Nevada Portion Exam Questions With
Detailed Answers
A broker violates the license law, which results in monetary damages to a consumer.
What is the latest date on which the injured party may file a request for payment from
the real estate education, research, and recovery fund? - CORRECT ANSWER-One
year after receiving the judgment.
What is the maximum number of salespeople who can attempt to sell at a single time-
share promotion? - CORRECT ANSWER-2
Commission hearings may result in: - CORRECT ANSWER-fines, suspension,
revocation, or conditional licensing.
How are members of the Nevada Real Estate Commission selected? - CORRECT
ANSWER-By the governor.
Which of the following options may a salesperson applying for a license be associated
with? - CORRECT ANSWER-broker or owner-developer.
How long after the signing of a contract for the purchase of a lot may the buyer cancel
the transaction? - CORRECT ANSWER-5 DAYS
An advance fee rental agency must....... - CORRECT ANSWER-have a rental policy
Duncan, a salesperson, wants to advertise several listings in Nevada's Nicest Homes
Magazine. Duncan: - CORRECT ANSWER-must identify the broker and may identify
himself.
, Common-interest community association documents are: - CORRECT ANSWER-to be
supplied by the association within 10 days of request for a reasonable fee.
If engaged in real estate activity, which of the following are exempt from the real estate
licensing requirement? - CORRECT ANSWER-Attorneys at law within their scope of
practice.
Duncan, a licensed broker, procures, a ready, willing, and able buyer for his seller-
principal. The seller accepts the buyer's offer in writing then experiences a change of
heart and withdraws the acceptance. In such a situation, Duncan: - CORRECT
ANSWER-is entitled to collect a commission. (Isn't when buyer breaches)
Under Nevada law, any person who acts as an executor of an estate: - CORRECT
ANSWER-need not be licensed as a real estate broker.
If a person obtains a Nevada cooperative certificate, he or she must: - CORRECT
ANSWER-be licensed as a broker and reside in another state.
When a broker represents a seller of real estate, the Duties Owed by a Nevada Real
Estate Licensee Form must be given to the: - CORRECT ANSWER-seller as soon as
practicable.
A corporation doing business as a real estate broker has designated Henry, a corporate
officer, to be the broker. Henry: - CORRECT ANSWER-may act on his own behalf if
separately licensed and with the approval of the corporation.
The real estate education, research, and recovery fund provides for recovery by the
general public; never _______ - CORRECT ANSWER-licensees
After a listing agreement is signed, the broker decides to try for more exposure by
placing the listing on MLS and making a blanket offer of subagency. Is the broker's
Detailed Answers
A broker violates the license law, which results in monetary damages to a consumer.
What is the latest date on which the injured party may file a request for payment from
the real estate education, research, and recovery fund? - CORRECT ANSWER-One
year after receiving the judgment.
What is the maximum number of salespeople who can attempt to sell at a single time-
share promotion? - CORRECT ANSWER-2
Commission hearings may result in: - CORRECT ANSWER-fines, suspension,
revocation, or conditional licensing.
How are members of the Nevada Real Estate Commission selected? - CORRECT
ANSWER-By the governor.
Which of the following options may a salesperson applying for a license be associated
with? - CORRECT ANSWER-broker or owner-developer.
How long after the signing of a contract for the purchase of a lot may the buyer cancel
the transaction? - CORRECT ANSWER-5 DAYS
An advance fee rental agency must....... - CORRECT ANSWER-have a rental policy
Duncan, a salesperson, wants to advertise several listings in Nevada's Nicest Homes
Magazine. Duncan: - CORRECT ANSWER-must identify the broker and may identify
himself.
, Common-interest community association documents are: - CORRECT ANSWER-to be
supplied by the association within 10 days of request for a reasonable fee.
If engaged in real estate activity, which of the following are exempt from the real estate
licensing requirement? - CORRECT ANSWER-Attorneys at law within their scope of
practice.
Duncan, a licensed broker, procures, a ready, willing, and able buyer for his seller-
principal. The seller accepts the buyer's offer in writing then experiences a change of
heart and withdraws the acceptance. In such a situation, Duncan: - CORRECT
ANSWER-is entitled to collect a commission. (Isn't when buyer breaches)
Under Nevada law, any person who acts as an executor of an estate: - CORRECT
ANSWER-need not be licensed as a real estate broker.
If a person obtains a Nevada cooperative certificate, he or she must: - CORRECT
ANSWER-be licensed as a broker and reside in another state.
When a broker represents a seller of real estate, the Duties Owed by a Nevada Real
Estate Licensee Form must be given to the: - CORRECT ANSWER-seller as soon as
practicable.
A corporation doing business as a real estate broker has designated Henry, a corporate
officer, to be the broker. Henry: - CORRECT ANSWER-may act on his own behalf if
separately licensed and with the approval of the corporation.
The real estate education, research, and recovery fund provides for recovery by the
general public; never _______ - CORRECT ANSWER-licensees
After a listing agreement is signed, the broker decides to try for more exposure by
placing the listing on MLS and making a blanket offer of subagency. Is the broker's
