NV state portion Flashcards

NV state portion Flashcards

• Which of the following is NOT a requirement of a

Nevada real estate broker?-Each broker is required to have assign in a conspicuous place identifying the brokerage and the broker's place of business.-The broker must display a sign which must be readable from the nearest public sidewalk, street or highway-Every Nevada real estate broker must employ at least one Nevada-licensed salesperson-If a broker is advertising under the name of a franchise, the broker must incorporate in a conspicuous way the real name under which the brokerage is licensed Every Nevada real estate broker must employ at least one Nevada-licensed salesperson

• A defect that cannot be readily observed or discovered

without some extraordinary activity is known as a:Patent

defectLatent defectMaterial factEncroachment Latent defect

• A timeshare sales agent may work for multiple project

brokers if:-It is properly reported to the Division and each

location is designated in the license-If written agreements are provided to each project broker-If the sales agent provides written disclosures of multiple relationships to each project broker within 10 calendar days-A timeshare sales agent may only work for one project broker at a time A timeshare sales agent may only work for one project broker at a time

• NRS.645.635 states that it is a violation to "Represent

to any lender, guaranteeing agency or any other interested party, verbally or through the preparation of false documents, an amount in excess of the accrual sale price of the real estate of terms differing from those actually agreed upon." What does this mean in practice?-The licensee cannot modify the purchase price on the contract that he forwards to the lender-The licensee cannot tell the appraiser that he agreed upon price was $235,000 when in fact, it was $210,000-The licensee cannot represent to the lender that the loan amount required is more than the actual amount.-All of these.All of these.

• A licensee in Nevada, who has knowledge of the

following, has no obligation to disclose that a property:Was

the site of a murderHas a roof leakHad a mold remediationHas had settling and unstable grounds Was the site of a murder

• The Administrator shall issue an inspector license to

any person who provides proof of all of the following

EXCEPT:-His or her employer holds a policy of insurance

that is in compliance with the statute-Holds a certification or accreditation from an organization approved by the

Administrator-Has successfully completed not less than 40 hours of training and practice in approved areas-Has an active real estate salesperson license Has an active real estate salesperson license

• Which of the following is NOT a trigger term under

Regulation Z?Down paymentPurchase priceMonthly paymentInterest rate Purchase price

• Nevada's SRPD must be provided by the seller to a

buyerWithin 24 hours of acceptance of the offerWithin the due diligence periodAt closingAt least 10 days before conveyance to the purchaser At least 10 days before conveyance to the purchaser

• NRS 119A provides that a purchase of a time share

may cancel their contract by:-Written notice as long as it is

before five calendar days of closing-Written notice within 24 hours following the execution of the contract-Following the terms of the cancellation clause of the purchase agreement-Written notice before midnight of the fifth calendar day following the date of execution of the contract Written notice before midnight of the fifth calendar day following the date of execution of the contract

• Which of the following is not pertinent to an agency

relationship in Nevada?SRPDConsent to ActDuties OwedNone of the above pertain to an agency relationship SRPD

• Accepting an earnest money deposit other than cash

is:IllegalPermissibleLegal if that fact is communicated to

the owner before acceptance of the offerNone of these Legal if that fact is communicated to the owner before acceptance of the offer

• The federally protected classes under the Fair Housing

Act include all of the following EXCEPT:Sexual

orientationFamilial statusRaceNational origin Sexual orientation

• In order to be approved for a license as a residential

appraiser, you must complete all of the following

EXCEPT:-Complete not less than 90 hours of academic

instruction in subjects related to appraisals taught in courses approved by the Commission-Have at least 2 years of experience working full-time as an appraiser or intern-Furnish proof of A and B in the application to the Commission-Complete a 90-hour apprenticeship under a general appraiser Complete a 90-hour apprenticeship under a general appraiser

• Regarding real estate "teams" in Nevada, which of the

following is TRUE?The team must have two of more membersTeam members must be employed by the same brokerThe team name must incorporate the last name of one of the team membersAll of these All of these

• Harriet is looking for clients in the Apple Gardens

subdivision and stops by an attractive house in the neighborhood to take pictures of the house for an ad she chooses to place. Upon placing the ad has Harriet done anything wrong?-No-No, because she is simply trying to generate new business in the area and as long as her ad is legitimate, she has not violated any laws.-Yes, because she is advertising a property for sale without the owner's consent-Yes, because she must first place the listing in the MLS before she can advertise the property.Yes, because she is advertising a property for sale without the owner's consent

• A duty to disclose to each party to the transaction any

material and relevant facts, date, or information which he or she knows, or which, by the exercise of reasonable care and diligence, should have known, relating to the property,

is best described as the:Fiduciary dutyDuty of

inquiryAgencyMaterial fact Duty of inquiry

• NRS.645.645 states that the Commission may take

action pursuant to NRS 645.630 against any person selling insurance for home protection under the authority of a

license issued pursuant to the chapter who:-Makes a

misrepresentation in the sale of insurance for home protection.-Misrepresents the provisions of the contract of insurance for home protection-Misappropriates any fees or premiums collected for the insurance for home protection-All of these All of these

• Upon termination of a Nevada agency relationship, the

Nevada licensee has an obligation to NOT disclose confidential information obtained in working with the

client:Until escrow has closedUp to one year after

termination of the agencyUp to five years after termination of the agencyForever Up to one year after termination of the agency

• Sam is the buyer's agent and is receiving a 3%

commission from the seller for procuring the buyer in the transaction. Additionally, Sam's buyer agreed to pay Sam a

1% commission for finding a suitable property. Sam:-May

not receive a commission from both the buyer and the seller in the same transaction-May receive a commission from both the buyer and the seller in the same transaction as long as the commissions are disclosed to both parties-May only receive commissions from both parties if he acts as a dual agent.-Cannot accept the 1% commission from the buyer since he is receiving the 3% commission from the seller.May receive a commission from both the buyer and the seller in the same transaction as long as the commissions are disclosed to both parties

• Restrictions pertaining to advertising real estate in

Nevada by licensees include the advertising:Must not be

false or misleadingMust provide a true and accurate picture of what is being soldMust be done under the supervision of the brokerAll of these All of these

• Disciplinary actions the Nevada Real Estate

Commission my impose for violations of the licensing law include an administrative fine of what amount per offense?$500$1,000$5,000$10,000

$10,000

• If grounds for disciplinary action against an appraiser or

intern exist, the Commission may do one or more of the

following EXCEPT:-Revoke or suspend the appraiser's or