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Nevada 1/17/24

Quiz by Ashlei Frank

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10 questions
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  • Q1
    Who may receive compensation from the real estate education, research, and recovery fund?
    Broker who does not receive an earned commission.
    Cooperating broker who does not receive a commission split.
    Buyer who pays a fee to a broker under a buyer agency agreement.
    Seller who pays a commission to a broker under false pretenses.
  • Q2
    Who is responsible for investigating transaction files and trust records of brokers and owner-developers?
    The Nevada Real Estate Commission.
    The administrator and the Nevada Real Estate Division.
    The attorney general.
    The Secretary of State.
  • Q3
    To "assign" a contract for the sale of real estate means to:
    Record the contract with the county recorder's office.
    Permit another broker to act as agent for the principal.
    Allow the seller and the buyer to exchange positions.
    Transfer one's rights under the contract.
  • Q4
    Under a lease, the leasehold interest lies in the:
  • Q5
    When someone is applying for a salesperson real estate license, which of the following employers are they allowed to work for?
    A lawyer.
    A registered CPA.
    An owner-developer.
    A broker-salesperson.
  • Q6
    Duncan, a licensed broker, procures a ready, willing and able buyer for his seller-principal. The seller accepts the buyer's offer in writing then experiences a change of heart and withdraws the acceptance. In such a situation, Duncan:
    Cannot collect a commission because the transaction was never accepted.
    Is entitled to collect a commission.
    May sue the buyer.
    May retain the deposit as commission.
  • Q7
    Under the terms of a sales contract, a seller is required to provide a termite certificate. The seller requests that the salesperson order one. The salesperson does so, knowing he will receive a referral fee from the pest control company. Is this a violation of the license law?
    No, because undisclosed referral fees are not in violation of the law.
    Yes, because only the seller may pay special fees to a salesperson.
    Yes, because a salesperson may not received an undisclosed referral fee from anyone other than his or her employing broker.
    No, if the fee is less than $50.
  • Q8
    In the state of Nevada, which of the following options is not grounds for revoking a broker's license?
    Depositing escrow money into his personal checking account.
    Agreeing with the seller to accept a listing for more than the typical commission rate.
    Being convicted of fraud in district court.
    Advertising in a newspaper that he is a member of the local association of REALTORS when in fact he is not.
  • Q9
    Tim wants to sell his own house. Which of the following statements is true?
    In Nevada, anyone who sells real property first must have a real estate license issued by the Nevada Real Estate Division.
    Tim may obtain a temporary real estate license in order to legally sell his house.
    Tim does not need a real estate license to sell his house himself.
    Tim may sell his house without obtaining a real estate license only if he is a licensed attorney.
  • Q10
    Lisitngs based on a "net price" are:
    Permissible with approval from the Nevada Real Estate Commission.
    Always advisable.
    Legal in Nevada as long as the seller agrees to them.
    Always illegal in Nevada.

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