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Nevada Law: 11/17/23

Quiz by Ashlei Frank

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10 questions
Show answers
  • Q1
    A sales contract is signed on April 1. Closing takes place on May 10, and the deed of trust is recorded on May 15. The borrower's first payment is due on July 30. When is the soonest date that the broker may receive his/her commission check?
    May 10
    June 30
    April 1
    December 10
    30s
  • Q2
    How long after the signing of a contract for the purchase of a lot may the buyer cancel the transaction?
    Within five calendar days.
    One week
    Within three calendar days
    24 hours
    30s
  • Q3
    Under Nevada law, any person who acts as an executor of an estate:
    Must have his court appointment endorsed by the Nevada Real Estate Commission.
    Need not be licensed as a real estate broker.
    Must have a special endorsement by HUD
    Must register and be approved by the Nevada Real Estate Division.
    30s
  • Q4
    After a listing agreement is signed, the broker decides to try for more exposure by placing the listing on MLS and making a blanket offer of subagency. Is the broker's action acceptable?
    No, because the seller did not agree to this action.
    Yes, because a subagency relationship may be created by a blanket offer in an MLS.
    Yes, because Nevada law permits the creation of subagency relationships only through multiple-listing services.
    No, because subagency is illegal under NRS 645 of Nevada law.
    30s
  • Q5
    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:
    May sue the buyer.
    May retain the deposit as commission.
    Is entitled to collect a commission.
    Cannot collect a commission because the transaction was never completed.
    30s
  • Q6
    Licensing law of Nevada requires that the:
    Broker keep all information confidential that the seller has provided about the property.
    Seller disclose all facts that might affect the sale.
    Broker disclose everything that the seller tells him or her.
    Broker disclose information that materially affects the property even when the buyer does not ask for it.
    30s
  • Q7
    Listings based on a "net price" are:
    Legal in Nevada as log as the seller agrees to them.
    Always advisable.
    Always illegal in Nevada.
    Permissible with approval of the Nevada Real Estate Commission
    30s
  • Q8
    A 250-acre parcel is divided into 10-acre lots. This subdivision:
    Must register
    Is exempt from registration
    Must register unless it is free and clear
    Is partially exempt but still must register
    30s
  • Q9
    Who is responsible for investigating transaction files and trust records of brokers and owner-developers?
    The Attorney General
    The Secretary of State
    The Administrator and the Nevada Real Estate Division
    The Nevada Real Estate Commission
    30s
  • Q10
    Which of the following is not grounds for disciplinary action?
    A licensee refusing to show property to a prospective purchaser due to poor credit.
    A licensee trying to negotiate a sale of property directly with an owner before another broker's exclusive listing has expired.
    A licensee giving information on a rental to a tenant without the landlord's permission.
    A licensee refusing to write a low offer that the licensee feels will not be accepted by the seller.
    30s

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