NRES Nevada Real Estate Salesperson Exam - Set 1 - Part 3

Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.

Question 41: A seller wants a fast, as-is sale and asks the buyer to sign away the requirement that the seller deliver a finished disclosure form at all before the transfer. Under Nevada law, may the parties waive that delivery requirement in their deal?

Yes, if the waiver is notarized

Yes, in any written agreement

No, delivery cannot be waived

Yes, on an as-is cash sale

Question 42: A buyer agrees to give up certain remedies she would otherwise have under the seller-disclosure statute after learning of a defect. Considering how Nevada validates such a waiver of remedies, which of the following BEST states what the law requires for it?

The seller's agent must approve it

An oral agreement before witnesses

A signed writing, no notary needed

A signed, notarized written document

Question 43: A unit in a Summerlin common-interest community is being resold, and the buyer must receive a resale package before the sale can move forward. Under Nevada law, at whose expense is that resale package furnished to the purchaser?

The unit's owner, the seller

The prospective buyer

The homeowners association

The listing broker

Question 44: A buyer of a resale condominium in a common-interest community receives the resale package and then reconsiders the purchase. Nevada gives the buyer a short cancellation window. That right to cancel by written notice runs until midnight of which day?

The tenth day after signing

The fifth day after the package arrives

The third day after closing escrow

The fifth day after executing the contract

Question 45: A selling unit owner makes a written request to the association for the documents and certificate needed to assemble a resale package, and the association drags its feet past the statutory deadline. What consequence does Nevada attach to that delay?

Purchaser escapes the delinquent assessment

The sale is automatically void

The association owes the buyer damages

The seller must extend closing thirty days

Question 46: A licensed contractor sells a brand-new house that has never been lived in, and the parties ask whether the ordinary seller's real property disclosure form is required for this first sale. Under the disclosure statute's exemptions, how is this sale treated?

Required, just like any resale

Exempt as first sale of construction

Required only if a buyer asks

Required unless the buyer waives it

Question 47: A subdivision deed contains a covenant flatly forbidding any homeowner from installing a rooftop system to capture solar energy. A buyer wants to add panels and asks about that restriction. Under Nevada law, what is the status of such a covenant?

Enforceable if recorded before purchase

Valid if the association approves

Void and unenforceable

Enforceable against the first owner only

Question 48: A buyer purchasing ranch land in rural Nevada assumes the water used on the land automatically travels with the parcel when it sells. Under the governing water-law principle, how does Nevada treat water used for beneficial purposes at the place of use?

It stays appurtenant to the land

It is the seller's personal property

It reverts to the State on sale

It passes only if deeded

Question 49: Nevada places its real estate regulatory policy in the hands of a commission whose members are chosen by the Governor rather than elected. Under the statute establishing that body, how many members make up the Real Estate Commission?

Three

Nine

Seven

Five

Question 50: A consumer wins a court judgment against a licensee for fraud in a licensed transaction, cannot collect it, and turns to Nevada's recovery fund for relief. Under the current statute, the fund pays unpaid actual damages up to what maximum per judgment?

Twenty-five thousand dollars

Twenty thousand dollars

Fifty thousand dollars

Ten thousand dollars

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