Nevada Group Quiz: 3/1/24
Quiz by Ashlei Frank
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- Q1
A licensee is purchasing a property for which the licensee does not have a brokerage agreement with the seller. The licensee must follow which of the following procedures to provide proper disclosure?
Disclose the fact that the licensee is the principal in the purchase agreement
Disclose the fact that the licensee is the principal in writing to the seller before the purchase agreement is signed
The licensee need not disclose the fact of being the principal to the seller
Verbally disclose the fact that the licensee is the principal to the seller
45s - Q2
When written consent is obtained from each party to a transaction where a licensee is acting as an agent to more than one party to the transaction, it must contain all of the following EXCEPT?
A statement that a party is not required to consent to the licensee acting on her behalf
A statement that the licensee is acting for two or more persons to the transaction
A statement indicating that the licensee has no conflict of interest
A description of the real estate transaction
45s - Q3
The rules, policies, procedures, and systems that a real estate broker must establish in order to review, oversee, and manage licensees includes, without limitation, all of the following EXCEPT?
The completion of all forms and documents by the real estate broker
Documents that may have a material effect on the rights or obligations of a party to the transaction
The real estate transactions performed by the licensee
The filing, storage, and maintenance of all documents that may have a material effect on the rights of a party to the transaction
45s - Q4
When a body of water gradually recedes, exposing land that was previously underwater, it is called
Accretion.
Reliction
Erosion
Avulsion
30s - Q5
For a lease to be valid, the property's owner must have
a gross lease
a reversionary right to the property
a possessory right to the property
a net lease
30s - Q6
In a gross lease for an apartment, the lessee pays
flat fee and a % of expenses
flat fee plus all expenses.
all expenses
a flat fee
30s - Q7
What is the name of the 1996 federal law that requires sates to develop a procedure to notify community residents of sexual offenders living in their area?
Megan's Law
Casey's Law
Adam's Law
Amber's Law
30s - Q8
The laws and regulations regarding subdivided land in Nevada are contained in
NRS Chapter 116
NRS Chapter 113
NRS Chapter 119
NRS Chapter 117
30s - Q9
NRS 119 only applies to land that divided, or is proposed to be divided into
40 or more parcels
30 or more parcels
35 or more parcels
35 or fewer parcels
30s - Q10
The lender must provide the Closing Disclosure to borrowers at least how many days prior to closing?
three business days
three calendar days
five calendar days
five business days
30s - Q11
When an owner is financing a buyer's purchase money in a residential real estate transaction, the following mandatory promulgated addendum must be used:
Seller's Financing Addendum
Seller's Liability Release Addendum
Seller's Temporary Financing Addendum
Seller Back-up Financing Addendum
30s - Q12
Who is entitled to receive reasonable attorneys fees and all costs when there are a prevailing parties in a legal proceeding related to a promulgated contract form?
A buyer or a seller only
The escrow agent only
A listing broker or other broker only
A buyer, seller, listing broker, other broker or escrow agent
30s - Q13
The time limit for a community manager to notify the Division of any change of name, address, or association is which of the following?
Within 15 days of the change
Within 10 business days after the change occurs
Within 7 days of the change
Within 5 business days after the change occurs
30s - Q14
If the Division denies an application for a license, which of the following applies?
A refund of $70
A refund of $40
No refund is required
A refund of $140
30s - Q15
A licensed real estate broker who, on behalf of a developer and for gain, employs or engages any person to induce a person to become a prospective purchaser from a developer is referred to as:
Registered representative
Broker of record
Salesperson
Unit broker
30s