Nevada Key Realty Practice Exam

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• What does "broker's price opinion" (BPO) mean?
• What does the monetary amount provided by an appraiser represent?
• What is the main purpose of a property survey?
• What is often the primary motivation for real estate salespeople in transactions?
• What is required for a Nevada licensee to sell property with an unmerchantable title?
• Which term describes a legal document that formally ends a contract?
• Which of the following is typically a requirement for becoming a licensed real estate agent in Nevada?
• Which of the following is a requirement for obtaining a real estate license in Nevada?
• What action must be taken if a licensee sells property with an unmerchantable title?
• Which statement correctly describes the listing brokerage's obligations?
• What is the standard purpose of a real estate contract?
• What can happen if a licensee fails to renew their license on time?
• What type of property is typically described as “immovable”?
• Which of the following statements about an exclusive listing contract is not true under Nevada law?
• What explains the concept of "foreclosure"?
• Which valuation reflects the amount a buyer is willing to pay for a property?
• What does the term "zoning" refer to in real estate?
• Which type of organization funds loans with their own capital and typically sells them on the secondary market?
• What is the term used for a licensed person who has signed a duties owed document with a client in Nevada?
• Which lending program requires a DD-214 and is applicable for owner-occupied properties?
• How long must records of real estate transactions be retained in Nevada?
• What does severance refer to in real estate?
• What does a non-conforming use allow a person to do?
• Which of the following is required for deeds to be enforceable?
• How is "market value" defined in real estate terms?
• For homes to be affected by lead-based paint regulations, they must have been built before which date?
• What is a significant feature of a real estate appraisal?
• Why is zoning important in real estate development?
• Who is referred to as the grantor in a property transaction?
• What role does a lender play in the underwriting process?
• In an installment contract, who retains legal title to the real property?
• When can a real estate salesperson charge a commission for selling property?
• In real estate, what is a "seller's market"?
• Which of the following is a required action for a licensed real estate agent regarding trust accounts?
• Which statement is false regarding net listings in Nevada?
• What is the definition of "escrow" in real estate transactions?
• What is a responsibility of the listing brokerage regarding other brokerages?
• What does consideration refer to in real estate transactions?
• What are dower and curtesy in the context of real estate?
• Which entity is typically responsible for preparing the initial offer to purchase in a real estate transaction?
• What is the primary difference between a real estate agent and a real estate broker?
• What is the purpose of a title search during a real estate transaction?
• What is likely to be included in the fees termed as "closing costs"?
• What is the common type of agency relationship between a buyer and a real estate agent?
• What does an irrevocable offer imply regarding its status?
• How is assessment tax typically calculated?
• Which status of your Nevada license allows you to sell real estate and receive a commission?
• What happens if a licensee does not fulfill the requirements set by NREDA?
• What term describes an illegal wall or fence built on another person's property?
• Where must the Nevada broker turn over earnest money?
• What is considered personal property in the context of real estate?
• What is the purpose of earnest money in a real estate transaction?
• What do lenders typically set for their loans?
• Which type of exchange allows capital gains to be deferred when exchanging real properties?
• What is the definition of a patent defect in real estate?
• What does PMI stand for?
• Which of the following describes emblements?
• What does a chain of title represent?
• What is the term for when a buyer pays more for real property than its worth due to its location?
• What form is used for the Transfer of Title in Nevada?
• What is one of the general rules for required education for a Nevada broker?
• What term is used to describe the concealment of material fact in real estate?
• What is the primary goal of a comparative market analysis (CMA)?
• What requirement must be met for a property to be classified as "zoned residential"?
• Which of the following terms most accurately describes what PMI represents?
• Which entity is responsible for issuing real estate licenses in Nevada?
• A conventional conforming lending program is primarily based on what?
• In a settlement statement, where is the payoff for an existing mortgage placed?
• What is typically the advantage of a fixed-rate mortgage?
• What information does a property disclosure statement typically include?
• Define "dual agency."
• When can a real property deed be considered void?
• What is the period of validity for a real estate license in Nevada?
• What is one primary consideration when obtaining a home loan?
• Who is responsible for writing the Nevada Revised Statutes?
• What must a listing include to be valid in Nevada?
• What is it called when real property is automatically transferred to an heir after the owner's death?
• What distinguishes a "merchantable title" in real estate transactions in Nevada?
• What are permanent metal plates throughout cities in the U.S. used for?
• What is the primary difference between a fixed-rate mortgage and an adjustable-rate mortgage?
• What is the minimum age to obtain a real estate license in Nevada?
• Becky sold her house at an appraised value of $140,000 after buying it for $100,000 in 1998. How much equity does she have?
• The addition of multiplex units to a single-family home generally affects what aspect?
• Which of the following describes "title insurance"?
• What is plottage in real estate terms?
• In real estate financing, what does "principal" refer to?
• What is the primary aim of the Nevada Real Estate Division's regulations?
• What does the term redlining refer to in lending?
• What is the primary purpose of the Nevada Real Estate Division?
• Which of the following is NOT a requirement for real estate listings in Nevada?
• How do Mutual Savings Banks primarily operate?
• What term is used when mortgage bankers bundle loans and sell them to the secondary market?
• Which of the following best describes a mortgage assumption?
• What does the term "underwriting" mean in real estate financing?
• What is the job of a home inspector primarily focused on identifying?
• What does a note on a mortgage or trust deed assumption represent?
• What is the typical role of a listing brokerage in Nevada?
• What is the title for a Nevada licensed person who signed a duties owed document with a client?
• Which is an example of a material fact that must be disclosed by a seller?
• What happens if a licensee fails to disclose their license status in a transaction?
• What is a fixture in real property?
• What is a Real Estate Salesperson's relationship to their broker?
• What is typically true regarding a listing commission?
• What does non-conforming use allow individuals to do regarding their property?
• When NREDA makes a payment from the ERRF fund, what happens to the license of the involved licensee?
• What does "fiduciary duty" entail for a real estate agent?
• What is typically included in the closing costs of a real estate transaction?
• What is the role of a designated broker in a real estate agency?
• Which of the following is NOT a classification of a contract?
• In real estate transactions, what does "equity" refer to?
• What is meant by "property management"?
• How is real property typically transferred?
• Which of the following is an essential element in a real estate transaction?
• What is the primary purpose of a settlement statement?
• What typically influences the market value of a property?
• What is a requirement for entering an exclusive listing agreement in Nevada?
• What characterizes a "short sale" in real estate transactions?
• What type of relationship does a fiduciary duty create between a real estate agent and their client?
• What is the main responsibility of the Nevada Real Estate Commission?
• What document provides details on the closing costs to a buyer?
• What defines an easement in real estate?
• What does the term "as is" mean in a Nevada real estate sale?
• What is a leasehold estate?
• What does the term "escrow" refer to in real estate transactions?
• What might trigger an adjustment in an adjustable-rate mortgage?
• What is the primary function of title insurance?
• What is referred to as any claim that might impair the title?
• Which of the following statements about Nevada real estate licensing is NOT true?
• Which document outlines the terms of a property sale?
• What must a real estate agent disclose when representing a buyer in a transaction?
• What is another term for a settlement statement?
• What provides protection from involuntary debts for property owners in some states?
• What type of property ownership allows for unequal shares?
• What is classified as "investment property"?
• What is a joint tenancy?
• What is the smallest saleable portion of a Nevada subdivision called?
• The Superfund program primarily deals with what issue?
• What is the LTV (Loan-to-Value) ratio for a $100,000 purchase with 20% down?
• What does a home inspection typically evaluate?
• What is the significance of a property appraisal?
• In real estate terms, what is an encroachment?
• Which type of estate allows an individual to own real property legally?
• What term describes the action of the government returning a parcel of real property to a private citizen?
• What does the acronym "MLS" refer to in real estate?
• Which program mandates that the real property must be owner-occupied and carries a prepayment penalty?
• In Nevada, who owns the listing after it is agreed upon?
• What is the minimum required passing score for the Nevada real estate licensing exam?
• Who is required to turn over all monies from an offer agreement to purchase real estate in Nevada?
• What is the primary purpose of a listing agreement?
• If Becky is in section 6 - range 67 east - township 33 south, where would Ricky be if he is in section 24 - range 67 east - township 33 south?
• What is the minimum amount of ERRF money available on any given day in Nevada?
• What information is provided by a "property survey"?
• What does the term "severability" refer to in Nevada real estate?
• What does the term "remainder interest" signify in property law?
• What is the significance of Fair Housing Laws in real estate?
• What does "commingling" refer to in real estate?
• Which law governs real estate transactions in Nevada?
• In Nevada, how long does a homeowner have to redeem their property after a foreclosure?
• Which of the following is a common reason to conduct a property inspection?
• What does the term "escrow" refer to in real estate?
• What is the primary intent behind real estate disclosure laws?
• What does LTV stand for in real estate financing?
• Which of the following must typically be disclosed to buyers in a real estate transaction?
• What is the primary duty of a licensee in a client relationship?
• What is a "letter of intent" used for in commercial real estate?
• Which of the following would NOT be considered a professional competency for a real estate broker?
• In real estate, what does the term "equity" refer to?
• What does "earnest money" represent in a real estate transaction?
• What is a major duty owed by a real estate agent to their client?
• In lending, what does the term 'prepayment penalty' refer to?
• What type of loan is typically associated with lower down payment options?
• Which of the following best describes a "listing agreement"?
• According to Nevada real estate practices, when is a listing considered valid?
• What is the maximum fine for engaging in unlicensed real estate activities in Nevada?
• What is the purpose of a "declaration of covenants, conditions, and restrictions" (CCandRs)?
• Can a Nevada licensee sell a property with an unmerchantable title?
• Which term best describes the rights to use or occupy property?
• Which method can terminate a listing agreement?
• What does "contingency" refer to in a real estate contract?
• What does the term "loan-to-value ratio" refer to?
• What is the main purpose of zoning laws?
• What does GNMA, also known as Ginnie Mae, primarily do?
• What does prior appropriation relate to in terms of rights?
• Which of the following statements about Nevada real estate listings is false?
• In Nevada, what is the purpose of continuing education for real estate licensees?
• What does the homestead exemption generally protect against?
• What is the significance of benchmark plates in urban areas?
• Which conditions are NOT typically applicable to Nevada real estate listings?
• What is meant by "negative amortization" in a mortgage context?
• What must an environmental impact statement address before land use is permitted?
• What does "equity" refer to in real estate?
• What does it mean when a property is described as "in good standing"?
• What does a non-recourse loan stipulate about lender liabilities?
• What is the role of a title company in a real estate transaction?
• To manage and conduct leasing activities for multiple owners, which of the following is not required?
• What are "closing costs" in real estate transactions?
• What is an "adjustable-rate mortgage" (ARM)?
• What information should be included in a real estate listing?
• Which of the following describes a "short sale" in real estate?