Hodgepodge of Incidental Nevada Rules

Question 1

An Intermediary is a

Answer 1

• Person who may do a 1013 Exchange

- Also known as accommodator

Question 2

Severabilitly means

Answer 2

Any code or statue that is found unconstitutional in the future.

• may be severe
• the balance of the contract stays intact

Question 3

Un-merchantable title. A NV licensee may not attempt to sell or lease NV real property unless:

Answer 3

• Licensee discloses the unmerchantable title before receiving money from a purchaser

Question 4

NV Licnesees have 10 days to correct

Answer 4

• signage
• Advertisements
• NVRED may give additional time if warranted

Question 5

Nevada is not a ______ law state in regards to _______

Answer 5

common, Nevada real estate agency

Question 6

No NVB or licensee may every pay a _______ or _____

Answer 6

finder fee or bird dogs fee

Question 7

A licensee must discolse if he/she receives money from_____

Answer 7

more than one party in a real estate transaction

Question 8

Anyone can as NVREC to have ______ changed

Answer 8

NAC

Question 9

Misrepresentation doesn’t apply in nevada unless…

Answer 9

licensee knew that client lied

Question 10

Rules for nevada licensees on military exemptions

Answer 10

• NV licensee must be called into duty
• Within 6 months of getting out of the military with an honorable discharge
• NV licensee goes back to nevada active status by only paying renewal fee

Question 11

Nevada licensee may_________ themselves for____ purposes

Answer 11

• incorporate

- tax

Question 12

Nevada licensee may be the only ____

Answer 12

stockholder

Question 13

If licensee married wife is entitled to ____

Answer 13

• half of license

Question 14

Nevada real estate school must keep NV pre-licensing records for _____ years

Answer 14

7

Question 15

Nevada real estate school must keep NVCE records for ___years

Answer 15

4

Question 16

No Nevdada applicant can discuss what is on the_____

Answer 16

Nevada state board exam

Question 17

Nevada licensee may get NVCE for attending:

Answer 17

• NVREC hearing for at lest 3 but no ore than 6 hours
• NVREC must sign in and out license
• Licensee can not be the reason for hearing

Question 18

Licensee may get NVCE for _____

Answer 18

• teaching a course

Question 19

NVCE cannot be ´_____

Answer 19

• stockpiled

Question 20

If Nevada broker proprioter fails to renew license

Answer 20

• All licensees go inactive

Question 21

If Nevada broker license is terminated and he is not a propritor

Answer 21

• must name a new broker immediatley

- All licensees remain active because license is with brokerage and not the old broker.

Question 22

Nevada real estate contracts using _____ _______ are enforcable

Answer 22

Digital signatures

Question 23

Nevada real estate agents may use Nevada team names if they

Answer 23

• include the brokerage name

- and go by the name of the team leader as licensed by NVRED

Question 24

A nevada licensed agent can be considered a specialist if they can ___

Answer 24

• prove their specialty

Question 25

A Nevada licensee may use a dsignation such as _____ or _____ provided they can prove their designation

Answer 25

GRI, REALTOR

Question 26

All Nevada franchisees when placing an advertisment must identify each office as ________

Answer 26

Independently owned and operated

Question 27

An Advance Fee Means ....

Answer 27

a fee contracted for, charged, or collected in advance for advertisment or a promotion for the purpose of promoting the sale or lease of real estate or a business.

Question 28

A newspaper ad is not an _____ fee

Answer 28

advanced fee

Question 29

Within _____ fo collecting an advance fee the agenst must ________

Answer 29

- 3 months | - furnish the client an accounting for the use of the money.

Question 30

Broker Price Opinion Must:

Answer 30

- be licensed - disclose license number, name and signature of licensee - disclose intended use - give brief description of the property and market data used - have date of issuance - have the name of broker - may not be used for an appraisal