STATE: Special Topic

Question 1

How much bond is required to register as a qualified intermediary?

Answer 1

• $50,000
• The applicant must post a bond or cash. The applicant does not have to have a finance degree, pass an exa m, or hold a broker’s license . Bond $50,000 NAC 645.788

Question 2

What do Qaulified Intermedaires do?

Answer 2

• Qualified intermediaries act as accommodators for a delayed 1031 tax-deferred exchange . They do not resolve homeowner s’ association disputes, inequities in taxation, or fair housing complaints.

Question 3

How many time-share sales are requrired for registration?

Answer 3

The sale of 13 or more time-shares in a year in a project requires regist rat ion.

Question 4

Time-Share sales agent need how many hours of prelicensing and continue education to renew?

Answer 4

• . A time-share sales agent must have 14 hours of pre-licensing instruction and six hours of continuing education to renew.

Question 5

Time Share

How often do performance reports need to be provided

Answer 5

• Audited performance reports of exchange programs must be submitted annually to the division

Question 6

What is a brownfield property>

Answer 6

• the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant.
• large grassy area that has not been irrigated.

Question 7

Subdivision

Answer 7

This subdivision would result in 25 par cels, which is below the 35-pa r cel t hresh old. Thus, the subdivision is exempt from regist rat ion.

Question 8

How can something be depreciated?

Answer 8

• The depreciation calculation does not include the cost of land. The improvements to the land ar e the only portion of the total cost that is depreciate d.

Question 9

Does the Ground and Surface water belong to the public?

Answer 9

• Nevada statutes provide that all water within the boundaries of the state, whether above or beneath the surface of the ground, belongs to the public.

Question 10

Recording

Answer 10

• Every state has adopted recording acts to allow every instrument or document by which an estate, interest or right in land is created, transferred or encumbered to be placed in the public record.
• Within each stat, each county has a public recorder’s office that is located in the county seat.

Question 11

The Real Estate Settlement Procedures Act (RESPA)

Answer 11

prohibits a lender from requiring that the title insurance be acquired from a specifi c title insurer.

Question 12

A Deed In lieu of Foreclosure is used

Answer 12

• when a owner and lender do not want go through the time consuming and expensive process of fo reclosure.
• The deed in lieu is not as damag ing to the credit of the borrower as a fo re closur e.

Question 13

The trustee holds

Answer 13

the Power of Sale for the benefit of the lender .

Question 14

. The wetlands definition as interpreted by the EPA

Answer 14

can apply to the filling or altering of Nevada’s dry, desert washes or doing site work on lowland vegetated areas and altering artificial lakes and streams.