NEVADA STATE LAW CORRECT EXAMS ANSWERS
AND QUESTIONS SET A+
✔✔Once you pass the test, you have how long to apply for license? - ✔✔1 year
✔✔You must get a what for NVPMP/NVBBP? - ✔✔permit
✔✔To be a NVRE commissioner - ✔✔resident of NV, NBS for 5 years, or NVB for 3
✔✔If you have 2 NVB licenses they have to be what? - ✔✔One legal and one non-legal
entity
✔✔How many commissioners can you have from one county? - ✔✔2
✔✔What is the fiscal year? - ✔✔July 1-June30
✔✔Who conducts hearings? - ✔✔NVREC's
✔✔How much per business day do NVREC's make? - ✔✔$150
✔✔How much notice is needed to have a NVREC meeting> - ✔✔3 working days
✔✔Do NVRED employees need a license? - ✔✔NO
✔✔Are your exam scores open to the public? - ✔✔NO
✔✔Consumer complaints must write what? - ✔✔A Statement of Fact
✔✔How much of a fine is your first offense? - ✔✔$10,000
✔✔EERF is used for what kind of conducts? - ✔✔Fraud, misrepresentation
, ✔✔NV Broker was killed and all 42 agents went to inactive. Why? - ✔✔NVB was a sole
proprietor; non legal entity
✔✔Agent receives 5,000 on 7/10 at 1:30pm. What does agent do with the money? -
✔✔"NEXT BUSINESS DAY"
✔✔T/F Listings must have an end date? - ✔✔True
✔✔NVEERF was created to protect the public against what? - ✔✔Fraud
✔✔Who handles illegal private real estate sales? - ✔✔Civil Law Suits
✔✔Who makes sure brokerages complied with the law? - ✔✔NVRED
✔✔If you are a Broker and want to work for a home developer at their site what must
you do first? - ✔✔Go to the NVRED and downgrade from a Broker to a Broker Sales
Person
✔✔Owner Developer can pay who? - ✔✔Only Sales Person or Broker Sales Person
✔✔A meth property - ✔✔must be deemed meth free and government official must
declare it as such.
✔✔As a NV Broker you must have 1 person as? - ✔✔Designated broker in the
proprietor, corporation, LLC, or partnership.
✔✔DO open listings need an end date? - ✔✔NO
✔✔Are net listings legal in NV? - ✔✔Yes
✔✔T/F DO brokers have to sign the listing? - ✔✔NO
✔✔In order for Bens Plumbing to recieve 3,000 at the completion of RE transaction
what needs to happen? - ✔✔It must be written in the contract
✔✔Who handles a 1031 exchange? - ✔✔an Intermediary
✔✔T/F As an agent you can talk to the listing agent's client? - ✔✔False
✔✔When should you deposit earnest money? - ✔✔as soon as possible but no longer
than the end of the next business day
AND QUESTIONS SET A+
✔✔Once you pass the test, you have how long to apply for license? - ✔✔1 year
✔✔You must get a what for NVPMP/NVBBP? - ✔✔permit
✔✔To be a NVRE commissioner - ✔✔resident of NV, NBS for 5 years, or NVB for 3
✔✔If you have 2 NVB licenses they have to be what? - ✔✔One legal and one non-legal
entity
✔✔How many commissioners can you have from one county? - ✔✔2
✔✔What is the fiscal year? - ✔✔July 1-June30
✔✔Who conducts hearings? - ✔✔NVREC's
✔✔How much per business day do NVREC's make? - ✔✔$150
✔✔How much notice is needed to have a NVREC meeting> - ✔✔3 working days
✔✔Do NVRED employees need a license? - ✔✔NO
✔✔Are your exam scores open to the public? - ✔✔NO
✔✔Consumer complaints must write what? - ✔✔A Statement of Fact
✔✔How much of a fine is your first offense? - ✔✔$10,000
✔✔EERF is used for what kind of conducts? - ✔✔Fraud, misrepresentation
, ✔✔NV Broker was killed and all 42 agents went to inactive. Why? - ✔✔NVB was a sole
proprietor; non legal entity
✔✔Agent receives 5,000 on 7/10 at 1:30pm. What does agent do with the money? -
✔✔"NEXT BUSINESS DAY"
✔✔T/F Listings must have an end date? - ✔✔True
✔✔NVEERF was created to protect the public against what? - ✔✔Fraud
✔✔Who handles illegal private real estate sales? - ✔✔Civil Law Suits
✔✔Who makes sure brokerages complied with the law? - ✔✔NVRED
✔✔If you are a Broker and want to work for a home developer at their site what must
you do first? - ✔✔Go to the NVRED and downgrade from a Broker to a Broker Sales
Person
✔✔Owner Developer can pay who? - ✔✔Only Sales Person or Broker Sales Person
✔✔A meth property - ✔✔must be deemed meth free and government official must
declare it as such.
✔✔As a NV Broker you must have 1 person as? - ✔✔Designated broker in the
proprietor, corporation, LLC, or partnership.
✔✔DO open listings need an end date? - ✔✔NO
✔✔Are net listings legal in NV? - ✔✔Yes
✔✔T/F DO brokers have to sign the listing? - ✔✔NO
✔✔In order for Bens Plumbing to recieve 3,000 at the completion of RE transaction
what needs to happen? - ✔✔It must be written in the contract
✔✔Who handles a 1031 exchange? - ✔✔an Intermediary
✔✔T/F As an agent you can talk to the listing agent's client? - ✔✔False
✔✔When should you deposit earnest money? - ✔✔as soon as possible but no longer
than the end of the next business day
