Nevada Real Estate Exam Prep | 160 Questions with 100% Correct Answers | Verified | Latest Update 2024 | 28 Pages

1. How much time is given to pass the NV salesperson exam? - 4 hours - 240 minutes or 4 hours total 2. How many continuing education hours are required? - 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? - True - you must have a HS diploma or equivalent 4. How often must you renew your sales agent license? - 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? - 18 years old 6. Which of these is a fixture? Refrigerator, Microwave, Free Standing Work Bench, or Window Blinds - 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. - 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______. - 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.