NRES - Nevada Real Estate Salesperson Exam

Question 21: Nevada's definition of a real estate broker turns on the person acting in a particular capacity and for a particular reason before a license is required. Under that definition, a broker acts for another person and does so with what motivation?

As a hobby without any pay

For compensation or expecting compensation

Only under a written employment contract

Solely to benefit a family member

Question 22: A licensed Nevada salesperson wants to begin managing rental properties for owners and also to broker the sale of small businesses. Considering the unlicensed-activity statute, which of the following BEST states what she needs before she may lawfully do that work?

Her existing license already covers both

Only a business-broker permit for both

A permit alone, no license needed

A license plus a permit for each

Question 23: A brokerage in Reno brings on a new associate and debates whether the arrangement must be a traditional employee relationship for the person to qualify as a real estate salesperson. Under the Nevada definition, in what capacity may a salesperson be associated with the broker?

As an employee or independent contractor

Only as a salaried employee

Only as an independent contractor

Only as a corporate officer

Question 24: An unlicensed person has not yet closed any deal but has begun running online ads offering to help owners sell their homes for a fee. Under Nevada's unlicensed-activity statute, does merely advertising such services fall within the prohibition?

No, only completed sales count

No, advertising is protected speech

Only if a commission is actually paid

Yes, advertising alone is enough

Question 25: A resort employee, hired by a licensed broker, does nothing but accept short-stay reservations for lodging and never touches a sale or transfer of real estate. The broker definition carves out this role when the lodging rental runs for what maximum length?

Thirty-one days or less

Six months or less

One year or less

Ninety days or less

Question 26: A lender considering a mortgage application asks a licensee for a broker's price opinion and wonders whether it can stand in for a full appraisal in deciding the loan. Under Nevada law, may a broker's price opinion be used that way?

Yes, if the licensee is a broker

Yes, for any refinance loan

No, it cannot substitute for one

Yes, if the borrower agrees

Question 27: Nevada requires a broker's price opinion to carry a disclaimer stating that it is not an appraisal of market value. The statute even fixes how prominently that disclaimer must appear on the page. In what type must the disclaimer be printed?

Ten-point italic type

Sixteen-point colored type

Twelve-point underlined type

At least fourteen-point bold type

Question 28: A licensee whose license has lapsed into inactive status is asked to prepare a broker's price opinion for a fee. Setting aside the required contents, what does Nevada require about the preparer's license before she may prepare and charge for one?

Active and in good standing

Any license, active or not

Only a broker's license qualifies

A separate appraiser certification

Question 29: A licensee gives a seller a quick verbal estimate of a likely selling price over the phone and calls it a broker's price opinion. Under the Nevada definition, what form must a broker's price opinion take to qualify as one?

A recorded phone conversation

An oral estimate before witnesses

A written analysis or opinion

A sworn statement under oath

Question 30: A licensee prepares a broker's price opinion for a lender that holds a security interest, and the lender later approves a mortgage. Considering both who may receive a broker's price opinion and its limits, which of the following BEST describes the rule?

A lienholder may never receive one

May be prepared but not decide loans

Lenders may use it to approve loans

Only sellers may request one

Question 31: A salesperson designs a printed flyer offering her services to buyers and sellers in Boulder City and wants it to satisfy Nevada's advertising rules. Under the current advertising statute, which of the following must the advertisement include about the licensee herself?

Her home mailing address

Her years of experience

Her license number

A recent photograph

Question 32: A salesperson wants to run ads using only her own personal name and telephone number, without mentioning the firm she works under. Under Nevada's advertising statute, is a salesperson permitted to advertise solely under her own name in that capacity?

No, advertising must name the brokerage

Yes, if her name is prominent

Yes, for online ads only

Yes, with the broker's verbal approval

Question 33: A broker receives earnest money that belongs to others and must place it where the statute directs rather than mixing it with firm funds. According to the trust-account provision the Division quotes, where must the broker promptly deposit money that belongs to others?

In the broker's operating account briefly

In any out-of-state escrow account

In a separate in-state trust account

In an interest-bearing personal account

Question 34: Earnest money the broker holds for others sits in the brokerage's dedicated deposit account, and a dispute arises over who bears responsibility for those funds. Under the provision the Division quotes verbatim, how does Nevada describe the broker's responsibility for such a deposit?

Shared equally with the escrow agent

Personally responsible and liable always

Limited to the amount of commission

Ended once the funds are deposited

Question 35: A salesperson collects an earnest money check the same day the buyer and seller fully execute the purchase contract in Pahrump. Under the Division's regulation on paying over deposits, what deadline governs delivering that deposit to the broker or the designated escrow?

Within one business day of execution

Within thirty days of receipt

Before the next banking day

Within five calendar days of closing

Question 36: A seller of an existing home in Minden must give the buyer the finished seller's real property disclosure form. Nevada fixes how far ahead of the transfer that form must reach the buyer. The form must be delivered at least how long before conveyance?

Three days

Ten days

Thirty days

Five days

Question 37: A seller is traveling and asks his listing agent to just fill out the seller's real property disclosure form for him and hand it to the buyer. Under Nevada law, what may the seller's agent properly do with that form?

Complete it from the agent's inspection

Complete and sign it for the seller

Neither complete nor deliver it

Serve it but not complete it

Question 38: The disclosure chapter applies only to residential property as it defines that term, which sets an upper and a lower bound on the number of dwelling units affixed to the land. Under that definition, residential property is land with how many dwelling units?

Exactly one single-family home

One to four units

One to eight units

Any number of rental units

Question 39: A seller mails the disclosure form by prepaid mail exactly ten days before the scheduled conveyance, expecting that to satisfy the deadline. Considering how Nevada deems mailed service complete, which of the following BEST explains the result for the seller?

Service is complete when mailed

Mailing always beats personal delivery

The ten-day rule ignores mail

Service completes three days after mailing

Question 40: After closing, a buyer treats the seller's finished disclosure form as a promise about the condition of the home and argues it guarantees each item listed. Under Nevada law, what legal effect does a completed disclosure form actually have?

An express warranty of condition

It is not a warranty

It shifts repairs to the seller

An implied warranty of habitability

NRES Nevada Real Estate Salesperson Exam - Set 1 - Part 2