NV Real Estate Exam Review Guaranteed Success
Agency ✔️✔️Relationship between the principal (client) and agent.
In Nevada real estate, how long is a standard listing agreement typically valid?
✔️✔️ A standard listing agreement in Nevada is generally valid for a specified term, often between 90
to 180 days, though it can be adjusted based on client needs and agent recommendations.
What is the main purpose of the Nevada Real Estate Division (NRED)?
✔️✔️ The Nevada Real Estate Division regulates, licenses, and monitors real estate professionals to
protect consumers and ensure fair and ethical practices in the real estate industry.
What is the required minimum age to obtain a real estate license in Nevada?
✔️✔️ In Nevada, an individual must be at least 18 years old to qualify for a real estate license.
How many hours of pre-licensing education are required to become a real estate salesperson in
Nevada?
✔️✔️ In Nevada, prospective real estate salespeople must complete 90 hours of pre-licensing
education.
What is an agency disclosure form in Nevada real estate?
✔️✔️ The agency disclosure form is a document that informs clients and potential clients about the
type of agency relationship that will exist between them and the real estate professional, including
potential conflicts of interest.
What are the three primary fiduciary duties Nevada real estate agents owe to their clients?
✔️✔️ In Nevada, real estate agents owe clients the fiduciary duties of loyalty, confidentiality, and full
disclosure.
How often must Nevada real estate agents renew their licenses?
, ✔️✔️ Nevada real estate agents must renew their licenses every two years and complete continuing
education requirements as part of the renewal.
What is the role of a property manager in Nevada?
✔️✔️ A property manager in Nevada handles daily operations, tenant relations, rent collection, and
property maintenance, aiming to maximize property value and ensure compliance with Nevada laws.
What is the Nevada Statute of Frauds regarding real estate?
✔️✔️ The Nevada Statute of Frauds requires that all real estate contracts for the sale of land, leases
longer than one year, and any transactions related to land be in writing to be legally enforceable.
What must be disclosed by Nevada real estate professionals regarding environmental hazards?
✔️✔️ Nevada real estate professionals must disclose known environmental hazards such as asbestos,
mold, radon, or soil contamination, to ensure buyers are fully informed of potential health risks.
What is a seller’s property disclosure statement in Nevada?
✔️✔️ A seller's property disclosure statement is a document in which the seller provides information
about known issues with the property, including structural and system conditions, to inform the buyer
before completing the transaction.
What is required in Nevada if a property was the site of a death or a felony?
✔️✔️ In Nevada, agents and sellers are not legally required to disclose that a property was the site of
a death or a felony unless asked directly by the buyer.
What is the purpose of a preliminary title report in Nevada real estate transactions?
✔️✔️ A preliminary title report identifies ownership rights and any liens or encumbrances on the
property, ensuring clear ownership transfer to the buyer.
What does the term "dual agency" mean in Nevada real estate?
✔️✔️ Dual agency occurs when a real estate agent represents both the buyer and the seller in the
same transaction, which requires full disclosure and written consent from both parties in Nevada.
Agency ✔️✔️Relationship between the principal (client) and agent.
In Nevada real estate, how long is a standard listing agreement typically valid?
✔️✔️ A standard listing agreement in Nevada is generally valid for a specified term, often between 90
to 180 days, though it can be adjusted based on client needs and agent recommendations.
What is the main purpose of the Nevada Real Estate Division (NRED)?
✔️✔️ The Nevada Real Estate Division regulates, licenses, and monitors real estate professionals to
protect consumers and ensure fair and ethical practices in the real estate industry.
What is the required minimum age to obtain a real estate license in Nevada?
✔️✔️ In Nevada, an individual must be at least 18 years old to qualify for a real estate license.
How many hours of pre-licensing education are required to become a real estate salesperson in
Nevada?
✔️✔️ In Nevada, prospective real estate salespeople must complete 90 hours of pre-licensing
education.
What is an agency disclosure form in Nevada real estate?
✔️✔️ The agency disclosure form is a document that informs clients and potential clients about the
type of agency relationship that will exist between them and the real estate professional, including
potential conflicts of interest.
What are the three primary fiduciary duties Nevada real estate agents owe to their clients?
✔️✔️ In Nevada, real estate agents owe clients the fiduciary duties of loyalty, confidentiality, and full
disclosure.
How often must Nevada real estate agents renew their licenses?
, ✔️✔️ Nevada real estate agents must renew their licenses every two years and complete continuing
education requirements as part of the renewal.
What is the role of a property manager in Nevada?
✔️✔️ A property manager in Nevada handles daily operations, tenant relations, rent collection, and
property maintenance, aiming to maximize property value and ensure compliance with Nevada laws.
What is the Nevada Statute of Frauds regarding real estate?
✔️✔️ The Nevada Statute of Frauds requires that all real estate contracts for the sale of land, leases
longer than one year, and any transactions related to land be in writing to be legally enforceable.
What must be disclosed by Nevada real estate professionals regarding environmental hazards?
✔️✔️ Nevada real estate professionals must disclose known environmental hazards such as asbestos,
mold, radon, or soil contamination, to ensure buyers are fully informed of potential health risks.
What is a seller’s property disclosure statement in Nevada?
✔️✔️ A seller's property disclosure statement is a document in which the seller provides information
about known issues with the property, including structural and system conditions, to inform the buyer
before completing the transaction.
What is required in Nevada if a property was the site of a death or a felony?
✔️✔️ In Nevada, agents and sellers are not legally required to disclose that a property was the site of
a death or a felony unless asked directly by the buyer.
What is the purpose of a preliminary title report in Nevada real estate transactions?
✔️✔️ A preliminary title report identifies ownership rights and any liens or encumbrances on the
property, ensuring clear ownership transfer to the buyer.
What does the term "dual agency" mean in Nevada real estate?
✔️✔️ Dual agency occurs when a real estate agent represents both the buyer and the seller in the
same transaction, which requires full disclosure and written consent from both parties in Nevada.
