STATE 2

Question 1

A seller has no knowledge of any plumbing system problems on the property she is selling. In the Seller’s Real Property Disclosure Form, when responding to whether the seller has any knowledge of plumbing system problems, she should respond….

Answer 1

• no

- The SRPD is not a guarantee of condition. It only discloses defects the seller is aware of.

Question 2

Five years ago, Unit SB in a condominium community was the site of a brutal and highly publicized murder. The unit was sold to an elderly woman who contracted the AIDS virus in a blood transfusion and died in the unit last year. As the agent for the woman’s estate, what are your disclosure responsibilities to prospective purchasers of Unit SB?

Answer 2

• You are specifically relieved of liability for not disclosing either of these events by Nevada law.
• The only death that must be disclosed is if a condition of the property caused the death.

Question 3

Mark, a licensed broker, procures a ready, willing, and able buyer for his seller. The seller accepts the buyer’s offer in writing then experiences a change of heart and withdraws the acceptance. In this situation, Mark

Answer 3

may well be entitled to collect a commission.

Question 4

A buyer prospect is interested in seeing a house listed with a real estate company but does NOT wish to enter into a buyer agency agreement. A salesperson from the real estate company can show the buyer an in-house listing if the

Answer 4

• salesperson provides the buyer with an agency disclosure that the real estate company represents only the seller.
• The buyer is a customer and not represented by the company.

Question 5

Routine services that do NOT create an agency relationship in a brokerage, such as clerical duties, are referred to as

Answer 5

• ministerial acts.

- These acts may be performed by an unlicensed person.

Question 6

If a broker establishes an account to hold money belonging to others, which of the following is correct?

Answer 6

• The account must be designated as a trust account. The broker must deposit the money either in escrow or a trust account.
• The same account may be used for multiple transactions.

Question 7

A broker wants to list a property but is getting a lot of competition from other brokers who would also like to list it. The broker offers the seller the following inducement to sign his listing agreement:

Answer 7

• buy the property at the agreed figure at any time during the 90 days.
• The broker may agree to purchase the property at a set price agreed upon by the seller.

Question 8

A broker who holds a Nevada license, but whose home state is Iowa, must meet all of the following requirements EXCEPT that he or she

Answer 8

• employ at least one Nevada licensee, either as a salesperson or associate broker.
• The broker does not need to be a Nevada resident or have any agents.

Question 9

Which of the following are common-interest community association liens that may NOT be the basis for a foreclosure?

Answer 9

• Fines for health or safety hazards
• Unpaid dues or assessments can be foreclosed on. Fines for violations are not foreclosable unless deemed a health or safety hazard.

Question 10

A manager of a common-interest community association (CICA) must hold

Answer 10

• A property management permit and a real estate license.

- A special exemption permit from the division

Question 11

John a Nevada broker failed to renew his Nevada real estate license on or before the expiration date. Which of the following is true?

Answer 11

All salespersons licensed under john become inactive.

Question 12

An owner-developer may register with the division for developing five or more of the following spaces EXCEPT

Answer 12

• retail spaces for lease.

- The owner developer must have 5 or more single family residences that have never been sold, rented or leased.