State practice 4 Flashcards
In Nevada, which of the following duties does the seller’s agent owe the buyer in a transaction?
a) Accounting for money and property received in a timely manner
b) Being loyal
c) Dealing honestly and without fraud or deceit
d) Keeping confidential information confidential
c) Dealing honestly and without fraud or deceit
Broker Janet and buyer Olivia verbally agree that Janet will be Olivia’s exclusive agent. What’s true about this situation?
Another broker who finds a property for Olivia can earn the compensation owed from the transaction.
Paul’s license has been inactive for more than two years. Which of the following is a step he must take to change his license from inactive to active?
a) Complete 15 hours of continuing education.
b) Have his sponsoring broker request that his license be made active.
c) Retake the pre-licensing final exam.
d) Retake the state portion of the licensing exam.
d) Retake the state portion of the licensing exam.
Which of these is a rule regarding a Nevada licensee’s compensation?
a) Compensation received from another licensee need not to go through an associated licensee’s broker.
b) Licensees aren’t allowed to pay unlicensed individuals a share of what the licensee was paid for a real estate transaction.
c) Licensees aren’t allowed to receive a referral fee from an unlicensed individual, even when it’s paid through their broker.
d) Licensees are prohibited from charging an advance fee for real estate services.
b) Licensees aren’t allowed to pay unlicensed individuals a share of what the licensee was paid for a real estate transaction.
Tam is a Nevada broker. He has assigned two of his licensees, Jane and John, to represent opposing sides in a single transaction. Jane represents the seller; John represents the buyer. What agency relationship does Tam have to the buyer and the seller?
Tam is a dual agent to both the buyer and seller.
If you’re a licensed salesperson in Nevada and are asked to issue a BPO on a property for a buyer, what’s true?
You’re allowed to charge a fee for the BPO as long as your license is in good standing and you include all the legal requirements.
Which of these is NOT an activity requiring a real estate license when performed on behalf of someone else?
a) Appraising a subject property and providing an opinion of value
b) Buying, selling, or leasing public lands
c) Leasing real estate
d) Negotiating the sale or purchase of real property
a) Appraising a subject property and providing an opinion of value
Which of these is NOT a duty real estate agents owe to clients in Nevada?
a) Account to the client for all money the agent receives from the client
b) Advise the client to seek advice from appropriate professionals when a matter is outside the scope of a real estate license
c) Present all offers to and from the client as soon as practicable
d) Seek the highest possible price and terms for the subject property
d) Seek the highest possible price and terms for the subject property
In Nevada, if a licensed professional performs an inspection of some sort on a property that is the subject of a licensee’s transaction, which of the following is true regarding the licensee’s duties?
a) If a professional inspection fails to find a defect that the buyer later finds, of which the licensee had no knowledge, the licensee is still liable for the buyer’s associated damages.
b) Licensees are required to verify such expert assessments as a part of their duty of reasonable skill and care.
c) Licensees can reasonably rely on that expert assessment and owe no duty to verify it themselves.
d) The licensee representing the seller is responsible for arranging or conducting all inspections as a part of her duty to disclose.
c) Licensees can reasonably rely on that expert assessment and owe no duty to verify it themselves.
Is an oral brokerage agreement valid in Nevada?
Yes, as long as it’s not an exclusive agreement.
Nevada allows some brokerage agreements to be oral or in writing, but exclusive brokerage agreements must always be in writing to be valid.
