NV Nevada Real Estate Law (2025-2026) State Law
Practice Exam Questions With Correct Answers
A buyer is purchasing a new home in a Common Interest Community (CIC). What
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documents must the buyer receive and review? - CORRECT ANSWER✔✔-The
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public offering statement giving the buyer 5 days right to rescind
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A licensee is representing a buyer in the purchase of a "For Sale by Owner"
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property. To be in compliance with Nevada Law, the licensee must have a copy of
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what document in their file: - CORRECT ANSWER✔✔-The Duties Owed by a
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Nevada Licensee signed by the sellers
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Confidentiality is a duty owed by Nevada licensees. Under what circumstance
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may a licensee disclose confidential information? - CORRECT ANSWER✔✔-When
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there is a court order requiring it
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The broker must retain copies of all paperwork, including rejected offers, for how
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many years/ - CORRECT ANSWER✔✔-5
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In the state of Nevada, a person may receive compensation from the sale of real
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estate without being a licensed salesperson or broker if they are: - CORRECT
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ANSWER✔✔-The executrix of an estate | | | |
Per Nevada Law, a seller may waive which one of these duties owed by a Nevada
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licensee? - CORRECT ANSWER✔✔-Presenting all offers
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, The following form can only be filled out by the seller and is required on all
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residential properties with few exceptions. - CORRECT ANSWER✔✔-Seller's Real
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Property Disclosure |
The Salesperson has just closed a transaction. Their transaction coordinator has
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uploaded and added to the file all the updated documents from the closing
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package. The commission has been sent to the broker. The Salesperson will
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receive their compensation from: - CORRECT ANSWER✔✔-The Broker only
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There are two ways of agency recognized under Nevada law, they are: - CORRECT
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ANSWER✔✔-Specific and General | |
The signing of a Duties Owed by a Nevada Real Estate Licensee establishes: -
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CORRECT ANSWER✔✔-The disclosure of the licensee's duties owed to all parties
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When it comes to confidentiality and the Duties Owed form, a Nevada licensee
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cannot disclose confidential information about their clients for how long after the
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transaction is complete? - CORRECT ANSWER✔✔-1 year
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The Nevada Real Estate Division has received a complaint about a licensed Broker
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Salesperson who is renting properties for friends and family. The licensee is
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charging a percentage of the monthly rental income as compensation for their
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work. The Division investigates and finds that there is evidence to back this
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accusation up and the licensee is called before the Commission for a hearing
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because the licensee received fees without: - CORRECT ANSWER✔✔-Obtaining a
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property management permit
| |
Practice Exam Questions With Correct Answers
A buyer is purchasing a new home in a Common Interest Community (CIC). What
| | | | | | | | | | | | | |
documents must the buyer receive and review? - CORRECT ANSWER✔✔-The
| | | | | | | | | |
public offering statement giving the buyer 5 days right to rescind
| | | | | | | | | |
A licensee is representing a buyer in the purchase of a "For Sale by Owner"
| | | | | | | | | | | | | | |
property. To be in compliance with Nevada Law, the licensee must have a copy of
| | | | | | | | | | | | | | |
what document in their file: - CORRECT ANSWER✔✔-The Duties Owed by a
| | | | | | | | | | | |
Nevada Licensee signed by the sellers
| | | | |
Confidentiality is a duty owed by Nevada licensees. Under what circumstance
| | | | | | | | | | |
may a licensee disclose confidential information? - CORRECT ANSWER✔✔-When
| | | | | | | | |
there is a court order requiring it
| | | | | |
The broker must retain copies of all paperwork, including rejected offers, for how
| | | | | | | | | | | | |
many years/ - CORRECT ANSWER✔✔-5
| | | |
In the state of Nevada, a person may receive compensation from the sale of real
| | | | | | | | | | | | | | |
estate without being a licensed salesperson or broker if they are: - CORRECT
| | | | | | | | | | | | |
ANSWER✔✔-The executrix of an estate | | | |
Per Nevada Law, a seller may waive which one of these duties owed by a Nevada
| | | | | | | | | | | | | | | |
licensee? - CORRECT ANSWER✔✔-Presenting all offers
| | | | |
, The following form can only be filled out by the seller and is required on all
| | | | | | | | | | | | | | | |
residential properties with few exceptions. - CORRECT ANSWER✔✔-Seller's Real
| | | | | | | | |
Property Disclosure |
The Salesperson has just closed a transaction. Their transaction coordinator has
| | | | | | | | | | |
uploaded and added to the file all the updated documents from the closing
| | | | | | | | | | | | |
package. The commission has been sent to the broker. The Salesperson will
| | | | | | | | | | | |
receive their compensation from: - CORRECT ANSWER✔✔-The Broker only
| | | | | | | |
There are two ways of agency recognized under Nevada law, they are: - CORRECT
| | | | | | | | | | | | | |
ANSWER✔✔-Specific and General | |
The signing of a Duties Owed by a Nevada Real Estate Licensee establishes: -
| | | | | | | | | | | | | |
CORRECT ANSWER✔✔-The disclosure of the licensee's duties owed to all parties
| | | | | | | | | |
When it comes to confidentiality and the Duties Owed form, a Nevada licensee
| | | | | | | | | | | | |
cannot disclose confidential information about their clients for how long after the
| | | | | | | | | | |
transaction is complete? - CORRECT ANSWER✔✔-1 year
| | | | | | |
The Nevada Real Estate Division has received a complaint about a licensed Broker
| | | | | | | | | | | |
Salesperson who is renting properties for friends and family. The licensee is
| | | | | | | | | | | | |
charging a percentage of the monthly rental income as compensation for their
| | | | | | | | | | | |
work. The Division investigates and finds that there is evidence to back this
| | | | | | | | | | | | |
accusation up and the licensee is called before the Commission for a hearing
| | | | | | | | | | | | |
because the licensee received fees without: - CORRECT ANSWER✔✔-Obtaining a
| | | | | | | | | |
property management permit
| |
