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nevaduh Flashcards

1
Q

Fees due to a broker must be paid within how many days to avoid interest?

A

30 days

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2
Q

Which of the following is NOT an alternative name for a Buyer Representation Agreement?

An exclusive buyer service agreement

A buyer broker service agreement

A buyer originator agreement

A buyer broker agreement

A

A buyer originator agreement

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3
Q

Who decides how multiple offers will be presented to the seller?

A

The seller

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4
Q

What is the clause allowing for an automatic increase in price that a Buyer offered to a Seller under certain circumstances without either the buyer or seller having to generate an additional offer or counteroffer?

A

Escalator Clause

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5
Q

How long does an escrow/title company have to provide a Buyer with a preliminary title report after escrow is opened?

A

10 business days

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6
Q

Which of the following is not an acceptable location to deposit earnest money?

The Buyer’s Broker’s trust account

The Buyer’s Broker’s personal account

The Seller’s Broker’s trust account

An escrow holder

A

The Buyer’s Broker’s personal account

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7
Q

If a deed of conveyance is sent out to the last known mailing address of a person being served, how long after it is mailed out will the document be considered served?

A

3 days

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8
Q

What type of land requires the Seller to disclose that the property is located next to it with a separate form and language required by Nevada law?

A

Open range land

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9
Q

A Seller who is selling to the first Buyer of a newly constructed property who will not occupy the property until 120 days after the end of construction must provide all but which of the following?

A

A copy of the construction plans

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10
Q

What is the deadline for the Seller to have both completed the Seller’s Property Disclosure Form and have served the Buyer or their agent with the form?

A

10 days before conveyance of property is set to occur

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11
Q

If a seller fails to inform the buyer of defects that they knew about and the cost of the repair or replacement is not limited by the SRPDF, the Buyer may recover all but which of the following?

A

Punitive damages up to $1,000

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12
Q

When can the requirement to provide the Seller’s Real Property Disclosure Form be waived?

A

Never

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13
Q

The seller is required to complete and deliver a Seller’s Real Property Disclosure Form at least
(A)___ days prior to the close of escrow. Once the buyer has received the disclosure, the buyer may accept the property as is or may, within
(B)__ days after receipt of the disclosure statement, rescind the transaction in writing if the disclosed defect in the property was not limited to a specified cost to repair or replace in the agreement for purchase and sale.

A

A.) 10

B.) 4

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14
Q

If a seller accepts an offer from a third party before they receive notice that the buyer has accepted an offer on their property, the seller must notify the buyer of the third-party offer. Within how many days of receiving the notice of acceptance must the buyer waive the contingency to sell their property?

A

3 days

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15
Q

A real estate salesperson can legally accept:

A

any and all compensation for real estate activity from the broker with whom they are licensed.

A licensed salesperson or a broker-salesperson may only accept compensation for real estate activity from the broker that they are associated with.

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16
Q

Which of the following is NOT required to be filled in on the Duties Owed by a Nevada Real Estate Licensee form?

Name of the client’s Nevada RED representative

Name of the licensee and licensee’s real estate license number

Name of the client the licensee will be representing

Status of the client as either seller/landlord or buyer/tenant

A

Name of the client’s Nevada RED representative

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17
Q

TorF:
It is always in the best interests of the parties if the Duties Owed by a Nevada Real Estate Licensee and Confirmation Regarding Real Estate Agent Relationship forms are executed at the first sign that representation is being sought.

A

True

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18
Q

Which of the following explains the steps that the agent will take to sell a property after it is listed?

A

Marketing plan.

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19
Q

The broker remains responsible for the actions of affiliated licensees until

A

the RED has been notified of a relationship change.

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20
Q

In the event that a broker changes the name of the brokerage, the location of the business, or change of association of any broker-salesperson or salesperson licensee, the broker is to notify the RED within ___ days of any such change.

A

10 days

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21
Q

If licensee practices within a “team” or “group” concept special rules apply:

  1. team name cannot be unlawful use of trade name or similar to another name that is being used
  2. team must be more than ___ person
  3. all team members must be from the same brokerage
  4. team name must contain last name of at least ___________________
  5. all advertising done by a team must comply with general advertising rules
A
  1. one
  2. one group member
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22
Q

If a complaint is filed the Real Estate Commission must hold a hearing on the matter within
(A)___ days. However, the time for the hearing may be extended at the discretion of the Commission. The licensee against whom the complaint was filed must be given a
(B)__-day written notice of the time and place of the hearing. After the licensee has received a copy of the complaint and the other required documentation, the licensee has
(C)__ days to file an answer.

After the hearing, the Commission must issue an informal decision within
(D)__ days.

A

A. 90 days

B. 30 day

C. 30 days

D. 15 days

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23
Q

(NRS) stands for

A

Nevada Revised Statutes

24
Q

(NAC) stands for

A

Nevada Administrative Code

25
Q

NAC provides that a broker shall keep complete real estate transaction and property management records for at least __ years after the date of the closing of the last activity involving the property.

A

5 years

26
Q

A broker may not be absent from his or her business for ___ days or more if the broker is the only broker in the office unless the broker inactivates his or her license or otherwise notifies the RED in advance.

A

30 days

27
Q

An individual who desires to engage in property management activity must obtain a real estate license and a property management permit. After meeting the requirements and obtaining a real estate license, the applicant must complete a
(A)__-hour property management course approved by the RED and pass a separate RED property management test.

Renewal of the property management permit requires renewal of the underlying real estate license. In addition, the property manager must complete at least
(B) __hours of property management courses. These courses are included within the real estate license
(C)__-hour renewal requirement and not in addition to it.

A

A. 24 hour

B. 3 hour

C. 24 hour

28
Q

In order to act as a community manager, an individual must first hold a certificate issued by
(A)___________________ that permits that individual to act as a community manager.

An applicant for a community association manager certificate must complete a
(B)__-hour course on community association management, submit fingerprint cards, and pass an examination. No underlying real estate license is required. The certificate is valid for
(C)___ years.

A

A. the Real Estate Division
B. 60 hour
C. 2 years

29
Q

How much education / testing is required to register as an owner-developer?

A

NONE

No education or testing is required to register as an owner-developer

30
Q

a salesperson or broker-salesperson has to notify the RED of a change in broker association within ___ days after his or her previous association was terminated

A

30 days

31
Q

If the licensee was on inactive status for more than two years…

A

the licensee will also have to pass a state administered examination.

32
Q

In the case of the death of a broker, a substitute broker may submit an affidavit to the RED stating that he or she will act as the broker of the brokerage for a period not to exceed ___ days in order that the affairs of the brokerage may be wrapped up.

A

60 days

33
Q

Any main or branch office of a real estate brokerage must be identified by displaying the name, visible to the public, of the broker as licensed at the address appearing on the license.

If the business is located in a
(A)___________________, the sign must be readable from the nearest sidewalk, street, or highway.

If the business is located in an
(B)__________, the broker’s sign must be posted on the building directory or on the exterior door of the entrance to the building.

A

A. free standing building
b. office building

34
Q

Does the broker have to display his or her license as well as all the real estate licenses of salespersons or broker-salespersons associated with him or her in a conspicuous place in the place of business.

A

YES
The broker shall display his or her license as well as all the real estate licenses of salespersons or broker-salespersons associated with him or her in a conspicuous place in the place of business.

35
Q

If a complaint is filed by a member of the public, it is done so using the RED form called _________________.

A

Statement of Fact

36
Q

Under most circumstances, the complaint on a licensee must be filed with the commission no later than ______ years after the alleged violation.

A

3 years

37
Q

The statute of limitation for construction defect claims is __ years

A

6 years

38
Q

The Real Estate Education, Research, and Recovery Fund was established by the Nevada Legislature as a special revenue fund. The purpose of the fund is to satisfy claims of those injured by (A)__________.

the money for this comes from licensee (B)___________.

A

A. a licensee

B. renewals

39
Q

Do you need a Consent to Act form when two different agents under the same brokerage represent the buyer and seller in the same transaction?

A

no

40
Q

Does signing a Duties Owed or Consent to Act form create an agency relationship?

A

No

41
Q

What creates an agency relationship

A

a brokerage agreement

42
Q

a licensee is prohibited from negotiating a sale, exchange or lease of real estate with another broker’s client unless that licensee has received written authorization from the other broker for such direct communication known as a _________________

A

Authorization to Negotiate

43
Q

what is misfeasance?

A

where a licensee performs a lawful act but in an unlawful or negligent manner.

44
Q

what is nonfeasance

A

nonfeasance occurs when a licensee is suppose to act and does not.

45
Q

what is malfeasance

A

a wrongful or unlawful act.2n

46
Q

once a client and agent relationship ends a licensee may not divulge the client’s confidences for how long?

A

one year

47
Q

when a licensee has a personal interest in either the transaction or the property the licensee must…

A

disclose in writing to the parties

48
Q

if the licensee advertises a property, the advertisement must identify the licensee’s ______________

A

licensed status

49
Q

the licensee must state what when advertising for a property in which the licensee is a principal?

A

“for sale by owner-broker” (agent, salesperson, etc.) or substantially similar words.

50
Q

TorF:
how certain brokerage fees are labeled may cause RED concern

A

True

51
Q

A: If the broker dies, by regulation, another licensed broker may in the deceased’s broker’s place for up to how many days after the original broker’s death?

B: the new broker must submit an affidavit to the division with in how many business days from the date of death?

A

A. 60 days?

B. 7 business days

52
Q

In regards to time… Unless a client has signed a waiver, the licensee must present all offers made to or by the client “__________________”

A

“as soon as practicable”

53
Q

Delivery is accomplished when the signed offer is presented to the offeror’s _________________ in any reasonable manner

A

broker’s office

54
Q

the licensee has a duty to ensure that within ___ business days after the transaction has closed, a complete, detailed closing statement is delivered to the principals.

A

10 days

55
Q

Nevada law provides that the licensee must make certain disclosures when advertising the licensee’s services or property. these disclosures include:
1. _________
2. _________
3. _________

A
  1. The identification of the licensee’s licensed status;
  2. Disclosing when the licensee is a principal
  3. Identifying the licensee’s brokerage, and agent’s license number.
56
Q

Any advertising in Nevada of a subdivision, whether that subdivision is in Nevada or another state, must be pre-approved by _______________

A

the Nevada Real Estate Division

57
Q

when is a HUD-1 form given

A

within 10 business days after the transaction is closed (no more escrow holder)

RE (22 decks)

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