Nevada Real Estate
91. A person is applying for a license as a broker. He or she must do all of the following except A) provide his or her business location and any fictitious names that are going to be used B) provide a three year work history C) supply a statement of his or her previous real estate experience D) disclose any past felony convictions or real estate license suspension or revocation
b
92. A broker responsible for the operation of his or her office must disclose all of the following to the Nevada Real Estate Division within 10 days except A) a change in the name of the brokerage B) completion of CE courses by a salesperson C) a change in the business location of the brokerage D) the termination of a broker-salesperson or salesperson from the office
b
95. A salesperson is showing his listing to a very interested buyer. The asking price is $148,000. the salesperson suggests that the buyer make an offer of $138,000. to get some action on the listing. Has the salesperson violated NRS 645? A) no, because he is representing the buyer whenever he writes the offer B) yes, because he offered property at a price not authorized by the owner C) yes, because the offer is not a bonafide price D) no, because the salesperson is attempting to get an offer for the seller to consider or counter
b
96. Regarding a broker's trust account, the broker A) may use his or her personal account for clearing earnest money deposits as long as proper records and balances are maintained B) is not required to have a trust account C) must keep a separate trust account for each separate transaction D) may use the same trust account for both property management as well as general brokerage transaction
b
98. The city of Gabbs, Nevada requires a city real estate license before any compensated real estate activity is allowed in that city. Is this legal? A) yes, but only for revenue purposes such as business license B) yes, and Gabbs may require schooling and a separate test for certification C) no, because the state of NV has jurisdiction superseding Gabbs D) no, because the additional regulation by a city would be redundant
b
99. A broker recently closed her office and went to work for the Nevada Real Estate Division as the Deputy Administrator. In this role, the broker A) may not buy and sell property B) may not be actively licensed' C) may not own property D) must pass the state portion of the real estate examination before her employments
b
100. A salesperson that applies for a license may associate with which of the following? A) broker salesperson B) registered representative C) owner developer D) qualified intermediary
c
17. If a broker tells a lender that the sales price on a property is something above its actual sales price, the A) broker has done nothing wrong as long as the appraisal substantiates this price B) buyer is likely to receive and interest rate break C) broker can lose his or her license D) buyer can receive a higher mortgage amount
c
20. When advertising real property, real estate licensees A) may state only the licensee's box number or street address B) may simply give a telephone number C) must prominently display the name of their employing real estate broker D) must identify the owner of the property
c
24. A seller told a broker that she wanted to clear $50,000. when she sold her house. The broker accepted the listing and sold it for $160,000. He gave $50,000. to the seller and kept the rest. Which of the following is correct? A) the broker need not disclose to the seller the value of her house B) the broker's commission exceeds statutory and NAR guidelines C) the broker accepted a net listing and may be exposed to liability of failure to disclose the true market value of the home to the client D) as the seller's agent, the broker had a duty to sell the house for what he wanted as his commission
c
3. In NV, who is responsible prior to closing for calculating the pro-rations between the buyer and seller, ordering the preliminary title report, and preparing the purchase money mortgage note and trust deed? A) broker B) salesperson C) escrow agent D) lender
c
42. In NV, in order to sue for a commission, all of the following are necessary for a listing broker to be entitled to a commission except that A) there was a brokerage agreement B) the broker procured a ready, willing, and able buyer under the terms of the agreement or terms that the seller subsequently accepted C) closing of title by the purchaser occurred D) the broker was properly licensed at the time the contract was negotiated
c
44. Regarding the location of transaction records, a broker A) may keep the records out of state B) must notify the division within ten days after moving the records to another location C) must notify the division before moving records to a new location D) may not ever move the records
c
45. Under the terms of a sales contract, a seller is required to provide a termite certificate. The seller requests that the salesperson order one. The salesperson does so, knowing she will receive a referral fee from the pest control company. Is this a violation of the license law? A) no, if the fee is less than $35 B) no, because undisclosed referral fees are not in violation of the law C) yes, because a salesperson may not receive an undisclosed referral fee from anyone other than his or her employing broker D) no, if the fee is over $100.
c
51. A broker has obtained an offer to purchase a residence that is listed with his firm. After the buyers sign a purchase and sale agreement and the broker accepts their earnest money deposit, the broker must A) deposit the earnest money into the broker's personal checking account for safekeeping until closing. B) complete a second earnest money agreement form that states and exaggerated selling price and give the second form to the buyers to present to the lender so that they will be certain to obtain sufficient financing for their purchase. C) provide the buyers a copy of the agreement as a receipt for their deposit at the time of signing or as soon as it is practicable thereafter. D) file the agreement in the broker's records and, when two or three other offers have been received for the property, present them all to the sellers, who may then choose the best offer.
c
6. A broker who holds a NV license, but whose home state is Iowa, must meet all of the following requirements except that he or she. A) maintain an office in NV B) maintain all documents related to NV transactions in NV C) employ at least one NV licensee, either as a salesperson or associate broker D) file a consent to service of process with the administrator
c
61. A buyer has purchased land regulated under NRS 119 and cancels within the five days allowed by law. How much time does the broker have to refund the buyer's money? A) 5 days B) 10 days C) 15 days D) 30 days
c
66. Regarding signage, a broker must have a sign A) unless his or her office is in his or her home B) at his or her principal location and identical sign, at his or her branch offices C) visible from the nearest public sidewalk, street, or highway, on the building directory, or at the entrance of the business D) in letters at least five inches high
c
68. Regarding a salesperson setting up a corporation or LLC, NRS 645 allows A) no salesperson to be the licensee for a corporation or LLC B) only broker-salespersons to be the licensees for a corporation or LLC C) a salesperson to set up a one-shareholder corporation or one-member LLC to associate with a broker D) a salesperson to be a corporation or LLC only if all shareholders or members are licensed
c
69. A corporation doing business as a real estate broker has designated k, a corporate officer, to be the broker. K A) must pass a corporate broker's exam B) must act as a broker for that corporation only C) may act on his or her own behalf if separately licensed and with the approval of the corporation D) must turn in all of the licenses of the agents in the corporation if K leaves this position and a new corporate broker is appointed
c
71. How many years must a broker keep records after the last activity regarding the property? A) 2 B) 3 C) 5 D) 10
c
78. A broker may be disciplined for unknown violations of licensees associated with the broker because the broker A) is presumed to know about the violations B) has employed them C) has failed to exercise supervision D) has received compensation derived from the violation
c
83. An active licensee needs 24 hours of CE to reinstate. How many hours must be in a law/ethics course? A) 1 B) 3 C) 12 D) 9
c
12. Under NV law, which of the following statements is not true of an exclusive listing contract? A) exclusive listing contracts must be in writing B) exclusive listing contracts must include a specific termination date C) automatic extension clauses are not allowed in exclusive listing contracts D) exclusive listing contracts must discuss the seller's net return
d
13. The real estate commission has the power to revoke a salesperson's license if the salesperson A) attempts to represent a real estate broker other than his or her employer after obtaining the employer's consent B) attempts to represent a buyer C) enters into an exclusive listing contract D) deposits a buyer's down payment into his or her own bank account
d
16. Which of the following actions are legal and not a violation of license law? A) encouraging a seller to reject an offer because the prospective buyer is a Methodist B) placing a for sale sign in front of a house without asking the seller's permissions C) advertising that individuals who attend a promotional presentation will receive a prize without mentioning that they will also have to take a day trip to a new subdivision site D) standing in the hallway outside the testing room and offering employment to new licensees as soon as they receive their passing score at the testing center
d
18. Salesperson F-B paid the local telephone company to list her name in the directory under the real estate heading as "F-B, real estate salesperson, Residential Property My Specialty." Based on this information F-B, must also include A) her license number B) the expiration date of her license C) her street address D) the business name of her employing broker
d
26. In NV, real estate commissions are A) set by law B) set by the NV real estate division C) determined by local groups of brokers D) negotiable between the client and broker
d
27. Upon obtaining a listing, a broker or licensed salesperson is obligated to A) set up a listing file and issue it a number in compliance with specific guidelines established by the NV real estate commission B) place advertisements in the local newspapers at least three times per week C) must cooperate with every real estate office wishing to participate in the marketing of the listed property whether or not they are members of MLS D) give the person or persons signing the listing a legible, signed, true, and correct copy at the time of signing or as soon as practicable thereafter
d
30. A person who believes that he or she has been illegally discriminated against may file a complaint with the A) NV Association of Realtors B) Attorney General C) Real Estate Commission D) Department of Housing and Urban development (HUD)
d
36. Several weeks after a closing, a broker-salesperson received a thank you letter and a nice bonus check from the seller of the house. The broker salesperson cashed the check because he felt it was earned. In this situation, which of the following is true? A) the broker salesperson may accept the bonus B) accepting the money is allowed if more than 30 days have elapsed since the closing C) the broker salesperson may directly accept the money if his broker permits him to do so D) accepting the money directly from the client is a violation of commission regulations
d
37. When a broker, acting as a sole proprietor, has his or her license suspended for two years, what effect does this have on the broker salesperson and the salespeople affiliated with the broker? A) licenses will be revoked, subject to reinstatement after one year B) licensees will also be suspended for a two year period C) suspension has no effect on the licensees D) licensees have up to 30 days to affiliate with another broker, or their licenses will be inactivated
d
38. A broker intends to open a branch office in a neighboring town. The broker applies for a branch office license, giving a name that clearly identifies its relationship with his main office. The broker names a licensed real estate salesperson as the branch office manager. Under these facts, will the broker receive approval for the branch office? A) yes, the broker has fully complied with the requirements of the license law B) no, under the license law, brokers cannot have branch offices in more than one city C) yes, by naming the salesperson as the branch's manager, the broker is in compliance with the requirement that a broker may be in direct operational control of only one office or branch D) No, the manager of a branch office must be a licensed broker salesperson or broker
d
39. A broker-salesperson is not satisfied with her present real estate company and has decided to become associated with another. Before the broker salesperson can begin actively selling for the new company, the A) first broker must transfer the broker salesperson's license to the new office B) new broker must notify the commission of the change and send in the proper forms and fees C) associate broker must take her license to the new brokerage and notify the commission within three days of the transfer to a new location D) appropriate paperwork must be given to the division at which time a temporary permit to conduct business will be issued and posted with the new brokerage
d
4. How long are real estate licenses valid? A) granted in perpetuity B) need not be renewed unless previously revoked C) expire annually on December 31 D) beginning July 1, 2015, a first-time license will be valid for one year. Subsequent renewals will be valid for two years.
d
46. An airline pilot told a broker about some friends who were looking for a new home. The broker contacted the friends and eventually sold them a house. When may the broker pay the airline pilot for this valuable lead? A) soon as a valid sales contract is signed by the parties B) only after the sale closes C) after the funds are released from escrow D) never
d
48. A buyer has just entered into a contract to buy a condominium unit from a person who originally bought the unit from the developer and has lived there for the past 10 years. This new buyer has a right to cancel the contract within A) 5 days of receipt of resale documents B) 15 days of receipt of resale documents C) 5 days from the date the new contract is executed. D) the new buyer does not have the right to cancel a signed contract in this situation
d
54. A broker has taken a $3,000. consulting fee from a developer regarding a new subdivision marketing plan. When must an accounting for this advance fee be given to the developer? A) immediately after payment B) within 10 days of the payment C) within 30 days of the payment D) within 3 months of the payment
d
55. A salesperson receives money as an earnest deposit on Tuesday at 2:00 p.m. for an offer that has met the listed price and terms. The salesperson may A) keep the money since he has found a ready, willing, and able buyer B) keep only the money that is his commission C) deposit the funds into his trust account within one banking day D) only turn the funds over to the broker within one business day
d
58. One of the requirements for a registered representative position is that the applicant A) must pass an examination B) is allowed to sell only under the strict supervision of a broker for the first 90 days C) will receive a license D) may only induce attendance at an offering or sales promotion and cannot sell
d
62. Which of the following are common interest community association liens that may not be the basis for a foreclosure? A) Unpaid regular dues B) Unpaid special assessments for replacements C) Fines for health or safety hazards D) Fines for other violations of the CC&Rs
d
65. An Idaho broker is moving to Nevada and would like to maintain offices in both states. Is this possible? A) not unless he puts his Idaho license on inactivated status B) no, since he may not hold a license in both states C) yes, but he must become a Nevada resident D) yes, he may have both offices, but he must maintain Nevada records in Nevada, not Idaho
d
67. The financial suitability requirement for a broker's license requires A) the submission of an audited financial statement prepared by the broker's CPA B) the broker's last two income tax returns C) the broker's profit and loss statements for the last three years D) proof of sufficient assets or income to maintain an office for 180 days and a credit report
d
7. In the state of Nevada the following are grounds for revoking a broker's license except. A) being convicted of fraud in district court B) advertising in a newspaper that he or she is a member of the local association of realtors when in fact they are not C) depositing escrow money into his or her personal checking account D) agreeing with a seller to accept a listing for more than the normal commission rate
d
72. Commission hearings may result in A) a judgment for an injured consumer against the licensee B) criminal prosecution C) decisions that may not be appealed D) fines, suspension, revocation, or conditional licensing
d
75. Ed, a salesperson, wants to advertise several listings in the Homes magazine. The salesperson A) must identify either his broker or himself B) can say "by owner" if he owns at least on of the advertised properties C) must identify the broker only and not himself D) must identify the broker and may identify himself
d
80. All of the following are grounds for disciplinary action except a licensee A) trying to negotiate a sale of property directly with an owner before another broker's exclusive listing has expired B) giving information on a rental to a tenant without the landlord's permission C) refusing to write a low offer that the licensee feels will not be accepted by the seller D) refusing to show property to a prospective purchaser due to poor credit
d
82. All of the following are requirements for a property management permit holder except A) 24 hours of pre-permit schooling B) 3 hours of CE in property management to renew C) a real estate license D) a broker's license
d
84. A manager of a common-interest community association (CICA) must hold A) a real estate license as a minimum B) a property management permit and a real estate license C) a special exemption certificate from the NV Real Estate Division D) either B or C
d
89. Of the following, who must have a real estate license? A) owner of the property being sold or leased B) executor of an estate C) bankruptcy trustee or any person acting under court order D) property manager
d
93. A salesperson has left a real estate brokerage, and his license has been returned to the division. What maximum time is allowed for re-affiliation before the license is placed on inactive status? A) no time is allowed at all B) 10 days C) 15 days D) 30 days
d
94. Which of the following may have an active real estate license? A) depository financial institution B) division employee C) person under suspension D) nonresident of NV
d
97. All of the following are requirements for an exclusive right to sell listing except that A) it must be written B) it must have an expiration date C) it cannot have an automatic renewal clause D) a copy must immediately be left with the seller after signing the listing
d
2. How long after the signing of a contract for the purchase of a lot in NV or anywhere else may the purchaser cancel the transaction? A) 24 hours B) within five calendar days C) five business days D) or one week
b
9. All of the following must appear in a written listing agreement except A) a statement that the property must be shown to all prospective buyers regardless of race, color, religion, national origin, sex, handicap, or familiar status B) the complete legal description of the property being sold C) the time duration of the listing D) the proposed gross sales price of the property
b
21. A real estate salesperson decides to sell his or her own property without using a broker. When advertising the property, the salesperson A) must disclose the name, address, and phone number of his or her employing broker B) must disclose the fact that he or she is a real estate licensee C) does not need to disclose licensed status if acting as a private citizen D) the salesperson is prohibited from selling his or her own home in this manner by license law
b
25. Listings based on a "net price" are A) always advisable B) legal in NV as long as the seller agrees C) illegal in NV at anytime D) permissible with approval of the commission
b
28. A seller listed her house for sale with a broker on February 1. The listing agreement was to last five months. In April, the seller decided that the house was no longer for sale. Which of the following statements is true? A) the seller has canceled the agreement, and there are no penalties B) the seller has withdrawn the broker's authority to sell the property and may be subject to liability C) the seller is required by law to leave her house on the market until June D) the NV real estate commission will decide if the seller's action is justifiable
b
31. A housing discrimination charge must be filed with the NV Real Estate Division within A) 6 month B) 3 years C) 2 years D) 30 days
b
23. A salesperson has developed a web site on the internet. What, if anything, must the salesperson include? A) name of the brokerage that holds the salesperson's license B) name of the home office of the company that holds the salesperson's license and a list of states in which the company is licensed C) names of all the licensees in the broker's office and the states in which they are licensed D) there is no need for additional disclosures
a
87. What is the active experience requirement for Jennings to become a broker or a branch manager a managing broker-salesperson? A) two years B) two years out of the last four years C) two years out of the last three years D) three years
b
1. What is the minimum balance of the real estate education, research, and recovery fund? A) $300,000. B) $100,000. C) $250,000. D) $500,000.
a
19. A salesperson who wishes to place his or her own "for sale" sign on a listed property must A) identify the broker on the sign and may identify the salesperson B) first sell the property C) list only the brokerage office phone number on the sign D) get permission from the neighbors
a
22. A broker has developed a web site advertising the broker's office. What, if anything, does the broker need to include? A) name of the brokerage B) license number of brokerage and list of current active licensees C) name of active licensees, addresses, and phone numbers D) there is no need for any additional disclosures
a
15. For which of the following acts is the real estate commission required to suspend and agent's license? A) failing to perform as promised in a guaranteed sales plan B) having unpaid child support C) commingling others money or property with his or her own D) failing to balance a trust account and sending an annual reconciliation to the NV real estate division
b
29. A salesperson engaged in activities that constitute violations of the NRS 645, including blockbusting and discrimination on the basis of disability. The salesperson also cashed a $25,000. earnest money checks from a prospective buyer and used the proceeds to buy a new car. The salesperson's employing broker was unaware of all of these activities. What is the impact on the salesperson's broker when the salesperson's violations are brought to the attention of the real estate commission? A) the employing broker may be disciplined by the real estate commission for failure to supervise B) the salesperson's employing broker will be required to pay any fine imposed against the salesperson out of his or her own personal funds C) the salesperson's actions are legally the responsibility of the employing broker, who will be subject to the same disciplinary action as the salesperson, regardless of whether or not he or she knew the violations had occurred D) the salesperson's employing broker will be held liable for the fair housing act violations only
a
35. A licensed salesperson may hold concurrent licenses with more than one NV broker under which of the following circumstances? A) under no circumstances B) with the permission of his or her sales manager C) with the written consent of the brokers holding the licenses D) with the permission of the real estate commission
a
41. In any real estate sales transaction that a broker negotiates, the broker is required to do all the following except A) inform the buyer of his or her personal opinion of the condition of the seller's title to the property B) make sure that the written purchase and sales agreement includes all the terms of the parties agreement C) make sure that each party is presented with a copy of the agreement D) keep copies of all documents involved in the transaction in his or her files for five years after the date the transaction was closed
a
49. How is broker's commission determined in a real estate sales transaction? A) it must be stated in the listing agreement and is negotiated between the broker and seller B) it is determined according to the standard rates set by agreement of local real estate brokers C) if under dispute, it will be determined through arbitration by the NV Real Estate Commission D) it must be paid with cash or a cashier's check upon closing
a
50. A broker wants to list a property but is getting a lot of competition from other brokers who also would like to list it. The broker offers the seller the following inducement to sign his listing agreement. "I'll buy your property if it doesn't sell in 90 days." With this advertising, the broker must do all of the following except A) buy the property at the agreed figure at any time during the 90 days B) market the property as if no special agreement existed C) show the seller evidence of the broker's financial ability to buy the property D) show the seller written details of the plan before any contract of guaranty is signed
a
53. In NV, the age of legal competence is A) 18 B) 19 C) 20 D) 21
a
57. A prospective buyer has inspected a parcel in a subdivision registered under NRS 119. He has decided to purchase the parcel, receives the property report, and signs the contract. The prospective buyer has second thoughts the next day. Can he rescind the contract? A) Yes, because a buyer has five days to rescind the contract no matter what the reason B) Yes, because escrow has not closed C) No, because the buyer has already signed the contract D) No, because the buyer got the property report
a
59. Regarding promotional meetings, A) division employees may attend them B) recording devices are prohibited C) oral statements may enhance and expand upon written advertising D) shills (false buyers hired by the developer) are allowed to attend
a
70. A California broker wishes to help her brother in law, a NV broker, find California buyers for the NV broker's resort area listings in Lake Tahoe (NV side only). All of the following are true regarding a cooperative certificate issued to the California broker except that A) the certificate is valid for two years B) only the California broker may obtain a cooperative certificate; her corporation may not C) the NV broker may cooperate with several out of state brokers D) the CA broker may not sell land in NV to a NV resident
a
74. Once a Seller's Real Property Disclosure Form has been delivered to the buyer, the buyer has what period of time to rescind based on the report? A) 4 working days B) 5 calendar days C) 10 days D) until the items are all repaired
a
76. Regarding an office location, an active broker in Reno, Nevada, A) must have an office in Nevada B) may not have an office in his or her home C) may not be further regulated or licensed by the city of Reno where the office is located D) must not have his or her office in conjunction with another business he or she operates
a
86. All of the following could disqualify an applicant from receiving a license except A) having been arrested for embezzlement B) being delinquent in child support obligations C) having had his or her license suspended, but not revoked in Arizona four years ago D) having pled guilty to engaging in the real estate business without a real estate license
a
88. Who is responsible for investigating transaction files and trust records of brokers and owner developers? A) administrator and the Nevada Real Estate Division B) Secretary of State C) Attorney General D) Nevada real Estate Commission
a
90. A Nevada licensee was suspended under his Arizona license. In this situation, the licensee A) may have his Nevada license suspended because of the Arizona suspension B) may not be disciplined in Nevada unless the activity had to do with Nevada real estate C) will automatically lose his NV license D) does not have to disclose the suspension to the NV Real Estate Division
a
10. A broker signs a listing agreement with a seller. The agreement contains the following clause: "If the property has not been sold after three months from the date of this signing, this agreement will automatically continue for additional three month periods thereafter until the property is sold." Based on these facts, the agreement A) is legal under NV law, because it contains a reference to a specific time limit B) is illegal in NV C) automatically receives a statutory six month listing period to this open listing in NV D) is legal under NV law, because the list periods are for less than six months each
b
11. Regarding exclusive listing agreements in NV, which of the following could result in the suspension or revocation of a licensee's license to practice real estate? A) a specified commission rate B) no specific termination date C) no broker protection clause D) a specific termination date
b
14. In the state of Nevada, a broker may have his license suspended or revoked for all of the following actions except. A) failing to keep adequate records B) depositing earnest money into the firm's trust account C) helping another person cheat on the licensing examination D) displaying a "for sale" sign on a property without the owner's consent
b
32. If a buyer wants to have a clause included in the sales contract under which the seller offers assurances against the existence of werewolves, vampires, and trolls on the property, which of the following statements is true in NV? A) the broker should consult a law manual for proper wording and may include the clause, because such standard supernatural disclosures are in general usage B) the broker should urge the client to contact a licensed attorney to prepare the clause for inclusion in the sales contract C) in NV, brokers are permitted to add additional clauses to blank form contracts, such as the clause described here, that do not directly involve the conveyance of title to real property D) under NV law, a frivolous clause, such as the one described here, is not permitted and any contract containing such a clause will be invalid
b
33. A NV real estate salesperson may lawfully collect compensation from A) either a buyer or a seller B) his or her employing broker only C) any party to the transaction or the party's representative D) a licensed real estate broker only
b
34. What are the procedures that a salesperson must follow when the salesperson decides to terminate his or her affiliation with the employing broker? A) give the broker an official letter of termination that he or she can send to the NV real estate division B) nothing, the broker is responsible for notifying the NV Real Estate Division of the change C) return all customer cards to the employing broker D) return his or her license, along with a letter of termination, to the real estate commission
b
40. When a licensed broker changes his or her place of business A) a new license will be issued by the board immediately B) the division must be notified within ten days C) a new license will be issued for a full term D) the new address must be approved by the commission
b
43. Every NV real estate office is required to A) maintain escrow account records for five years B) keep transaction records for five years C) keep transaction records for three years D) keep transaction records for eight years
b
47. A broker is convicted on May 1 of a felony of possession and distribution of a controlled substance. Both the crime and the conviction took place out of state. On June 15, the broker calls the NV Real Estate Division and leaves a message informing the real estate division of the conviction. Based on these facts, which of the following is true? A) the broker has properly informed the real estate division within 60 days after the conviction, and the broker's license may be renewed B) the conviction may cause further investigation by the division with a possible complaint filed with the commission C) because the conviction did not occur in state, it is not evidence of unworthy conduct D) the conviction is grounds for immediate revocation of a license without a commission hearing
b
5. A NV salesperson's license was issued November 3, 2015. When will his or her license expire? A) January 31 of every even-numbered year B) November 30, 2016 first time licensee only C) October 31 of each odd-numbered year D) every other anniversary date of the individual salesperson's license
b
52. All of the following agreements must be in writing except an A) exclusive-agency listing B) open listing C) exclusive right to sell listing D) offer to purchase real estate
b
56. Which warning message is superimposed on the cover of a public offering statement? A) prospective purchaser should see the exact parcel considered before purchasing B) prospective purchaser should read this report before signing any paper C) prospective purchaser has five calendar days to cancel any contract signed D) prospective purchaser should seek competent advice if this report is not understood
b
60. Which of the following statements regarding price policies and discounts is true? A) Pre-development sales (before the clubhouse and pool are complete) at a discount will not be allowed B) Discounts are allowed for quantity purchases and for cash payment C) Discounts are not allowed from any advertised price D) Advertising must not discuss future increases planned or past price appreciation of lots
b
63. Common-interest community association documents are A) not required on a resale B) to be supplied by the association within 10 days of request for a reasonable fee C) only required on new home sales D) due by the close of escrow
b
64. A broker is licensed in Montana only. The broker wants to sell lots in Nevada as mobile home sites to Montana clients as winter homes. The broker may do this if the broker A) relocates to Nevada B) obtains a cooperating certificate to work through a Nevada broker C) maintains all his records in Montana D) closes escrows in Nevada or Montana
b
73. An advance fee rental agency A) may advertise property for rent without the owner's permission B) must have a refund policy C) may have an open ended contract term for the services to be rendered D) can alter the fees if the services take more time than originally anticipated
b
77. A Seller's Real Property Disclosure Form is required for all of the following properties except a A) FSBO B) new home C) resale D) home that has been inspected by a certified home inspector
b
79. A consumer has only collected $7,000.00 of his $45,000.00 judgment against a broker. The broker has now filed for bankruptcy. How much can the consumer possibly collect from the Real Estate Education, Research, and Recovery Fund? A) $3,000. B) $25,000. C) $18,000. D) $15,000.
b
8. In NV, brokers and salespeople who are not lawyers may A) sign a bill of sale on behalf of the seller after a sales contract has been signed B) fill in blanks on pre-printed form contracts customarily used in their community C) suggest additional language to be added to a pre-printed sales contract by a buyer or seller D) explain the legal significance of specific pre-printed contract clauses to a buyer or selleR
b
81. If a broker was originally licensed seven years ago and his or her license has been inactive for the last three years, how many hours of CE are needed to reinstate the broker's license? A) 15 B) 48 C) 45 D) 60
b
85. Waiver of the pre-licensing educational requirements for brokers and broker-salespeople is made for active experience as a salesperson according to which pattern? A) 15 credits for every 2 years active experience B) 16 credits for every 2 years active experience C) 8 credits for every 1 year's active experience D) there is no waiver for experience
b
