Nevada Real Estate Questions and Answers 100% Pass

Answers 100% Pass 1. What is the minimum balance of the real estate education, research, and recovery fund? A) $300,000. B) $100,000. C) $250,000. D) $500,000. a 2. How long after the signing of a contract for the purchase of a lot in NV or anywhere else may the purchaser cancel the transaction? A) 24 hours B) within five calendar days C) five business days D) or one week b 3. In NV, who is responsible prior to closing for calculating the pro-rations between the buyer and seller, ordering the preliminary title report, and preparing the purchase money mortgage note and trust deed? A) broker B) salesperson C) escrow agent D) lender c 4. How long are real estate licenses valid? A) granted in perpetuity B) need not be renewed unless previously revoked C) expire annually on December 31 D) beginning July 1, 2015, a first-time license will be valid for one year. Subsequent renewals will be valid for two years. d 5. A NV salesperson's license was issued November 3, 2015. When will his or her license expire? A) January 31 of every even-numbered year B) November 30, 2016 first time licensee only C) October 31 of each odd-numbered year D) every other anniversary date of the individual salesperson's license b 6. A broker who holds a NV license, but whose home state is Iowa, must meet all of the following requirements except that he or she. A) maintain an office in NV B) maintain all documents related to NV transactions in NV C) employ at least one NV licensee, either as a salesperson or associate broker D) file a consent to service of process with the administrator c 7. In the state of Nevada the following are grounds for revoking a broker's license except. A) being convicted of fraud in district court