NSAR SALESPERSON LICENSING EXAM – ACTUAL TEST BANK | NOVA
SCOTIA ASSOCIATION OF REALTORS® (NSAR) / NOVA SCOTIA REAL
ESTATE COMMISSION (NSREC) NEWEST 2026/2027 ACTUAL EXAM
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) WITH RATIONALES | ALREADY GRADED A+ | | BRAND NEW
VERSION!!
SECTION 1: LICENSING, REGULATION, AND THE NOVA SCOTIA REAL
ESTATE COMMISSION (NSREC)
1. Under NSREC regulations, what is the maximum number of years a
license can be inactive before it is cancelled?
A. 1 year
B. 2 years
C. 3 years
D. 5 years
Correct Answer: B
Rationale: The NSREC has established that a license that remains
inactive for a period of two years will be cancelled. The licensee would
then be required to reapply and meet all current licensing
requirements.
2. What is the term for a licensee who supervises other licensees on
behalf of the broker?
A. Designated Broker
B. Managing Associate Broker
,C. Associate Broker
D. Branch Manager
Correct Answer: B
Rationale: A Managing Associate Broker is a licensed real estate
professional who has obtained the required qualifications and is
authorized by the broker to supervise other licensees and manage the
day-to-day operations of the brokerage.
3. Who is responsible for ensuring that all real estate advertisements
in Nova Scotia are accurate and not misleading?
A. The salesperson who placed the advertisement.
B. The broker of the salesperson's brokerage.
C. The NSREC.
D. All of the above.
Correct Answer: D
Rationale: All parties have a responsibility. The salesperson is
responsible for their own advertising, the broker is responsible for the
activities of their licensees, and the NSREC enforces the rules and
standards for all advertising in the province.
4. What is the penalty for a licensee who violates NSREC's Code of
Ethics?
A. A verbal warning.
B. A fine only.
C. A suspension or revocation of license.
D. A mandatory ethics course.
Correct Answer: C
,Rationale: The Commission has the authority to discipline licensees for
violating the Code of Ethics. Penalties can range from a reprimand to a
fine, and in serious cases, can include the suspension or revocation of
the real estate license.
5. For how long must a licensee retain records of a transaction?
A. 3 years
B. 5 years
C. 7 years
D. 10 years
Correct Answer: C
Rationale: The NSREC regulations require that all licensees maintain
complete records of their real estate transactions, including offers,
contracts, and correspondence, for a period of no less than seven years.
6. When a license is suspended, what happens to the salesperson's
active listings?
A. The salesperson retains the listings.
B. The listings are transferred to the brokerage's broker.
C. The listings are cancelled immediately.
D. The listings are transferred to another salesperson in the brokerage.
Correct Answer: B
Rationale: If a salesperson's license is suspended, they are no longer
legally permitted to trade in real estate. Therefore, the responsibility for
managing their active listings is transferred to their employing broker.
7. Which of the following is an example of a conflict of interest that
must be disclosed by a licensee?
A. The licensee is related to the buyer.
, B. The licensee has a personal interest in the property.
C. The licensee is providing services to both the buyer and the seller.
D. All of the above.
Correct Answer: D
Rationale: A conflict of interest can arise from a variety of situations. It
is the licensee's duty to disclose any personal interest, relationship, or
dual agency situation to all parties involved so they can give informed
consent.
8. What is the primary purpose of the Real Estate Trading Act in Nova
Scotia?
A. To promote the real estate industry.
B. To establish and enforce rules for the conduct of real estate
professionals.
C. To set commission rates for real estate transactions.
D. To provide housing for low-income families.
Correct Answer: B
Rationale: The Real Estate Trading Act is the primary legislation that
governs the real estate industry in Nova Scotia. Its main purpose is to
establish a regulatory framework to protect the public and ensure
professional standards are met.
9. A licensee receives an offer on a property but does not present it to
the seller. This is a violation of which principle?
A. Fiduciary Duty
B. Confidentiality
C. Disclosure
D. Accountability
SCOTIA ASSOCIATION OF REALTORS® (NSAR) / NOVA SCOTIA REAL
ESTATE COMMISSION (NSREC) NEWEST 2026/2027 ACTUAL EXAM
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) WITH RATIONALES | ALREADY GRADED A+ | | BRAND NEW
VERSION!!
SECTION 1: LICENSING, REGULATION, AND THE NOVA SCOTIA REAL
ESTATE COMMISSION (NSREC)
1. Under NSREC regulations, what is the maximum number of years a
license can be inactive before it is cancelled?
A. 1 year
B. 2 years
C. 3 years
D. 5 years
Correct Answer: B
Rationale: The NSREC has established that a license that remains
inactive for a period of two years will be cancelled. The licensee would
then be required to reapply and meet all current licensing
requirements.
2. What is the term for a licensee who supervises other licensees on
behalf of the broker?
A. Designated Broker
B. Managing Associate Broker
,C. Associate Broker
D. Branch Manager
Correct Answer: B
Rationale: A Managing Associate Broker is a licensed real estate
professional who has obtained the required qualifications and is
authorized by the broker to supervise other licensees and manage the
day-to-day operations of the brokerage.
3. Who is responsible for ensuring that all real estate advertisements
in Nova Scotia are accurate and not misleading?
A. The salesperson who placed the advertisement.
B. The broker of the salesperson's brokerage.
C. The NSREC.
D. All of the above.
Correct Answer: D
Rationale: All parties have a responsibility. The salesperson is
responsible for their own advertising, the broker is responsible for the
activities of their licensees, and the NSREC enforces the rules and
standards for all advertising in the province.
4. What is the penalty for a licensee who violates NSREC's Code of
Ethics?
A. A verbal warning.
B. A fine only.
C. A suspension or revocation of license.
D. A mandatory ethics course.
Correct Answer: C
,Rationale: The Commission has the authority to discipline licensees for
violating the Code of Ethics. Penalties can range from a reprimand to a
fine, and in serious cases, can include the suspension or revocation of
the real estate license.
5. For how long must a licensee retain records of a transaction?
A. 3 years
B. 5 years
C. 7 years
D. 10 years
Correct Answer: C
Rationale: The NSREC regulations require that all licensees maintain
complete records of their real estate transactions, including offers,
contracts, and correspondence, for a period of no less than seven years.
6. When a license is suspended, what happens to the salesperson's
active listings?
A. The salesperson retains the listings.
B. The listings are transferred to the brokerage's broker.
C. The listings are cancelled immediately.
D. The listings are transferred to another salesperson in the brokerage.
Correct Answer: B
Rationale: If a salesperson's license is suspended, they are no longer
legally permitted to trade in real estate. Therefore, the responsibility for
managing their active listings is transferred to their employing broker.
7. Which of the following is an example of a conflict of interest that
must be disclosed by a licensee?
A. The licensee is related to the buyer.
, B. The licensee has a personal interest in the property.
C. The licensee is providing services to both the buyer and the seller.
D. All of the above.
Correct Answer: D
Rationale: A conflict of interest can arise from a variety of situations. It
is the licensee's duty to disclose any personal interest, relationship, or
dual agency situation to all parties involved so they can give informed
consent.
8. What is the primary purpose of the Real Estate Trading Act in Nova
Scotia?
A. To promote the real estate industry.
B. To establish and enforce rules for the conduct of real estate
professionals.
C. To set commission rates for real estate transactions.
D. To provide housing for low-income families.
Correct Answer: B
Rationale: The Real Estate Trading Act is the primary legislation that
governs the real estate industry in Nova Scotia. Its main purpose is to
establish a regulatory framework to protect the public and ensure
professional standards are met.
9. A licensee receives an offer on a property but does not present it to
the seller. This is a violation of which principle?
A. Fiduciary Duty
B. Confidentiality
C. Disclosure
D. Accountability
