Chapter 16 Quiz

Which of the following agreements is NOT a type of listing agreement?

Buyer agency agreement.

In Nevada, real estate closings are handled through:

An escrow procedure.

A promise by one party to act or perform in a specified manner provided the other party acts or performs in the manner requested is known as:

An offer.

An agreement in which a real estate broker agrees to legally represent a buyer is known as:

A buyer agency agreement.

Which of the following terms is not used to describe a contract for sale?

Counteroffer.

Which of the following terms is described under Nevada law as "Any transaction wherein one person, for the purpose of effecting the sale, transfer, encumbering or leasing of real or personal property to another person, delivers any written instrument, money, evidence of title to real or personal property, or other thing of value to a third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by such third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, bailor or any agent or employee of any of the latter"?

Escrow.

The type of listing agreement that offers the most protection to the broker is the:

Exclusive right to sell listing.

A listing agreement is the employment contract between the seller and:

The broker.

Which of the following provisions is not included under the Nevada Electronic Transactions Act?

If the law requires a record to be in writing, it may not be transmitted or signed through electronic means, or it is not considered legally enforceable.

In Nevada, which of the following conditions must apply for a broker to earn a commission?

There must have been a written employment agreement between the seller and the broker, and the broker must have been the procuring cause of the sale, unless the parties agree that the "procuring cause" requirement will be waived or changed.