NRES - Nevada Real Estate Salesperson Exam

Question 21: A state highway department needs a strip of privately owned farmland to widen a road and, over the owner's objection, forces the transfer while paying the owner just compensation. Which governmental power authorizes taking private property for public use this way?

Taxation

Eminent domain

Inverse condemnation

A special assessment

Question 22: A city council holds hearings and adopts an ordinance zoning a district for residential use only, restricting how owners there may build, and it pays none of them for the limits imposed. Which governmental power BEST supports this action?

Taxation

Inverse condemnation

A special assessment

Police power

Question 23: A person dies owning a home but leaves no valid will, no living trust, and no heirs who can be identified under state law to take the property. Which governmental power causes ownership of that property to pass to the state?

Taxation

Escheat

Inverse condemnation

Foreclosure

Question 24: A public agency and a landowner cannot agree on a price for land the agency needs, so the agency begins a formal legal proceeding to take the property on payment of just compensation. What is that actual legal process of taking called?

Condemnation

Accretion

Partition

Dedication

Question 25: A party files a notice in the public record announcing a pending lawsuit that may affect the title to a particular property, which discourages buyers and lenders by creating a cloud on the title until the dispute is resolved. What is this notice called?

A deed restriction

A special assessment

A party wall agreement

A lis pendens

Question 26: A surveyor describes a parcel by starting at a fixed reference point, following measured directions and distances around the perimeter using natural and artificial markers, and always returning to that same starting point so the tract is enclosed. Which method of land description is this?

The rectangular survey system

Locating by street address only

The metes-and-bounds method

A benchmark elevation reference

Question 27: In a metes-and-bounds description, the surveyor must start at a designated spot on the parcel and, after tracing all the courses, return to that same spot so the tract is completely enclosed and no boundary is left open. What is that designated spot called?

A benchmark

A principal meridian

A base line

The point of beginning

Question 28: In the rectangular survey system, townships are subdivided into smaller squares that serve as the basic units for describing land, each one mile on a side. How many acres does one such section contain, a figure a candidate is expected to memorize?

Six hundred forty acres

One hundred sixty acres

Three hundred twenty acres

Twenty-three thousand acres

Question 29: A developer records a subdivision plat that divides land into numbered parcels within a named subdivision, and later deeds describe each parcel by its number and by the recorded plat on file in the county records. Which method of description is being used?

The rectangular survey system

Locating by street address only

A benchmark elevation reference

The lot-and-block method

Question 30: Three siblings hold title as joint tenants with right of survivorship. One sibling sells her interest to an outside buyer, while the other two make no changes at all. Which of the following BEST describes how title is held afterward?

All three remain joint tenants

Buyer holds as a tenant in common

The buyer joins as a joint tenant

The joint ownership is entirely destroyed

Question 31: In some states a married couple may take title in a special co-ownership available only to spouses, in which each has an equal undivided interest, neither may convey a half alone, and a deed transferring it must be signed by both. What is this form called?

Community property

An estate for years

A leasehold estate

Tenancy by the entirety

Question 32: Two people co-own a parcel, each holding a separate undivided fractional interest that each may sell, mortgage, or leave by will, with no automatic transfer to the other when one of them dies. Which form of co-ownership does this describe?

Ownership in severalty

Tenancy in common

A tenancy at will

An estate for years

Question 33: A buyer purchases a unit in a residential complex, taking fee simple title to the interior of the unit plus an undivided share, held with the other unit owners, of the lobby, elevators, roof, and grounds. Which ownership arrangement is this?

A general partnership

An estate for years

A tenancy at will

A condominium

Question 34: In one form of housing, a corporation holds title to the entire building, and each resident buys shares of stock in that corporation and receives a proprietary lease to occupy an apartment. What does each resident actually own in this arrangement?

Fee simple title to the apartment

An undivided share of the land

Shares of stock, which are personal property

A life estate in the apartment

Question 35: A single individual inherits a condominium and holds title entirely alone, with sole discretion to sell, lease, will, or otherwise dispose of it, cut off from any other co-owners of the parcel. What is this form of sole ownership called?

Ownership in severalty

A tenancy at will

An estate for years

A proprietary lease

Question 36: In a real estate conveyance carried out by a written deed, one party transfers ownership of the property and the other party receives it. What is the party who owns the property and transfers it to the other called?

The grantee

The devisee

The grantor

The mortgagee

Question 37: A grantor signs and acknowledges a deed but keeps it in a drawer, never handing it to the buyer or to anyone acting for the buyer. Under general deed principles, what more is required for title to actually pass to the buyer?

Delivery and acceptance of the deed

Recording the deed at the county

Payment of the transfer tax

A survey of the property

Question 38: Before a deed can be accepted for recording in most states, the grantor must make a formal declaration before a notary public that the signature is genuine and was given voluntarily. What is that formal notarized declaration called?

A habendum clause

An acknowledgment

A granting clause

A covenant of seisin

Question 39: A buyer wants the fullest protection a deed can give, including a promise that the grantor will defend the title against defects arising even before the grantor owned the property. Which type of deed BEST provides that protection?

A deed of trust

A bargain and sale deed

A general warranty deed

A special warranty deed

Question 40: To clear up a possible cloud on the title caused by a misspelled name in an earlier recorded deed, an attorney has a party sign a deed that conveys only whatever interest that party may have, with no warranties at all. Which deed is this?

A deed of trust

A bargain and sale deed

A special warranty deed

A quitclaim deed

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

Question 21: A state highway department needs a strip of privately owned farmland to widen a road and, over the owner's objection, forces the transfer while paying the owner just compensation. Which governmental power authorizes taking private property for public use this way?

Question 22: A city council holds hearings and adopts an ordinance zoning a district for residential use only, restricting how owners there may build, and it pays none of them for the limits imposed. Which governmental power BEST supports this action?

Question 23: A person dies owning a home but leaves no valid will, no living trust, and no heirs who can be identified under state law to take the property. Which governmental power causes ownership of that property to pass to the state?

Question 24: A public agency and a landowner cannot agree on a price for land the agency needs, so the agency begins a formal legal proceeding to take the property on payment of just compensation. What is that actual legal process of taking called?

Question 25: A party files a notice in the public record announcing a pending lawsuit that may affect the title to a particular property, which discourages buyers and lenders by creating a cloud on the title until the dispute is resolved. What is this notice called?

Question 27: In a metes-and-bounds description, the surveyor must start at a designated spot on the parcel and, after tracing all the courses, return to that same spot so the tract is completely enclosed and no boundary is left open. What is that designated spot called?

Question 28: In the rectangular survey system, townships are subdivided into smaller squares that serve as the basic units for describing land, each one mile on a side. How many acres does one such section contain, a figure a candidate is expected to memorize?

Question 29: A developer records a subdivision plat that divides land into numbered parcels within a named subdivision, and later deeds describe each parcel by its number and by the recorded plat on file in the county records. Which method of description is being used?

Question 30: Three siblings hold title as joint tenants with right of survivorship. One sibling sells her interest to an outside buyer, while the other two make no changes at all. Which of the following BEST describes how title is held afterward?

Question 31: In some states a married couple may take title in a special co-ownership available only to spouses, in which each has an equal undivided interest, neither may convey a half alone, and a deed transferring it must be signed by both. What is this form called?

Question 32: Two people co-own a parcel, each holding a separate undivided fractional interest that each may sell, mortgage, or leave by will, with no automatic transfer to the other when one of them dies. Which form of co-ownership does this describe?

Question 33: A buyer purchases a unit in a residential complex, taking fee simple title to the interior of the unit plus an undivided share, held with the other unit owners, of the lobby, elevators, roof, and grounds. Which ownership arrangement is this?

Question 34: In one form of housing, a corporation holds title to the entire building, and each resident buys shares of stock in that corporation and receives a proprietary lease to occupy an apartment. What does each resident actually own in this arrangement?

Question 35: A single individual inherits a condominium and holds title entirely alone, with sole discretion to sell, lease, will, or otherwise dispose of it, cut off from any other co-owners of the parcel. What is this form of sole ownership called?

Question 36: In a real estate conveyance carried out by a written deed, one party transfers ownership of the property and the other party receives it. What is the party who owns the property and transfers it to the other called?

Question 37: A grantor signs and acknowledges a deed but keeps it in a drawer, never handing it to the buyer or to anyone acting for the buyer. Under general deed principles, what more is required for title to actually pass to the buyer?

Question 38: Before a deed can be accepted for recording in most states, the grantor must make a formal declaration before a notary public that the signature is genuine and was given voluntarily. What is that formal notarized declaration called?

Question 39: A buyer wants the fullest protection a deed can give, including a promise that the grantor will defend the title against defects arising even before the grantor owned the property. Which type of deed BEST provides that protection?

Question 40: To clear up a possible cloud on the title caused by a misspelled name in an earlier recorded deed, an attorney has a party sign a deed that conveys only whatever interest that party may have, with no warranties at all. Which deed is this?

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