Nevada law real estate Exam Questions and Answers 100% Pass

Nevada law real estate Exam Questions and Answers 100% Pass How many branch offices may a broker have? - Answer- As many as they want A branch manager must be : - Answer- Broker/salesperson with two of the previous four years experience The minimum balance of the ERRF fund is : - Answer- $300,000 The Nevada Real Estate Commission is appointed by : - Answer- The Governor of the state of Nevada Nevada Real Estate license fees are deposited in : - Answer- The Nevada State General Fund If the Nevada Real Estate Division issues a Nevada license in error and then invalidates it, how many days does the Nevada license have to return it to the Nevada Real Estate Division to receive a hearing ? - Answer- 20 A Nevada license may have their license revoked by : - Answer- The Nevada Real Estate Commision A Nevada Salesperson who receives money from a client must turn the money over to their Nevada Broker - Answer- The next business day All types of advertisements must have the Nevada Broker's - Answer- Name prominent The number of hours to renew a second year licensee's license is : - Answer- 24 hrs continuing education An original licensee for the state of Nevada will be required to complete: - Answer- 30 hours of post licensing education A Nevada licensee must deliver a copy of an agreement - Answer- At the time of signing, or a reasonable time thereafter A Nevada Real Estate license may NOT be held by any of the following EXCEPT - Answer- Non-residence of Nevada A Nevada Licensee my advertise as all of the following EXCEPT - Answer- For sale by owner/Realtor If a sign advertising Property has the following information listed on it, what is illegal: "For sale by owner-$150,000 $1200 monthly PITI 365-7632-Ed's Realy - Answer- Brokerage A Nevada Salesperson education requirements - Answer- 90 hours of instruction 45 hours of law, including 18 hours Nevada law 45 hours principles A Nevada Broker/ Broker-salesperson education requirements - Answer- -90 hours of instruction 45 hours of law, including 18 hours Nevada law 45 hours principles 64 college credits A Nevada Broker licensing requirements - Answer- 2 years full time experience within the previous 4 years Enough money to run the brokerage for 180 days May have 2 broker license, 1 personal 1 corporate License renewal education requirements - Answer- First year: 30 hour After initial license every 2 years: 24 hours including 3 hrs contacts 3 hrs agency 3 hrs Nevada law 3 hrs Ethics Sellers Real Property Disclosure - Answer- Seller's responsibility to fill out in any residential resale To be given to buyer 10 days before closing Buyer has a 4 working day right to rescind Exempt from the SRPD - Answer- New homes Foreclosure Transfer between relatives Transfer between co owners Government Stigmatized properties - Answer- You do not have to disclose: Homicide, suicide or death ( unless a condition of the property caused the death) Aids virus Sex offender Crime ( unless a meth lab was involved) Stigmatized properties disclosure laws are established by state law Comprehensive Environment Response, Compensation and Liability Act - Answer- Super fund used to remediate hazardous waste 9 million Common interest community - Answer- Buyer must be given the following at the time of contract signing CC&R's Association by-laws Monthly assessments Operating budget Financial statement Pending litigation Time share agent works under - Answer- Project broker Nevada Real Estate Commission (Duties and Powers of the Commission) - Answer- Must be a US citizen Nevada resident for 5 years Nevada broker for 3 years Nevada broker/salesperson 5 years