NV State Real Estate Salesperson Questions and Answers 100% Pass

NV State Real Estate Salesperson Questions and Answers 100% Pass After the collection of the advance fee, when should it be itemized and accounted for? 3 months What must one have in order to collect an advance fee? A real estate license. How many days for broker to refund buyers on land purchase? 15 day Public offerings must contain this warning Read report before signing any paper Real Estate Commission members must be appointed by the Governor. Duty of Real Estate Commission is to adopt regulations and conduct hearings related to Real Estate law. Members may be reappointed but may not serve longer than 6 years consecutively How many real estate commission members must reside in southern Nevada? 2 How many real estate commission members must reside in northern Nevada? 2 Clark, Esmeralda, Lincoln and Nye counties Southern Nevada Carson City and the counties of Churchill, Douglas, Elko, Eureka, Humboldt, Lander, Lyon, Mineral, Pershing, Storey, Washoe and White Pine. Northern Nevada 2 types of Nevada agency General agency and special agency Which agency is not valid in Nevada? Transactional agency Is dual agency allowed in Nevada? Yes What must a broker do when in an dual agency? Disclose representation and get the written consent of each party before proceeding. What form must be given when in a dual agency situation? Consent to act Do assigned agents in a dual agency situation need Consent to Act forms? No When must a licensee give written disclosure to each party in a real estate transaction if the licensee relation with any party changes? As soon as possible What form must a broker give a client when an agency relationship is established? Duties owed by a Nevada licensee Do you need a duties owed form when referring a client to another licensee? No This form must be used in all types of agency representation Duties Owed by a Nevada Real Estate Licensee Can a licensee negotiate in a sale, lease or exchange of real estate with another broker's client? No unless with written permission