Real Estate ittttttt
The accumulation of soil, rock and other matter from the movement of water from an alluvial plain, is known as:
Alluvion
A course may not be taken for credit to meet CE requirements more than once:
During two consecutive
The right of the federal and/or state government to take private property for a necessary public use with just compensation paid to the owner, is known as:
Eminent domain
The decrease of land by the gradual wearing away that is caused by flowing water is known as:
Erosion
Commissions may be paid:
From a real estate salesperson to his affiliated broker
The residential financing practice of refusing to make loans on properties in a certain neighborhood regardless of a mortgagor's qualifications is known as:
Redlining.
If a licensee does not perform his duties under the NRS and regulations, the person who has suffereddamages as the result of his acts or non-acts has the right to bring legal action against this licensee for:
The actual damages
Riparian Rights
are those concerning the water rights to rivers. If a river is navigable then all the land under the water is considered the property of the state and the landowner will only own the land up to the edge of the river. If a river is non-navigable then the property owner is considered to own the land to the exact centerline of the river.
Also known as a "Taking," this is the process by which the government exercises its right of eminent domain to acquire the property:
condemnation
Doctrine of Prior Appropriation
is a legal doctrine governing water rights. The Doctrine of Prior Appropriation states that a landowner's right to use the available water is based on the permission of the state government, rather than any rights of the owners of the lands adjacent to bodies of water.
Which of the following monies must a broker not deposit into a trust account?
down payments
If the Real Estate Division denies a license application, the applicant may be eligible to receive a refund of application fees up to a maximum of:
100% of fees
The Nevada pre-license law requires that a student receive hours of finance.
12
Anyone who chooses to cancel his contract to purchase within a subdivision (and does so within his right of recission period) must be refunded his money by the developer within how many days after the developer receives the cancellation notice?
15 days
A time share sales agent must be at least:
18
For a deed to be legal in Nevada, the grantor must be at least how old to sign the deed?
18
If a real estate license was on inactive status for 2 years or less, and no part of that time was during the initial license period, the licensee must complete at least how many hours of continuing education to reinstate his license?
24
The Real Estate Education Research and Recovery Fund's maximum liability is how much for ANY real estate licensee?
25,000
If a salesperson applicant receives notice that his application has been denied, he has how many days after receiving that denial notice to request a hearing?
30
In reference to the educational requirements for real estate licensees, "active experience" means experience gained while engaged in those activities that are duties of a real estate broker, real estate broker-salesman or real estate salesman for at least how many hours a week during at least 48 weeks of any 12-month period?
30
Commercial real estate includes any improved real estate that consists of:
5 units or more
The Administrator must provide the Commission with the Real Estate Education, Research and Recovery Fund's financial statement that shows beginning and ending balances, receipts and expenditures, within how many days after the end of the fiscal year?
60
An accredited real estate school must maintain an attendance record and course certifications for how many years after each student's enrollment?
7 years
For CE instruction, the Commission will approve a maximum number of credit hours per day for a course if that course includes a final exam?
8
Before the Commission can revoke, suspend or deny the renewal of a license, permit or registration of an owner-developer, he must schedule a hearing so that owner-developer has the chance to defend himself. This hearing must be scheduled within how long of the complaint being filed?
90 days
A loan on several pieces of land is known as:
A blanket mortgage
A person who, while acting as a real estate broker, real estate broker-salesman or real estate salesman for another and for compensation or with the intention or expectation of receiving compensation, negotiates or offers, attempts or agrees to negotiate the sale, exchange, option or purchase of a business is known as:
A business broker
A voluntary agreement between legally competent parties to perform or refrain from performing some legal act is known as:
A contract.
A real estate broker or broker-salesperson who has obtained the property management permit and who has had active experience in the field of property management, whom a real estate broker can appoint to handle his property management-related activities, is known as:
A designated property manager
A lease that usually begins with low, fixed rental rates, which increase at specified, regular intervals, is known as:
A graduated lease
Which of the following is not valid in Nevada?
A nuncupative will.
Which of the following terms, as defined under NRS 645, means "a written contract between an owner and a real estate broker in which the owner agrees to pay a commission to the real estate broker for services provided by the broker relating to the disposition of commercial real estate as specified in the agreement"?
A property management agreement
A person who is not a sales agent and who, on behalf of a developer, induces other persons to attend a sales presentation for time shares, is:
A representative
A mortgage in which the homeowner receives monthly payments based on accumulated equity rather than a lump sum is known as:
A reverse annuity mortgage
A loan in which the owner sells his or her improved property and at the same time, signs a long-term lease is known as:
A sale-leaseback
A clause that says if a borrower defaults on the loan (misses payments, etc.) the lender can call the entire balance due and payable immediately, is known as the:
Acceleration clause
Should the tenant not remove the trade fixtures, then they will become the property of the landlord. This method of gaining property (for the landlord) is referred to as:
Accession
A form of involuntary transfer in which someone who makes a claim to a property takes possession of it and then uses it to take the property title from the true owner is known as:
Adverse posession
The type of lease that renews itself for whatever period of time that was called for in the original lease or whatever is agreed upon in the actual lease is known as a/n:
An estate from period to period.
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.
In which type of listing agreement is more than one broker allowed to act on the behalf of the seller?
An open listing
An agreement to keep open, for a set period, an offer to sell or lease real property, is
An option
A type of agency used in Nevada, in which the broker assigns one of his associated real estate licensees to represent party A in the transaction, and specifies another of his associated licensees to represent party B in the transaction, is known as:
Assigned agency
The transfer of rights or duties to a third party and original party remains secondarily liable is:
Assignment
The Division has the right, upon receiving a court order stating that any real estate licensee has not paid child support according to a court order, to suspend that person's license at what point after the court order was issued?
At the end of the 30th day
The "sudden" loss of land by an act of nature (e.g.- the ocean washes away the water front during a typhoon) is known as:
Avulsion
The subdivision property report sets forth the buyer's right to cancel the contract:
By midnight of the 5th calendar day following of the contract's execution
The grantor guarantees that no third party will try to establish a more superior title than the grantee is given.
Covenant of Quiet Enjoyment
The written document (or "instrument"), which transfers ownership from the grantor to the grantee is the:
Deed
As defined under NRS 645, which of the following terms means, "A voluntary conveyance or other transfer of title or any interest of an owner in any commercial real estate specified in a brokerage agreement"?
Disposition
The usage and ownership of water in Nevada is governed by:
Doctrine of Prior Appropriation
Under water right, the state government can give permission to a non-adjacent landowner for crop irrigation and other water uses. This is known as:
Doctrine of Prior Appropriation
The water ownership concept that says that a landowner's right to use the available water is based on the permission of the state government, rather than the permission/regulation of the person who owns the land adjacent to the water, is known as:
Doctrine of Prior Approriation
An interest in your land that you give to someone else to use, while you still retain the ownership rights is a/n:
Easement
Anything that burdens or limits your title to a property is a/n:
Encumbrance
A type of lease that occurs when a tenant stays past the term of his lease, as a holdover tenant because he is unlawfully in possession of the property, is known as:
Estate at Sufferance
Personal properties that became permanently affixed to land, thereby making them real property, are known as:
Fixtures
An agent in a real estate transaction has the duty to keep his client's confidential information confidential for how long after the termination of their brokerage agreement?
For at least one year
For which of the following reasons would NOT be a reason for a Nevada real estate salesperson's license application to be denied?
If he has proof of his completion of thee required 90m hours of pre-license education
In which of the following cases may a real estate advertisement not include the terms "team" or "group"?
If the team or group's name contains the last name of at least two members of that team/group
Nevada brokerage agreements that include the option for exclusive agency representation must not:
Includes the signature of the client and broker to be enforceable
A real estate broker who is unable to meet the liabilities of the broker's business as those liabilities become due in the regular course of the broker's business and which creates a substantial risk of harm to the public or a consumer is known as being:
Insolvent.
Which of the following regulations is not set forth for an advance fee agreement?
It must include a provision stating that a refund (minus up to 100$ in broker's expenses) will be made
Which of the following exists when two or more persons, as partners, combine their interests, assets, and efforts into a business venture?
Joint Tenancy
To which of the following transactions would the Nevada subdivided lands laws apply?
Land that is divided into 35 or more lots
The investment principle in which a significant portion of a property's purchase price is financed is known as:
Leverage
A portion of the common area allocated by a time-share instrument for the exclusive use of at least one, but not all, of the units in a project, is the:
Limited common area
The requirements for the sales of real property, including real property sales disclosures, in Nevada are set forth under:
NRS 113
Which of the following Nevada Chapters addresses real property disclosures in Nevada real estate transactions?
NRS 113
Which of the following Nevada Chapters addresses subdivided land sales in Nevada real estate transactions?
NRS 119
A subdivision permit must be renewed:
Once a year
Which of the following terms best describes the following situation? The owner of a property knows a broker is showing the owner's vacant lot to prospective buyers without authority to do so. Unless the owner takes steps to stop such unauthorized showings, the law considers that third parties have a just cause to believe the broker to be the "owner's broker" This situation is called:
Ostensible Agency
A series of numbers or letters, or any combination thereof, which identifies, for the duration of a time-share plan, one time share in the plan, is the:
Permanent identifying number
The clause that allows a lender to charge extra interest if the loan is paid off before the normal completion date is known as the:
Prepayment penalty clause.
A method of creating an agency relationship in which the principal (seller or buyer) accepts the conduct of someone who acted without prior authorization as the principal's agent is known as:
Ratification
Which of the following is an accurate statement about subdivision registered representatives?
Registered representatives are not required to have any specialized education or experiential requirements to
You can make personal property real through:
Severence
A type of a loan where only interest is paid is called a/n:
Straight term loan
The original fair housing statute, which prohibits discrimination in housing based on race, is:
The Federal Fair Housing Act
The Real Estate Commission is made up of five members who are appointed by:
The Governor of Nevada
The clause that defines the ownership taken by the grantee is:
The Habendum Clause
The principle that real estate contracts must be in writing to be enforceable is established under:
The Statue of Frauds
The licensed real estate broker whose name is submitted in the developer's permit application, and whose job it is to supervise all sales of subdivided lands in Nevada, is known as:
The broker of record.
Every application for a real estate broker, broker-salesperson or salesperson license must include:
The date of completion of their real estate school
Which of the following disclosures are not required for the sale of used mobile homes being sold by a real estate licensee?
The year serial number and manufacturer
In which of the following situations is it legal for a Nevada real estate licensee to pay compensation for a real estate transaction to an unlicensed person?
This is never legal
How many different types of real estate licenses are there in Nevada regulated by NRS/NAC645?
Three
To receive credit on a CE course via distance education, the course must be worth a minimum of how many hours of instruction?
Three
The Nevada Real Estate Commission members are appointed for a term of:
Three years.
The right to use and occupy a unit on a recurrent periodic basis according to an arrangement allocating this right among various owners whether or not there is an additional charge to the owner for occupying the unit is known as:
Time share
Which of the following does NRS 119A regulate?
Time shares
Any document creating or regulating time shares, excluding any law, ordinance or governmental regulation is:
Time-share instrument
The right to ownership of the land, and the evidence that such ownership exists is:
Title
Any courses taken to satisfy renewal or reinstatement requirements must be completed within how many years immediately before the latest date for the renewal or reinstatement of the license?
Two years
Ursula was denied a licenses by the Division. What reason would they NOT use to deny?
Ursula allowed her license in Connecticut
Littoral Rights
are those concerning water rights to non-flowing bodies of water such as lakes and oceans. The laws state that a property owner adjacent to such a body of water owns the land to the average high-water mark, and the landowner is permitted to make "reasonable" use of these waters.
The investment principle in which a significant portion of a property's purchase price is financed is known as:
leverage
A document that uses a property to secure payment for a debt, OR the discharge of an obligation owed, is a/n:
lien