Nevada Real Estate Exam Prep Questions

Nevada Real Estate Exam Prep Questions How much time is given to pass the NV salesperson exam? ️️4 hours - 240 minutes or 4 hours total How many continuing education hours are required? ️️24 hours - State of NV requires salesperson to complete 24-hours of continuing education every 2 years in each 4 year licensing term In order to obtain a NV real estate license you must have a HS diploma? ️️True - you must have a HS diploma or equivalent What is the main purpose of the Earnest Money Deposit in a Nevada real estate transaction? ️️ The Earnest Money Deposit shows the buyer's commitment to the transaction. It is held in escrow until closing and may be forfeited if the buyer breaches the contract. What is the Nevada Homestead Exemption? ️️ The Nevada Homestead Exemption protects a portion of a homeowner’s primary residence equity from creditors, up to a specific dollar amount, which helps secure homeowners against potential financial hardship. What is the Redemption Period in Nevada foreclosure proceedings? ️️ In Nevada, there is no redemption period after a foreclosure sale for residential properties, meaning the homeowner cannot reclaim the property after it has been sold. Who is responsible for paying transfer taxes in a Nevada real estate transaction? ️️ In Nevada, transfer taxes are typically paid by the buyer, though this may vary based on negotiations between the buyer and the seller. What is a Comparative Market Analysis (CMA) in Nevada real estate? ️️ A CMA is an estimate of a property's value based on recently sold, comparable properties in the area, used by agents to help sellers set a competitive price. How long must a real estate professional keep transaction records in Nevada? ️️ Nevada real estate professionals are required to keep transaction records for a minimum of five years to comply with state regulations. What is "due diligence" in Nevada real estate? ️️ Due diligence refers to the period during which a buyer inspects the property, reviews disclosures, and assesses other factors to confirm the property's condition and suitability for purchase. What is a Broker Price Opinion (BPO), and is it permitted in Nevada? ️️ A BPO is an estimate of a property's value given by a licensed broker based on market data. In Nevada, BPOs are permitted, but only by licensed brokers or qualified agents under specific circumstances. What must a Nevada real estate agent do if they receive multiple offers on a property? ️️ An agent must present all offers to the seller promptly, allowing the seller to consider each offer before deciding, unless otherwise instructed in writing. What are "material facts" in Nevada real estate, and why are they important? ️️ Material facts are any facts that could affect a buyer's decision to purchase a property. Agents must disclose material facts to buyers to maintain transparency and comply with Nevada law. What is a Short Sale, and how does it work in Nevada? ️️ A Short Sale in Nevada occurs when a property is sold for less than the amount owed on the mortgage. The lender must approve the sale, and the homeowner may still owe a deficiency. What does "escrow" mean in a Nevada real estate transaction? ️️ Escrow refers to a neutral third party holding funds and documents until all conditions of a real estate transaction are met, ensuring secure transfer between buyer and seller. How can a Nevada real estate license be placed on inactive status? ️️ A Nevada real estate license can be placed on inactive status by filing the appropriate form with the Nevada Real Estate Division, allowing the licensee to pause their practice without forfeiting their license. What is an Appraisal Contingency in Nevada real estate? ️️ An appraisal contingency allows a buyer to cancel the contract if the property does not appraise at or above the agreed purchase price, protecting the buyer from overpaying. What are the penalties for practicing real estate without a license in Nevada? ️️ Practicing real estate without a license in Nevada is illegal and can result in fines, penalties, and possible criminal charges from the Nevada Real Estate Division. What must be included in a Nevada Purchase Agreement for it to be valid? ️️ A valid Nevada Purchase Agreement must include the names of the buyer and seller, property description, price, financing terms, and both parties' signatures to be legally binding. What is a Land Contract in Nevada, and how does it differ from a traditional mortgage? ️️ A Land Contract in Nevada allows the buyer to pay for the property directly to the seller over time without immediate ownership transfer, unlike a traditional mortgage where ownership transfers at closing. What is a fiduciary relationship in Nevada real estate? ️️ A fiduciary relationship is a relationship of trust between the agent and the client, requiring the agent to act in the client's best interests with loyalty, honesty, and full disclosure. How does a real estate agent in Nevada terminate a listing agreement? ️️ A listing agreement in Nevada can be terminated by mutual consent, expiration of the agreement term, completion of the transaction, or if the agent or client breaches the agreement. 4. How often must you renew your sales agent license? ️️Every 2 years - NV salespeople and brokers must renew their license one year after their initial licensure. After the first renewal cycle realtors must renew every two years by the original date of issuance. 5. How old do you have to be in NV to obtain a real estate license? ️️18 years old 6. Which of these is a fixture? Refrigerator, Microwave, Free Standing Work Bench, or Window Blinds ️️Window blinds - fixtures are articles of personal property that are attached (screwed in, etc.) and become real property. When window blinds are screwed into the home. They become part of the improvement that is part of the real property.