Nevada Real Estate Practice 1 Questions With Correct Answers

A Nevada broker, Jim Johns, was killed in a car accident and all of his 42 agents licenses went inactive immediately, why? - Answer Jim was a Sole Proprietor A licensed real estate agent, Barry Bat, got $5000 in cash on 7/10/04, at 1:30 P.M. from Alice Amos, Barry must: - Answer Nevada law requires by the end of the next business day. None of the answers are defined enough and leave ambiguity. Jim Jones took a listing for his brokerage, Beth Realty. Jim had to appear before the NVREC because: - Answer He failed to have an end date NVERRF was created for: - Answer Protecting the public against fraud by licensed agents Broker, Jane James, wanted to sell homes for K & D Homes at their site. In order for Jane to work for owner - developer K & D Homes she must: - Answer No petition is required. Jane James would need to downgrade to broker salesperson and file the licensing application as such under the OD. The NVREC acts as an advisory panel to the NVRED. What statement below is not true in regards to the commission: - Answer They hired licensed Nevada salespeople You are a Nevada broker, which of the following is illegal: - Answer Not having at least 1 person in the Proprietor, Corporation, LLC or Partnership as the designated broker Terrie Thompson, listed a home for her broker, Sally Samuelson. Terrie was fined $2,500 by the NVREC for: - Answer All other options are not fined offenses on their own without other conditions that could merit the fine. A brokerage may give $4,000 to Ben's Plumbing at the completion of their real estate transaction if: - Answer The contract had a fee in writing for Ben In a 1031 exchange, the person handling the money is called: - Answer Intermediary Betsy, a licensed real agent for ABC Realty, had to pay a fine for: - Answer Talking to the listing agent's client Any land from which a sale is attempted, which is divided into 35 or more units, is offered as a common unit by a common name, is best described as: - Answer A subdivision All escrow documents must be given to the purchaser within how many days after close of escrow: - Answer 10 business days A written brokerage agreement employing her to sell real estate for compensation should be given to the client: - Answer Practicality No licensed agent can mix clients money with theirs, this is called: - Answer Commingle A broker, who receives money of others, must: - Answer Deposit with a friend if all parties agree Every Nevada real estate broker must: - Answer Maintain a checking account The Nevada broker must reconcile the brokerage trust account: - Answer Yearly on brokers renewal date If a Nevada broker dies or becomes mentally disabled, NVRED, upon application to district court, will appoint a trustee to return the trust account money to: - Answer As determined by the trustee or otherwise appointed jurisdiction dictates would be the best answer. If a licensee wants to run an advertisement, he must: - Answer The Brokerage / Broker name must always be included in any and all advertisements. All exclusive listings in Nevada must: - Answer Be in writing A licensed agent must do all of the following except: - Answer Give advice: Giving advice is outside the scope of expertise A broker salesperson may receive compensation directly from a: - Answer Broker In a Nevada LLC, Corporate or Partnership brokerage one person must: - Answer Be the acting broker All of the following do not need a real estate license except: - Answer Salesperson working for an owner developer A city or county in Nevada may require a licensee to have: - Answer The word may in the question leaves this open. The following are duties of a licensee when acting as an agent in a real estate transaction: - Answer Definitions of fiduciary require all of the options.