Ch. 17 Exam Flashcards Preview

NV Real Estate Exam > Ch. 17 Exam > Flashcards

Flashcards in Ch. 17 Exam Deck (18)
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1
Q

A cooperating broker may pay a fee directly to a broker – sales person for another company.

A

False

2
Q

And owner of rental property who manages it herself must have a real estate license.

A

False

3
Q

An unlicensed assistant who works under the direct supervision of a licensed broker or sales person may be a greeter at an open house.

A

True

4
Q

No matter how small a real estate broker Ridge, there must always be at least one licensed real estate broker under whose license the real estate activities are carried out.

A

True

5
Q

When the brokers license is suspended the licenses of those under that broker remain valid until a replacement broker can be found.

A

False

6
Q

The sales person must obtain a special permit from the real estate division when representing a client in the purchase and sale of a business that does not involve Real Property.

A

True

7
Q

An individual who desires to engage in property management must obtain both a real estate license and a property management permit.

A

True

8
Q

The RED administrator will not discipline a licensee if the licensee did not actually know the falsity of a statement, but could have known it was Falls by the exercise of reasonable care and inquiry.

A

False

9
Q

When a promissory note is used as earnest money, it is imperative that this fact be communicated to the seller prior to the sellers acceptance of the offer to purchase.

A

True

10
Q

A licensee may except compensation from more than one party in any one transaction, as long as the licensee makes full disclosure to all parties interested in the transaction.

A

True

11
Q

A broker is required to preserve all records for five years following the closing of all transactions.

A

True

12
Q

The license of a sales person or broker – sales person will be placed on inactive status if they failed to notify the RED of a change in broker association within 30 days after the previous association was terminated.

A

True

13
Q

Advance fees are not considered trust funds.

A

False

14
Q

Money received from a tenant as rent for a property owned by a sales person must be deposited into that sales persons brokers trust account

A

False

15
Q

Voided trust account checks maybe torn up and thrown away.

A

False

16
Q

A broker must deliver or send by certified mail to the read the license and an explanation of any termination of a sales person or broker – sales person.

A

True

17
Q

And advertisement of real property for sale by a licensee must include the name of licensees broker or brokerage.

A

True

18
Q

A real estate license he is permitted to discuss their firms commission rates and fees with the licensees of competing real estate brokerages.

A

False