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Review 11/21/23

Quiz by Ashlei Frank

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20 questions
Show answers
  • Q1
    Which of the following requirements would NOT be covered by building codes?
    Electrical wiring.
    Fire prevention standards.
    Minimum number of square feet per structure.
    Pitch of wheelchair ramps.
    30s
  • Q2
    A property which has been subject to which of the following conditions will be virtually impossible to be rectified or remediated.
    The manufacturing of meth
    Asbestos
    Mold
    Lead based paint
    30s
  • Q3
    One-quarter acre of land contains:
    46,350 square feet
    10,890 square feet.
    10,797 square feet
    45,987 square feet
    30s
  • Q4
    Which of the following is NOT a physical characteristic of land?
    Immobility
    Indestructibility
    Salability
    Uniqueness
    30s
  • Q5
    When will a conventional loan have private mortgage insurance included?
    Private mortgage insurance is associated with FHA loans, not conventional loans.
    Every conventional loan has private mortgage insurance.
    When the loan-to-value ratio is greater than 80%
    When the borrower is putting more than 20% down.
    30s
  • Q6
    Which of the terms below is NOT considered a "trigger" term per Regulation Z?
    Loan amount
    Interest rate
    % down payment
    Purchase price
    30s
  • Q7
    Duncan, a salesperson, wants to advertise several listings in Nevada's Nicest Homes Magazine. Duncan:
    Must identify the broker and may identify himself.
    Must Identity either his broker or himself.
    Must identify the broker only and not himself.
    Must identify all salespersons.
    30s
  • Q8
    The Nevada Real Estate Commission has the authority to:
    Compose the examination questions on the state exam.
    Enact the laws that govern real estate licensees.
    Adopt regulations by which all real estate licensees must abide.
    Administer the exams given at the testing sites.
    30s
  • Q9
    In Nevada, applications for any real estate license must:
    Be completed after passing the written exam.
    Contain a certified picture of the applicant.
    Be made before Dec. 31 of each year.
    Be accompanied by a sworn statement attesting to the applicant's character.
    30s
  • Q10
    If a broker was originally licensed seven years ago and his license has been inactive for the last 3 years, how many hours of CE are needed to reinstate the broker's license?
    12
    54
    48
    24
    30s
  • Q11
    An exclusive agency listing between a broker and owner incorrectly states 6 dollars rather than 6 percent as the commission payable to the broker for producing a buyer. If the owner sells the property himself, the broker is entitled to:
    6%, regardless of mistakes.
    $6
    Nothing
    An amount to be determined by the real estate commission.
    30s
  • Q12
    The primary purpose of a listing agreement is to:
    Give the broker permission to sell all of his principal's properties.
    Serve as a guide for a sales contract.
    Serve as a contract of employment between the owner and the broker.
    List all improvements and amenities of the property.
    30s
  • Q13
    A real estate broker should regard himself/herself as a:
    Legal advisor
    Substitute for attorney
    Principal
    Fiduciary
    30s
  • Q14
    Which of the following statements about the law of agency is CORRECT?
    It establishes a fiduciary relationship.
    It refers specifically to insurance.
    It does not require a high degree of loyalty and fidelity from an agent.
    There is no employment relationship.
    30s
  • Q15
    Which is an example of ostensible agency?
    The principal allows a licensee to act as the listing broker in front of a prospective buyer.
    A broker is able to sell all of an owner's properties and is granted power of attorney for all the owner's affairs.
    A selling broker acts as a sub-agent of a listing broker.
    A broker sells only one of an owner's properties.
    30s

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