R E Ch 5 Agency and Escrow

Every brokerage agreement that includes the option for exclusive agency representation must not:

Have an automatic renewal clause.

The Division has the right, upon receiving a court order stating that any real estate licensee has not paid child support, to suspend that person’s license. This suspension must take place at what point after the date that court order was issued?

At the end of the 30th day.

At what point is a broker's commission considered earned?

When he has performed all his duties as set forth in the brokerage agreement.

Under the discrimination laws in Nevada 645, which of the following persons would not be considered "disabled"?

Someone who is pregnant.

In which of the following cases may a licensee legally use a symbol of a real estate organization?

Only if the licensee is a member of that organization.

Under Nevada real estate law, a real estate licensee must deliver a complete, detailed closing statement to the seller in a real estate transaction within how many days after the transaction is closed?

10 business days

Which of the following actions by a Nevada real estate licensee is NOT a license law violation, for which he can face disciplinary action?

Representing any real estate broker other than the one with whom the licensee is associated with the express consent of his associated broker to do so.

Administrative fines that are levied against real estate licensees, property managers or owner-developers, must not exceed a maximum of how much per violation?

$10,000

It is illegal, under NRS 645, to discriminate in housing based on several factors about the person. Under which of the following situations would a real estate licensee not be held liable under this specific Nevada law, if he were to discriminate against someone?

If the discrimination were based on someone's age.

Exclusive agency representation is the most

common form of representation

the following regulations apply to exclusive agency agreements

Signs advertising a property for sale, lease, exchange, or rent can only be placed there by ONE licensee unless the owner allows otherwise

Once a broker has earned his or her commission, the broker a claim upon the owner's

net proceeds from the sale or transfer of commercial real estate

If a real estate broker wants to enforce a claim in order to receive his or her commission from an owner, the broker must, within how many days after the commission has been earned, provide written notice of the claim

7 days

If a real estate broker wants to enforce a claim in order to receive his or her commission from an owner, the broker must, within 7 days after the commission has been earned, provide written notice of the claim to:

owner of the property and the escrow agent closing the transaction

Once the owner receives the broker's notice, the owner must, within how many days after the notice is served, confirm or deny the claim in the notice and notify the broker in writing

5 days

When a hearing is held the court will make a preliminary determination about _____________________, is entitled to the amount of the owner's net proceeds claimed by the broker.

which party, with reasonable probability

Licensees must not deal with any party to a real estate transaction in a manner that is

deceitful, fraudulent or dishonest.

License law requires all licensees to notify if he or she is convicted of, or enters a plea of guilty, guilty but mentally ill, or nolo contendere to

the division

The Commission has the authority to impose

any and all of the disciplinary actions, or administrative fines for violations of license law.

A proceeding against a licensee must be initiated within

5 years after the date the violation was

It is ILLEGAL for anyone to file a complaint

that is false

Anyone who files such a fraudulent notice is guilty of a

gross misdemeanor

The provisions and disciplinary actions set forth in license law (NRS 645)

are in ADDITION to any civil liability or criminal prosecution that a person may face for violating the general Nevada State laws.

Once a contract has been rescinded, and each party returns to the other any consideration that has been tendered, what has occurred?

Restitution

Which of the following would cause a termination of a real estate contract?

Completion of a contract