Nevada Real Estate State Law PracticeExam.pdf

Nevada Real Estate State Law

PracticeExam

For;the;past;year,;a;new;licensee;has;been;working;part-

time;in;real;estate;while;continuing;to;work;part-

time;in;their;family;business.;Their;license;is;getting;ready;to;expire.;In;order;to;renew;it,;the

y;must:



a.;Complete;12;live;hours;and;12;online;hours;of;continuing;education

b.;Submit;an;application;for;re-approval;with;updated;fingerprints

c.;Complete;30;hours;of;post;licensing;education;live;in;the;classroom

d.;Affiliate;with;a;Broker;who;is;willing;to;manage;a;part-time;licensee;-;correct;answer✔

✔ c.;Complete;30;hours;of;post;licensing;education;live;in;the;classroom



Regardless;of;whether;or;not;a;seller;is;using;a;real;estate;licensee;to;sell;their;home,;what;

must;they;provide;the;buyer;at;least;10;days;prior;to;closing?;The...



a.;Consent;to;Act;Form

b.;Residential;Disclosure;Guide

c.;Seller's;Real;Property;Disclosure

,d.;Environmental;Impact;and;Soil;Report;-;correct;answer✔ ✔

c.;Seller's;Real;Property;Disclosure



Who;oversees;the;ERRF;(Real;Estate;Education;and;Research;Recovery;Fund);and;decid

es;what;programs;it;will;fund;and;how;payouts;are;administered?;The...



a.;Administrator;of;the;Real;Estate;Division

b.;Board;of;Real;Estate;Commissioners

c.;Nevada;Association;of;REALTORS®

d.;Department;of;Business;and;Industry;-;correct;answer✔ ✔

b.;Board;of;Real;Estate;Commissioners



What;is;the;maximum;amount,;per;judgment,;that;can;be;paid;out;of;the;ERRF?

a.;$10,000

b.;$15,000

c.;$20,000

d.;$25,000;-;correct;answer✔ ✔ d.;$25,000



A;Seller;told;the;Broker;who;listed;their;property;for;sale;that;they;can;also;represent;a;Buye

r;if;the;Broker;is;willing;to;reduce;their;commission;at;Close;of;Escrow.;What;is;a;true;statem

ent?



a.;It;is;not;allowed;under;Nevada;Law;due;to;a;conflict;of;interest

,b.;The;Broker;cannot;reduce;their;commission;after;the;sale

c.;Buyers;must;have;exclusive;representation;per;Nevada;Law

d.;The;Broker;will;need;a;Consent;to;Act;signed;by;all;principals;-;correct;answer✔ ✔

d.;The;Broker;will;need;a;Consent;to;Act;signed;by;all;principals



Buyer;and;Seller;have;a;fully;accepted;Purchase;Agreement.;Escrow;has;been;open.;The;b

uyer;has;decided;they;no;longer;wish;to;purchase;the;property.;What;is;their;next;step?



a.;Contacting;the;Listing;Agent;to;notify;them;that;they;are;no;longer;interested

b.;Submitting;a;Change;Order;to;the;Listing;Broker;to;cancel;per;Contract;terms

c.;Notify;their;agent;to;submit;a;request;for;Cancellation;to;Seller;on;an;Addendum

d.;Closing;the;escrow;account;requesting;a;full;refund;of;their;Earnest;Money;Deposit;-

correct;answer✔ ✔
;



c.;Notify;their;agent;to;submit;a;request;for;Cancellation;to;Seller;on;an;Addendum



The;Buyer;submitted;an;offer;on;a;house;through;their;agent.;The;seller;responded;to;the;of

fer;with;additional;terms;through;their;agent.;What;form;did;the;Seller;most;likely;use?;A/An.

..



a.;Addendum

b.;Amendment

c.;Counter

d.;Change;Order;-;correct;answer✔ ✔ c.;Counter

, Disclosure;of;a;licensee's;responsibilities;to;their;clients;and;to;all;parties;of;the;transaction;i

s;acknowledged;by;what;state;mandated;disclosure?



a.;Confirmation;of;Agency

b.;Residential;Disclosure;Guide

c.;Duties;Owed

d.;Consent;to;Act;-;correct;answer✔ ✔ c.;Duties;Owed



Per;Nevada;Law,;a;Seller;may;waive;which;one;of;these;duties;owed;by;a;Nevada;licensee

?



a.;Loyalty

b.;Confidentiality

c.;Presenting;all;offers

d.;Disclosing;Material;Facts;-;correct;answer✔ ✔ c.;Presenting;all;offers



Per;Nevada;Law,;a;Brokerage;Agreement;is;between;the;Broker;and;the...

a.;Division

b.;Association

c.;Client

d.;Agent;-;correct;answer✔ ✔ c.;Client