Real Estate Express Practice Exam Already Solved 100%

The total of fees for each original real estate sales license is: - Answer $125 To apply for a permit to do business as a business broker, the licensee must submit an application to the Division, along with a certificate of completion that the licensee has completed a minimum of how many hours of instruction related to business brokerage? - Answer 24 The Federal Home Loan Mortgage Corporation is the same as‎:‎ - Answer Freddie Mac. Which of the following is the same as a Fannie Mae loan? - Answer FNMA. The type of company that sells securities specializing in real estate ventures, and requires a minimum of 100 investors, is known as: - Answer A real estate investment trust A real estate agent has the duty to present which of the following to his seller client? - Answer All offers, reasonable or not, unless the client waives this duty. The sponsor of an approved course must notify the Division within how many days of making a material change to a course? - Answer 15 A sales agent applicant must take and pass an examination before submitting his application for his sales agent license. Each time the applicant takes the exam, he will pay a fee of: - Answer $100 A comprehensive indemnity contract under which a title insurance company warrants to make good a loss arising through defects in title to real estate or any liens or encumbrances thereon, is known as: - Answer Title Insurance The partial transfer of a tenant's right in a rental property to a third party is known as: - Answer Subleasing Ownership in which someone sets conditions, such as "I will sell my property to you with the condition that alcohol is never served on the premises. If you have a wine and cheese party, then I have the right to take back the property," is known as: - Answer Fee Simple Dedeasible The gross receipts to which an owner is entitled upon the disposition of any commercial real estate specified in a brokerage agreement are known as: - Answer The owner's net proceeds Anyone licensed as a real estate broker or broker-salesman, whose license has been placed on inactive status (for any reason) for one year must complete a course of instruction of how many semester units in broker management before the person's license is reissued or reinstated? - Answer 3 Nevada property managers must take how many hours of property management-related educational credits? - Answer 24 Hours In which of the following cases is it not acceptable for an agent to disclose confidential information about his client? - Answer If the information is a material fact about the real estate property or the transaction itself that the agent thinks he has a duty to share with all parties to the transaction. The fact that a person lives with a child under the age of 18 and has either legal custody of that child or written permission to live with that child from whoever does have legal custody of the child, is pregnant, or has begun the adoption process for a child, is considered that person's: - Answer Familial status. The legal doctrine used to bar a claim asserted after the passing of a statutory period of time is known as: - Answer The Principle of Laches. Under NRS 645, it is not a violation of the law to deny a person the opportunity to engage in a real estate transaction based on that person's: - Answer Age Any plants, trees, perennial shrubs, or grasses that do not require regular annual cultivation - also including orchards and vineyards - are: - Answer Fructus naturales. A contract provision permitting an adjustment of certain payments either up or down to cover certain contingencies is known as: - Answer The escalator clause The reversion of a property to the state (in this case, Nevada), which occurs when someone dies without heirs (or without heirs that are "capable" of inheriting the property), or when someone abandons a property: - Answer Escheat To have his license application approved, what type of applicant must verify that he is a licensed contractor in Nevada? - Answer An owner-developer applicant Which of the following terms is defined as man-made improvements that are permanently affixed to the land, and include houses, in-ground swimming pools, fences, barns, garages, parking spaces in a multi-unit residential complex, easements, etc.? - Answer Artificial appurtenances. The practice of inducing owners in an area to sell or rent to avoid an impending change in the ethnic or social makeup of the neighborhood that will cause values to go down is known as: - Answer Blockbusting The renewal fee for business broker permits is: - Answer $40 What is the postlicensing education credit requirement for real estate licensees that must be completed within twelve months after receiving a license. - Answer 30 hours The Nevada Statute that sets forth the law for subdivided land sales in Nevada is: - Answer NRS 119 Which of the following is the market in which these notes are exchanged and funds are provided directly to institutional lenders? - Answer The secondary mortgage market The highest degree of ownership is included with: - Answer Fee Simple Leases must be written if they are for terms of more than: - Answer One Year The seller must complete and serve the residential disclosure form to the purchaser or his agent at least how many days before the conveyance of that property to the purchaser? - Answer 10 days In which of the following situations would the licensee be held liable for an intentional misrepresentation made by his client? - Answer If he knew about the information but was bound by his duty of confidentiality to the client and could not, legally, break that duty unless he was ordered by a court of competent jurisdiction to do so.