State Exam Failures Test 2 Flashcards
Which of these is the best way for a real estate licensee to fulfill fiduciary duties to a client?
a) Advise and educate clients as much as possible, and make decisions on their behalf when required in order to protect their interests.
b) Educate clients about real estate law by reviewing NRS 645 with them.
c) Use professional expertise to advise the client, and properly perform the tasks required to achieve a client’s objectives.
d) Use professional networks to complete the transaction as quickly and profitably as possible.
c) Use professional expertise to advise the client, and properly perform the tasks required to achieve a client’s objectives.
Which of these Nevada licensees is acting in a role not recognized in the state?
a) Broker Della allows two of her associated licensees to represent opposite sides in a transaction. She assigns one licensee to the buyer and the other licensee to the seller.
b) Gemma signs a brokerage agreement with the Smiths to sell their home. She also signs an agreement with Paul, who is looking to buy property.
c) Harold agrees to act as a transaction broker for his friend Ben, who doesn’t feel he needs to be represented when selling his home but wants assistance with the paperwork.
d) Lucy acts as the agent for both the buyer and seller in a transaction after obtaining their consent on the Consent to Act form.
c) Harold agrees to act as a transaction broker for his friend Ben, who doesn’t feel he needs to be represented when selling his home but wants assistance with the paperwork.
Harold is acting as a transaction broker, also called transactional agency, which isn’t recognized in Nevada. He’s potentially violating his obligation to fulfill other agency duties for Ben.
Nevada law requires that licensees disclose any personal interest in a transaction in writing to all parties. Assuming each individual is a licensed real estate salesperson in Nevada, which of the following situations is NOT one where the licensee has a personal interest?
a) Dale is representing his firm in buying a new office space.
b) Karen is selling her mother’s home.
c) Ken is selling his second home.
d) Tiffany is selling her best friend’s house.
d) Tiffany is selling her best friend’s house.
According to Nevada law, a personal relationship exists when the licensee is one of the principals or a principal’s immediate family member, or when a principal is a member of the licensee’s firm, the firm itself, or an entity in which the licensee has a personal interest.
In Nevada, the Waiver Form, waiving the seller’s agent’s duty to present all offers, must be signed by which two parties to be valid?
The seller and the seller’s broker, who holds the license of the licensee acting as the seller’s agent
Which of the following criteria must be met for a Nevada team to advertise themselves as “The Miller Group”?
a) The members of the team work under a broker named Miller.
b) The team has at least three salespersons and a broker.
c) The team has at least two people and they are under the same broker.
d) The team members must all have the same license level.
c) The team has at least two people and they are under the same broker.
All exclusive agency brokerage agreements in Nevada _____.
Must be in writing
Broker-salesperson LaFawnda has a personal assistant who helps her complete a variety of tasks, such as accepting security deposits, writing marketing materials, and occasionally counseling clients regarding the terms of an offer or counter-offer. Is this legal?
Yes. LaFawnda’s assistant may perform all these tasks as long as the assistant has a real estate license.
Tina is a Nevada salesperson who also buys and sells residential property on her own behalf. How must she list these properties?
For Sale by Owner-Salesperson
Which of the following people is required to provide the Seller’s Real Property Disclosure form to a buyer?
a) Angie, who is selling new homes in a new subdivision
b) Bill and Suzanne, who are selling their two-year-old ranch-style home
c) Daryl, who is selling his house to his sister
d) Teri, who is selling his half of a condo to his roommate, who is a co-owner
b) Bill and Suzanne, who are selling their two-year-old ranch-style home
According to Nevada law, when new condominium units are sold, the seller must provide ______ to the buyer.
A public offering statement and the Common-Interest Communities Disclosure
Burt is a Nevada licensee representing a seller. As an agent, which of these is an action Burt will NOT take?
a) Communicate with the buyer’s agent regarding contingencies and deadlines.
b) Educate his clients regarding the steps they’ll take to complete the transaction.
c) Follow his clients’ instructions regarding property conditions they’ll disclose to prospective buyers.
d) Present all offers to his clients as soon as practicable and discuss possible responses.
c) Follow his clients’ instructions regarding property conditions they’ll disclose to prospective buyers.
Which of these is NOT a licensee’s responsibility when assisting a seller client in a real estate transaction?
a) Advocate for and negotiate for the seller.
b) Educate and advise the seller throughout the process.
c) Maintain communication with both sides of the transaction regarding obligations and deadlines.
d) Review offers and steer the client toward the one with the best price and terms.
d) Review offers and steer the client toward the one with the best price and terms.
A licensee must educate and advise clients so they can make informed decisions. Licensees should never try to influence a client’s decisions.
