Nevada Real Estate Exam Prep 2023-
2024 Questions & Answers 100%
Accurate(SCORED A+)
1. How much time is given to pass the NV salesperson exam? - ANSWER-4 hours - 240
minutes or 4 hours total
2. How many continuing education hours are required? - ANSWER-24 hours - State of
NV requires salesperson to complete 24-hours of continuing education every 2 years in
each 4 year licensing term
3. In order to obtain a NV real estate license you must have a HS diploma? - ANSWER-
True - you must have a HS diploma or equivalent
4. How often must you renew your sales agent license? - ANSWER-Every 2 years - NV
salespeople and brokers must renew their license one year after their initial licensure.
After the first renewal cycle realtors must renew every two years by the original date of
issuance.
5. How old do you have to be in NV to obtain a real estate license? - ANSWER-18 years
old
6. Which of these is a fixture? Refrigerator, Microwave, Free Standing Work Bench, or
Window Blinds - ANSWER-Window blinds - fixtures are articles of personal property
that are attached (screwed in, etc.) and become real property. When window blinds are
screwed into the home. They become part of the improvement that is part of the real
property.
7. A ______ is a promise of real property, kept by the lender to secure the loan. -
ANSWER-note - the legal definition of a note, as it applies to real estate, is a promise of
real property to secure a loan. While the complete term is promissory note, today's
professionals simply use the term note and you should know that it refers to promissory
note. The word promise in the question was a clue to the correct answer. (a mortgage is
also a representation of debit obligation that the borrow keeps. The lender gets the
note.)
8. All of these are good examples of severance except______. - ANSWER-dividing a
single room into two rooms - severance is converting real property to personal property.
When it is removed, it turns back into personal property.
,9. Which lien is required by law to be paid first? - ANSWER-delinquent property taxes -
government entities make sure they are the first to get a crack at the money when
repayment becomes possible.
10. Which of these is not a type of leasehold estate? - ANSWER-estate in perpetuity -
there is no such estate as "estate in perpetuity." All other answer options are types of
leasehold estates.
11. A buyer and seller agree to wait until the seller's listing is expired to make the sale in
order to avoid paying the broker his share. How can the broker get his commission? -
ANSWER-prove in court he was the procuring cause of sale - a court will likely grant
commission to a real estate broker if he can prove he was the procuring cause of sale,
even if the listing expired. Legally this is referred to as a broker protection clause.
12. A contract can become voidable if one of the parties was being victimized because
____. - ANSWER-all of these - They were a minor, misled, or did not agree voluntarily -
all 3 provide legal cause for the contract to be voided.
13. Which of the following is not a requirement for a deed to be valid? - ANSWER-
recording in a county courthouse - although recording lets others know of the deed's
existence and it is probably a great idea, it is not required for a deed to be a valid
document. Many lenders require that it be recorded, but recording is not required to
make the deed valid.
14. An express contract is ____. - ANSWER-either written or oral - an express contract
is created in words, either written or oral. The other answer choices are not true.
A good example of an implied contract is _____. - ANSWER-after a written lease
expires, rent is paid and the check cashed. - the owner shows through his actions that
the contract is still valid, even though now it's simply implied.
16. Which of the following is not true regarding a contract of sale? - ANSWER-It must
bo notarized - signatures on a contract of sale do not have to notarized.
17. Deed restrictions and easements on a property are considered_____ when written
into the deed. - ANSWER-exceptions and reservations - these are restrictions or
limitations explicitly described in the deed.
18. In a real estate transaction, the _____ is the current owner of the property and is
conveying his or her property to someone else. - ANSWER-grantor - the grantor grants
a piece of property to the grantee to complete a transfer of real estate.
19. Substituting a new obligation for an existing one with the intent to cancel the later is
called_______? - ANSWER-novation - novation is when a new contract is used to
replace the initial contract.
, 20. Why are net listings generally frowned upon in the real estate industry? - ANSWER-
they can lead to brokers taking advantage of property owners - in a net listing, the seller
names a price they want for their property, and any amount above that sale goes to the
broker. Net listings are frowned upon in many states (illegal in others) because they can
lead to brokers not acting in the best interest of the seller. For example, if a seller
wanted $150,000 for their home, and there was an offer for $152,000, in a net listing the
broker may be tempted to not accept the offer because their commission on the sale
would be relatively small.
21. A mortgage broker's primary role is to _______. - ANSWER-bring borrowers and
lenders together - the mortgage broker is an intermediary and does not create, sell or
underwrite loans (which is the job of the lender)
22. Mortgage lenders make their money by ______. - ANSWER-All of these -
Application fees, loan origination fees and annual loan servicing fees - all three of these
are common processing and maintenance fees lenders charge.
23. Subprime loans are usually an option for_____? - ANSWER-people with subpar
credit and come with a higher interest rate - Subprime loans carry a higher interest rate
because the bank/lender feels they carry the greatest risk of full repayment.
24. Most real estate loans deal with simple interest, the formula for which is _____. -
ANSWER-rate x loan balance = annual interest - the annual interest in a simple interest
setup is the balance multiplied by the interest rate. Not from real estate expert: when
taking the real estate exam, you may need to choose from a group of answers in which
none of them is the answer you might have in mind. When this happens, find an answer
that is correct and choose that one. In this case, you might have been thinking that I =
PRT (I = principal x rate x time), and that would be correct, but it is not one of the
choices. Be ready for confusing questions like this one when you take the test.
25. Which of these is a tool the Federal Reserve can use to control/influence monetary
policy and supply? - ANSWER-all of them - setting the discount rate, buying and selling
securities on the open market, raising and lowering reserve requirements for banks, - All
3 are used by the federal reserve to establish the monetary supply
26. What financial instrument is given by a borrower to the lender as a promise to repay
a debit? - ANSWER-a note - a note or promissory note, is evidence of a debt that can
be resold.
27. A mortgage is a ______. - ANSWER-written contract pledging real property owned
to secure a debt - the mortgage along with the note are given to the lender to obtain a
loan.
28. Gradual liquidation through periodic payments of principal interest is called ___. -
ANSWER-an amortized loan - Amortized loans are the norm in most residential real
2024 Questions & Answers 100%
Accurate(SCORED A+)
1. How much time is given to pass the NV salesperson exam? - ANSWER-4 hours - 240
minutes or 4 hours total
2. How many continuing education hours are required? - ANSWER-24 hours - State of
NV requires salesperson to complete 24-hours of continuing education every 2 years in
each 4 year licensing term
3. In order to obtain a NV real estate license you must have a HS diploma? - ANSWER-
True - you must have a HS diploma or equivalent
4. How often must you renew your sales agent license? - ANSWER-Every 2 years - NV
salespeople and brokers must renew their license one year after their initial licensure.
After the first renewal cycle realtors must renew every two years by the original date of
issuance.
5. How old do you have to be in NV to obtain a real estate license? - ANSWER-18 years
old
6. Which of these is a fixture? Refrigerator, Microwave, Free Standing Work Bench, or
Window Blinds - ANSWER-Window blinds - fixtures are articles of personal property
that are attached (screwed in, etc.) and become real property. When window blinds are
screwed into the home. They become part of the improvement that is part of the real
property.
7. A ______ is a promise of real property, kept by the lender to secure the loan. -
ANSWER-note - the legal definition of a note, as it applies to real estate, is a promise of
real property to secure a loan. While the complete term is promissory note, today's
professionals simply use the term note and you should know that it refers to promissory
note. The word promise in the question was a clue to the correct answer. (a mortgage is
also a representation of debit obligation that the borrow keeps. The lender gets the
note.)
8. All of these are good examples of severance except______. - ANSWER-dividing a
single room into two rooms - severance is converting real property to personal property.
When it is removed, it turns back into personal property.
,9. Which lien is required by law to be paid first? - ANSWER-delinquent property taxes -
government entities make sure they are the first to get a crack at the money when
repayment becomes possible.
10. Which of these is not a type of leasehold estate? - ANSWER-estate in perpetuity -
there is no such estate as "estate in perpetuity." All other answer options are types of
leasehold estates.
11. A buyer and seller agree to wait until the seller's listing is expired to make the sale in
order to avoid paying the broker his share. How can the broker get his commission? -
ANSWER-prove in court he was the procuring cause of sale - a court will likely grant
commission to a real estate broker if he can prove he was the procuring cause of sale,
even if the listing expired. Legally this is referred to as a broker protection clause.
12. A contract can become voidable if one of the parties was being victimized because
____. - ANSWER-all of these - They were a minor, misled, or did not agree voluntarily -
all 3 provide legal cause for the contract to be voided.
13. Which of the following is not a requirement for a deed to be valid? - ANSWER-
recording in a county courthouse - although recording lets others know of the deed's
existence and it is probably a great idea, it is not required for a deed to be a valid
document. Many lenders require that it be recorded, but recording is not required to
make the deed valid.
14. An express contract is ____. - ANSWER-either written or oral - an express contract
is created in words, either written or oral. The other answer choices are not true.
A good example of an implied contract is _____. - ANSWER-after a written lease
expires, rent is paid and the check cashed. - the owner shows through his actions that
the contract is still valid, even though now it's simply implied.
16. Which of the following is not true regarding a contract of sale? - ANSWER-It must
bo notarized - signatures on a contract of sale do not have to notarized.
17. Deed restrictions and easements on a property are considered_____ when written
into the deed. - ANSWER-exceptions and reservations - these are restrictions or
limitations explicitly described in the deed.
18. In a real estate transaction, the _____ is the current owner of the property and is
conveying his or her property to someone else. - ANSWER-grantor - the grantor grants
a piece of property to the grantee to complete a transfer of real estate.
19. Substituting a new obligation for an existing one with the intent to cancel the later is
called_______? - ANSWER-novation - novation is when a new contract is used to
replace the initial contract.
, 20. Why are net listings generally frowned upon in the real estate industry? - ANSWER-
they can lead to brokers taking advantage of property owners - in a net listing, the seller
names a price they want for their property, and any amount above that sale goes to the
broker. Net listings are frowned upon in many states (illegal in others) because they can
lead to brokers not acting in the best interest of the seller. For example, if a seller
wanted $150,000 for their home, and there was an offer for $152,000, in a net listing the
broker may be tempted to not accept the offer because their commission on the sale
would be relatively small.
21. A mortgage broker's primary role is to _______. - ANSWER-bring borrowers and
lenders together - the mortgage broker is an intermediary and does not create, sell or
underwrite loans (which is the job of the lender)
22. Mortgage lenders make their money by ______. - ANSWER-All of these -
Application fees, loan origination fees and annual loan servicing fees - all three of these
are common processing and maintenance fees lenders charge.
23. Subprime loans are usually an option for_____? - ANSWER-people with subpar
credit and come with a higher interest rate - Subprime loans carry a higher interest rate
because the bank/lender feels they carry the greatest risk of full repayment.
24. Most real estate loans deal with simple interest, the formula for which is _____. -
ANSWER-rate x loan balance = annual interest - the annual interest in a simple interest
setup is the balance multiplied by the interest rate. Not from real estate expert: when
taking the real estate exam, you may need to choose from a group of answers in which
none of them is the answer you might have in mind. When this happens, find an answer
that is correct and choose that one. In this case, you might have been thinking that I =
PRT (I = principal x rate x time), and that would be correct, but it is not one of the
choices. Be ready for confusing questions like this one when you take the test.
25. Which of these is a tool the Federal Reserve can use to control/influence monetary
policy and supply? - ANSWER-all of them - setting the discount rate, buying and selling
securities on the open market, raising and lowering reserve requirements for banks, - All
3 are used by the federal reserve to establish the monetary supply
26. What financial instrument is given by a borrower to the lender as a promise to repay
a debit? - ANSWER-a note - a note or promissory note, is evidence of a debt that can
be resold.
27. A mortgage is a ______. - ANSWER-written contract pledging real property owned
to secure a debt - the mortgage along with the note are given to the lender to obtain a
loan.
28. Gradual liquidation through periodic payments of principal interest is called ___. -
ANSWER-an amortized loan - Amortized loans are the norm in most residential real
