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Real Estate > Hodgepodge of Incidental Nevada Rules > Flashcards

Hodgepodge of Incidental Nevada Rules Flashcards

1
Q

An Intermediary is a

A
  • Person who may do a 1013 Exchange

- Also known as accommodator

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2
Q

Severabilitly means

A

Any code or statue that is found unconstitutional in the future.

  • may be severe
  • the balance of the contract stays intact
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3
Q

Un-merchantable title. A NV licensee may not attempt to sell or lease NV real property unless:

A
  • Licensee discloses the unmerchantable title before receiving money from a purchaser
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4
Q

NV Licnesees have 10 days to correct

A
  • signage
  • Advertisements
  • NVRED may give additional time if warranted
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5
Q

Nevada is not a ______ law state in regards to _______

A

common, Nevada real estate agency

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6
Q

No NVB or licensee may every pay a _______ or _____

A

finder fee or bird dogs fee

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7
Q

A licensee must discolse if he/she receives money from_____

A

more than one party in a real estate transaction

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8
Q

Anyone can as NVREC to have ______ changed

A

NAC

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9
Q

Misrepresentation doesn’t apply in nevada unless…

A

licensee knew that client lied

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10
Q

Rules for nevada licensees on military exemptions

A
  • NV licensee must be called into duty
  • Within 6 months of getting out of the military with an honorable discharge
  • NV licensee goes back to nevada active status by only paying renewal fee
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11
Q

Nevada licensee may_________ themselves for____ purposes

A
  • incorporate

- tax

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12
Q

Nevada licensee may be the only ____

A

stockholder

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13
Q

If licensee married wife is entitled to ____

A
  • half of license
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14
Q

Nevada real estate school must keep NV pre-licensing records for _____ years

A

7

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15
Q

Nevada real estate school must keep NVCE records for ___years

A

4

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16
Q

No Nevdada applicant can discuss what is on the_____

A

Nevada state board exam

17
Q

Nevada licensee may get NVCE for attending:

A
  • NVREC hearing for at lest 3 but no ore than 6 hours
  • NVREC must sign in and out license
  • Licensee can not be the reason for hearing
18
Q

Licensee may get NVCE for _____

A
  • teaching a course
19
Q

NVCE cannot be ´_____

A
  • stockpiled
20
Q

If Nevada broker proprioter fails to renew license

A
  • All licensees go inactive
21
Q

If Nevada broker license is terminated and he is not a propritor

A
  • must name a new broker immediatley

- All licensees remain active because license is with brokerage and not the old broker.

22
Q

Nevada real estate contracts using _____ _______ are enforcable

A

Digital signatures

23
Q

Nevada real estate agents may use Nevada team names if they

A
  • include the brokerage name

- and go by the name of the team leader as licensed by NVRED

24
Q

A nevada licensed agent can be considered a specialist if they can ___

A
  • prove their specialty
25
Q

A Nevada licensee may use a dsignation such as _____ or _____ provided they can prove their designation

A

GRI, REALTOR

26
Q

All Nevada franchisees when placing an advertisment must identify each office as ________

A

Independently owned and operated

27
Q

An Advance Fee Means ….

A

a fee contracted for, charged, or collected in advance for advertisment or a promotion for the purpose of promoting the sale or lease of real estate or a business.

28
Q

A newspaper ad is not an _____ fee

A

advanced fee

29
Q

Within _____ fo collecting an advance fee the agenst must ________

A
  • 3 months

- furnish the client an accounting for the use of the money.

30
Q

Broker Price Opinion Must:

A
  • be licensed
  • disclose license number, name and signature of licensee
  • disclose intended use
  • give brief description of the property and market data used
  • have date of issuance
  • have the name of broker
  • may not be used for an appraisal

Real Estate (14 decks)

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