Nevada Real Estate Exam Prep (Mandated Disclosures)

Nevada Real Estate Exam Prep (Mandated Disclosures) What is required to advertise a property for sale in Nevada? ️️ Nevada real estate agents must have written permission from the property owner and ensure all advertisements include the brokerage name to comply with state regulations. What is "clear title" in a Nevada real estate transaction? ️️ Clear title means the property is free from any liens or claims, allowing the buyer to take ownership without any legal encumbrances. What is the purpose of a home inspection in Nevada? ️️ A home inspection helps the buyer assess the property's condition, identifying any issues that may require repairs or affect the value of the property. When is a Nevada real estate agent required to disclose their status as a licensee? ️️ An agent must disclose their license status if they are personally buying or selling property to ensure transparency and avoid conflicts of interest. What is earnest money, and when is it returned to the buyer in Nevada? ️️ Earnest money is a deposit made by the buyer to show commitment to the transaction. It is typically returned if the sale is canceled due to an unmet contingency. What does it mean to be "under contract" in Nevada real estate? ️️ Being "under contract" means the buyer and seller have agreed to terms, signed a purchase agreement, and are working toward closing the transaction. What is "market value" in Nevada real estate? ️️ Market value is the estimated amount a property would sell for on the open market, based on factors like location, condition, and demand. What is a "contingency" in a Nevada real estate contract? ️️ A contingency is a condition that must be met for the contract to be binding, such as financing approval, home inspection, or appraisal results. What is the role of an escrow officer in Nevada? ️️ An escrow officer manages the transfer of funds and documents, ensuring all conditions of the transaction are met before closing. When is a buyer in Nevada entitled to a property disclosure form? ️️ Buyers are entitled to a property disclosure form before signing a purchase agreement, allowing them to review any known issues with the property. What does "as-is" mean in a Nevada real estate sale? ️️ "As-is" means the property is being sold in its current condition, and the seller is not obligated to make any repairs or improvements. What is an appraisal, and why is it important in Nevada real estate? ️️ An appraisal estimates a property's value, which helps lenders confirm the property is worth the loan amount requested by the buyer. How are property taxes paid in Nevada? ️️ Property taxes in Nevada are typically paid semiannually and are based on the assessed value of the property. What is a lease option in Nevada real estate? ️️ A lease option allows a tenant to lease a property with the option to purchase it later at a specified price. What happens if a Nevada real estate license expires? ️️ If a Nevada real estate license expires, the agent cannot practice until they renew it and complete any required continuing education. What is a lien in Nevada real estate? ️️ A lien is a legal claim on a property, often due to unpaid debt, that must be resolved before the property can be sold. What does "closing" mean in a Nevada real estate transaction? ️️ Closing is the final step in a real estate transaction where ownership is officially transferred from the seller to the buyer. What is dual agency, and is it allowed in Nevada? ️️ Dual agency occurs when one agent represents both the buyer and the seller in a transaction, which is allowed in Nevada but requires consent from both parties. When must earnest money be deposited in Nevada? ️️ Earnest money must typically be deposited into escrow within one to two business days after an offer is accepted, though the exact timing may vary. 100. A broker must NOT disclose to prospective buyer: a. about structural defects b. that zoning makes the present usage non-conforming