NV Real Estate Practice Questions Flashcards

NV Real Estate Practice Questions Flashcards In Nevada, MOST of the usual common-law estatesunit 3are legally recognized.In Nevada, the creation of a joint tenancyunit 4 does not require a straw-person conveyance.Water rights in Nevada are governed by theunit 3 doctrine of prior appropriation.` If certain conditions are met a real estate sales- person can be conclusively presumed to beunit 1 an independent contractor Which of the following methods of describing real property is legally acceptable in Nevada?metes and boundsrectangular surveyrecorded plat mapall of theseunit 5 all of these Which of the following is an ownership arrange- ment in which property is held by one party for the benefit of another?unit 4 Trust To obtain a prescriptive easement in Nevada, the prescriptive user must use the subject prop- erty forunit 3

• years

A broker's duty to supervise and manageincludesa.establishing policies and procedures.b. monitoring compliance with establishedpolicies and procedures.c.supervision of office employees.d. all of these.unit 1 all of these The regulations published in Chapter 645 of the Nevada Administrative Code are promulgated by the Real Estate Commission Which of the following is NOT a recognized form of ownership in Nevada?unit 4 Tenancy by the entirety For a legitimate claim of adverse possession, the claimant must be able to prove that possession was all of the following EXCEPTnotorioushostileinvoluntaryuninterrupted involuntary Which of the following is TRUE about the Nevada Real Estate Commission entering reci- procity agreements with other states?The Commission may enter a reciprocity agreement if certain conditions are met, including a finding that the license require- ments in the other state are substantially equivalent to the requirements in Nevada.the division cannot enter reciprocity agreements The homestead exemption in Nevada protects how much equity in someone's home?unit 3

$550,000

In Nevada, electronic signaturesunit 7can be used by the parties to a contract if they agree.Which of the following correctly characterizes a difference between the duties owed by a Nevada real estate licensee to a client and the duties owed to someone the licensee does not repre- sent? A licensee owes a dutyunit 1 of confidentiality to a client but does not owe that duty to someone the licensee does not represent.` For an owner-occupied, single-family residence, the amount of taxes owed for the current fiscal year may NOT exceed the amount owed for the previous year byunit 6 3%

In Nevada, to create a joint tenancy with a right of survivorshipunit 4 the phrase "right of survivorship" is not required.When a tax deed is issued, the property is transferred to theunit 6 county in which the property is located Fatima, a licensed real estate salesperson in Nevada, just sent two concert tickets to an unli- censed friend with a note that said, "Thanks for sending John to me. I got a listing." This would probably beunit 1 an illegal payment of compensation to an unlicensed person.Kelly has listed a property that is being sold, in part, because a homicide occurred on the property. Kellyunit 1 is not legally required to disclosure the homicide to potential buyers Which of the following statements is TRUE? A landowner owesunit 3 no duty of care to a trespasser.In Nevada, the Seller's Real Property Disclosure form is required inunit 7 residential transactions only.The maximum allowable real property tax rate in Nevada isunit 6 3.64% of assessed value How much active experience is required to obtain a real estate broker's license?Two years within the preceding four years A conservation easement can be held only byunit 3 a government body or a charitable organization.Doyle entered an agreement to buy a house from Meagan.The contract referred to the property as 123 Main Street, Gabbs, Nevada. Is this a sufficient description of the property for a purchase contract?unit 5 Yes, because a street description is sufficient in Nevada on a purchase contract.The reference point for rectangular descriptions of real property in Nevada is located inunit 5 california A will that is drawn in its maker's own hand- writing and then signed by that person without witnesses is known as a holographic will.If a seller's residential property has been the subject of a construction defect lawsuit, the seller must disclose this to a buyer.A liquidated damages clause in a residential real estate contract MOST often provides thatunit 7 the seller retain the earnest money deposit if the buyer breaches the contract.Which of the following is NOT required to obtain a prescriptive easement in Nevada?unit 3 Exclusive use of the property A Nevada real estate salesperson entered a written exclusive listing agreement but forgot to include an expiration date. The seller agreed to pay the broker 4.5% of the sales price if the property sold. The property sold two days later, and the seller was thrilled. Which of the follow- ing statements is TRUE?unit 2 The salesperson can be disciplined, and the broker cannot enforce the commission provision.In Nevada, an electronic willis allowed by statute if certain requirements are met.The MOST commonly used deed in Nevada is a grant, bargain, and sale deed.A real estate salesperson must deliver to her broker all paperwork within how many days after the paperwork is executed by the parties?unit 1 five calendar days

A salesperson isunit 1liable for her own conduct A broker must supervise the activities ofunit 1 all associated licensees and employees

Step 1: Olivia decided to convey Pink House to Seph. Step

2: Olivia signed a deed transferring Pink House to Seph.

Step 3: Olivia gave the signed deed to Seph, who accepted

it. Step 4: Seph took the deed to the county recording office

and had it recorded. At which step did title to Pink House actually transfer or pass to Seph?step 3 Jerry was a new salesperson with Oaklawn Realty. His broker gave him written instructions that all listings must have at least a 90-day term. Despite the instructions, James entered a listing agreement with a 60-day term. Is the listing enforceable against Jerry's broker?unit 2 Yes, any agreements Jerry enters into are binding on his broker.` Which of the following is NOT required in an assigned agency?unit 1 the consent to act form A taxpayer who does NOT agree with the assessed value of his property would appeal first to theunit 6 county board of equalization Title to real property transfers when the deed is delivered and accepted.To obtain a real estate salesperson's license, the applicant must be at LEAST 18 years old Evidence of marketable title in Nevada is provided throughtitle insurance In Nevada, a personal assistant retained by a real estate brokerunit 1 is not required to have a real estate license Absent an agreement between the relevant par- ties, a mechanic's lien must be enforced within how many months?unit 6

• months

A partition suit for property held in joint ten- ancy or as tenants in commonunit 4 does not require the party that filed the suit to show that another co-owner engaged in some kind of misconduct.A rectangular survey system of describing property isunit 5always used in Nevada In Nevada, the maximum allowable real property tax rate has been established byunit 6 state statute.maximum rate allowed is $3.64 per $100 of assessed value, as established by state stature The type of buyer brokerage agreement under which the buyer can employ as many brokers as she likes but has an obligation to pay a com- mission to only the broker who is the procuring cause of a sale isunit 2 an open buyer brokerage agreement.Don has agreed to help his brother Robert sell his house.Don has disclosed to Robert that he does not have a license, so they agreed that Don will receive only $500 for his efforts. Which of the following is TRUE?Don must have a license to legally engage in this activity.The assessment rate in Nevada isunit 635% The method of describing real property that uses a description of the perimeter of the property is theunit 5 metes-and-bounds method.In Nevada, the assessment rate has been established byunit 6 statute

The portion of a homeowners association lien that is prior to the first security interest on the unit is commonly referred to as theunit 6 super priority lien When a loan is secured by personal property, the lender often files a UCC-1 with the secretary of state.The method of legal description based on lots and blocks isunit 5 the recorded plat map A limited liability company in Nevadaunit 4 can be formed by one or more persons A broker must keep complete real estate trans-action and property management records for at LEASTunit 1 five years Nevada real estate license law (NRS 645) is administered by the Real Estate Division Which of the following is TRUE about a mem- ber of the Nevada Real Estate Commission?A real estate commissioner must hold either a Nevada broker's license or a Nevada broker-salesperson's license.In Nevada, a real estate license is required to engage in any of the following activities for someone else and for compensation EXCEPT selling a mining claim.Under which of the following types of owner- ship can the interests of the owners be unequal?unit 4 tenancy in common A broker collected a commission for a house that sold after the expiration of his listing agree- ment with the seller. This would MOST likely be the result of aunit 2 broker protection clause.How much of the real property transfer tax goes to the state general fund?$1.30 per $500 of value A homestead exemption in Nevadaunit 3must be recorded by the homestead owner If tenants in common cannot agree on a volun- tary method of terminating their co-ownership, an action may be filed in court to legally dis- solve the co-ownership. This action is known as aunit 4 partition suit.A Nevada broker entered an exclusive buyer representation agreement with a client. The agreement, by its terms, was to expire on November 2, 2013. However, they both agreed that if suitable property was not found by then, the agreement would automatically extend to January 5, 2014, unless either party gave notice that the extension was not desired. Suitable property was found and purchased on Octo-ber 15, 2013, 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?unit 2 The buyer will win because the agreement is voidable by the buyer.bc the automatic extension clause is never allowed, so "agreeing" on that immediately makes this contract voidable A real estate broker isunit 1liable for the conduct of associated licenses When entering into a brokerage agreement, salespeople are acting onunit 1 behalf of the broker when improved property adjacent to open range land in Nevada is offered for sale, the real estate division has a special form that can be used to make the disclosures required by law