100,000.C) $250,000.D) $500,000.

a

• How many years must a broker keep records after the

last activity regarding the property?A) 2B) 3C) 5D) 10 c

• How long are real estate licenses valid?A) granted in

perpetuityB) need not be renewed unless previously revokedC) expire annually on December 31D) beginning July 1, 2015, a first-time license will be valid for one year.Subsequent renewals will be valid for two years.d

• If a buyer wants to have a clause included in the sales

contract under which the seller offers assurances against the existence of werewolves, vampires, and trolls on the property, which of the following statements is true in NV?A) the broker should consult a law manual for proper wording

and may include the clause, because such standard supernatural disclosures are in general usageB) the broker should urge the client to contact a licensed attorney to prepare the clause for inclusion in the sales contractC) in NV, brokers are permitted to add additional clauses to blank form contracts, such as the clause described here, that do not directly involve the conveyance of title to real propertyD) under NV law, a frivolous clause, such as the one described here, is not permitted and any contract containing such a clause will be invalid b

• In NV, the age of legal competence isA) 18B) 19C)

20D) 21

a

• A broker-salesperson is not satisfied with her present

real estate company and has decided to become

associated with another. Before the broker salesperson can begin actively selling for the new company, theA) first broker must transfer the broker salesperson's license to the new officeB) new broker must notify the commission of the change and send in the proper forms and feesC) associate broker must take her license to the new brokerage and notify the commission within three days of the transfer to a new locationD) appropriate paperwork must be given to the division at which time a temporary permit to conduct business will be issued and posted with the new brokerage d

• A salesperson engaged in activities that constitute

violations of the NRS 645, including blockbusting and discrimination on the basis of disability. The salesperson also cashed a $25,000. earnest money checks from a prospective buyer and used the proceeds to buy a new car.The salesperson's employing broker was unaware of all of these activities. What is the impact on the salesperson's broker when the salesperson's violations are brought to the attention of the real estate commission?A) the employing broker may be disciplined by the real estate commission for failure to superviseB) the salesperson's employing broker will be required to pay any fine imposed against the salesperson out of his or her own personal fundsC) the salesperson's actions are legally the responsibility of the employing broker, who will be subject to the same disciplinary action as the salesperson, regardless of whether or not he or she knew the violations had occurredD) the salesperson's employing broker will be held liable for the fair housing act violations only a

• Under NV law, which of the following statements is not

true of an exclusive listing contract?A) exclusive listing contracts must be in writingB) exclusive listing contracts must include a specific termination dateC) automatic extension clauses are not allowed in exclusive listing contractsD) exclusive listing contracts must discuss the seller's net return d

• What is the active experience requirement for Jennings

to become a broker or a branch manager a managing broker-salesperson?A) two yearsB) two years out of the last four yearsC) two years out of the last three yearsD) three years b

• Under the terms of a sales contract, a seller is required

to provide a termite certificate. The seller requests that the salesperson order one. The salesperson does so, knowing she will receive a referral fee from the pest control company. Is this a violation of the license law?A) no, if the fee is less than $35B) no, because undisclosed referral fees are not in violation of the lawC) yes, because a salesperson may not receive an undisclosed referral fee from anyone other than his or her employing brokerD) no, if the fee is over $100.c

• Regarding an office location, an active broker in Reno,

Nevada,A) must have an office in NevadaB) may not have an office in his or her homeC) may not be further regulated or licensed by the city of Reno where the office is locatedD)