Real Estate Express: Practice Exam Flashcards

Real Estate Express: Practice Exam Flashcards

Which of the following would the Fed NOT do to tighten the economy?Purchase securities quickly.Any plants, trees, perennial shrubs, or grasses that do not require regular annual cultivation - also including orchards

and vineyards - are:

Fructus naturales.All unenclosed land outside of cities and towns upon which cattle, sheep or other domestic animals by custom, license, lease or permit are grazed or permitted to roam, is known

as:

Open Range The reversion of a property to the state (in this case, Nevada), which occurs when someone dies without heirs (or without heirs that are "capable" of inheriting the

property), or when someone abandons a property:

Escheat Which of the following would not be included in a property management agreement?A statement of the lessee's purpose.The type of deed that is the way a trustor makes a conveyance or transfer to a trustee, who then re-conveys the property to the beneficiary, under specific guidelines, is

the:

Deed of trust The seller must complete and serve the residential disclosure form to the purchaser or his agent at least how many days before the conveyance of that property to the purchaser?10 days A deed covenant that says, "I guarantee that I own it and have the right to sell it." Covenant of Seisin.A sales agent applicant must take and pass an examination before submitting his application for his sales agent license.Each time the applicant takes the exam, he will pay a fee

of:

$100 What is the postlicensing education credit requirement for real estate licensees that must be completed within twelve months after receiving a license.30 hours A person who owns five or more lots within a recorded subdivision, shown on an approved parcel map, is known

as:

An owner-developer.To apply for a permit to do business as a business broker, the licensee must submit an application to the Division, along with a certificate of completion that the licensee has completed a minimum of how many hours of instruction related to business brokerage?24

A freehold estate, which gives someone the right to use a certain property for a specific amount of time each year, but

without a termination date, is known as:

Time-share estate The gross receipts to which an owner is entitled upon the disposition of any commercial real estate specified in a

brokerage agreement are known as:

The owner's net proceeds The governing body designated in a time-share instrument

to act on behalf of an association is the:

Board Ownership in which someone sets conditions, such as "I will sell my property to you with the condition that alcohol is never served on the premises. If you have a wine and cheese party, then I have the right to take back the

property," is known as:

Fee Simple Dedeasible Nevada property managers must take how many hours of property management-related educational credits?24 Hours Under NRS 113, the service of a document is considered "complete" either when the document has been personally delivered to the person being served; OR how many days after the document is mailed to the person?10 days If someone violates the anti-discrimination provisions under NRS 645, as mentioned in the previous question, based on any of the qualities set forth in that law, that person must pay a fine of how much for his first violation?$500 In which of the following situations would the licensee be held liable for an intentional misrepresentation made by his client?If he knew about the information but was bound by his duty of confidentiality to the client and could not, legally, break that duty unless he was ordered by a court of competent jurisdiction to do so.Which of the following terms describes any property that does NOT fall under the definition of real property?Easements If a broker receives money that is entrusted to him as a broker, but which belongs to others, it is his responsibility to promptly deposit that money in a separate checking account in a Nevada bank or credit union. This account is

known as:

A trust account Which of the following is the same as a Fannie Mae loan?FNMA.A person, including a developer, who has an equitable or

legal interest in a time share, is known as:

An owner The Federal Home Loan Mortgage Corporation is the same

as:

Freddie Mac.Under which of the Nevada Revised Statutes is the condition of residential property offered for sale or conveyance set forth?

NRS 113

The total of fees for each original real estate broker's

license is:

$145

A non-freehold estate, which gives someone the right to use a certain property for a specific amount of time each year, and sets forth a specific termination date for this

usage, is known as:

Time-share use A fee contracted for, claimed, demanded, charged, received or collected for an advance fee listing, advertisement or offer to sell or lease property, issued for the purpose of promoting the sale or lease of a business or real estate or for referral to a business or real estate

brokers or salesmen, or both, is known as:

Advance Fee Which of the following items is not covered under the Residential Real Property Disclosure form?The condition of the radon levels of the property.In which of the following cases is it not acceptable for an agent to disclose confidential information about his client?If the information is a material fact about the real estate property or the transaction itself that the agent thinks he has a duty to share with all parties to the transaction.The total of fees for each original real estate sales license

is:

$125 Which of the following is not a type of leasehold estate?Fee simple The conveyance of a property occurs when: the purchaser of the property receives the deed of conveyance (if no escrow was opened for this conveyance).After the original real estate license has been renewed,

each subsequent licensing period is:

24 months Before any form of advertising may be used to sell subdivided lands, the Division must review it. This advertising inspection costs the developer how much per page for each item of advertising?$5 per page The fact that a person lives with a child under the age of 18 and has either legal custody of that child or written permission to live with that child from whoever does have legal custody of the child, is pregnant, or has begun the

adoption process for a child, is considered that person's:

Familial status.Which of the following is the market in which these notes are exchanged and funds are provided directly to institutional lenders?The secondary mortgage market The sponsor of an approved course must notify the Division within how many days of making a material change to a course?15 Anyone licensed as a real estate broker or broker-salesman, whose license has been placed on inactive status (for any reason) for one year must complete a course of instruction of how many semester units in broker management before the person's license is reissued or reinstated?3

A comprehensive indemnity contract under which a title insurance company warrants to make good a loss arising through defects in title to real estate or any liens or

encumbrances thereon, is known as:

Title Insurance The Nevada Statute that sets forth the law for subdivided

land sales in Nevada is:

NRS 119

To have his license application approved, what type of applicant must verify that he is a licensed contractor in Nevada?An owner-developer applicant The Real Estate Division will not approve a real estate instructor who has been disciplined by the Commission

within the immediately preceding:

• years

The rights, privileges or improvements that are included

with the land and its transfer to another party are known as:

Appurtenances.The legal doctrine used to bar a claim asserted after the

passing of a statutory period of time is known as:

The Principle of Laches.The rights to time shares and the obligations and interests appurtenant thereto created by a time-share instrument are

known as:

A time-share plan The property of the tenant who installed it (or had it installed), and which is necessary for that tenant's trade or

business, is known as:

A trade fixture Which of the following terms is defined as man-made improvements that are permanently affixed to the land, and include houses, in-ground swimming pools, fences, barns, garages, parking spaces in a multi-unit residential complex, easements, etc.?Artificial appurtenances.The broker of record for a subdivision must retain copies of all contracts and other documents for how many years?

• years

How many acts, if those acts require a person to hold a real estate broker's or salesperson's license, may be performed by a person without a valid real estate license?Zero The type of deed that offers no warranties against any title defects or encumbrances, though the deed implies that the

grantor owns the rights he is granting, is known as:

Bargain and sale deed.Any crops or plants that must be planted each year,

including wheat, corn, fruits and vegetables, are known as:

Emblements The type of deed that offers the least amount of protection for the buyer, because the grantor makes absolutely no

promises, is known as the:

Quitclaim deed The transferring of a license from active status to inactive

renewed status by a licensee is known as:

Voluntary cancellation.A principle of value that when one business attracts another business of similar type, together they may make

more money then they would have singularly is known as:

Competition