Nevada real estate stuvia Study guides, Class notes & Summaries

The Nevada legislation which sets forth the rights, obligations, and duties of the parties under most residential lease transactions is known as: - ANSWER-The Residential Landlord and Tenant Act. Which of the following lease types is the most common lease used in residential apartments or homes? - ANSWER-Gross lease A two-day stay in a hotel room can be considered: - ANSWER-An estate for years. A situation in which someone is both the tenant and the landlord to the same property occurs ...

. Real estate is BEST defined as: a. land and the air above it b. land, the air above it and everything above and below the ground c. land, the buildings on it and anything permanently attached to the land and/or buildings and all appurtenances d. land an all rights in the land - ANSWER-1. C Real estate is defined as: land plus improvements, buildings and other permanent attachments and appurtenances 2. Physical characteristics of real estate include: a. indestructibility b. scarcity c...

Amortized Loans - ANSWER Constant payment including principle and interest until paid off Conventional Loan - ANSWER No government back; private Gross Lease - ANSWER Fixed amount- Residential rental Net Lease - ANSWER Fixed plus maintenance; Triple Net = tax & insurance also Percentage Lease - ANSWER Fixed + % of profits ;; mall, retail spaces Ground Lease - ANSWER Long term land lease-- 99+ yr lead;; to build Leaseback - ANSWER Seller leases back after closing; model homes ...

The following would likely disqualify Smith from receiving a license - ANSWER-Being delinquent in child support obligations, having had her license suspended, but not revoked in Arizona 4 years ago, having pled guilty to engaging in the real estate business without a real estate license Embezzlement - ANSWER-Theft or misappropriation of funds placed in one's trust or belonging to one's employer Jones has left ARM Realty and his license has been returned to the division. What maximum time...

100. A broker must NOT disclose to prospective buyer: a. about structural defects b. that zoning makes the present usage non-conforming c. that he has seen evidence of termites d. that the owner will accept less than the listing price - ANSWER-100. D When the broker represents the owner of the property objectives of the seller should not be disclosed. 101. A real estate salesperson advised a prospective buyer that the property the buyer was considering was scheduled for annexation into th...

A Seller's Real Property Disclosure document is required for all of the following properties except a(n): For sale by owner, new home, resale residence, or home the has been inspected by a certified home inspector. - ANSWER-A SRPD is not required on a new home sale. NRS 113.130 A Nevada licensee must give the Duties Owed by a Nevada Licensee form to prospective purchaser or tenants: - ANSWER-no later than the time of entering an agreement to purchase or lease. The licensing law of Nevada ...

Land - ANSWER Surface, all natural things attached to it, subsurface, and air above the surface. Real Estate - ANSWER land plus manmade permanent attatchments Real property - ANSWER Real estate plus "bundle of legal rights" Bundle of Rights - ANSWER PUTEE (possess, use, transfer, exclude, encumber) Physical characteristics of real estate - ANSWER immobility, indestructibility, heterogeneity Immobility - ANSWER Land cannot be moved from one site to another, its location is foreve...

Provide the buyer with a duties owed by a nevada licensee - ANSWER if an unrepresented buyer submits an offer directly to eh listing agent what must the agent provide? the sellers real property disclosure - ANSWER only the seller and the seller only can fill out what disclosure? $100,000 - ANSWER what is the maximum liability of the ERRF for any individual person is... $25,000 - ANSWER what is the maximum amount, per judgment, that can be paid out of the ERRF?

How many hours do you need to renew your salesperson license the second time? - ANSWER A total of 24 hours is required, including 12 hours live classroom of 3 hours each contracts, agency, Nevada law and ethics. The remaining 12 hours may be by correspondence in general studies. When does the commission have the right to revoke salespersons Stacy's license? - ANSWER Stacy deposited a buyer's down payment in her own bank account. Stacey commingled client funds with personal funds. This is...

Provide the buyer with a duties owed by a nevada licensee - ANSWER if an unrepresented buyer submits an offer directly to eh listing agent what must the agent provide? the sellers real property disclosure - ANSWER only the seller and the seller only can fill out what disclosure? $100,000 - ANSWER what is the maximum liability of the ERRF for any individual person is... $25,000 - ANSWER what is the maximum amount, per judgment, that can be paid out of the ERRF? consent to act - ANSWER...