R E Ch 15

Commissions are always:

Negotiable.

Which of the following types of agency is not permitted in Nevada?

Transactional agency.

If a Nevada real estate licensee wants to serve in a dual agent capacity, he must have a signed disclosure form known as:

"Consent to Act" form.

Someone who handles all the business of the principal is known as:

The universal agent

When the conduct of the agent and the consumer indicates that they have mutually agreed to an agency relationship, this is known as:

Implied agency.

If a real estate licensee is acting for more than one party in a transaction (also known as "dual agency"), one part of the written consent he obtains from all parties to the transaction must promise that he will not disclose any confidential information for how long after the revocation or termination of the brokerage agreement?

One year.

Collusion between brokers and sales people with competing companies to set commission rates is an illegal practice known as:

Price-fixing.

An exaggeration, superlative comment, or subjective opinion, which is legal, is known as:

Puffing.

Which of the following statements is a true statement?

Nevada licensees owe the duty of disclosure to their clients. This means the licensees must disclose all material facts about the property and the transaction to their clients.

If a licensee's actions started or caused a chain of events that resulted in the sale, the licensee is considered to be:

The procuring cause of sale