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Nevada Group Quiz: 3/1/24

Quiz by Ashlei Frank

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15 questions
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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

  • 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

  • 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

  • Q4

    When a body of water gradually recedes, exposing land that was previously underwater, it is called





  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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


    Unit broker


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