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

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

Flashcards An unrepresented buyer submits an offer directly to the listing agent, the agent must...Provide the buyer with a Duties Owed and a Consent to Act Licensees must disclose material facts about any property they represent on the listing and the selling sides of the transaction. What is a good example of this?Disclosing that the property is in a Common Interest Community It is a holiday weekend and both Friday and Monday are holidays. The buyer's agent receives an Earnest Money Deposit on Thursday at 5pm and the offer is accepted by the seller within the hour. The buyer's agent must deposit

the EMD into escrow:

Within 1 business day The Nevada Real Estate Commission can fine licensees up to how much per violation, maximum?

10,000

State law allows representation of multiple parties to a transaction, however what authorization is required before moving forward?Consent to Act The maximum liability of the ERRF (Real Estate Education and Research Recovery Fund) for any individual person is...

$100,000

NRS 645 was adopted to protectThe public A licensee changes their address. At what time must the licensee notify the Division?Within 10 days For the past year, a licensee has been working part-time in real estate while continuing to work part-time in their family business. Their license is getting ready to expire. In order

to renew it, they must:

Complete 30 hours of post licensing education live in the classroom Upon termination whether voluntary or involuntary, a licensee must turn over to the broker all listing agreements, contracts, disclosures, purchase agreements, and any and all other contracts that are similar and belonging to the broker...Immediately The Broker is expected to monitor the activities of their agents. One of the tasks that come under the purview of

their brokerage responsibilities is:

Reviewing and approving of licensee's advertisements A team has gotten so busy that the team leader must hire a personal assistant to help the agents in processing their transactions. The assistant answers questions regarding properties and contracts via phone and email, often discussing the terms and conditions of the transactions. In

order to be compliant with Nevada law, the assistant must:

Obtain a Nevada real estate license

A rancher is selling multiple parcels adjacent to each other including several vacant land lots where it is common for animals to roam free and graze. Before considering an

offer on any of these properties, the seller must:

Provide a notarized Open Range Disclosure to the prospective buyer(s) NRS 119B governs the sale of campground memberships.While promoting membership, it would be acceptable to advertise...Memberships for pre-sales that are not yet available for use An average citizen was discovered to be practicing real estate without a license in the state of Nevada, the Nevada Real Estate Commission may Impose a fine of $5,000 per violation The Duties Owed by Nevada Real Estate Licensee requires the prospective client to do what in order to complete the form?Initial, sign, date and time It is a holiday weekend and both Friday and Monday are holidays. The buyer's agent receives an Earnest Money Deposit on Thursday at 5pm and the offer is accepted by the seller within the hour. Per Nevada Law, the buyer's agent must submit the paperwork to the broker within how many days?1 A buyer is purchasing a new home in a Common Interest Community (CIC). What documents must the buyer receive and review?The public offering statement giving the buyer 5 days right to rescind There are two ways of agency recognized under Nevada

law, they are:

Specific and General When it is time for an active licensee to renew their

Salesperson license, they must complete:

12 hours of mandatory credits and 12 hours of elective credits A Broker Salesperson listed a luxury property that has been completely remodeled as it had water damage throughout the first floor due to faulty plumbing. Since putting it on the market, the seller shared with their agent that the water intrusion did lead to mold; however, it was completely remediated during the remodel. The agent reviewed the listing paperwork and noticed that the seller did not disclose the water damage or the mold on the

Seller's Real Property Disclosure (SRPD) form. The agent:

May be held liable for failing to inform the buyer A broker and a client sign an employment agreement.

Another name for this document is:

A Brokerage Agreement Per NRS 645, the Duties Owed by a Nevada Real Estate Licensee must be Initialed, Signed, Dated, and Timed In order to obtain a property management permit in the

state of Nevada, a licensee must first:

Complete 24 hours of classroom instruction on property management When a license is approved, what address is the real estate license mailed to?The Broker's Office It is reasonable to expect the seller will disclose certain information about the property. Which of the following

scenarios is not expected to be disclosed in the state of Nevada?The previous owner committed suicide in the property

An auction house needs Broker Price Opinions on 3 properties it will be auctioning. They contact a Salesperson to prepare the BPOs for a fee. Per Nevada Law, The Salesperson can prepare a BPO and collect a fee provided the BPOs meet the requirements A rancher is selling part of his farmland. At what point in the transaction is the rancher supposed to present the Open Range Disclosure to the buyers?At the time of showing, before receiving an offer A Salesperson is advertising a listing in the classified section of the newspaper. What must be disclosed?The owner of the property is a Nevada Licensee A licensee is representing a seller and the buyer is unrepresented. The file of the transaction must include the following...A Duties Owed signed by the buyer identifying the sellers as the broker's clients The State of Nevada recognizes two types of agency in

real estate by law. They are:

Specific and general A licensee was issued a license on the 18th of April. Their license is due to expire this year. The licensee will have until what time to renew their license?Until the 30th of April at midnight The Nevada Real Estate Division has received a complaint about a licensed Broker Salesperson who is renting properties for friends and family. The licensee is charging a percentage of the monthly rental income as compensation for their work. The Division investigates and finds that there is evidence to back this accusation up and the licensee is called before the Commission for a hearing because the

licensee received fees without:

Obtaining a property management permit While representing a client in a transaction, which of the following is an example of a duty owed by the licensee...To inform the client if they are a principal to the transaction The maximum amount that can be paid out, per judgment, from the Real Estate Education and Relief Fund (ERRF) that was established to compensate a member of the general public in the event that a licensee has harmed

them is:

10,000

A licensee changes their name, they have how many days to notify the division of their new legal name?10 A licensee has a duty to disclose certain convictions to the Real Estate Division. All of these are examples of issues a

licensee must report, except:

A misdemeanor from a traffic violation When it comes to confidentiality and the Duties Owed form, a Nevada licensee cannot disclose confidential information about their clients for how long after the transaction is complete?

• year

A broker goes before the Commission for a hearing and is found negligent. Their license is revoked. They are the

principal broker. The licensees in their branch:

Have 30 days to affiliate with another broker to remain active A buyer is purchasing a home in a Common Interest Community (CIC). The buyer and the seller agree that the