Nevada Real Estate Exam Prep Questions With 100% Accurate Solutions
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Course
Nevada Real Estate
Institution
Nevada Real Estate
1. How much time is given to pass the NV salesperson exam? - CORRECT ANSWER-4 hours - 240 minutes or 4 hours total
2. How many continuing education hours are required? - CORRECT ANSWER-24 hours - State of NV requires salesperson to complete 24-hours of continuing education every 2 years in each ...
Nevada Real Estate Exam Prep
Questions With 100% Accurate
Solutions
1. How much time is given to pass the NV salesperson exam? - CORRECT ANSWER-4
hours - 240 minutes or 4 hours total
2. How many continuing education hours are required? - CORRECT ANSWER-24
hours - State of NV requires salesperson to complete 24-hours of continuing education
every 2 years in each 4 year licensing term
3. In order to obtain a NV real estate license you must have a HS diploma? - CORRECT
ANSWER-True - you must have a HS diploma or equivalent
4. How often must you renew your sales agent license? - CORRECT ANSWER-Every 2
years - NV salespeople and brokers must renew their license one year after their initial
licensure. After the first renewal cycle realtors must renew every two years by the
original date of issuance.
5. How old do you have to be in NV to obtain a real estate license? - CORRECT
ANSWER-18 years old
6. Which of these is a fixture? Refrigerator, Microwave, Free Standing Work Bench, or
Window Blinds - CORRECT ANSWER-Window blinds - fixtures are articles of personal
property that are attached (screwed in, etc.) and become real property. When window
blinds are screwed into the home. They become part of the improvement that is part of
the real property.
,7. A ______ is a promise of real property, kept by the lender to secure the loan. -
CORRECT ANSWER-note - the legal definition of a note, as it applies to real estate, is
a promise of real property to secure a loan. While the complete term is promissory note,
today's professionals simply use the term note and you should know that it refers to
promissory note. The word promise in the question was a clue to the correct answer. (a
mortgage is also a representation of debit obligation that the borrow keeps. The lender
gets the note.)
8. All of these are good examples of severance except______. - CORRECT ANSWER-
dividing a single room into two rooms - severance is converting real property to personal
property. When it is removed, it turns back into personal property.
9. Which lien is required by law to be paid first? - CORRECT ANSWER-delinquent
property taxes - government entities make sure they are the first to get a crack at the
money when repayment becomes possible.
10. Which of these is not a type of leasehold estate? - CORRECT ANSWER-estate in
perpetuity - there is no such estate as "estate in perpetuity." All other answer options
are types of leasehold estates.
11. A buyer and seller agree to wait until the seller's listing is expired to make the sale in
order to avoid paying the broker his share. How can the broker get his commission? -
CORRECT ANSWER-prove in court he was the procuring cause of sale - a court will
likely grant commission to a real estate broker if he can prove he was the procuring
cause of sale, even if the listing expired. Legally this is referred to as a broker protection
clause.
12. A contract can become voidable if one of the parties was being victimized because
____. - CORRECT ANSWER-all of these - They were a minor, misled, or did not agree
voluntarily - all 3 provide legal cause for the contract to be voided.
13. Which of the following is not a requirement for a deed to be valid? - CORRECT
ANSWER-recording in a county courthouse - although recording lets others know of the
,deed's existence and it is probably a great idea, it is not required for a deed to be a valid
document. Many lenders require that it be recorded, but recording is not required to
make the deed valid.
14. An express contract is ____. - CORRECT ANSWER-either written or oral - an
express contract is created in words, either written or oral. The other answer choices
are not true.
A good example of an implied contract is _____. - CORRECT ANSWER-after a written
lease expires, rent is paid and the check cashed. - the owner shows through his actions
that the contract is still valid, even though now it's simply implied.
16. Which of the following is not true regarding a contract of sale? - CORRECT
ANSWER-It must bo notarized - signatures on a contract of sale do not have to
notarized.
17. Deed restrictions and easements on a property are considered_____ when written
into the deed. - CORRECT ANSWER-exceptions and reservations - these are
restrictions or limitations explicitly described in the deed.
18. In a real estate transaction, the _____ is the current owner of the property and is
conveying his or her property to someone else. - CORRECT ANSWER-grantor - the
grantor grants a piece of property to the grantee to complete a transfer of real estate.
19. Substituting a new obligation for an existing one with the intent to cancel the later is
called_______? - CORRECT ANSWER-novation - novation is when a new contract is
used to replace the initial contract.
20. Why are net listings generally frowned upon in the real estate industry? - CORRECT
ANSWER-they can lead to brokers taking advantage of property owners - in a net
listing, the seller names a price they want for their property, and any amount above that
sale goes to the broker. Net listings are frowned upon in many states (illegal in others)
, because they can lead to brokers not acting in the best interest of the seller. For
example, if a seller wanted $150,000 for their home, and there was an offer for
$152,000, in a net listing the broker may be tempted to not accept the offer because
their commission on the sale would be relatively small.
21. A mortgage broker's primary role is to _______. - CORRECT ANSWER-bring
borrowers and lenders together - the mortgage broker is an intermediary and does not
create, sell or underwrite loans (which is the job of the lender)
22. Mortgage lenders make their money by ______. - CORRECT ANSWER-All of these
- Application fees, loan origination fees and annual loan servicing fees - all three of
these are common processing and maintenance fees lenders charge.
23. Subprime loans are usually an option for_____? - CORRECT ANSWER-people with
subpar credit and come with a higher interest rate - Subprime loans carry a higher
interest rate because the bank/lender feels they carry the greatest risk of full repayment.
24. Most real estate loans deal with simple interest, the formula for which is _____. -
CORRECT ANSWER-rate x loan balance = annual interest - the annual interest in a
simple interest setup is the balance multiplied by the interest rate. Not from real estate
expert: when taking the real estate exam, you may need to choose from a group of
answers in which none of them is the answer you might have in mind. When this
happens, find an answer that is correct and choose that one. In this case, you might
have been thinking that I = PRT (I = principal x rate x time), and that would be correct,
but it is not one of the choices. Be ready for confusing questions like this one when you
take the test.
25. Which of these is a tool the Federal Reserve can use to control/influence monetary
policy and supply? - CORRECT ANSWER-all of them - setting the discount rate, buying
and selling securities on the open market, raising and lowering reserve requirements for
banks, - All 3 are used by the federal reserve to establish the monetary supply
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