Nevada National Real Estate Exam Questions and Answers 100% Pass

Nevada National Real Estate Exam Questions and Answers 100% Pass Property owned by all owners of a condominium and available for their use are: - Answer- common areas A park has been created by the city to separate a shopping center from a residential subdivision. The park would be considered a(n): - Answer- buffer zone. Mr. Smith and Mr. Jones acquire property together, each owning ½ of the property with no right of survivorship. The men hold title to the property as: - Answer- tenants in common. A property has increased in value from the purchase price seven years ago. This increase in value is referred to as: - Answer- appreciation. Reproduction Cost would be the best suited for which of these properties? - Answer- U.S. Capital Building A home with badly cracked and termite infested trusses is best described as suffering from: - Answer- incurable physical depreciation. A provision in the note which allows the lender to call the entire balance due upon the happening of a stated event is the: - Answer- acceleration clause. A discount point is: - Answer- increases the lenders yield without increasing the stated note interest rate. At a foreclosure sale, the bid price was $18,000 less than the outstanding balance of the loan. - Answer- The borrower may be pursued for a deficiency judgment. In a real estate agency relationship, if the sales agent dies: - Answer- the agency continues between the seller and the broker. A special agent is: - Answer- has no authority to bind the client to any contract. When has the brokerage earned the commission? - Answer- when a ready, willing and able buyer is produced An agent is in the process of taking a listing when the seller announces that he does not want the property shown to any African-Americans. - Answer- Both the broker and the agent are liable for accepting the listing on these terms. An agency agreement: - Answer- may be created with an expressed, written agreement. You are representing the seller. A contract is presented with the required $5,000 earnest money in the form of a check from the buyer, payable to the escrow company named in the contract. The seller accepts the contract, all parties have signed, and escrow is opened. Three days later, you receive a call from the escrow officer telling you that the buyer's $5,000 check has been returned marked "Insufficient Funds." What should you do first? - Answer- notify the seller immediately of the bad check You represent the buyer in a transaction. The seller is unrepresented, but you sold the seller's mother a house which closed three weeks ago. - Answer- You should tell the buyer and the seller of the sale to the seller's mother. Your buyer client calls you and asks about crime in the area of the home he has just purchased. You should tell him: - Answer- to contact the police regarding the criminal statistics for that area. John offers to buy Sam's house for $375,000. Sam accepts but needs to lease the house back from John for 3 months while his new house is being built. Do they have a contract? - Answer- No, John didn't offer to lease the property to Sam Smith makes an offer to Jones to buy Jones' vacant lot. Jones accepts and Smith and Jones both sign the contract. Based on only these facts, is the contract enforceable? - Answer- Yes. Fred calls ACME Roofing and requests an estimate for a roof repair