Nevada Real Estate Exam Prep Questions with Correct Answers

Nevada Real Estate Exam Prep
Questions

1.fHowfmuchftimefisfgivenftofpassfthefNVfsalespersonfexam?f-
correctfanswer✔ ✔ 4fhoursf-f240fminutesforf4fhoursftotal
f




2.fHowfmanyfcontinuingfeducationfhoursfarefrequired?f-fcorrectfanswer✔ ✔ 24fhoursf-
StatefoffNVfrequiresfsalespersonftofcompletef24-
f

hoursfoffcontinuingfeducationfeveryf2fyearsfinfeachf4fyearflicensingfterm


3.fInforderftofobtainfafNVfrealfestateflicensefyoufmustfhavefafHSfdiploma?f-fcorrectfanswer
✔ ✔ Truef-fyoufmustfhavefafHSfdiplomaforfequivalent


4.fHowfoftenfmustfyoufrenewfyourfsalesfagentflicense?f-fcorrectfanswer✔ ✔
Everyf2fyearsf-
NVfsalespeoplefandfbrokersfmustfrenewftheirflicensefonefyearfafterftheirfinitialflicensure.fA
f

fterftheffirstfrenewalfcyclefrealtorsfmustfrenewfeveryftwofyearsfbyftheforiginalfdatefoffissuan
ce.


5.fHowfoldfdofyoufhaveftofbefinfNVftofobtainfafrealfestateflicense?f-fcorrectfanswer✔ ✔
18fyearsfold


6.fWhichfoffthesefisfaffixture?fRefrigerator,fMicrowave,fFreefStandingfWorkfBench,forfWind
owfBlindsf-fcorrectfanswer✔ ✔ Windowfblindsf-
fixturesfarefarticlesfoffpersonalfpropertyfthatfarefattachedf(screwedfin,fetc.)fandfbecomefre
f

alfproperty.fWhenfwindowfblindsfarefscrewedfintofthefhome.fTheyfbecomefpartfoffthefimpro
vementfthatfisfpartfoffthefrealfproperty.

,7.fAf______fisfafpromisefoffrealfproperty,fkeptfbyftheflenderftofsecurefthefloan.f-
correctfanswer✔ ✔ notef-
f


theflegalfdefinitionfoffafnote,fasfitfappliesftofrealfestate,fisfafpromisefoffrealfpropertyftofsecur
f

efafloan.fWhilefthefcompleteftermfisfpromissoryfnote,ftoday'sfprofessionalsfsimplyfuseftheft
ermfnotefandfyoufshouldfknowfthatfitfrefersftofpromissoryfnote.fThefwordfpromisefinfthefque
stionfwasfafclueftofthefcorrectfanswer.f(afmortgagefisfalsofafrepresentationfoffdebitfobligati
onfthatfthefborrowfkeeps.fTheflenderfgetsfthefnote.)


8.fAllfoffthesefarefgoodfexamplesfoffseverancefexcept______.f-fcorrectfanswer✔ ✔
dividingfafsinglefroomfintoftwofroomsf-
severancefisfconvertingfrealfpropertyftofpersonalfproperty.fWhenfitfisfremoved,fitfturnsfbac
f

kfintofpersonalfproperty.


9.fWhichflienfisfrequiredfbyflawftofbefpaidffirst?f-fcorrectfanswer✔ ✔
delinquentfpropertyftaxesf-
governmentfentitiesfmakefsureftheyfareftheffirstftofgetfafcrackfatfthefmoneyfwhenfrepayme
f

ntfbecomesfpossible.


10.fWhichfoffthesefisfnotfaftypefoffleaseholdfestate?f-fcorrectfanswer✔ ✔
estatefinfperpetuityf-
therefisfnofsuchfestatefasf"estatefinfperpetuity."fAllfotherfanswerfoptionsfareftypesfofflease
f

holdfestates.


11.fAfbuyerfandfsellerfagreeftofwaitfuntilfthefseller'sflistingfisfexpiredftofmakefthefsalefinford
erftofavoidfpayingfthefbrokerfhisfshare.fHowfcanfthefbrokerfgetfhisfcommission?f-
correctfanswer✔ ✔ provefinfcourtfhefwasfthefprocuringfcausefoffsalef-
f


a courtfwillflikelyfgrantfcommissionftofafrealfestatefbrokerfiffhefcanfprovefhefwasfthefprocuri
f f

ngfcausefoffsale,fevenfifftheflistingfexpired.fLegallyfthisfisfreferredftofasfafbrokerfprotectionfc
lause.

,12.fAfcontractfcanfbecomefvoidablefiffonefoffthefpartiesfwasfbeingfvictimizedfbecausef____
.f-fcorrectfanswer✔ ✔ allfoffthesef-
Theyfwerefafminor,fmisled,forfdidfnotfagreefvoluntarilyf-
f

allf3fprovideflegalfcausefforfthefcontractftofbefvoided.
f




13.fWhichfofftheffollowingfisfnotfafrequirementfforfafdeedftofbefvalid?f-fcorrectfanswer✔ ✔
recordingfinfafcountyfcourthousef-
althoughfrecordingfletsfothersfknowfoffthefdeed'sfexistencefandfitfisfprobablyfafgreatfidea,fi
f

tfisfnotfrequiredfforfafdeedftofbefafvalidfdocument.fManyflendersfrequirefthatfitfbefrecorded,f
butfrecordingfisfnotfrequiredftofmakefthefdeedfvalid.


14.fAnfexpressfcontractfisf____.f-fcorrectfanswer✔ ✔ eitherfwrittenforforalf-
anfexpressfcontractfisfcreatedfinfwords,feitherfwrittenforforal.fThefotherfanswerfchoicesfare
f

notftrue.
f




Afgoodfexamplefoffanfimpliedfcontractfisf_____.f-fcorrectfanswer✔ ✔
afterfafwrittenfleasefexpires,frentfisfpaidfandfthefcheckfcashed.f-
thefownerfshowsfthroughfhisfactionsfthatfthefcontractfisfstillfvalid,fevenfthoughfnowfit'sfsim
f

plyfimplied.


16.fWhichfofftheffollowingfisfnotftruefregardingfafcontractfoffsale?f-fcorrectfanswer✔ ✔
Itfmustfbofnotarizedf-fsignaturesfonfafcontractfoffsalefdofnotfhaveftofnotarized.


17.fDeedfrestrictionsfandfeasementsfonfafpropertyfarefconsidered_____fwhenfwrittenfintoft
hefdeed.f-fcorrectfanswer✔ ✔ exceptionsfandfreservationsf-
thesefarefrestrictionsforflimitationsfexplicitlyfdescribedfinfthefdeed.
f




18.fInfafrealfestateftransaction,fthef_____fisfthefcurrentfownerfoffthefpropertyfandfisfconveyi
ngfhisforfherfpropertyftofsomeonefelse.f-fcorrectfanswer✔ ✔ grantorf-
thefgrantorfgrantsfafpiecefoffpropertyftofthefgranteeftofcompletefaftransferfoffrealfestate.
f

, 19.fSubstitutingfafnewfobligationfforfanfexistingfonefwithfthefintentftofcancelftheflaterfisfcalle
d_______?f-fcorrectfanswer✔ ✔ novationf-
novationfisfwhenfafnewfcontractfisfusedftofreplacefthefinitialfcontract.
f




20.fWhyfarefnetflistingsfgenerallyffrownedfuponfinfthefrealfestatefindustry?f-fcorrectfanswer
✔ ✔ theyfcanfleadftofbrokersftakingfadvantagefoffpropertyfownersf-
infafnetflisting,fthefsellerfnamesfafpriceftheyfwantfforftheirfproperty,fandfanyfamountfaboveft
f

hatfsalefgoesftofthefbroker.fNetflistingsfareffrownedfuponfinfmanyfstatesf(illegalfinfothers)fb
ecauseftheyfcanfleadftofbrokersfnotfactingfinfthefbestfinterestfoffthefseller.fForfexample,fiffaf
sellerfwantedf$150,000fforftheirfhome,fandftherefwasfanfofferfforf$152,000,finfafnetflistingft
hefbrokerfmayfbeftemptedftofnotfacceptfthefofferfbecauseftheirfcommissionfonfthefsalefwou
ldfbefrelativelyfsmall.


21.fAfmortgagefbroker'sfprimaryfrolefisftof_______.f-fcorrectfanswer✔ ✔
bringfborrowersfandflendersftogetherf-
thefmortgagefbrokerfisfanfintermediaryfandfdoesfnotfcreate,fsellforfunderwritefloansf(which
f

isfthefjobfofftheflender)
f




22.fMortgageflendersfmakeftheirfmoneyfbyf______.f-fcorrectfanswer✔ ✔ Allfoffthesef-
Applicationffees,floanforiginationffeesfandfannualfloanfservicingffeesf-
f

allfthreefoffthesefarefcommonfprocessingfandfmaintenanceffeesflendersfcharge.
f




23.fSubprimefloansfarefusuallyfanfoptionffor_____?f-fcorrectfanswer✔ ✔
peoplefwithfsubparfcreditfandfcomefwithfafhigherfinterestfratef-
Subprimefloansfcarryfafhigherfinterestfratefbecausefthefbank/lenderffeelsftheyfcarryfthefgr
f

eatestfriskfofffullfrepayment.


24.fMostfrealfestatefloansfdealfwithfsimplefinterest,fthefformulafforfwhichfisf_____.f-
correctfanswer✔ ✔ ratefxfloanfbalancef=fannualfinterestf-
f