Nevada State Law Real Estate Exam Questions Flashcards

Nevada State Law Real Estate Exam Questions Flashcards A Seller's Real Property Disclosure document is required

for all of the following properties except a(n): For sale by

owner, new home, resale residence, or home the has been inspected by a certified home inspector.A SRPD is not required on a new home sale. NRS 113.130 What are three types of agency recognized in Nevada?Single agency, dual agency, and assigned agency. See NRS 645.252 and NRS645.254 If a Nevada licensee tells the lender that the sales price on

a property is something other than its actual sale price, the:

licensee can have their license suspended or revoked.NRS 645.635 states that the Commission can discipline a licensee for "representing to any lender, guaranteeing agency or any other interested party, verbally or through the preparation of false documents, an amount in excess of the actual sale of the actual sale price the real estate or terms differing from those actually agreed upon." A broker may collect a commission from both the seller and

the buyer only if:

both parties give their informed, written consent.if the licensee receives compensation from more than one party in a real estate transaction, full disclosure to and consent from each party to the real estate transaction is required.a licensee shall not accept compensation from more than one party in a real estate transaction, even if otherwise permitted by law, without full disclosure to all parties. NAC 645.605 The broker need not be a dual agent. do not associate compensation with agency representation.All funds received by the broker on behalf of the principal

must be deposited in the trust account or escrow opened:

within one banking day of acceptance of the offer.If a real estate broker receives money(as a broker) which belongs to others, broker shall promptly deposit money in a separate checking account located in a bank or credit union in this state which must be a designated trust account.

NRS 645.310

A Nevada licensee must give theDuties Owed by a Nevada

Licenseeform to prospective purchaser or tenants:

no later than the time of entering an agreement to purchase or lease.The licensing law of Nevada requires that the broker, or the licensee acting on behalf of the broker, must disclose information that materially affects (material facts) regarding the property even when the buyer does not ask for it. these facts must be disclosed even if it negatively affects the seller or the future transaction.Under the terms of the contract, a seller is required to provide a termite certification. the seller requests his listing agent to order one. the agent does so, knowing he will receive a referral fee from the pest control company. is this a violation of the Nevada license law?Yes, because a salesperson may not receive compensation from anyone other than his employing broker.A broker could receive a referral fee from the pest company if it is disclosed to all parties, but a salesperson or broker-salesperson may not. A salesperson or broker-salesperson may only be compensated by the

employing broker. NRS 645.633

A Nevada real estate salesperson, associated with Hammond Realty, who wishes to put her own house on the

market for sale and place a sign on the property must:

identify the broker on the sign and it may identify the salesperson.A for sale sign is considered to be advertising.The name of a brokerage firm representing the licensee must be clearly identified.All of the following are grounds for disciplinary action

EXCEPT a licensee:-trying to negotiate a sale of property

directly with an owner while that owner is currently exclusively listed with another broker.-giving information on a rental to a tenant without the landlord's permission.-refusing to write a low offer that the licensee knows will not be accepted.-refusing to show property to a prospective purchaser due to poor credit.refusing to show property to a prospective purchaser due to poor credit.this is not illegal and is in fact good business practice. Other acts are prohibited under NRS 645.630-635