Nevada State Law Practice Exam 100% Accurate!!

The broker must retain copies of all paperwork, including rejected offers, for how many years? - ANSWER 5 A Salesperson has assisted a buyer in purchasing a 'For Sale by Owner'. The seller has agreed to pay the buyer's agent's commission from the proceeds of the sale. The Salesperson tells the seller to make the check out to them. The Salesperson has violated: - ANSWER Nevada Law A rancher is selling multiple parcels adjacent to each other including several vacant land lots where it is common for animals to roam free and graze. Before considering an offer on any of these properties, the seller must: - ANSWER Provide a notarized Open Range Disclosure to the prospective buyer(s) When it comes to confidentiality, and the Duties Owed Form, a Nevada licensee cannot disclose confidential information about their clients for how long after the transaction is complete? - ANSWER 1 years It is a holiday weekend and both Friday and Monday are holidays. The buyer's agent receives an Earnest Money Deposit on Thursday at 5 pm, and the offer is accepted by the seller within the hour. The buyer's agent must deposit the EMD into escrow: - ANSWER Within 1 business day State law allows representation of multiple parties to a transaction, however, what authorization is required before moving forward? - ANSWER Consent to Act A buyer is purchasing a new home in a Common Interest Community (CIC). What documents must the buyer receive and review? - ANSWER A public offering statement giving the buyer 5 days right to rescind Being an Independent Contractor is distinguished by all EXCEPT: - ANSWER Paid vacations Disclosure of a licensee's duties to their clients and to all parties of the transaction is acknowledged by what state-mandated disclosure? - ANSWER Duties Owed per NRS 645.847; Upon payment out of the ERRF for a claim or judgment against any licensee, the license is: - ANSWER Automatically suspended A licensee goes before the Division for a hearing. What is the maximum administrative