NV State Real Estate Salesperson Flashcards

NV State Real Estate Salesperson Flashcards Any conduct which took place before the person became licensed which was in fact, unknown to the Division and which would have been grounds for denial of a license had the Division been aware of the conduct.is a violation of NRS 645.633 How long after the signing of a contract for the purchase of a lot in Nevada may the purchaser cancel the transaction?

• calendar days.

A guilty conviction relating to the practice of the licensee, property manager or owner developer.is a violation of NRS 645.633 Duty of Real Estate Commission isto adopt regulations and conduct hearings related to Real Estate law.How many real estate commission members must reside in southern Nevada?2 Do you need a duties owed form when referring a client to another licensee?No Knowingly permitting any person whose license had been revoked or suspended to act as a real estate broker, broker salesperson or salesperson, with or on behalf of the licensee.is a violation of NRS 645.633 After the collection of the advance fee, when should it be itemized and accounted for?

• months

How many years in Nevada must someone live in order to qualify for a Real Estate commission membership?

• years

Accepting a commission from any person except the licensed real estate broker with whom they are associated with or the owner developer is a violation of NRS 645.630 How many units in real estate law for an original real estate salesperson license?

• semester units including 18 classroom hours on real

estate law in Nevada. NRS 645.335 How many years must a real estate broker work before the can qualify for a position as a real estate commission member before being appointed?

• years

Authorization to negotiateTo forestall implied agency, a licensee is prohibited from negotiating a sale, exchange or lease of real estate with another broker's client unless that licensee has received written authorization from the other broker for such direct communication.Public offerings must contain this warning Read report before signing any paper Failing to maintain brokerage or property management records is a violation of NRS 645.630 Inducing any party to a brokerage agreement, property management agreement, agreement of sale or lease with the same or another party if the inducement to make the

substitution is offered to secure personal gain to the licensee or owner-developer.is a violation of NRS 645.630 What is the term of service for a real estate commissioner?Three years

Real Estate Commission members must be appointed by the Governor.Representing or attempting to represent a real estate broker that they are not employed or associated with without consent of the broker they are associated with is a violation of NRS 645.630 Clark, Esmeralda, Lincoln and Nye counties Southern Nevada Accepting other than cash as earnest money unless that fact is told to the owner before accepting the offer to purchase and that fact is shown in the receipt of earnest money is a violation of NRS 645.630 Gross negligence or incompetence in performing any act for which the person is required to hold a license.is a violation of NRS 645.633 Failure of the licensee to give earnest money or consideration entrusted to them to a broker is a violation of NRS 645.630 Failure to deliver the closing statement to the seller within 10 business days. If the escrow company is responsible for delivering the closing statement, then this relieves the broker or salesperson fro it, as long as it is in compliance.is a violation of NRS 645.635 This form must be used in all types of agency representation Duties Owed by a Nevada Real Estate Licensee Failure to produce any document, book or record in his or her possession concerning any real estate transaction under investigation by the Division.is a violation of NRS 645.635 Do assigned agents in a dual agency situation need Consent to Act forms?No How many semester units must for a first real estate salesperson licensee applicant complete in order to satisfy requirements for the Real Estate Division?45 units. NRS 645.335

• types of Nevada agencyGeneral agency and special agency

Recording or causing a recorded claim that is determined by the court to be frivolous and made without reasonable cause.is a violation of NRS 645.633 What is the fine that a real estate licensee must pay to the Real eEstate commission for violations?

$10,000

Paying a commission, compensation or a finder's fee to any person performing the services of a broker, broker-salesperson or salesperson who has not secured a license.is a violation of NRS 645.633 A person who owns 5 or more lots within a recorded subdivision, on each there is a single family home not previously sold.Owner developer Willfully using any trade name, service mark or insignia of member ship in any real estate organization of which the licensee is not a member, without the legal right to do so.is a violation of NRS 645.633

The Nevada Real Estate Commission consists of Five actively licensed brokers or broker salespersons.If the broker has a trust account and fails to maintain or submit an annual accounting to the Real Estate division is a violation of NRS 645.630 Representing to any lender, guaranteeing agency or any other interested party, verbally or through the preparation of false documents, an amount of excess of the actual sales price of the real estate or terms differing from those actually actually agreed upon.is a violation of NRS 645.635 Commingling trust funds (or other people's money) with their own account is a violation of NRS 645.630 The maximum compensation from the real estate education, research and recovery fund for any licensee is

$100,000

A licensee misrepresents a property. Under NRS 645.630 is this wrong?Yes What form must be given when in a dual agency situation?Consent to act What must a broker do when in an dual agency? Disclose representation and get the written consent of each party before proceeding.Any other conduct which constitutes deceitful, fraudulent or dishonest dealing.is a violation of NRS 645.633 Not paying child support can lead to refusal or denial of a real estate license, true or false?True How many units in broker management for an original real estate salesperson license under NRS 645.343?

• semester units.

The broker must notify the division before moving records to a new location, true or false?True Accepting, giving or charging any undisclosed commission, rebate or direct profit on expenditures made for a client.is a violation of NRS 645.633 How many units in real estate appraisal and business or economics for an original real estate salesperson license under NRS 645.343?

• semester units.

How many days for broker to refund buyers on land purchase?15 day A buyer has purchased land regulated under NRS 119 and cancels within five days as allowed by law. How much time does the broker have to refund the buyer's money?15 days How many members in the Real Estate Commission? 5 Failing, within a reasonable time to remit money which comes into their possession which belongs to others is a violation of NRS 645.630 Which agency is not valid in Nevada?Transactional agency How many years must a real estate sales broker-salesperson work before being appointed as a member of the real estate commission?

• years

What is the minimum balance of the real estate education, research and recovery fund?

$50,000