NSAR Exam Questions And Correct
Answers
Legal Mortgage - Answer First Mortgage
What is a mortgage? - Answer A conveyance or transfer of property to the mortagee
(lender) as security, redeemable to mortgagee (borrower) upon payment in full
4 D's of agency discloser - Answer Decide, Disclose, Document, Do
6 primary fiduciary duties - Answer Disclose, Competency, Accountability, Loyalty,
Confidentiality, Obedience
Disclose - Answer All pertinent and material facts to client when providing services
Compentency - Answer Excessive reasonable care and skill in carrying out duties on
behalf of client
Obediance - Answer Obey lawful instructions of the client
Accountability - Answer Account for all monies and property entrusted with the
brokerage by that client
Confidentiality - Answer Not disclose information about the client that would adversely
impact that client, unless legally obligated to do so
Loyalty - Answer Remain loyal to that client and protect & promote his/her interesting
NSREC bylaw sets out ______ requirements in Artice 3 of Standards of Business
Practice. ______ MUST be in writing & attempt to obtain acknowledgement from
client/party - Answer Disclosure
Comparative Market Analysis (CMA) - Answer Not designed to estimate market value,
but to establish realistic listing price
Typically completed by a salesperson using MLS and exclusive office sale, sold and
expired data - Answer CMA
3 approaches to establish value - Answer Cost approach, income approach, and client
comparison approach
Objective value - Answer Relating to the direct cost of creating (ex: buying a lot and
building a home)
Subjective value - Answer Relating to the perception of value to buyer vs seller
Independent, non-government agency responsible for the regulation of real estate in
Nova Scotia - Answer Nova Scotia Real Estate Commission (NSREC)
Answers
Legal Mortgage - Answer First Mortgage
What is a mortgage? - Answer A conveyance or transfer of property to the mortagee
(lender) as security, redeemable to mortgagee (borrower) upon payment in full
4 D's of agency discloser - Answer Decide, Disclose, Document, Do
6 primary fiduciary duties - Answer Disclose, Competency, Accountability, Loyalty,
Confidentiality, Obedience
Disclose - Answer All pertinent and material facts to client when providing services
Compentency - Answer Excessive reasonable care and skill in carrying out duties on
behalf of client
Obediance - Answer Obey lawful instructions of the client
Accountability - Answer Account for all monies and property entrusted with the
brokerage by that client
Confidentiality - Answer Not disclose information about the client that would adversely
impact that client, unless legally obligated to do so
Loyalty - Answer Remain loyal to that client and protect & promote his/her interesting
NSREC bylaw sets out ______ requirements in Artice 3 of Standards of Business
Practice. ______ MUST be in writing & attempt to obtain acknowledgement from
client/party - Answer Disclosure
Comparative Market Analysis (CMA) - Answer Not designed to estimate market value,
but to establish realistic listing price
Typically completed by a salesperson using MLS and exclusive office sale, sold and
expired data - Answer CMA
3 approaches to establish value - Answer Cost approach, income approach, and client
comparison approach
Objective value - Answer Relating to the direct cost of creating (ex: buying a lot and
building a home)
Subjective value - Answer Relating to the perception of value to buyer vs seller
Independent, non-government agency responsible for the regulation of real estate in
Nova Scotia - Answer Nova Scotia Real Estate Commission (NSREC)
