Nevada License Exam Study Guide - Organization and Format

What is the definition of 'Agency' in real estate according to the summary provided?

• A relationship where one party, the agent, is authorized to act on behalf of another party

• A contract between two buyers

• A legal dispute between a broker and a seller

• A property management agreement

The primary duties owed by a Nevada real estate licensee are set forth in which statutes?

• NRS 645.252, 253, and 254

• NRS 119.100, 101, and 102

• NRS 483.100, 101, and 102

• NRS 645B.010, 011, and 012

What is the purpose of the Consent to Act form in Nevada real estate transactions?

• To inform clients of the conflict of interest created by dual agency and to authorize the licensee to act for more than one party to a transaction.

• To provide a record of property inspections conducted by the licensee.

• To disclose the financial status of the buyer to the seller.

• To outline the terms of the mortgage agreement between the buyer and the lender.

Agency relationships are generally confirmed when the licensees sign the _________

• brokerage agreement

• property deed

• mortgage note

• listing flyer

What are the two basic kinds of brokerage agreements?

• A listing and a buyer representation agreement.

• A lease and a rental agreement.

• A mortgage and a deed agreement.

• A partnership and a joint venture agreement.

A licensee must deliver a copy of a written brokerage agreement to a client at what time?

• At time of signing or reasonable time after that.

• Within 30 days of signing the agreement.

• Only upon client request.

• At the end of the transaction process.

A licensee is subject to discipline for failure to deliver, to the buyer or to the seller, within a reasonable time, a completed copy of any purchase agreement or offer to buy or sell real estate.

• True

• False

A licensee must promptly deliver to parties offer, counter offers and acceptances.

• True

• False

Closing statements have been replaced with what, but are still often called closing statements by statute?

• Closing Disclosures

• Settlement Sheets

• Loan Estimates

• Title Reports

An advance fee agreement must be in _______.

• writing

• cash

• verbal

• installments