Nevada State Final Exam Questions and Answers with complete solution

She may not be actively licensed. - Broker Wilkins recently closed her office and went to work for the Division as the Deputy Administrator. What limitation is placed on Wilkins? Be a single agent of the seller. - Agent Becker of 20/20 Realty listed and sold the Franklin home in 2004. In 2015, Becker has a listing on which Franklin wants to make an offer. Franklins agent, affiliated with gold realty, writes the offer and presents it through Becker, Becker Should... No, Caulfield can only receive real estate compensation through his employing broker. - Is it legal for a salesperson Caulfield to take a bonus for a quick sale from seller Wilson? While not advisable, Which contract may be oral? - A brokerage agreement In property management, placing rents received into the broker's business account - Which of the following are grounds for disciplinary action against a broker? 4 working days - Once the buyer has received the seller's real property disclosure form (SRPD), what is the time frame for cancellation based on that report? -Home Improvements such as pools, water softeners, and home security systems - NRS 119, 119A and 119B govern each one of these except... he may have his Nevada license suspended because of the utah problem. - Anderson was suspended under his utah Licence Alder: May not hold the funds unless all parties agree to it in writing - Broker Alder receives money as an earnest money deposit. She has failed to exercise supervision. - Broker Mason may be disciplined for unknown violations of licensees associated with her because...30 days - Bennett has left West Realty and his license has been returned to the division. What maximum time is allowed for re-affiliation before he is inactivated? Yes, because he offered property at a price not authorized by the owner - Tennille is showing underwood's listing to a very interested buyer. The asking price is $276,000. Underwood suggests to tennille an offer of $245,000. Underwood suggests to Tennille an offer of $245,000 "might fly" has underwood violated NRS 645? What is the penalty for a violation of NRS 645.630? - Up to $10,000 per offense. Duties Owed by a Nevada Real Estate Licensee - Which form must be used in every real estate transaction involving a Nevada licensee? injunction - If the real estate Division believes a licensee could potentially harm the general public, and prior to a formal hearing be held, the Division could prevent the licensee from further real estate practice by issuing a(n): you are related to the seller - Your father is selling his house and you are the listing agent. What must you disclose? The broker is responsible because he failed to gain information which he should have known. - A broker sells a 3,200 square foot home. In checking the assessor's records, the broker finds it is a 2,900 square foot home. The broker did not ask the seller about the addition or if there were permits and inspections. After closing, the buyer discovers a severe problem with the addition. Which is true? acting as a principal in a transaction - Chandler is being disciplined. What was NOT the reason? St. John is not required to have a trust account. - Which is true regarding broker St. John's trust account? He must use his own name only. - Which is FALSE regarding broker Mitchell's choice of brokerage name when applying for her license?5 - How many years must Broker Dillon keep records from the last activity regarding a property? Division employees may attend. - Which is TRUE regarding timeshare promotional meetings? completion of C.E. courses by a salesperson - Schultz is a broker responsible for the operation of her office. Which of these does NOT need to be disclosed to the Division within 10 days? a broker's license. - The requirements for a property management permit do NOT include 2 years out of the last 4 years - Agent Pierce became aware of Seller Burns' listing through the MLS. Knowing that his buyer must wait a month or two anyway, Pierce calls Burns. He proposes that they wait for the current exclusive listing to expire and sign a new listing with Pierce when the buyers are ready to go to contract. Is this legal? PROSPECTIVE PURCHASER SHOULD READ THIS REPORT BEFORE SIGNING ANY PAPER - Which warning message is superimposed on the cover sheet of Peterson's Public Offering Statement? Within 3 months of the payment - Broker Holcomb has accepted a $3,000 consulting fee from a developer regarding a new subdivision marketing plan. When must an accounting for this advance fee be given to the developer? Up to $10,000 - What is the penalty for a violation of NRS 645.630, 645.633, or 645.635, the major violations? The Real Estate Division cannot inspect her trust account records without a complaint from a consumer first. - Broker Clayton has opened a brokerage and will handle earnest money. Which is FALSE? 24 months. - Beyond the initial licensing period, a Nevada real estate license expires every: Williams may only induce attendance at an offering or sales promotion and cannot sell. - Williams has been interviewed by Dream Properties for a registered representative position."Owner-REALTOR" is not sufficient to disclose his licensed status. - Handley, a salesman, wishes to sell his own home. He places this ad in the newspaper: "For sale, 4BR, 2 Car Garage, family room. Wrap or 1031 considered. Call Hadley, Newtown Realty. Owner-REALTOR" What, if anything, is wrong with this advertisement? It does not need Greenfield's signature to be enforceable. - Broker Greenfield accepted an exclusive-right-to-sell listing. Which of these is FALSE regarding this listing? qualified intermediary - Who is not a licensee? a Division employee - Which of the following may NOT have an active real estate license?