Nevada Real Estate State National Flashcards

Nevada Real Estate State & National Flashcards A house sold for $180,000 and the buyer obtained an FHA-insured mortgage loan for $120,000. If the lender charged two discount points, the buyer would pay

$2,400

Which of these laws prohibits housing discrimination only on the basis of race?Civil Rights Act of 1866 A lease where a lessee becomes a lessor is A sublease In real estate, a sales associate is always a licensee who performs real estate activities on behalf of a broker A standard rectangular survey system section contains640 acres The ratio between a loan and the value is called the LTV A man gave a deed to a woman with an oral agreement that the deed was not to be recorded until after he died.The deed is valid On Monday, the seller offers to sell a vacant lot to the buyer for $42,000. On Tuesday, the buyer counter offers to buy for $40,500. On Friday, the buyer learns that several other prospects may be making offers on the property, so the buyer withdraws the counteroffer and agrees to the original asking price of $42,000. Under these conditions, there is not a valid agreement because the buyer's counteroffer was a rejection of the seller's offer, and once rejected, an offer cannot be accepted later In Nevada, proof of marketable title is provided throughtitle insurance.A home inspector noticed a home had a high humidity level. The inspector is especially concerned about the presence of mold A salesperson has developed a website. What information, if anything, must the salesperson include on the website?Name of the brokerage that holds the salesperson's license Another word for uniqueness isnonhomogeneity 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?The buyer will win because the agreement is unenforceable.A licensed real estate sales associate has a written agreement with the employing broker indicating that the sales associate will not be treated as an employee. The

sales associate's income is solely from commissions. The IRS will MOST likely consider the sales associate self- employed Which of the following is a lien on real estate? recorded mortgage

A business owner leases a space to open a restaurant and installs ovens, booths, counters, and other equipment.When would these items become real property?At lease expiration, if the business owner does not remove them Which of these is an example of an economic characteristic of land?scarcity The type of title insurance that will protect the owner and heirs is called an owner's policy Any of the following clauses in a loan agreement enable the lender to demand the entire remaining debt be paid immediately EXCEPT A defeasance clause A new licensee is not yet a member of the National Association of REALTORS but has already put the REALTORS designation on the business card. Can the licensee be disciplined for this?Yes.Upon obtaining a listing, a broker or licensed salesperson is obligated to give the person or persons signing the listing a legible, signed, true, and correct copy at the time of signing or within a reasonable time thereafter.A salesperson who wants to place a For Sale sign on a listed property must Identify the brokerage firm on the sign and may identify the salesperson.If the government acquires privately owned real estate through a condemnation suit, it is exercising its power of eminent domain How much active experience is required to obtain a real estate broker's license?Two years within the preceding four years A real estate broker sold a home to a buyer after telling the buyer that the foundation was "solid as a rock" when the broker knew for a fact that it was slowly sinking into the landfill on which it was built. Now that the sale is completed, which of the following is LEAST likely to happen to the real estate broker ?Successful defense against all charges based on loyalty to the broker's client-seller The rights of ownership of real property included all of the following EXCEPT compatibility An appraiser estimated the replacement cost of a building at $560,000. The building has an estimated economic life of 40 years and an estimated remaining life of 30 years.What is the current value of the building?

$420,000

A deed of trust moves title and a limited power of sale fromthe trustor to the trustee 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?Yes, if she appoints a designated property manager who has a property management permit and meets other qualifications.Three siblings bought a farm together, and the deed listed only each of their names. What form of ownership are they presumed to have taken?Tenancy in common Which of the following is NOT a test to identify a fixture?Size of the item 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?180