Nevada Pre-Licensing Completion Certificate

The rights of ownership of real property include all of the following EXCEPT

An important characteristic of land is that it may be modified or improved at some point in time. An improvement may increase the value of real estate greatly. All of the following are considered to be improvements EXCEPT

A business owner leases a space to open a restaurant and installs ovens, booths, counters, and other equipment. When would these items become real property?

A house has been listed for sale for more than one year and the owner is very anxious to move into a retirement community. A real estate professional, who is a subagent of the seller, tells a prospective buyer to make a low offer because the seller is likely to accept it. Regarding the real estate professional’s conduct in giving that advice to the buyer, which of the following is FALSE?

A real estate professional who represents the seller is showing a house to a prospective buyer-customer. The real estate professional knows that the house has water problems in the basement. Which of the following is TRUE?

What is a commission of 5% on a sales price of $250,000?

A broker’s newest sales associate brings in a listing for the sale of a condominium. In this transaction, the sales associate

The commission on the sale of a house is $9,410, and 30% of that amount goes to the broker who listed the property. Of the remainder, the broker whose sales associate who brought a buyer to the transaction gets 45%, and the sales associate receives the balance. How much does the sales associate receive?

The type of real estate ownership that is MOST inclusive is a

A father conveyed the family home to his daughter by will as a life estate pur autre vie for the life of her mother. If the daughter should die before the mother, who gains possession of the property?

The owner of two acres of land sold one acre to a neighbor and reserved an appurtenant easement over that acre for ingress and egress to the remaining acre. The acre retained by the property owner

The owner of 50 acres of land with 500 feet of frontage on a desirable recreational lake wishes to subdivide the parcel into salable lots, but wants to retain control over the lake frontage while allowing lot owners to have access to the lake. Which of the following types of access rights would provide the greatest protection for a prospective lot purchaser?

A homestead exemption protects against judgments

The owner of oceanfront property noticed that people from town walked along the shore behind the house on the property. The owner learned that the local citizens always walked along the beach, but the owner went to court to try to stop people from walking along the water’s edge behind the home. The owner is likely to be

“Beginning at the SE corner of the NE¼ of section 14, then due west 5,280 feet more or less to the SW corner of the NW¼ of section 14, then north along the west line of section 14 2,640 feet, more or less, to the NW corner of said NW¼, then in a straight line to the point of beginning.” How many acres does this parcel contain?

This year’s property taxes on a parcel are $1,743.25 and have not been paid. If a sale of the property is to be closed on August 12, what is the approximate tax proration that will be charged to the seller based on a 360-day year?

A suburban home with four bedrooms and only one bathroom suffers from what condition?

A house sold for $180,000 and the buyer obtained an FHA-insured mortgage loan for $120,000. If the lender charged two discount points, the buyer would pay

A buyer bought a house for $125,000. The house, which had originally sold for $118,250, appraised for $122,500. Based on these facts, if the buyer applies for an 80% mortgage, what will be the amount of the loan?

A developer is planning a warehouse that will contain 103,000 square feet. Construction costs are estimated to be $62 per square foot. Ninety-five percent financing is available for the structure. How much money must the developer put up to complete the project?

In what way does a deed of trust differ from a mortgage?

A document that protects against hidden risks such as forgeries and loss due to defects in the title, subject to specific exceptions, is called

The type of title insurance that will protect the owner and heirs is called

The clause in a deed that defines the ownership right received by the grantee is the

A property owner bought acreage but never saw it and did not use it. The owner regularly paid the real estate taxes on the acreage. Without the owner’s knowledge, a stranger moved a mobile home onto the property, drilled a well for water, and lived there for many years. This person may become the owner of the acreage if there has been compliance with state laws regarding

A grantor does NOT wish to convey certain property rights. The grantor may note the exceptions in

In which of the following situations could a quitclaim deed NOT be used?

Under the terms of a trust established by a will, the trustee is required to sell the real estate the trust holds. The deed that will be delivered at settlement of such a sale is a

An option is granted when an owner gives the potential purchaser the right to purchase the property

A broker receives an earnest money deposit with a written offer to purchase that includes a 10-day acceptance clause. On the fifth day, before the offer is accepted, the buyer notifies the broker that the offer is being withdrawn and demands the return of the earnest money deposit. In this situation, the

The law that requires real estate contracts to be in writing to be enforceable is the

Which of the following is not generally exempt from paying real estate taxes?

Taxes levied on a property owner to pay for installation of sidewalks or sewers are called

General real estate taxes are also called

All of these are examples of government policies that can affect the real estate market EXCEPT

A property owner who does not want to deal with the everyday tasks of managing a rental property can hire

Which of these is an example of an economic characteristic of land?

Another word for uniqueness is

Which of these laws prohibits housing discrimination only on the basis of race?

The Fair Housing Act is administered by the

The Fair Housing Act does NOT prohibit discrimination on the basis of

If the government acquires privately owned real estate through a condemnation suit, it is exercising its power of

Three siblings bought a farm together, and the deed listed only each of their names. What form of ownership are they presumed to have taken?

The grantor is conveying an interest that is less than fee simple absolute. This explanation of the extent of ownership will be found in the

A title insurance policy that protects the interests of a mortgagee is called

In real estate, a sales associate is always

An individual who is authorized and consents to represent the interests of another person is

Who are the parties to a listing agreement?

A buyer and a seller enter into a sales contract for the sale of a home. The seller backs out of the deal at the last minute, and the buyer suffers a financial loss of $1,500 and must rent a home in which to live. Unless the contract provides otherwise, all of these are legal actions that are likely to succeed EXCEPT

Which of these would permit a law enforcement officer to seize and sell a debtor’s property?

Which of these is a general, statutory, and involuntary lien on both real and personal property?

A deed of trust involves all of these terms EXCEPT

The primary mortgage market lenders that have most recently branched out into making mortgage loans are

A loss in the value of a property improvement for any reason is

Rights or privileges that are connected with real property are

Which of the following is NOT a test to identify a fixture?

Which of the following BEST defines the law of agency?

A licensed real estate sales associate has a written agreement with the employing broker indicating that the sales associate will not be treated as an employee. The sales associate’s income is solely from commissions. The IRS will MOST likely consider the sales associate

Which of the following is NOT a type of listing contract?

The process by which government can acquire ownership of private land for public use is

A real estate buyer want to ensure that the property can be willed to her family members. Which form of ownership would the buyer want?

A tax lien on property can hinder its sale because it is

Which of the following is the BEST way to ensure that there are no encroachments and verify the boundaries of a parcel of land?

A primary feature of property held in joint tenancy is that

A trust that is established after the death of the owner is called a

A standard rectangular survey system section contains

After real estate has been sold by the state or county to satisfy a delinquent tax lien, defaulted owners usually have a right to

Which of the following is a lien on real estate?

The statute of frauds requires real estate contracts to be

When a prospective buyer makes a written purchase offer that the seller accepts, the

On Monday, the seller offers to sell a vacant lot to the buyer for $42,000. On Tuesday, the buyer counteroffers to buy for $40,500. On Friday, the buyer learns that several other prospects may be making offers on the property, so the buyer withdraws the counteroffer and agrees to the original asking price of $42,000. Under these conditions, there is

The seller conveyed a quitclaim deed to the buyer. Upon receipt of the deed, the buyer may be certain that

Which of the following is a voluntary alienation of the property?

Which of the following is an involuntary alienation of property?

A suit to quiet title refers to

When a mortgage loan has been paid in full, it is important for the borrower to be sure that

Any of the following clauses in a loan agreement enable the lender to demand the entire remaining debt be paid immediately EXCEPT

What would it cost to put new carpeting in a room measuring 18 feet by 20 feet if the carpet costs $16.95 per square yard, plus a $250 installation charge? (Hint: 1 yard = 3 feet; 1 square yard = 9 square feet)

A proration of any prepaid utility charges is reflected at closing in which of the following ways?

A house sells for $215,000. The listing brokerage receives a 6% commission on the sale. How much does the listing brokerage receive?

NEXT 40 QUESTIONS PERTAIN TO NEVADA STATE LAW PORTION:

Upon obtaining a listing, a broker or licensed salesperson is obligated to

A licensed salesperson may hold concurrent licenses with more than one Nevada broker under which of the following circumstances?

In Nevada, in order to successfully sue for a commission, under an exclusive-right-to-sell listing, all of the following are necessary for a listing broker to be entitled to a commission EXCEPT

An airline pilot told a broker about some friends who were looking for a new home. The broker contacted the friends and eventually sold them a house. When may the broker pay the airline pilot for this valuable lead?

The owner of a home, who does not have a real estate license, wants to sell that home. The owner

A salesperson who wants to place a For Sale sign on a listed property must

A salesperson has developed a website. What information, if anything, must the salesperson include on the website?

Commissions earned by a broker in a real estate sales transaction

If a broker establishes an account to hold money belonging to others, which of the following is correct?

Nevada’s time-share sales law does NOT apply to which of the following?

Listings based on a net proceeds received by the seller are

Nevada law requires that the

A real estate agent does not have to include the brokerage name on a For Sale sign if the brokerage phone number is already included on the sign.

Upon obtaining a listing, a broker or licensed salesperson is obligated to

In Nevada, all of the following are requirements for a broker-salesperson’s license EXCEPT

The sale of a property for less than the amount of the liens encumbering the property is called a

Which of the following is a requirement to obtain a real estate salesperson’s license in Nevada?

Every Nevada real estate office is required to

Kimberly obtained her original real estate salesperson’s license on March 25, 2013. Her license, if not renewed, will expire on

Betty is a real estate broker with a small office. She does not have a property management permit. Can her office still legally engage in property management activities?

The limits on recovery from the Education Research and Recovery Fund are _____ per judgment and _____ per licensee.

The Real Estate Division’s disclosure document for subdivided land being offered for sale in Nevada is called the

A broker is convicted on May 1 of felony possession and distribution of a controlled substance. Both the crime and the conviction took place out of state. On June 15, the broker calls the Nevada Real Estate Division and leaves a message informing the Real Estate Division of the conviction. Based on these facts, which of the following is TRUE?

To be enforceable, all of the following agreements must be in writing EXCEPT

Which warning message is on the cover of a public offering statement?

Which of the following is a protected class under Nevada’s Fair Housing Law but not a protected class under the federal Fair Housing Act?

A broker is licensed in Montana only. The broker wants to sell lots in Nevada as mobile-home sites to Montana clients as winter homes. The broker may do this if the broker

Regarding a salesperson setting up a corporation or LLC, NRS 645 allows

Commission hearings may result in

Regarding an office location, an active broker in Reno, Nevada,

All of the following are grounds for disciplinary action EXCEPT

A new licensee is not yet a member of the National Association of REALTORS® but has already put the REALTOR® designation on the business card. Can the licensee be disciplined for this?

What is the active experience requirement for a licensee to become a broker or a branch manager as managing broker-salesperson?

A Nevada broker entered an exclusive buyer representation agreement with a client. The agreement, by its terms, was to expire on November 2, 2006. However, the broker and the client both agreed that if suitable property was not found by then, the agreement would automatically extend to January 5, 2007, unless either party gave notice that the extension was not desired. Suitable property was found and purchased on October 15, 2006, but the buyer refused to pay the agreed fee to the broker. Which of the following is MOST likely to happen in court if the broker sues to recover the agreed fee?

A broker collected a commission for a house that sold after the expiration of the listing agreement with the seller. This would MOST likely be the result of a

Nevada real estate license law (NRS 645) is administered by the

Don has agreed to help his brother Robert sell his house. Don has disclosed his lack of a license to Robert, so they agree that Don will receive only $500 for his efforts. Which of the following is TRUE?

How much active experience is required to obtain a real estate broker’s license?

A person is applying for a license as a broker. The applicant must show proof of liquid assets sufficient to maintain an office for at LEAST how many days?

A salesperson is showing a listing to a very interested buyer. The asking price is $148,000. The salesperson suggests that the buyer make an offer of $138,000 to “get some action on the listing.” Has the salesperson violated NRS 645?