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NV State Real Estate Salesperson
Questions and Answers 100% Pass
After the collection of the advance fee, when should it be itemized and accounted for? ✔✔ 3 months
What must one have in order to collect an advance fee? ✔✔A real estate license.
How many days for broker to refund buyers on land purchase? ✔✔15 day
Public offerings must contain this warning ✔✔Read report before signing any paper
Real Estate Commission members must be appointed by the ✔✔Governor.
Duty of Real Estate Commission is ✔✔to adopt regulations and conduct hearings related to Real Estate law.
Members may be reappointed but may not serve longer than ✔✔6 years consecutively
How many real estate commission members must reside in southern Nevada? ✔✔ 2
How many real estate commission members must reside in northern Nevada? ✔✔ 2
Clark, Esmeralda, Lincoln and Nye counties ✔✔Southern Nevada
Carson City and the counties of Churchill, Douglas, Elko, Eureka, Humboldt, Lander, Lyon, Mineral, Pershing, Storey, Washoe and White Pine. ✔✔Northern Nevada
2 types of Nevada agency ✔✔General agency and special agency
Which agency is not valid in Nevada? ✔✔Transactional agency
Is dual agency allowed in Nevada? ✔✔Yes
What must a broker do when in an dual agency? ✔✔Disclose representation and get the written consent of each party before proceeding.
What is the fine that a real estate licensee must pay to the Real eEstate commission for violations? ✔✔$10,
A licensee misrepresents a property. Under NRS 645.630 is this wrong? ✔✔Yes
Under NRS 645.630, making false promises that is likely to influence, persuade or induce is a ✔✔violation
Accepting a commission from any person except the licensed real estate broker with whom they are associated with or the owner developer ✔✔is a violation of NRS 645.
Representing or attempting to represent a real estate broker that they are not employed or associated with without consent of the broker they are associated with ✔✔is a violation of NRS
Failing to maintain brokerage or property management records ✔✔is a violation of NRS 645.
Failing, within a reasonable time to remit money which comes into their possession which belongs to others ✔✔is a violation of NRS 645.
If the broker has a trust account and fails to maintain or submit an annual accounting to the Real Estate division ✔✔is a violation of NRS 645.
Commingling trust funds (or other people's money) with their own account ✔✔is a violation of NRS 645.
Failure of the licensee to give earnest money or consideration entrusted to them to a broker ✔✔is a violation of NRS 645.
Accepting other than cash as earnest money unless that fact is told to the owner before accepting the offer to purchase and that fact is shown in the receipt of earnest money ✔✔is a violation of NRS 645.
Upon acceptance of an agreement, in the case of a broker, failing to deposit any check or cash deposit received as earnest money before the end of the next banking day, unless otherwise provided in the purchase agreement. ✔✔is a violation of NRS 645.
Failure to include a fixed date of expiration in any written brokerage agreement or failure to keep a copy of such a brokerage agreement or any property management agreement with the client. ✔✔is a violation of NRS 645.
Accepting, giving or charging any undisclosed commission, rebate or direct profit on expenditures made for a client. ✔✔is a violation of NRS 645.
Gross negligence or incompetence in performing any act for which the person is required to hold a license. ✔✔is a violation of NRS 645.
Any other conduct which constitutes deceitful, fraudulent or dishonest dealing. ✔✔is a violation of NRS 645.
Any conduct which took place before the person became licensed which was in fact, unknown to the Division and which would have been grounds for denial of a license had the Division been aware of the conduct. ✔✔is a violation of NRS 645.
Knowingly permitting any person whose license had been revoked or suspended to act as a real estate broker, broker salesperson or salesperson, with or on behalf of the licensee. ✔✔is a violation of NRS 645.
Recording or causing a recorded claim that is determined by the court to be frivolous and made without reasonable cause. ✔✔is a violation of NRS 645.
Offering real estate for sale or lease without the knowledge and consent of the owner's authorized agent or on terms other than those authorized by the owner or the owner's authorized agent. ✔✔is a violation of NRS 645.
Negotiating a sale, exchange or release of real estate, or communicating after such negotiations but before closing, directly with a client if the person knows that the client has already has an exclusive brokerage agreement with another broker, unless given written permission from the other broker. ✔✔is a violation of NRS 645.
Failure to deliver within a reasonable time, a copy of any purchase agreement of offer to buy or sell real estate to the purchases or to the seller ✔✔is a violation of NRS 645.
How many years must a broker keep recorders after the last the activity regarding the property? ✔✔Five
What is the term of service for a real estate commissioner? ✔✔Three years
The Nevada Real Estate Commission consists of ✔✔Five actively licensed brokers or broker salespersons.
The maximum compensation from the real estate education, research and recovery fund for any licensee is ✔✔$100,
What is the minimum balance of the real estate education, research and recovery fund? ✔✔$50,
A buyer has purchased land regulated under NRS 119 and cancels within five days as allowed by law. How much time does the broker have to refund the buyer's money? ✔✔15 days
Agency ✔✔A relationship between a principal and an agent arising out of a brokerage agreement whereby the agent is engaged to do certain acts on behalf of the principal in dealings with a third party.
A person who owns 5 or more lots within a recorded subdivision, on each there is a single family home not previously sold. ✔✔Owner developer
Where the licensee did not intend to create or continue with representation and the client with the intention of representation and the client tacitly accept those services even though there is no expressed (oral or written) brokerage agreement. ✔✔Unintentional agency
An oral or written agreement between a client and a broker agrees to provide real estate related services in exchange for valuable consideration. ✔✔Brokerage agreement
A licensee who refers a client to another licensee does not create an agency relationship with the person being referred if the licensee's only activity was the referral. ✔✔Referral
Authorization to negotiate ✔✔To forestall implied agency, a licensee is prohibited from negotiating a sale, exchange or lease of real estate with another broker's client unless that licensee has received written authorization from the other broker for such direct communication.
How many units in broker management for an original real estate salesperson license under NRS 645.343? ✔✔3 semester units.
Not paying child support can lead to refusal or denial of a real estate license, true or false? ✔✔True
How many members in the Real Estate Commission? ✔✔ 5
How many years in Nevada must someone live in order to qualify for a Real Estate commission membership? ✔✔5 years
How many years must a real estate broker work before the can qualify for a position as a real estate commission member before being appointed? ✔✔3 years
How many years must a real estate sales broker-salesperson work before being appointed as a member of the real estate commission? ✔✔5 years
