NV Real Estate Exam Review Flashcards

NV Real Estate Exam Review Flashcards

NRS 113NRS 113: Sale of RE property (disclosure)

RE Education Research and Recovery Fund: -$300K in fund at all times-Any balance over $300K at the end of the fiscal year must be set aside and used by the Administrator for RE education & research-Maximum Paid Out $25K per judgement-Liability is $100K per RE licensee What is the difference between Tenants in Common and Joint Tenancy?Tenants in Common can be individually possessed, willed, or sold. Joint Tenancy have Identical interests in the property and there is a right of survivorship What is the fine for discrimination for the first offense?What happens on the second offense?$500 first offenseSecond offense the person will have to show cause to why they shouldn't have their RE license revoked Is a Fee Tail legal?Illegal Time share instrumentAny document creating or regulating time shares

Define: Alluvial PlainDelta Area where soil deposits from a river

How do you reinstate a license that has been inactive after the initial license period...for 2 years or less?for more than

• years?

for 2 years or less24 hrs CE (12 in ethics)for more than 2

years:48 hrs CE (12 in ethics)Maximum 3 hours Personal

Development ConveyanceTransfer of Title Used Manufactured or Mobile Home1. Occupied before or after the sale or lease2. Only can sell if used How many hours is required for continuing education?How are those hours broken down?24 hours for continuing education - 12 specified-3 hrs Agency Relationships-3 hrs NV Law-3 hrs Contracts-3 hrs Ethics

What are the fees charged by Division for:education

renewal,renewal broker,renewal salesman,renewal branch office,brokers renewal late fee,salesperson renewal late fee education renewal: $80renewal broker: $360renewal

salesperson: $280branch office $220brokers renewal late

fee $180salesperson renewal late fee: $140

NRS 119NRS 119ANRS 119BNRS 119: Subdivided LandNRS 119A: Time SharesNRS

119B: Campground

NRS 111NRS 111: Vesting

Define: Blanket encumbranceMortgage that covers more than one piece of real estate

Define: AlluvionAccumulation of soil rock and other matter from movement

of water from alluvial plain How many branch offices can a supervisor of a branch (time share) manage at one time?Only One DispositionA voluntary conveyance or other transfer of title or any interest of an owner in any commercial real estate specified in a brokerage agreement Commission according to NRS 645Refers to the RE Commission in NV1. 5 members, maximum 2 from same county2. US citizens, NV residents

• yrs3. Maximum 6 yrs4. 2 meetings per year5. $150 per

day

Are owner developers required to have a specific education?How long is the registration valid?no, registration is valid for one year

Define: CondemnationProcess which the government exercises their right of

eminent domain (taking property) What is familial status?-has a child under 18-pregnant or-started adoption process Broker License Education Requirements64 semester units total, 45 su from below-3 su RE law (18 hrs)-3 su principals of RE-9 su RE appraisal & Business or Economics-9 su RE Business or Economics-3 su Broker Management

Define: Accretionincrease of land due to soil deposits by water

Define: RelictionIncrease of land from receding water

Administrator1. CEO of the Division - heads Division2. FT employee of state of NV3. Must not be active RE licensee

Define: Special AssessmentsUsed to pay specific improvement or maintenance on a

property time share rep registration/renewalrepresentative transfer to a new developerlate fee for registrationpreliminary permitpermit to sell timeshares per subdivisionamendment of public offeringrenewal of permit to selloriginal and annual registration of manager time share rep/renewal registration $85representative transfer to a new developer $20late fee for registration $40preliminary permit $275permit to sell timeshares per subdivision $500amendment of public offering $150renewal of permit to sell $500original and annual registration of manager $75 Do timeshare laws apply to an owner?They do not as long as they are not a developer and they refer 20 or less prospective purchasers within a calendar year and they don't show or negotiate the time share

Define: AvulsionLoss of land due to nature

When does a timeshare permit expire?What is the application fee?When does this have to be renewed?Timeshare permits expire after one year and the application fee is $500. This must be renewed at least 30 days before the permit expires.` Can a course be taken for CE credit more than once during any two consecutive renewal periods?No If a broker doesn't properly supervise his agents, what is the penalty?Possibly having the broker's license suspended or revoked and penalty up to $5,000 What is the fine for a member of a LLC partnership if they commit a violation (gross misdemeanor)?maximum fine of $2500

Name some examples of an encumbrance:lieneasements (pathway)encroachmentsdeed

restrictionslicenses BusinessTangible assets of an existing enterprise.Define Freehold Estate:Ownership of property:fee tail How many hours of CE credit will the commission approve per day?No more than 7 if there is no final examNo more than 8 if there is a final exam How long does the project broker need to keep the records of the receipt of the public offering statements?

• years

NRS 645NRS 645CNRS 645:RE brokers and salespersons licensesNRS

645C: Appraisers

What is a natural appurtenance?What is an artificial appurtenance?natural: rights to trees, creeks, streams, bushesartificial: anything permanently affixed to the land Owner-DeveloperOwns 5+ Lots within a subdivision Define: Eminent DomainThe federal right to take private property if necessary for public use.

What are the fees charged by Division for:changing from

broker to broker-sales,changing from broker-sales to broker,reinstatement of licensedidn't give division notice location change changing from broker to broker-sales $20changing from broker-sales to broker $40reinstatement of inactive license $20didn't give division notice location change $30 Advisory CommitteeEstablished to help Commission handle any issues to carry out the license laws Active Experience according to NRS 64530hrs per week for min 48 weeks per year

NRS 116NRS 116: Associations CC&R's

Define Business broker:What are the requirements for a

permit RE broker, broker-salesman, or salesman who sells businesses.-minimum 24 hours of instruction-$40 permit-$75 examination fee (must pass 75%) Define Leasehold Estates:Leasing a property:estate for yearsestate for periodestate at willestate at sufferance How much experience time is needed to obtain a brokers license if you were previously outside of Nevada?

• of the 4 immediate preceeding years the applicant was a

full time RE licensee

What are the fees charged by Division for:name/address

change,license transfer to another broker,duplicate license name/address change: $20license transfer: $20duplicate

license: $20

What is the maximum fine the Commission can issue as a disciplinary action?

$10,000

What are the three main special types of zoning? aesthetic zoning: architectural featuresbulk zoning: controls

overcrowding of buildingsspot zoning: different zoning in a

neighborhood What fee simple defeasible?FreeholdFee simple Conditional What is fee simple?FreeholdHighest degree of ownershipUnlimited DurationInheritableSubject only to GOV powers If someone has been convicted, plead guilty or no contest for a felony, they cannot receive a license until?

• yrs after either the person pays any fine, or parole or

probation sentence has expired.A complete detailed closing statement needs to be delivered to the seller within what amount of time?within 10 BUSINESS days What is the difference in Brokers CE?Both are 24 hrs in CE, Brokers have 15 specified instead of 12-3 hrs for Brokers Management AgencyRelationship between the principal (client) and agent.

Duties Owed:Exercise reasonable care and skill, provide form

Time share planRight to time shares and interests How do you reinstate a license that has been inactive during the initial license for...less than a year?between 1-2 year?more than 2 years?

less than a year:30 hours post licensing coursebetween 1-2

years:30 hours post licensing course18 CE (12 ethics)more

than 2 years:30 hours post licensing course24 CE (12

ethics) When must you receive post license education? How many hours? How many modules must it contain?Within two years30 hours15 modules

Disclosures according to NRS 6451. All info they know or should know about property2.Compensation Source3. If the RE agent is a principal in transaction4. Any changes in relationship to any party in transaction5. Acting for more than one party in a transaction

What are the fees charged by Division for:original

registration/renewal owner developerenlargement of owner developers areacooperative certificateCE accreditationCE accreditation renewalOriginal license course permit original registration/renewal owner developer $125enlargement of owner developers area $50cooperative certificate $150CE accreditation $100CE accreditation renewal $50Original license course permit $100 What is a life Estate?FreeholdDeeded to the life of a tenant What are the fees charged by Division

for:broker,salesman,branch office,education original

broker, broker-salesman: $210salesman: $170branch office: $240education original: $40 Owners Net ProceedsGross receipts to which an owner is entitled to upon the disposition of any commercial RE specified in a brokerage agreement.define fiduciaryAlso known as an agent, is a person's rep in a transaction Real Estate Division1. The RE Division of the Department of the Business Industry2. Regulates RE Practice in NV3. Administers NRS

• NV Attorney General acts as Divisions Attorney

If the license of any manager of a LLC, member or partnership or officer of a corporation is suspended or

revoked the LLC cannot conduct business until:

The person whose license was revoked interest in the LLC ends Commercial Real Estate must contain how many units?5 or more