NEVADA REAL ESTATE EXAM
QUESTIONS & ANSWERS 100%
CORRECT GRADE A+ 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. - ANSWER-a
NEVADA REAL ESTATE EXAM
QUESTIONS & ANSWERS 100%
CORRECT GRADE A+
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. - ANSWER-a
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 - ANSWER-b
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 - ANSWER-c
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. - ANSWER-d
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 - ANSWER-b
,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 - ANSWER-c
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 -
ANSWER-d
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 - ANSWER-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 - ANSWER-b
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 -
ANSWER-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 - ANSWER-b
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 - ANSWER-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 - ANSWER-d
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 - ANSWER-b
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 - ANSWER-b
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 - ANSWER-d
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 - ANSWER-c
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 - ANSWER-d
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 - ANSWER-a
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 - ANSWER-c
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 - ANSWER-b
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 - ANSWER-a
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
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