NV: Nevada Real Estate Law 2024-2025 Practice Exam Flashcards

NV: Nevada Real Estate Law (2024-2025) Practice Exam Flashcards

The holder of a life estate is calleda life tenant What is the compensation plan called if a salesperson's commission split increases depending on whether the salesperson achieves higher production goals?graduated commission split A seller accepted all of the terms that the buyer offered, making a few changes. The seller responded that they want a higher earnest money deposit and they want a sooner closing date. At this moment in the process, these requests constitute...a counteroffer An agent representing the seller has a duty to disclose to the principal all of these EXCEPT the agent's advertising budget Which of these is an example of a specific, voluntary lien?mortgage lien Owners with littoral rights enjoyunrestricted use of available waters.The grantor is conveying an interest that is less than fee simple absolute. This explanation of the extent of ownership will be found in the habendum clause The primary purpose of the Uniform Electronic Transactions Act (UETA) is to remove barriers in electronic commerce A contract that is entered into by a person who is under the age of contractual capacity with another person who is also under age is...voidable The person who prepares a certificate of title is theabstractor What is one negative result of redlining? It is often a major contributor to the deterioration of older neighborhoods.The verification that the grantor's signature is both genuine

and voluntary is a/an:

acknowledgment Why have real estate license laws been put into effect?to protect the public and establish standards of professionalism Under what conditions can someone refuse to rent to an African-American on the basis of race?Never, there is no exemption to fair housing for race.Which of these laws extended housing discrimination protections to families with children and persons with disabilities?Fair Housing Amendments Act of 1988 Even if a consumer has requested placement on the National Do Not Call Registry, a real estate professional may call the consumer up to how many months after the consumer's last purchase?18 When a corporation transfers ownership of property, the deed must be signed by an authorized officer Generally, in a court-ordered sale, which of these is paid first?property taxes

How many acres are contained in a parcel described as

follows: The NE ¼ of the NW ¼; the N½ of the NW ¼, NE

¼, of Section 10?60 acres When two or more individuals decide to buy a property together, it results in a co-ownership.A contract that is entered into by a person who is under the age of contractual capacity is voidable What form of ownership is employed when one person transfers ownership to someone else to hold and manage for a third person?Trust Which of these is an example of involuntary alienation?scheat A right or privilege tied to real property, although not necessarily part of the property, is called a(n) appurtenance What is the main value of a multiple listing service (MLS) for sellers?It exposes the property to a greater number of prospective buyers Which of these covenants is a guarantee that the grantor has the right to convey the property?covenant of seisin Which of these cannot take title as a joint tenant with right of survivorship?A professional corporation.All of these are acceptable evidence of an owner's title

EXCEPT

a recorded deed A person who is designated by the principal in a broad range of matters related to a particular transaction or activity is a general agent When the supply of a certain commodity decreases while demand remains the same, the price of that commodity will tend to Increase in value Land, mineral, and air rights in the land are included in the definition of Real estate.In the states in which it has been adopted, the Marketable Title Act limits the time beyond which title records must be searched All of these systems are used to express a legal description

EXCEPT

datum and benchmarks All of these are violations of federal antitrust laws EXCEPTcommission splitting All of these are examples of government policies that can affect the real estate market EXCEPT A shortage of skilled labor or building materials.Methods of annexation, adaptation, and agreement are the legal tests for determining whether an item is real property or personal property.Air lots, condominium descriptions, and other vertical measurements may be computed from the U.S. Geological Survey datum The type of deed that imposes the least liability on the grantor is a quitclaim deed A seller owned two acres of land and sold one acre to a buyer and reserved an easement appurtenant for entrance

and exit over that acre to reach the public road. The buyer's land will be considered...servient tenant

The seller's agent has certain duties to the client-principal.All of these are duties EXCEPT suggesting marketing strategies to the agent A house was the scene of a drug arrest and a violent murder last year. When it was listed on the market, many people considered it to be a stigmatized property Personal property that a seller may leave with the property and, therefore, must be identified on the listing agreement is/are stacked firewood A title insurance policy that protects the interests of a mortgagee is called a lender's policy An individual who is authorized and consents to represent the interests of another person is an agent For fair housing purposes, what is the definition of the term disability?An impairment that substantially limits one or more of an individual's major life activities The agent's obligation to use skill and expertise on behalf of the principal arises under which of these common-law duties?care All of these are liens against real property EXCEPTlis pendens.The reason that deeds and liens and other claims are recorded is to give constructive notice Under what conditions can someone refuse to rent to an African-American?Never A seller tells a real estate professional "don't show my house to anybody not born in the United States." In this circumstance, the professional must decline to take the listing with this requirement What is the illegal practice called when a service that is wanted is attached to a service that is unwanted and the consumer must agree to pay for one to have the other?tie-in agreement In most states, a broker's license can be suspended or revoked if the broker Takes a listing that does not include a date in which the listing expires A history of all recorded liens and encumbrances is revealed in the abstract A person who believes they have fractional ownership of a property files a notice in the public record of pending litigation affecting the title to a property so that it cannot be sold until the matter is sorted out in court. This is known as a/an?lis pendens If the government acquires privately owned real estate through a condemnation suit, it is exercising its power of eminent domain.The provisions of the ADA apply to any employer with at least 15 or more employees The end of a metes-and-bounds land description is always a/an point of beginning What are deed restrictions?private agreements affecting the use of the land