Nevada Real Estate Exam Questions Solved 100%

an unrepresented buyer submits an offer directly to the listing agent the agent must - Answer Provide the buyer a Duties Owed by a Nevada licensee Only the seller can fill out - Answer The SRPD The maximum liability of ERRF for an individual person is - Answer 100,000 What is the maximum amount per judgement that can be paid out of the Errf - Answer 25,000 State law allows representation of multiple parties to a transaction, however what authorization is required before moving forward - Answer Consent to act Disclosure of a licensee's duties to their clients and to all parties of the transaction is acknowledged by what state mandated disclosure - Answer Duties owed Per Nevada Law a seller may waive which one of these duties owed by a NV licensee - Answer Presenting all offers A brokerage agreement is between - Answer the broker and the client Per NRS 645 the duties owed by a Nevada licensee must be - Answer initialed, dates, timed, and signed A licensee is representing a seller and the buyer is unrepresented. The file of the transaction must include - Answer a duties owed signed by the buyer identifying the sellers as the broker's clients. while representing a client in a transaction which is an example of a duty owed - Answer to inform the client if they are principal to the transaction NRS 119B governs the sale of campground memberships. while advertising it would not be false or misleading to advertise - Answer memberships for pre sales that are not yet available for use. Being an independent contractor is distinguished by all - Answer paid vacations Nrs 645 was adopted to protect - Answer the public practicing real estate in the state of Nevada without a license - Answer is a violation of law and yields a 5000 fine as a Nevada licensee a salesperson may only engage in sales as a - Answer independent contractor agency is defined as the relationship between - Answer a client and a broker arising from written agreement The Nevada Real Estate commission can fine licensees up to - Answer 10,000 A licensee was issued on the 18th of april. their license is due to expire this year, the licensee will have until when to renew license - Answer 30th of april at midnight In the state of NV in real estate there are two types of agency that are recognized by law they are - Answer specific and general A licensee dies before renewing their license the real estate license automatically - Answer expires Nevada licensees must exercise reasonable skill and care which is the best example - Answer disclosing if the landlord is in foreclosure to a prospective tenant How many rental properties can a Nevada licensee manage with salesperson status before having to obtain property manager license - Answer as many as long as they have ownership The Nevada real estate division has received a complaint about a licensed Broker salesperson who is renting properties for friends and family. The licensee is charging a percentage of the monthly rental income as compensation for their work. The division investigates and finds - Answer hes recieved fundy with out obtaining a property management license in order to renew a real estate license with the division there must be - Answer proof of continuing ed in order to obtain a property management permit a NV licensee must first - Answer complete at least 24 hours of classroom instruction on property management when it is time for an active licensee to renew their salesperson license they must complete - Answer 12 mandatory and 12 elective credits how many continuiung ed requirements for 1 yr - Answer 30 a salesperson is advertising a listing in the classified section of the newspaper what must be disclosed - Answer the owner is a nv licensee In order to advertise the property with assign - Answer the licensee must have written consent from the owner there are 311 sales persons working under a Nevada broker who fails to renew their license all associated licensees - Answer will immediately be put on inactive status according to nrs 645 who is responsible for renewing a salesperson license in NV - Answer the salesperson when a license is approved what address is the real estate license mailed to - Answer the brokers office the salesperson has just closed a transaction. their TC has uploaded and added to the file all the updated documents from the closing package. The commission has been sent to the broker, the salesperson can receive the compensation from who - Answer the broker only in the state of NV a team must consist of more than two licensees and the name must of the team must contain - Answer the last name of one of the team members a broker goes before the commission for a hearing and is found negligent, their license is revoked, they are the principal broker. the licensees in their branch - Answer have 30 days to affiliate with another broker when a sales person sells their own home they must put it up for sale as - Answer owner-agent on facebook business page what must promintely display - Answer the name of their brokerage firm an auction house need BPO's on all properties. - Answer the salesperson can prepare these for a fee a salesperson assisted a client with a for sale by owner then asked the seller for a check he has - Answer violated Nevada law