Nevada Real Estate Exam Prep (Mandated Disclosures) Questions and Answers Already Passed

Nevada Real Estate Exam Prep (Mandated Disclosures) Questions and Answers Already Passed 100. A broker must NOT disclose to prospective buyer: a. about structural defects b. that zoning makes the present usage non-conforming c. that he has seen evidence of termites d. that the owner will accept less than the listing price 100. D When the broker represents the owner of the property objectives of the seller should not be disclosed. 101. A real estate salesperson advised a prospective buyer that the property the buyer was considering was scheduled for annexation into the city limits. This disclosure constituted which of the following: a. disloyalty to principal b. misrepresentation c. required disclosure to buyer d. disclosure of confidential information 101. C The annexation in to the city is a material fact that could affect the consideration to be given and therefore must be disclosed. 102. Prior to settlement, the broker discovers dry rot in the floor joists. The broker should: a. inform the seller only b. inform the seller and the buyer c. refund the purchaser's deposit d. inform no one 102. B All parties to the contract must be informed of any material defect; even if it discovered after the contract has been formed. 103. If a parcel of real estate is near a toxic waste site the agent would be obligated to: a. conduct a phase one audit b. do nothing, if he is not the buyer's agent c. disclose the fact d. disclose only if it is a superfund site. 103. C Environmental hazards are a material fact that must be disclosed to all parties to the transaction. 104. Sue listed her house with a broker and told the broker that the house had termite infestation and some structural damage, but the repairs had just been completed. The broker is obligated to: a. tell her not to tell other brokers showing the property b. pay for all repairs himself c. inform potential buyers d. cancel the listing agreement 104. C Termite infestation and structural damage even if it has been repaired should be disclosed. 105. A broker for the seller is required to disclose to a potential buyer that: a. the seller doesn't like the house b. the seller is moving out of state c. the seller is in poor health d. a felony occurred on the property 105. A The broker is required to inform the buyer about defects related to the property, which include the fact that the seller no longer likes the property. Normally the fact that a felony took place on the property would need to be disclosed, but a Nevada statute has made the discovery of