Contracts and Agency Exam

Questions 1-11 will cover topics found in the Contracts Study Guide.

Exclusive Authorization and Right to Sell, Exchange or Lease Brokerage Listing Agreement (ER) are all examples of listing agreements.

An _____________ is an additional document that gets added to the purchase and sale agreement. The document will include any additional information or requests that the buyer did not put into the original purchase and sale agreement

Real estate contracts can be:

Oral contracts are illegal in Nevada.

Expressed contracts are provided in ____________ while implied contracts are based on ____________.

An _____________ contract is when one or both parties have obligations still to be performed.

An _____________ contract is when all parties have fulfilled their promises.

A contract must identify the property address on every page of any agreement or document.

As a real estate agent, you should try to provide your best legal and expert opinion on a matter to a client if they request it, even if it is outside your scope.

A licensee who receives a deposit on any transaction in which he or she is engaged on behalf of a broker or owner-developer shall pay over the deposit to that broker or owner-developer, or to the escrow business or company designated in the contract, within __________ business day(s) after receiving a fully executed contract.

The _________ must, at their expense, provide an information statement with the sale of any unit within a common-interest community or condominium hotel. The statement is entitled “BEFORE YOU PURCHASE PROPERTY IN A [COMMONINTEREST COMMUNITY] [CONDOMINIUM HOTEL] DID YOU KNOW…”

Questions 12-20 will cover topics found in the Agency Study Guide.

The law of agency in a real estate transaction defines the legal relationship between real estate professionals and their clients.

Nevada recognizes two types of agency concerning real property: general agency and ______ agency.

A brokerage agreement cannot be oral; only written.

A licensee who has entered into a brokerage agreement to represent a client in a real estate transaction must present all offers made to or by the client as soon as is practicable, unless the client chooses to waive the duty of the licensee to present all offers and signs a waiver of the duty.

The brokerage agreement will create and confirm that an agency relationship exists between the broker and the client. An example of this agreement is:

Every brokerage agreement which includes a provision for an exclusive agency representation must be in __________.

When an agency relationship is established, the broker is required to provide the client with a state mandated disclosure form called the __________________.

If an agent will be representing both parties (buyer and seller), this form must be provided:

Every real estate broker shall teach the licensees associated with him or her the fundamentals of real estate or time-share practice, or both, and the ethics of the profession. The broker shall supervise the activities of those licensees, the activities of his or her employees and the operation of his or her business.