State Exam Test 3 Failures Flashcards
It’s Wednesday, and Mark just signed his timeshare purchase agreement. He is excited to use his timeshare ASAP and is reviewing the available dates on which he can schedule the closing with Randall, his sales representative. What’s the soonest date he can choose if the calendar is wide open?
Next week, Tuesday
The five-day cancellation period must pass prior to scheduling the closing for Nevada timeshares.
Jose is selling the Nevada home he inherited from his grandmother, which is in a small town with a population of 1,250, so he’s required to provide the water and sewer rates disclosure. How is he required to do that?
Post it in a conspicuous place and provide it to potential buyers before the property is sold.
Which of the following is NOT true regarding performance of a contract in Nevada?
a) Impossibility of performance occurs when the property is destroyed or made the subject of eminent domain.
b) In impossibility of performance situations, the parties are released from their contractual obligations.
c) Only meeting the terms of the original contract qualifies for specific performance.
d) Specific performance requirements can be satisfied through property or monetary damages.
d) Specific performance requirements can be satisfied through property or monetary damages.
Which of these is NOT a disclosure that may be required for a Nevada property?
a) Airport noise
b) Drought condition
c) Military activity
d) Soil report
b) Drought condition
Certain disclosures are only required if the property is impacted by the specific issue, such as airport noise or military activity. Soil reports are relevant to some types of new construction. A drought condition disclosure isn’t required in Nevada.
When does partial performance of a contract occur?
One or both parties have completed only a portion of the terms agreed to in the contract.
Partial performance occurs when one or both parties have completed only a portion of the terms agreed to in the contract. The other party can determine whether to accept partial performance or not.
If an escrow company isn’t used, Nevada requires licensees to provide their clients with a copy of the closing statement within ______ after closing.
10 days
Licensees must provide their clients with a copy of their closing statement within 10 days after closing. In most cases, the escrow agent will perform this service, in which case the licensee doesn’t need to do so.
Sheldon is representing a buyer, Cam, in a residential transaction. When the home inspection shows an unforeseen need to repair the HVAC system, which presents a significant cost, Cam must make a decision. He asks Sheldon what to do. How should Sheldon respond?
He should offer Cam advice based on his own expertise and make sure Cam feels fully informed about his options at this point.
