Nevada Real Estate Exam Questions and Answers 100% Pass

Nevada Real Estate Exam Questions and Answers 100% Pass 1. What is the minimum balance of the real estate education, research, and recovery fund? A) $300,000. B) $100,000. C) $250,000. D) $500,000. - Answer- a 2. How long after the signing of a contract for the purchase of a lot in NV or anywhere else may the purchaser cancel the transaction? A) 24 hours B) within five calendar days C) five business days D) or one week - Answer- b 3. In NV, who is responsible prior to closing for calculating the pro-rations between the buyer and seller, ordering the preliminary title report, and preparing the purchase money mortgage note and trust deed? A) broker B) salesperson C) escrow agent D) lender - Answer- c 4. How long are real estate licenses valid? A) granted in perpetuity B) need not be renewed unless previously revoked C) expire annually on December 31 D) beginning July 1, 2015, a first-time license will be valid for one year. Subsequent renewals will be valid for two years. - Answer- d 5. A NV salesperson's license was issued November 3, 2015. When will his or her license expire? A) January 31 of every even-numbered year B) November 30, 2016 first time licensee only C) October 31 of each odd-numbered year D) every other anniversary date of the individual salesperson's license - Answer- b 6. A broker who holds a NV license, but whose home state is Iowa, must meet all of the following requirements except that he or she. A) maintain an office in NV B) maintain all documents related to NV transactions in NV C) employ at least one NV licensee, either as a salesperson or associate broker D) file a consent to service of process with the administrator - Answer- c 7. In the state of Nevada the following are grounds for revoking a broker's license except. A) being convicted of fraud in district court B) advertising in a newspaper that he or she is a member of the local association of realtors when in fact they are not C) depositing escrow money into his or her personal checking account D) agreeing with a seller to accept a listing for more than the normal commission rate - Answer- d 8. In NV, brokers and salespeople who are not lawyers may A) sign a bill of sale on behalf of the seller after a sales contract has been signed B) fill in blanks on pre-printed form contracts customarily used in their community C) suggest additional language to be added to a pre-printed sales contract by a buyer or seller D) explain the legal significance of specific pre-printed contract clauses to a buyer or selleR - Answer- b 9. All of the following must appear in a written listing agreement except A) a statement that the property must be shown to all prospective buyers regardless of race, color, religion, national origin, sex, handicap, or familiar status B) the complete legal description of the property being sold C) the time duration of the listing D) the proposed gross sales price of the property - Answer- b 10. A broker signs a listing agreement with a seller. The agreement contains the following clause: "If the property has not been sold after three months from the date of this signing, this agreement will automatically continue for additional three month periods thereafter until the property is sold." Based on these facts, the agreement A) is legal under NV law, because it contains a reference to a specific time limit B) is illegal in NV C) automatically receives a statutory six month listing period to this open listing in NV D) is legal under NV law, because the list periods are for less than six months each - Answer- b 11. Regarding exclusive listing agreements in NV, which of the following could result in the suspension or revocation of a licensee's license to practice real estate? A) a specified commission rate B) no specific termination date C) no broker protection clause D) a specific termination date - Answer- b 12. Under NV law, which of the following statements is not true of an e