Nevada State Law Real Estate Exam Questions Rated A+

Nevada State Law Real Estate Exam Questions Rated A+ What is the primary role of a real estate broker in Nevada? ️️ A broker oversees real estate transactions, manages agents, ensures compliance with Nevada laws, and assists clients in buying or selling properties. What does it mean if a property has a "cloud on the title" in Nevada? ️️ A cloud on the title refers to any issue or claim that could interfere with the property’s clear ownership, such as an unresolved lien or dispute, which must be cleared before sale. What is a deed, and why is it important in Nevada real estate? ️️ A deed is a legal document that transfers property ownership from the seller to the buyer, and it must be recorded with the county for official recognition. What is required to terminate a lease in Nevada? ️️ In Nevada, either party must typically give written notice, which varies depending on the lease term. For month-to-month leases, a 30-day notice is standard. What is a "fixture" in Nevada real estate? ️️ A fixture is an item attached to the property, such as lighting or cabinetry, that is considered part of the property and remains with it upon sale unless otherwise specified. What is "fair housing" in Nevada real estate? ️️ Fair housing laws prohibit discrimination in real estate transactions based on race, color, religion, sex, disability, familial status, or national origin, ensuring equal housing opportunities. What is the Nevada statute of limitations for property disputes? ️️ The Nevada statute of limitations for real estate-related disputes, such as breach of contract, is generally six years from the date of the issue. What does "right of first refusal" mean in Nevada real estate? ️️ Right of first refusal gives an individual or entity the option to purchase a property before the owner sells it to another buyer, often found in leases or partnership agreements. What is a real estate commission, and who pays it in Nevada? ️️ A commission is a fee paid to the agent or broker for their services in facilitating the sale. In Nevada, this is typically paid by the seller, but it can be negotiated. What does "cash offer" mean in Nevada real estate transactions? ️️ A cash offer means the buyer intends to purchase the property without financing, making the transaction faster and less contingent on lender approval. What is a counteroffer in Nevada real estate? ️️ A counteroffer is a response to an offer, in which the original terms are modified, allowing both the buyer and seller to negotiate agreeable terms. What is a tenant's right to habitability in Nevada? ️️ Under Nevada law, landlords must provide rental properties that are safe and habitable, with functioning utilities and essential repairs to meet basic living standards. What is a "quiet title action" in Nevada real estate? ️️ A quiet title action is a legal process to resolve disputes over property ownership and clear any claims, giving the holder a "quiet" or undisputed title. What is an HOA, and what powers do HOAs have in Nevada? ️️ A Homeowners' Association (HOA) is an organization in communities that enforces rules, maintains shared areas, and may collect fees for property upkeep and amenities. What does "closing costs" mean in a Nevada property purchase? ️️ Closing costs include fees and expenses such as title insurance, loan origination, escrow fees, and taxes, which are typically shared between buyer and seller. What is a pre-approval letter in Nevada real estate? ️️ A pre-approval letter is a document from a lender indicating a buyer's eligibility for a mortgage, which strengthens their offer by showing financing capability. What is a landlord’s responsibility regarding security deposits in Nevada? ️️ Landlords must hold security deposits in trust and return them within 30 days after a lease ends, minus any deductions for damages or unpaid rent. What does "time is of the essence" mean in Nevada real estate contracts? ️️ This phrase indicates that all agreed deadlines in the contract are strict, meaning any delay could breach the contract terms. What is a title insurance policy, and why is it important in Nevada? ️️ Title insurance protects the buyer and lender from financial losses due to defects in the property’s title, ensuring clear ownership at closing. A Seller's Real Property Disclosure document is required for all of the following properties except a(n): For sale by owner, new home, resale residence, or home the has been inspected by a certified home inspector. A SRPD is not required on a new home sale. NRS 113.130 A Nevada licensee must give the Duties Owed by a Nevada Licensee form to prospective purchaser or tenants: no later than the time of entering an agreement to purchase or lease. The licensing law of Nevada requires that the broker, or the licensee acting on behalf of the broker, must disclose information that materially affects (material facts) regarding the property even when the buyer does not ask for it. these facts must be disclosed even if it negatively affects the seller or the future transaction. If a Nevada licensee tells the lender that the sales price on a property is something other than its actual sale price, the: licensee can have their license suspended or revoked.