State Exam Failures Test 1

Question 1

What’s an important first step in taking stock of the information your brokerage has?

Answer 1

Looking at who maintains the information

Question 2

What describes a legal description?

Answer 2

A description of the land that specifies the boundaries and location of a specific piece of real property

Question 3

What, imposed by your state legislature, are also designed to help ensure that your actions are legal and forthright?

Answer 3

Statutory duties

Question 4

What’s API used for?

Answer 4

Accessing data

Question 5

Aside from price, what is a legitimate reason to counter an offer?

Answer 5

The closing date is unacceptable to one party.

Question 6

A Nevada broker has just executed a property management agreement with a property owner. How long must the agreement be retained?

Answer 6

For at least five years from the date of the last activity involving the property

Question 7

When might a transaction party wish to use an amendment in a real estate transaction?

Answer 7

To change the listing price

Question 8

The American Bar Association identified certain key elements of a signature. One of these wasn’t an identified element. Which of these is unnecessary?
a) Approval
b) Ceremony
c) Circumstance
d) Evidence

Answer 8

Circumstance

Question 9

What is a legal description?

Answer 9

A property description that is accurate and leaves no room for interpretation