NV State Real Estate Salesperson Exam Questions with correct Answers

After the collection of the advance fee, when should it be itemized and accounted for? - Answer- 3 months What must one have in order to collect an advance fee? - Answer- A real estate license. How many days for broker to refund buyers on land purchase? - Answer- 15 day Public offerings must contain this warning - Answer- Read report before signing any paper Real Estate Commission members must be appointed by the - Answer- Governor. Duty of Real Estate Commission is - Answer- to adopt regulations and conduct hearings related to Real Estate law. Members may be reappointed but may not serve longer than - Answer- 6 years consecutively How many real estate commission members must reside in southern Nevada? - Answer- 2 How many real estate commission members must reside in northern Nevada? - Answer- 2 Clark, Esmeralda, Lincoln and Nye counties - Answer- Southern Nevada Carson City and the counties of Churchill, Douglas, Elko, Eureka, Humboldt, Lander, Lyon, Mineral, Pershing, Storey, Washoe and White Pine. - Answer- Northern Nevada 2 types of Nevada agency - Answer- General agency and special agency Which agency is not valid in Nevada? - Answer- Transactional agency Is dual agency allowed in Nevada? - Answer- Yes What must a broker do when in an dual agency? - Answer- Disclose representation and get the written consent of each party before proceeding. What form must be given when in a dual agency situation? - Answer- Consent to act Do assigned agents in a dual agency situation need Consent to Act forms? - Answer- No When must a licensee give written disclosure to each party in a real estate transaction if the licensee relation with any party changes? - Answer- As soon as possible What form must a broker give a client when an agency relationship is established? - Answer- Duties owed by a Nevada licensee Do you need a duties owed form when referring a client to another licensee? - Answer- No This form must be used in all types of agency representation - Answer- Duties Owed by a Nevada Real Estate Licensee Can a licensee negotiate in a sale, lease or exchange of real estate with another broker's client? - Answer- No unless with written permission from the other broker What is the fine that a real estate licensee must pay to the Real eEstate commission for violations? - Answer- $10,000 A licensee misrepresents a property. Under NRS 645.630 is this wrong? - Answer- Yes Under NRS 645.630, making false promises that is likely to influence, persuade or induce is a - Answer- violation Accepting a commission from any person except the licensed real estate broker with whom they are associated with or the owner developer - Answer- is a violation of NRS 645.630 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 - Answer- is a violation of NRS 645.630 Failing to maintain brokerage or property management records - Answer- is a violation of NRS 645.630 Failing, within a reasonable time to remit money which comes into their possession which belongs to others - Answer- is a violation of NRS 645.630 If the broker has a trust account and fails to maintain or submit an annual accounting to the Real Estate division - Answer- is a violation of NRS 645.630 Commingling trust funds (or other people's money) with their own account - Answer- is a violation of NRS 645.630 Failure of the licensee to give earnest money or consideration entrusted to them to a broker - Answer- is a violation of NRS 645.630 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 - Answer- is a violation of NRS 645.630 Upon acceptance of an agreement, in the case of a broker, failing to deposit any check or cash deposit received as earnest money before the end of the next banking day, unless otherwise provided in the purchase agreement. - Answer- 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. - Answer- is a violation of NRS 645.630 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. - Answer- is a violation of NRS 645.633 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. - Answer- is a violation of NRS 645.633 A guilty conviction relating to the practice of the licensee, property manager or owner developer. - Answer- is a violation of NRS 645.633 A guilty conviction of any crime involving deceit, fraud, misrepresentation or moral turpitude. - Answer- is a violation of NRS 645.633 Guaranteeing, or having authorized or permitted a person to guarantee, future profits which may result in the resale of real property - Answer- is a violation of NRS 645.633 Failure to include a fixed date of expiration in any written brokerage agreement or failure to keep a copy of such a brokerage agreement or any property management agreement with the client. - Answer- is a violation of NRS 645.633 Accepting, giving or charging any undisclosed commission, rebate or direct profit on expenditures made for a client. - Answer- is a violation of NRS 645.633 Gross negligence or incompetence in performing any act for which the person is required to hold a license. - Answer- is a violation of NRS 645.633 Any other conduct which constitutes deceitful, fraudulent or dishonest dealing. - Answer- is a violation of NRS 645.633 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. - Answer- is a violation of NRS 645.633 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. - Answer- is a violation of NRS 645.633 Recording or causing a recorded claim that is determined by the court to be frivolous and made without reasonable cause. - Answer- is a violation of NRS 645.633 Offering real estate for sale or lease without the knowledge and consent of the owner's authorized agent or on terms other than those authorized by the owner or the owner's authorized agent. - Answer- is a violation of NRS 645.635 Negotiating a sale, exchange or release of real estate, or communicating after such negotiations but before closing, directly with a client if the person knows that the client has already has an exclusive brokerage agreement with another broker, unless given written permission from the other broker. - Answer- is a violation of NRS 645.635 Failure to deliver within a reasonable time, a copy of any purchase agreement of offer to buy or sell real estate to the purchases or to the seller - Answer- is a violation of NRS 645.635 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. - Answer- is a violation of NRS 645.635 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. - Answer- is a violation of NRS 645.635 Failure to produce any document, book or record in his or her possession concerning any real estate transaction under investigation by the Division. - Answer- is a violation of NRS 645.635 Under NRS 645.635, failure to reduce a bona fide offer to writing where a proposed purchaser requests that it be submitted in writing is a - Answer- Violation The broker must notify the division before moving records to a new location, true or false? - Answer- True How long after the signing of a contract for the purchase of a lot in Nevada may the purchaser cancel the transaction? - Answer- 5 calendar days. How many years must a broker keep recorders after the last the activity regarding the property? - Answer- Five What is the term of service for a real estate commissioner? - Answer- Three years The Nevada Real Estate Commission consists of - Answer- Five actively licensed brokers or broker salespersons. The maximum compensation from the real estate education, research and recovery fund for any licensee is - Answer- $100,000 What is the minimum balance of the real estate education, research and recovery fund? - Answer- $50,000 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? - Answer- 15 days Agency - Answer- A relationship between a principal and an agent arising out of a brokerage agreement whereby the agent is engaged to do certain acts on behalf of the principal in dealings with a third party. A person who owns 5 or more lots within a recorded subdivision, on each there is a single family home not previously sold. - Answer- Owner developer Where the licensee did not intend to create or continue with representation and the client with the intention of representation and the client tacitly accept those services even though there is no expressed (oral or written) brokerage agreement. - Answer- Unintentional agency An oral or written agreement between a client and a broker agrees to provide real estate related services in exchange for valuable consideration. - Answer- Brokerage agreement A licensee who refers a client to another licensee does not create an agency relationship with the person being referred if the licensee's only activity was the referral. - Answer- Referral Authorization to negotiate - Answer- To 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. Applicants that have a license in good standing as a real estate broker, broker-salesperson or salesperson issued by another state, territory of the United States, or DC. - Answer- Are not required to pass the uniform portion of the national real estate examination. (NRS 645.332) Banking or financial institutions are prohibited from being licensed in Nevada - Answer- NRS 645.335. If they hold or receive deposits, issue certifcates of deposits or provide to it's customers other depository accounts. How many semester units must for a first real estate salesperson licensee applicant complete in order to satisfy requirements for the Real Estate Division? - Answer- 45 units. NRS 645.335 How many units in real estate law for an original real estate salesperson license? - Answer- 3 semester units including 18 classroom hours on real estate law in Nevada. NRS 645.335 How many units in real estate appraisal and business or economics for an original real estate salesperson license under NRS 645.343? - Answer- 9 semester units. How many units in broker management for an original real estate salesperson license under NRS 645.343? - Answer- 3 semester units. Not paying child support can lead to refusal or denial of a real estate license, true or false? - Answer- True How many members in the Real Estate Commission? - Answer- 5 How many years in Nevada must someone live in order to qualify for a Real Estate commission membership? - Answer- 5 years 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? - Answer- 3 years How many years must a real estate sales broker-salesperson work before being appointed as a member of the real estate com