State Exam Failures Flashcards
A written agency disclosure does NOT include _______.
An agreement for agency representation
Under which types of agency agreement may a buyer and agent operate?
Open, exclusive right to represent, and exclusive agency
Allison and Ben have been working with a licensee who has been showing them properties that might meet the requirements of their growing family. They haven’t signed an agency agreement yet. What kind of relationship do Allison and Ben have with the licensee?
Non-exclusive
Which provision states that properties buyers look at may be presented by multiple media outlets and that the brokerage has no control over what is advertised and who sees those advertisements?
Internet Advertising, Internet Blogs, Social Media
Lester signed a buyer exclusive representation agreement with Claire. Claire makes an offer on seller Sam’s house, and Sam accepts. How is Lester compensated?
It depends on the terms specified in the agreement.
What happens to an original offer once a counter-offer is made?
It is terminated and replaced by the new offer.
At what point does an offer become a contract?
After the seller’s acceptance is communicated to the buyer.
In Nevada, at what point does a written offer become a binding purchase contract?
When the accepted and signed offer is delivered back to the offeror
Jill is meeting with her buyer clients to fill out the purchase and sale agreement. What must be true?
They’re making an offer on a property.
What forms must Nevada licensees use to write purchase agreements?
Any form the brokerage firm specifies
With a periodic estate lease, a landlord must remind tenants that their lease will ______.
Automatically renew
According to Nevada law, what information must a written residential lease agreement include related to occupancy?
The number of persons or a listing of persons allowed to occupy the dwelling
Which information is required in the Credit Documents paragraph in the Seller Financing Addendum to Real Estate Purchase Contract?
The type of financing instrument that will be used
What’s the supplemental document called that contains a provision and is attached to the original real estate contract or purchase agreement before the contract is actually ratified?
An addendum
Your brokerage firm uses pre-printed sales contract forms, but your seller wants to add some language about staying in the house and renting from the buyer for a month after closing. What should you use to add this information?
Addendum
