License practice Flashcards
You’re Cheryl’s listing agent. You sit down with her to advise her as she completes the Seller’s Real Property Disclosure form. She looks at the form and asks, “How am I supposed to know if there are problems with any of these things? I’m a doctor, not a mechanic or a carpenter or a bricklayer!” How should you respond?
“As long as you answer each item honestly and to the best of your knowledge, that’s all you’re required to do.”
Nevada salesperson Ben has an earnest money check that needs to be deposited. He’s not sure if he can give it to the office administrator, if he can deposit it himself, or if he needs to hand it directly to his broker. Where should he look for office rules about handling trust funds?
The brokerage policies and procedures manual
Jamal is a Nevada licensee who is an independent contractor in a large brokerage firm in Carson City. He isn’t allowed to engage in real estate brokerage for compensation on his own—everything must go through his broker—but that doesn’t bother him. He likes the security of having a broker show him the ropes and supervise what he does so that he doesn’t have to worry as much about making a career-ending move. Which of the following best describes Jamal?
He’s a salesperson.
Nevada buyers of residential property are NOT allowed to ______.
Waive the right to receive the Seller’s Real Property Disclosure
A Nevada licensee may not ______ when advertising a listing.
Mislead or deceive consumers
Who is responsible for providing the Seller’s Real Property Disclosure form to buyers?
The seller
Cole Wilson and Evan Smith are real estate licensees in Nevada who work for the same firm. Caleb Jones is their unlicensed assistant. They’re working on a new team advertisement. Which of the following is true?
The team name must include the registered name of one team member.
If an escrow company isn’t used, Nevada requires licensees to provide their clients with a copy of the closing statement within ______ after closing.
10 days
