NV State Real Estate Salesperson Questions and Answers 100% Pass

NV State Real Estate Salesperson Questions and Answers 100% Pass After the collection of the advance fee, when should it be itemized and accounted for? - Answer- 3 months What must one have in order to collect an advance fee? - Answer- A real estate license. How many days for broker to refund buyers on land purchase? - Answer- 15 day Public offerings must contain this warning - Answer- Read report before signing any paper Real Estate Commission members must be appointed by the - Answer- Governor. Duty of Real Estate Commission is - Answer- to adopt regulations and conduct hearings related to Real Estate law. Members may be reappointed but may not serve longer than - Answer- 6 years consecutively How many real estate commission members must reside in southern Nevada? - Answer- 2 How many real estate commission members must reside in northern Nevada? - Answer- 2 Clark, Esmeralda, Lincoln and Nye counties - Answer- Southern Nevada Carson City and the counties of Churchill, Douglas, Elko, Eureka, Humboldt, Lander, Lyon, Mineral, Pershing, Storey, Washoe and White Pine. - Answer- Northern Nevada 2 types of Nevada agency - Answer- General agency and special agency Which agency is not valid in Nevada? - Answer- Transactional agency Is dual agency allowed in Nevada? - Answer- Yes What must a broker do when in an dual agency? - Answer- Disclose representation and get the written consent of each party before proceeding. What form must be given when in a dual agency situation? - Answer- Consent to act Do assigned agents in a dual agency situation need Consent to Act forms? - Answer- No When must a licensee give written disclosure to each party in a real estate transaction if the licensee relation with any party changes? - Answer- As soon as possible What form must a broker give a client when an agency relationship is established? - Answer- Duties owed by a Nevada licensee Do you need a duties owed form when referring a client to another licensee? - Answer- No This form must be used in all types of agency representation - Answer- Duties Owed by a Nevada Real Estate Licensee Can a licensee negotiate in a sale, lease or exchange of real estate with another broker's client? - Answer- No unless with written permission from the other broker What is the fine that a real estate licensee must pay to the Real eEstate commission for violations? - Answer- $10,000 A licensee misrepresents a property. Under NRS 645.630 is this wrong? - Answer- Yes Under NRS 645.630, making false promises that is likely to influence, persuade or induce is a - Answer- violation Accepting a commission from any person except the licensed real estate broker with whom they are associated with or the owner developer - Answer- is a violation of NRS 645.630 Representing or attempting to represent a real estate broker that they are not employed or associated with without consent of the broker they are associated with - Answer- is a violation of NRS 645.630 Failing to maintain brokerage or property management records - Ans