NV Real Estate Exam Review Questions and Answers 100% Pass

NV Real Estate Exam Review Questions and Answers 100% Pass Agency - Answer- Relationship between the principal (client) and agent. Business - Answer- Tangible assets of an existing enterprise. Define Business broker: What are the requirements for a permit - Answer- RE broker, broker-salesman, or salesman who sells businesses. -minimum 24 hours of instruction -$40 permit -$75 examination fee (must pass 75%) Owner-Developer - Answer- Owns 5+ Lots within a subdivision Real Estate Division - Answer- 1. The RE Division of the Department of the Business Industry 2. Regulates RE Practice in NV 3. Administers NRS 645 4. NV Attorney General acts as Divisions Attorney Commission according to NRS 645 - Answer- Refers to the RE Commission in NV 1. 5 members, maximum 2 from same county 2. US citizens, NV residents 5 yrs 3. Maximum 6 yrs 4. 2 meetings per year 5. $150 per day Used Manufactured or Mobile Home - Answer- 1. Occupied before or after the sale or lease 2. Only can sell if used Administrator - Answer- 1. CEO of the Division - heads Division 2. FT employee of state of NV 3. Must not be active RE licensee How much experience time is needed to obtain a brokers license if you were previously outside of Nevada? - Answer- 2 of the 4 immediate preceeding years the applicant was a full time RE licensee Active Experience according to NRS 645 - Answer- 30hrs per week for min 48 weeks per year Advisory Committee - Answer- Established to help Commission handle any issues to carry out the license laws If someone has been convicted, plead guilty or no contest for a felony, they cannot receive a license until? - Answer- 3 yrs after either the person pays any fine, or parole or probation sentence has expired. Broker License Education Requirements - Answer- 64 semester units