NRES - Nevada Real Estate Salesperson Exam

Question 21: A seventeen-year-old signs a contract to buy a car, but because a minor lacks full legal capacity, the minor may choose either to honor the agreement or to disaffirm it. How is a contract that one party may either enforce or cancel described?

Valid

Voidable

Enforceable

Binding

Question 22: Two parties reach an oral agreement to sell a parcel of real estate, but because the law requires such agreements to be written, neither party can sue the other to force performance of the deal. How is this agreement best described?

Unenforceable

Valid

Executed

Binding

Question 23: In a real estate sales contract, the seller promises to transfer title and the buyer promises to pay the price, so each party exchanges one promise for the other. A contract in which both parties make binding promises is classified as what?

An implied contract

An executed contract

A bilateral contract

An express contract

Question 24: A listing broker offers to share the commission with any cooperating broker who brings a buyer, but no other broker is obligated to act; only a broker who actually produces a buyer earns the promised share. What kind of contract is this offer?

A unilateral contract

An express contract

An escrow agreement

A binder

Question 25: A sales contract has been signed by both buyer and seller, but closing has not yet happened, so ownership has not changed hands and the price has not been paid; one or both parties still have acts to perform. How is such a contract classified?

An executed contract

An express contract

An executory contract

An implied contract

Question 26: A seller responds to a buyer's offer by changing the price and adding a new condition, then signs and returns it. Because the seller altered the terms, the original offer is destroyed and a new proposal takes its place. What is the seller's response called?

A ratification

A binder

An addendum

A counteroffer

Question 27: When a buyer assumes a seller's existing mortgage, the lender agrees to release the original borrower and substitute the buyer as the party primarily liable for the debt, creating a new contract in place of the old one. What is this substitution called?

A contingency

Novation

Rescission

A binder

Question 28: A party to a contract transfers their rights and duties under it to a third party, though the original party may remain liable unless specifically released, and only if the contract does not forbid such a transfer. What is this transfer called?

A contingency

Rescission

A binder

Assignment

Question 29: A seller who has signed a valid contract refuses to go through with the sale, so the buyer asks the court to force the seller to convey the property exactly as agreed rather than merely paying money in place of the deal. What remedy is the buyer seeking?

A rescission

Specific performance

A contingency

A finder's fee

Question 30: A sales contract states that if the buyer defaults, the seller may keep the buyer's good-faith deposit as the agreed, preset amount of compensation, and that this is the seller's sole remedy for the breach. What is this agreed sum called?

A finder's fee

A contingency

Liquidated damages

A transfer tax

Question 31: State law requires that certain agreements, including contracts for the sale of real estate, be put in writing and signed in order to be enforceable in court, so that an oral real estate sale cannot be enforced. What is this law called?

The statute of frauds

The statute of limitations

A contingency clause

The Uniform Commercial Code

Question 32: After a buyer and seller both sign a sales contract but before the deed is delivered at closing, the buyer gains a recognized interest in the property even though legal title has not yet passed. What is this pre-closing interest of the buyer called?

Legal title

A leasehold estate

A lien

Equitable title

Question 33: For a fee, a property owner gives a prospective buyer the right, but not the obligation, to purchase the property at a fixed price within a set period; only the prospective buyer can choose whether to enforce it. What is this contract called?

A lease

An option

An escrow agreement

A promissory note

Question 34: A buyer takes possession of a property and makes monthly installment payments to the seller over several years, but the seller keeps legal title until all of the payments have been made. What is this seller-financing arrangement called?

A lease

An escrow agreement

A land contract

A promissory note

Question 35: When making an offer to purchase, a buyer commonly provides a deposit, usually a check, to show good-faith intent to carry out the contract and to help compensate the seller if the buyer later defaults. What is this good-faith deposit called?

Earnest money

A transfer tax

A finder's fee

A security deposit

Question 36: The federal Fair Housing Act makes it illegal to discriminate in housing based on a person's membership in any of seven specified protected classes covering race and several other traits. Which of the following lists includes only federally protected classes?

Age, income, occupation, and marital status

Credit score, employer, and citizenship

Race, color, religion, and national origin

Political party and level of education

Question 37: A separate federal law, upheld by the Supreme Court in Jones v. Mayer, prohibits all racial discrimination in the sale or rental of any property, with no exceptions, whether or not a real estate professional is involved. Which law provides this absolute bar?

The Civil Rights Act of 1866

The Uniform Commercial Code

The Real Estate Settlement Procedures Act

The Truth in Lending Act

Question 38: A landlord refuses to rent an apartment to a household simply because the family includes several young children, treating families with children less favorably than other applicants for the same unit. Which protected class does this refusal actually violate?

National origin

Familial status

Age of the applicant

Marital status

Question 39: A tenant who uses a wheelchair asks the landlord of a no-pets building to allow a service animal and to designate an accessible parking space so the tenant can fully use the premises. Under fair housing law, what must the landlord generally provide?

A reasonable accommodation

A higher security deposit

A separate building

A shorter lease term

Question 40: To generate listings, an agent tells homeowners that members of a certain group are moving into the neighborhood and that they should sell now before property values fall, hoping to profit from the resulting flood of sales. What illegal practice is this?

An administrative hearing

Conciliation

An escrow dispute

Blockbusting

NRES Nevada Real Estate Salesperson Exam - Set 4 - Part 2

Question 21: A seventeen-year-old signs a contract to buy a car, but because a minor lacks full legal capacity, the minor may choose either to honor the agreement or to disaffirm it. How is a contract that one party may either enforce or cancel described?

Question 22: Two parties reach an oral agreement to sell a parcel of real estate, but because the law requires such agreements to be written, neither party can sue the other to force performance of the deal. How is this agreement best described?

Question 23: In a real estate sales contract, the seller promises to transfer title and the buyer promises to pay the price, so each party exchanges one promise for the other. A contract in which both parties make binding promises is classified as what?

Question 24: A listing broker offers to share the commission with any cooperating broker who brings a buyer, but no other broker is obligated to act; only a broker who actually produces a buyer earns the promised share. What kind of contract is this offer?

Question 25: A sales contract has been signed by both buyer and seller, but closing has not yet happened, so ownership has not changed hands and the price has not been paid; one or both parties still have acts to perform. How is such a contract classified?

Question 26: A seller responds to a buyer's offer by changing the price and adding a new condition, then signs and returns it. Because the seller altered the terms, the original offer is destroyed and a new proposal takes its place. What is the seller's response called?

Question 27: When a buyer assumes a seller's existing mortgage, the lender agrees to release the original borrower and substitute the buyer as the party primarily liable for the debt, creating a new contract in place of the old one. What is this substitution called?

Question 28: A party to a contract transfers their rights and duties under it to a third party, though the original party may remain liable unless specifically released, and only if the contract does not forbid such a transfer. What is this transfer called?

Question 29: A seller who has signed a valid contract refuses to go through with the sale, so the buyer asks the court to force the seller to convey the property exactly as agreed rather than merely paying money in place of the deal. What remedy is the buyer seeking?

Question 30: A sales contract states that if the buyer defaults, the seller may keep the buyer's good-faith deposit as the agreed, preset amount of compensation, and that this is the seller's sole remedy for the breach. What is this agreed sum called?

Question 31: State law requires that certain agreements, including contracts for the sale of real estate, be put in writing and signed in order to be enforceable in court, so that an oral real estate sale cannot be enforced. What is this law called?

Question 32: After a buyer and seller both sign a sales contract but before the deed is delivered at closing, the buyer gains a recognized interest in the property even though legal title has not yet passed. What is this pre-closing interest of the buyer called?

Question 33: For a fee, a property owner gives a prospective buyer the right, but not the obligation, to purchase the property at a fixed price within a set period; only the prospective buyer can choose whether to enforce it. What is this contract called?

Question 34: A buyer takes possession of a property and makes monthly installment payments to the seller over several years, but the seller keeps legal title until all of the payments have been made. What is this seller-financing arrangement called?

Question 35: When making an offer to purchase, a buyer commonly provides a deposit, usually a check, to show good-faith intent to carry out the contract and to help compensate the seller if the buyer later defaults. What is this good-faith deposit called?

Question 36: The federal Fair Housing Act makes it illegal to discriminate in housing based on a person's membership in any of seven specified protected classes covering race and several other traits. Which of the following lists includes only federally protected classes?

Question 37: A separate federal law, upheld by the Supreme Court in Jones v. Mayer, prohibits all racial discrimination in the sale or rental of any property, with no exceptions, whether or not a real estate professional is involved. Which law provides this absolute bar?

Question 38: A landlord refuses to rent an apartment to a household simply because the family includes several young children, treating families with children less favorably than other applicants for the same unit. Which protected class does this refusal actually violate?

Question 39: A tenant who uses a wheelchair asks the landlord of a no-pets building to allow a service animal and to designate an accessible parking space so the tenant can fully use the premises. Under fair housing law, what must the landlord generally provide?

Question 40: To generate listings, an agent tells homeowners that members of a certain group are moving into the neighborhood and that they should sell now before property values fall, hoping to profit from the resulting flood of sales. What illegal practice is this?

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