Nevada Real Estate Exam
1,501+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the Nevada real estate salesperson exam.
Nevada License Law
144 questions- Which state agency regulates real estate licenses in Nevada?
- How many hours of pre-license education are required for a Nevada real estate salesperson license?
- The Nevada real estate salesperson licensing exam consists of how many questions?
- What is the minimum passing score required on the Nevada real estate salesperson exam?
- In Nevada, a real estate salesperson must work under:
- Nevada real estate licenses must be renewed every:
- How many continuing education hours must a Nevada real estate salesperson complete per two-year renewal period?
- Nevada does NOT have a state income tax. How does this typically affect real estate in Nevada?
- Which of the following is a ground for disciplinary action against a Nevada real estate licensee?
- Under Nevada law, a licensee's trust account must be:
- A Nevada broker is required to keep real estate transaction records for a minimum of:
- The Nevada Real Estate Division (NRED) may investigate a complaint against a licensee filed by:
- Under Nevada Revised Statutes Chapter 645, which of the following acts requires a real estate license?
- A Nevada real estate salesperson license must be renewed every:
- How many hours of continuing education must a Nevada licensee complete each 2-year renewal cycle?
- To obtain a Nevada real estate broker license, an applicant must have at least how many years of active experience as a salesperson?
- A licensed Nevada salesperson who works independently without an employing broker is:
- What is the name of the Nevada state agency that enforces real estate licensing laws?
- A Nevada licensee who wishes to change their employing broker must:
- In Nevada, which of the following is NOT grounds for license revocation or suspension by NRED?
- Nevada's Real Estate Education, Research and Recovery Fund is designed to:
- Under NRS 645, a broker-salesperson license differs from a salesperson license in that a broker-salesperson:
- A Nevada licensee must notify NRED of a change of mailing address within:
- In Nevada, 'inactive' license status means:
- Under NRS 645, a licensee found guilty of unprofessional conduct may face all of the following EXCEPT:
- Which of the following is an exempt activity that does NOT require a Nevada real estate license?
- The maximum recovery from the Nevada Real Estate Education, Research and Recovery Fund per licensee for multiple transactions is:
- A Nevada real estate company's qualifying broker is responsible for:
- In Nevada, a temporary broker's license may be issued to allow a brokerage to continue operating when:
- The Nevada pre-license education requirement of 120 hours for a salesperson consists of which subject areas?
- Can a Nevada real estate licensee pay a referral fee to an unlicensed person?
- Nevada's Real Estate Division is under the supervision of which state department?
- Under NRS 645, a broker is required to maintain transaction records for a minimum of:
- In Nevada, which of the following requires a separate license in addition to a real estate license?
- Which statement about Nevada's real estate licensing exam is correct?
- A Nevada licensee who wishes to operate a real estate brokerage must obtain a:
- Under NRS 645, which of the following is considered unprofessional conduct by a Nevada licensee?
- How many hours of continuing education must a Nevada real estate salesperson complete to renew a license?
- Which of the following requires a Nevada real estate license?
- What is the role of the Nevada Real Estate Commission (NREC)?
- A Nevada licensee's license is automatically suspended if they:
- Which of the following individuals is EXEMPT from needing a Nevada real estate license?
- What must a Nevada broker do with all original transaction documents?
- What is the purpose of Nevada's Real Estate Education, Research and Recovery Fund?
- A Nevada broker-salesperson differs from a salesperson in that the broker-salesperson:
- Under NRS 645, what is the penalty for practicing real estate in Nevada without a license?
- A Nevada real estate licensee must report which of the following to NRED?
- What is the initial pre-license education requirement for a Nevada real estate salesperson?
- What is commingling of funds, and why is it prohibited under NRS 645?
- What does it mean when a Nevada real estate license is placed on 'inactive' status?
- What is the Nevada Real Estate Division's (NRED) primary function?
- What happens when a Nevada real estate licensee is found guilty of making a false promise to a client?
- A Nevada licensee who acts as a principal in a real estate transaction (buying or selling for their own account) must:
- What is the Nevada requirement for a real estate licensee who changes their employing broker?
- What is the Nevada requirement for real estate advertising by licensees?
- What is the Nevada requirement for a property management company wishing to manage residential properties for others?
- What is the Nevada reciprocity provision for out-of-state real estate licensees?
- What does the term 'designated broker' mean under Nevada license law?
- What is the purpose of the Nevada Certified Residential Appraiser (CRA) designation versus a Licensed Residential Appraiser?
- What is the duty of a Nevada broker when their salesperson is found to have engaged in fraud?
- What is the Errors and Omissions (E&O) insurance requirement for Nevada real estate licensees?
- What is the Nevada Real Estate Division's complaint investigation process?
- What is the Nevada requirement for a 'team' of real estate licensees operating under one broker?
- What is the Trust Account Audit requirement for Nevada real estate brokers?
- What is an unlicensed assistant and what can they legally do in Nevada real estate?
- What are the requirements to obtain a Nevada broker's license?
- What is the Nevada requirement for placing a 'For Sale' sign on a listed property?
- What is the Nevada requirement for an agent to disclose a material fact about a property?
- What are the grounds for license revocation (versus suspension) under NRS 645 in Nevada?
- Under NRS 645, what constitutes 'misleading advertising' by a Nevada real estate licensee?
- What is the Nevada Broker Management Continuing Education requirement?
- What is the Nevada requirement for handling earnest money received by an agent?
- What is the Nevada requirement for a licensee's use of the term 'REALTOR®'?
- What is the Nevada requirement for a 'team name' used by a group of licensees?
- What does it mean when a Nevada real estate license is 'revoked' versus 'voluntarily surrendered'?
- What is the Nevada requirement for a salesperson's license to become active after the initial exam?
- Under NRS 645, how must a Nevada real estate licensee handle a situation where a client instructs them to do something that is legal but unethical?
- What are the pre-licensing education topics required for a Nevada real estate salesperson?
- What is the Nevada requirement for a broker to maintain a physical office?
- Under NRS 645, what is a 'kickback' and why is it prohibited?
- What is the Nevada requirement for a licensee's business card or stationery?
- What is Nevada's Sunset Law and how might it affect professional licensing boards like NRED?
- What must a Nevada real estate agent do if they discover a property has an undisclosed defect after the transaction closes?
- What is the Nevada Real Estate Appraiser Board and how does it differ from NRED?
- What is a Nevada broker's duty to maintain the Supervision Log (or supervision records)?
- What is Nevada's 'do not call' requirement for real estate agents?
- What is the Nevada requirement for a real estate licensee who acts as a property manager and receives tenant security deposits?
- What is the consequence for a Nevada licensee who fails to disclose a material fact to a buyer?
- What is a Nevada broker's responsibility for advertising compliance across all platforms?
- What is the Nevada NRED exam requirement for foreign nationals seeking a real estate license?
- What is the Nevada requirement for a licensee's 'competence' when handling a type of transaction outside their experience?
- What is the Nevada requirement for a licensee disclosing their license status when purchasing real estate for themselves?
- What does NRS 645.315 require regarding the broker's trust account in Nevada?
- What is the difference between a Nevada real estate license and a Nevada real estate certification?
- What is Nevada's approach to 'limited function referral agents'?
- What is required for a Nevada real estate licensee to use the designation 'Certified Residential Specialist (CRS)'?
- What is 'net listing' in Nevada and what is its legal status?
- What is a Nevada 'consent to service' requirement for out-of-state licensees applying for a Nevada license?
- What is the Nevada requirement for 'clear and conspicuous' advertising disclosures?
- What is the Nevada rule regarding a licensee providing a comparative market analysis (CMA)?
- What must a Nevada broker do when a salesperson associated with their firm receives an earnest money deposit?
- How long must a Nevada broker retain transaction records after closing?
- What is the Nevada Real Estate Commission (NREC) and what is its primary function?
- Under Nevada law, what is required for a real estate licensee to advertise using a team name?
- What is the Nevada Real Estate Education Fund and who benefits from it?
- What is the Nevada Real Estate Recovery Fund and who may make a claim against it?
- What is the 'supervision' requirement for Nevada real estate brokers?
- What must a Nevada licensee do when they personally purchase a property listed by another agent?
- What is the difference between a Nevada real estate 'salesperson' license and a 'broker-salesperson' license?
- What is a 'licensee in charge' (LIC) in Nevada?
- What happens to a Nevada licensee's license if they fail to complete continuing education by the renewal deadline?
- What is the Nevada 'property management permit' and when is it required?
- What is the Nevada 'errors and omissions' (E&O) insurance requirement for real estate licensees?
- What disciplinary actions can NRED/NREC take against a Nevada real estate licensee?
- What is a 'broker's price opinion' (BPO) and can Nevada licensees provide them?
- Under NRS 645, what constitutes 'unprofessional conduct' that can result in Nevada license discipline?
- What is a 'referral fee' in Nevada real estate and when can it be paid?
- What is NRED's authority regarding 'inactive' real estate licenses in Nevada?
- What is the Nevada requirement for a licensee to have a 'place of business'?
- What is the 'Nevada Association of Realtors' (NVAR) and how does it relate to NRED?
- What is the 'Nevada Uniform Common-Interest Ownership Act' (NRS Chapter 116) and why should Nevada agents know it?
- What constitutes 'commingling' of funds under Nevada real estate law?
- What is a 'property disclosure' requirement and what form is used in Nevada?
- What is the Nevada requirement for documenting the 'time spent on continuing education'?
- What are the consequences for practicing real estate without a license in Nevada?
- What is the Nevada regulation on 'for sale by owner' (FSBO) transactions and real estate licensees?
- What is 'conversion' of client funds under Nevada real estate law?
- What is the Nevada regulation regarding 'advertising' by real estate licensees?
- What is the 'Nevada Agency Disclosure' form and when must it be delivered?
- What is the Nevada requirement for a licensee to report a change of address to NRED?
- What is 'net listing' regulation in Nevada and what concerns does NREC have with it?
- What is the 'National Association of Realtors' Code of Ethics Article 1 and its application in Nevada?
- What is 'misrepresentation' versus 'fraud' in Nevada real estate law and how do they differ?
- What are 'designated agent' responsibilities under Nevada agency law?
- Under NRS 645, a Nevada real estate licensee who fails to renew their license by the expiration date but continues to practice real estate may face:
- What is the maximum civil penalty NRED may impose on an unlicensed person who performs real estate activities in Nevada?
- A Nevada broker's license is revoked by NRED. The broker's affiliated sales agents may:
- Under NRS 645, what is required for a Nevada real estate licensee to conduct a team under a supervising broker?
- A Nevada real estate licensee is convicted of a felony unrelated to real estate. What must the licensee do under NRS 645?
- What is the Nevada Real Estate Education, Research and Recovery Fund (NREC Recovery Fund) used for?
- A Nevada broker receives a written complaint from a buyer about a transaction. The broker must retain transaction records for at least how long under NRED regulations?
- What is the 'Nevada Real Estate Commission' (NREC) and how does it relate to NRED?
- A Nevada real estate broker is going on medical leave for 6 months. What must happen to the brokerage and affiliated licensees during this period?
- The Nevada Real Estate Division (NRED) requires salesperson applicants to complete how many hours of pre-license education?
Real Estate Math
132 questions- A Nevada property sells for $450,000. The listing agent's brokerage receives 3% and the selling agent's brokerage receives 2.5%. What is the total commission paid?
- An investment property generates a monthly gross rent of $2,800. Using a GRM of 140, what is the estimated property value?
- A buyer's loan amount is $360,000 at 6.5% annual interest. What is the interest owed in the first month?
- A property's assessed value is $375,000. The tax rate is $1.20 per $100 of assessed value. What are the annual property taxes?
- A Nevada property sells for $485,000 with a 3% commission to the listing broker. The listing broker splits the commission 50/50 with the buyer's broker. What does the listing salesperson earn if they receive 60% of their broker's share?
- A Nevada buyer needs to borrow $320,000. The lender charges 2 points. How much are the points?
- A Nevada property is listed at $350,000. After 90 days, the price is reduced by 8%. What is the new listing price?
- A Nevada investor purchases a rental property for $280,000 and wants a 12% annual return. What minimum annual gross income must the property generate?
- A Nevada home sold for $425,000, which was 15% more than the seller originally paid. What did the seller originally pay?
- A Nevada property has a monthly gross income of $2,800. Using a Gross Rent Multiplier of 110, what is the estimated property value?
- A Nevada commercial property generates annual gross income of $180,000, has vacancy and collection losses of 5%, and operating expenses of $60,000. What is the Net Operating Income (NOI)?
- A Nevada buyer makes a 10% down payment on a $390,000 home. The lender requires the buyer to pay PMI at 0.5% of the original loan balance annually. What is the monthly PMI cost?
- A Nevada seller nets $315,000 after paying a 6% commission. What was the sale price?
- A Nevada property has an assessed value of $210,000 and a tax rate of $2.80 per $100 of assessed value. What is the annual property tax?
- A Nevada investor buys a rental property for $400,000 with a 25% down payment. What is the down payment amount and the loan amount?
- A Nevada commercial building has a NOI of $95,000 and sells at a 6.5% cap rate. What is the sale price?
- A Nevada salesperson earns a 3% commission on a $525,000 sale. The broker takes 40% of the commission. What does the salesperson earn?
- A Nevada property has annual gross income of $48,000 and a GRM of 95 (monthly). What is the estimated property value?
- A Nevada property is assessed at 35% of its $600,000 market value. The tax rate is $3.50 per $100. What is the annual property tax?
- A Nevada buyer wants a maximum monthly payment of $1,800 for P&I. Using a factor of $6.00 per $1,000 (30-yr, 6%), what is the maximum loan amount?
- A Nevada home sold for $510,000. The seller paid a 5.5% commission. How much did the seller receive after commission?
- A Nevada duplex generates $2,200/month per unit. With a vacancy rate of 8% and a GRM of 105 (monthly), what is the indicated value?
- A Nevada investor paid $180,000 for a lot 5 years ago and just sold it for $240,000. What was the percentage increase in value?
- A 5,000 sq ft Nevada commercial building rents at $18 per sq ft annually. The owner wants a 7.5% cap rate. What is the property's estimated value if expenses are $30,000/year?
- A Nevada buyer closes on a $350,000 home on March 15. Annual property taxes are $4,200 (paid in arrears). The seller owes taxes from Jan 1 to March 15. How many days does the seller owe? (Use 30-day months)
- A Nevada apartment complex has 20 units, each renting at $950/month. Vacancy is 5%. Annual operating expenses are $90,000. What is the NOI?
- A Nevada seller wants to clear $450,000 after paying a 6% commission and $8,000 in closing costs. What must the property sell for?
- A Nevada property rents for $3,500/month. Operating expenses are $18,000/year and vacancy is 6%. What is the annual NOI?
- A home in Clark County sells for $400,000. What is the Nevada Transfer Tax owed?
- A Nevada agent earns a 3% commission on a $550,000 sale. The agent splits 50/50 with their broker. How much does the agent receive?
- A Nevada investor purchases a rental property for $300,000. Annual gross rent is $24,000. What is the GRM?
- A Nevada property has a net operating income of $45,000 and is valued at $500,000. What is the cap rate?
- A Nevada property owner pays annual property taxes of $3,600. If the tax rate is 3%, what is the assessed value?
- A Nevada buyer puts 20% down on a $480,000 home. What is the loan amount?
- An investor buys a Nevada duplex for $350,000. Each unit rents for $1,500/month. What is the annual gross rent multiplier (GRM)?
- A Nevada listing agreement calls for a 6% commission on a $275,000 sale. The listing broker and selling broker split the commission 50/50. How much does each broker receive?
- A Nevada property sells for $625,000. The broker charges 5.5% commission. What is the total commission?
- A Nevada home is assessed at 35% of its market value of $400,000. If the tax rate is $3 per $100 of assessed value, what is the annual property tax?
- If a Nevada property generates $5,000 per month in gross rent and has a monthly vacancy of 5%, what is the annual effective gross income?
- A Nevada investor uses the income approach to value a small apartment building. The NOI is $72,000 and comparable cap rates are 8%. What is the estimated value?
- A Nevada seller nets $210,000 after paying a 6% commission. What was the gross sales price?
- A Nevada commercial property has annual operating expenses of $40,000 and potential gross income of $90,000 with a 10% vacancy rate. What is the NOI?
- A Nevada investment property has a potential gross income of $120,000, vacancy of 8%, and operating expenses of $45,000. What is the expense ratio?
- A Nevada lender offers a 30-year fixed mortgage at 7% on a $400,000 loan. Approximately what is the monthly principal and interest payment?
- A Nevada property sells for $750,000 with a 6% total commission. The listing broker retains 3% and the selling broker receives 3%. If each selling agent gets 60% of their broker's share, how much does the selling agent receive?
- A Nevada property's assessed value is $180,000. The tax rate is $2.75 per $100. What are the annual property taxes?
- A Nevada property appreciates 5% per year. If it is currently worth $380,000, what will it be worth in 3 years?
- A Nevada buyer finances $320,000 at 6.5% for 30 years. After 5 years, the balance is approximately $300,000. What is the equity if the home is now worth $380,000?
- A Nevada seller pays $3,900 in transfer tax. In Clark County ($1.95/$500), what was the sale price?
- A Nevada building has 20 units, each renting for $950/month. At 95% occupancy, what is the annual EGI?
- A Nevada investor buys a property for $500,000 and sells it 3 years later for $620,000 after $30,000 in improvements. What is the total gain?
- A Nevada homeowner refinances a $300,000 mortgage at 6% for 30 years. Using a factor of $5.996 per $1,000, what is the monthly P&I payment?
- A Nevada home was purchased for $275,000. It sold for $350,000 after 4 years. What was the total percentage appreciation?
- A Nevada seller owes $215,000 on their mortgage. The property sells for $380,000. After a 5% commission and $4,000 in closing costs, how much does the seller net?
- A Nevada property has a 7.5% cap rate. If the property is valued at $1,200,000, what is the annual NOI?
- A Nevada rental property produces monthly rent of $2,200. The owner's operating expenses are $8,400 per year. What is the annual NOI?
- A Nevada appraiser makes a $5,000 positive adjustment to a comp for the subject's extra half-bath. What does this mean?
- If a Nevada property's NOI increased from $60,000 to $66,000 and the cap rate remained at 6%, by how much did the property value increase?
- A Nevada agent receives a 2.5% buyer's agent commission on a $525,000 sale. Their broker takes 30%. How much does the agent keep?
- A Nevada investor finances $600,000 at 7% interest-only for 1 year. What is the total interest paid?
- A Nevada seller is required to pay the buyer's 2% closing costs out of proceeds. If the sale price is $450,000, what does the seller net after a 5% commission and these closing costs?
- A Nevada property is listed at $425,000. After negotiations, it sells for 97% of list price. What is the final sale price?
- A Nevada property was purchased for $200,000 three years ago and now sells for $260,000. What is the annual appreciation rate (simple)?
- A Nevada property has a market value of $800,000. The assessed value is 35% of market value. The tax rate is $3 per $100 of assessed value. What is the annual property tax?
- A Nevada listing agreement calls for a 6% commission. The seller paid $180,000 for the home and made $25,000 in improvements. If the sale price must cover the commission plus the seller's original investment plus improvements, what is the minimum sale price?
- A Nevada investor wants a 10% annual cash-on-cash return on a $75,000 down payment. What must the annual after-debt cash flow be?
- A Nevada buyer's gross monthly income is $8,000. If the lender allows a maximum 43% back-end DTI, what is the maximum total monthly debt (including PITI)?
- A Nevada commercial tenant leases 2,500 sq ft at $2.50/sq ft/month. What is the annual rent?
- A Nevada seller lists their home at $549,000. They receive an offer at $520,000. What is the offer as a percentage of list price?
- A Nevada commercial lease has a base rent of $4,000/month with 3% annual increases. What is the rent in year 3?
- A Nevada property needs $45,000 in repairs. After repairs, it will be worth $320,000. If the investor uses the 70% rule and requires $45,000 in repair costs, what is the maximum offer?
- A Nevada property is financed at $400,000 with a 5-year balloon at 6.5% amortized over 30 years. The monthly factor is $6.32 per $1,000. What is the monthly P&I payment?
- A Nevada investor owns a property with an annual NOI of $80,000 and a cap rate of 6.5%. What is the estimated market value?
- A Nevada property sells for $395,000. The transfer tax is $1.95 per $500 in Clark County. What is the total transfer tax?
- A Nevada broker has a desk fee arrangement. The agent pays $500/month and keeps 100% of commissions. The agent closed 8 deals at an average commission of $5,000 each. What is the agent's net income for the year?
- A Nevada income property has annual gross income of $150,000, a 5% vacancy rate, and operating expenses equal to 35% of EGI. What is the NOI?
- A Nevada property investor needs a 12% annual cash-on-cash return. If they invest $120,000 down, what must the annual after-debt cash flow be?
- A Nevada seller accepts an offer of $475,000 on a home listed at $499,000. What is the list-to-sale ratio?
- A Nevada property has an asking price of $650,000. The buyer offers $615,000. What is the difference as a percentage of asking price?
- A Nevada buyer puts 10% down on a $320,000 home and pays 2 discount points. What is the total upfront cost (down payment plus points)?
- A Nevada buyer's monthly PITI is $2,400 and their gross monthly income is $7,500. What is their housing expense ratio (front-end DTI)?
- A Nevada investor pays $550,000 for a property. After 5 years, they sell for $720,000. What is the return on investment (ROI)?
- A Nevada investor buys a duplex for $480,000. Each unit rents for $1,800/month. What is the gross rent multiplier (monthly)?
- A Nevada seller agrees to pay the buyer's closing costs up to 3% and the seller's agent 3%. The sale price is $510,000. What is the total cost to the seller (excluding loan payoff)?
- A Nevada property's assessed value increased from $210,000 to $216,300. What is the percentage increase?
- A Nevada property was purchased for $425,000. It later appraised at $380,000. What is the loan-to-value ratio if the buyer financed 90%?
- A Nevada investment property has a purchase price of $900,000 and produces $85,000 in NOI annually. What is the cap rate?
- A Nevada property is listed at $575,000 and has been on the market for 45 days. If the average days on market for the area is 15 days, the seller reduces by 2.5%. What is the new price?
- An investor in Nevada earns $28,000 annually on a property they purchased for $350,000. After 5 years they sell for $420,000. What is the total return including both income and appreciation?
- A Nevada agent sells a property at $385,000. The commission is 5% and the agent has a 65/35 split with their broker. How much does the agent receive?
- A Nevada home sold for $480,000. The seller agreed to pay a 6% commission. What is the total commission paid?
- A Nevada property has a market value of $350,000. The county assesses it at 35% of market value. The tax rate is $3.20 per $100 of assessed value. What is the annual property tax?
- A buyer in Nevada gets a 30-year mortgage at 7% interest on a $320,000 loan. The monthly payment is approximately $2,129. How much interest is paid in the first month?
- A Nevada investor pays $275,000 for a rental property. After one year, the property is worth $299,750. What is the percentage appreciation?
- A Nevada broker earns a 6% commission on a $425,000 sale and splits it 50/50 with the buyer's agent's brokerage. Each brokerage then pays their agent 70% of the brokerage's share. How much does the listing agent earn?
- A Nevada property generates $4,200 per month in gross rent. The GRM for comparable properties in the area is 130. What is the estimated property value?
- A Nevada home is listed at $385,000 and sells at 97% of list price. The buyer negotiated a 3% seller concession toward closing costs. What amount does the seller contribute toward the buyer's closing costs?
- A Nevada rental property generates $3,600/month gross rent, has a 5% vacancy rate, and operating expenses of $18,000/year. What is the Net Operating Income (NOI)?
- A Nevada homeowner bought their home for $280,000 five years ago and is selling it for $392,000. What is the percentage gain?
- A Nevada property is purchased for $340,000 with a 20% down payment. What is the loan amount?
- A Nevada investor owns a 12-unit apartment complex. Each unit rents for $1,100/month. The vacancy rate is 8% and annual expenses are $52,000. What is the NOI?
- A Nevada borrower has a $350,000 mortgage at 6.5% for 30 years. Using the factor table, the monthly payment factor is $6.32 per $1,000. What is the monthly principal and interest payment?
- A Nevada seller nets $287,500 after paying a 5% commission and $4,500 in closing costs. What was the sale price?
- A Nevada commercial property has an NOI of $85,000 and is purchased at a 5.5% cap rate. What is the purchase price?
- A Nevada property sells for $415,000. Transfer tax in Clark County is $1.95 per $500 of consideration. What is the transfer tax?
- A Las Vegas home is appraised at $460,000. The lender will loan 80% of appraised value or purchase price, whichever is lower. The purchase price is $470,000. What is the maximum loan amount?
- A Nevada agent lists a home and earns a 3% commission on a $520,000 sale. After paying their broker a 25% desk fee, how much does the agent net?
- A Nevada seller wants to net $380,000 after paying a 6% commission. What must the minimum sale price be?
- A Nevada buyer purchases a home for $390,000 with 10% down. PMI is 0.8% of the original loan amount annually. What is the monthly PMI payment?
- A Nevada property was assessed at $180,000 (assessed value). The tax rate is $3.50 per $100 of assessed value. If the tax rate increases to $3.65 per $100, how much more will the owner pay annually?
- A Nevada landlord pays $2,400 in annual property taxes, $1,800 in insurance, $3,600 in maintenance, and $7,200 in mortgage payments on a rental property generating $18,000/year in rent. What is the NOI?
- A Nevada property's assessed value is $154,000. The tax rate is $3.40 per $100 of assessed value. What is the annual tax bill?
- A Nevada building has 20,000 sq ft of gross rentable area. The tenant leases 4,500 sq ft. The tenant's pro-rata share for CAM purposes is:
- A Nevada seller receives $448,500 after paying a 6% commission and $3,000 in other costs. What was the original sale price?
- A Nevada agent earns a 3% buyer's agent commission on a $510,000 purchase. The agent's brokerage keeps 30% and the agent receives 70%. What is the agent's take-home commission?
- A Nevada property has 8 units renting at $1,350/month each. The vacancy rate is 6%, expenses are $32,000/year. If it sells at a 5.5% cap rate, what is the approximate sale price?
- A Nevada listing agent has an exclusive listing that expires without a sale. The seller re-lists with a new agent 45 days later and sells. Is any commission owed to the first agent?
- A Nevada home purchased 3 years ago for $340,000 is now worth $408,000. The owner paid $12,000 in improvements. What is the appreciation over cost basis?
- A Nevada property's taxable value is $480,000. Nevada assesses at 35% of taxable value. The tax rate is $3.25 per $100 of assessed value. What is the annual property tax?
- A Nevada home sells for $525,000. Transfer tax in Clark County is $1.95 per $500. Proration: seller owns for 15 of 30 days in the closing month. Annual property taxes are $6,000. How much does the seller owe in prorated taxes for the closing month (seller's share)?
- A Nevada investor purchased a property for $380,000 and wants to earn a minimum 12% annual return on their investment. What must the minimum annual NOI be?
- A Nevada property is purchased for $290,000 with 5% down and a 95% LTV loan. The buyer also pays 1.5 discount points. What is the total cost of the discount points?
- A Nevada seller owes $195,000 on their mortgage. They sell for $340,000 and pay 6% commission and $4,200 in closing costs. What are the net proceeds?
- A Nevada seller agrees to pay a 5.5% commission on a $485,000 sale. The listing broker and selling broker split the commission 60/40. How much does the selling broker receive?
- A Nevada property was purchased for $320,000. It appreciated 4% per year for 3 years. What is the approximate current value?
- A Nevada investor purchases a rental property for $280,000. The annual rent is $28,800. What is the gross rent multiplier (GRM)?
- A Nevada property sells for $415,000 with a transfer tax of $1.95 per $500 (Clark County rate). What is the total transfer tax?
- A Nevada property manager earns 8% of monthly rents collected on a portfolio of 50 units, each renting at $1,400/month. What are the monthly management fees?
- A Nevada property has a market value of $520,000 and is assessed at 35% of market value. The property tax rate is $3.25 per $100 of assessed value. What is the annual property tax?
- A Nevada investor buys a property for $250,000, spends $45,000 in renovations, and sells it for $385,000 after paying $23,100 in selling costs. What is the investor's net profit?
- A Nevada duplex has a monthly gross income of $3,600 ($1,800 per unit). Annual operating expenses are $12,960. Using an 8% cap rate, what is the property's value using the income approach?
- A Nevada sales agent earned $72,000 in commissions last year. If the agent is on a 70/30 split with the broker (agent keeps 70%), what was the total gross commission income generated by the agent?
Property Ownership
131 questions- In Nevada, community property acquired before marriage is generally considered:
- An encroachment occurs when:
- A Nevada homestead exemption allows a homeowner to:
- Which of the following is classified as real property?
- Adverse possession in Nevada allows someone to claim title to another's land after occupying it openly, continuously, and hostilely for:
- Nevada is a community property state. Which of the following is community property?
- Which form of concurrent ownership in Nevada includes a right of survivorship?
- In a Nevada tenancy in common, each co-owner:
- A fee simple absolute estate in Nevada gives the owner:
- A life estate in Nevada grants the life tenant the right to:
- In Nevada, a deed must be recorded in the county where:
- Which type of deed provides the grantee with the greatest protection in Nevada?
- A quitclaim deed in Nevada conveys:
- Under Nevada law, personal property used in connection with real property that becomes permanently attached is called:
- In Nevada, adverse possession requires open, notorious, hostile, continuous possession for a period of:
- In Nevada, which government power allows the county to place a property tax lien on real property for unpaid taxes?
- An easement appurtenant in Nevada benefits:
- In Nevada, a mechanic's lien may be filed by:
- What does 'chain of title' mean in Nevada real estate?
- In Nevada, a homeowners association (HOA) lien for unpaid assessments is generally:
- In Nevada, an easement by prescription is similar to adverse possession in that it requires:
- In Nevada, a deed that contains the covenants of 'seizing and quiet enjoyment' but only for the period of the grantor's ownership is a:
- A Nevada seller conveys property by deed, but the deed is not delivered or accepted. The conveyance is:
- In Nevada, a condominium owner holds:
- In Nevada, a cooperative (co-op) resident holds:
- Which government survey system is used in Nevada to describe land?
- Nevada is a community property state. Which of the following is considered separate property?
- Which form of co-ownership includes the right of survivorship in Nevada?
- What is an easement appurtenant in Nevada real estate?
- What is the effect of recording a deed in Nevada?
- In Nevada, what is the purpose of the Homestead Declaration?
- What is adverse possession in Nevada, and what is the required period?
- In Nevada, what is a lis pendens?
- What is a deed restriction in Nevada real estate?
- In Nevada, what is a mechanic's lien?
- What is fee simple absolute in Nevada real estate?
- What is an encumbrance in Nevada real estate?
- What is an easement by necessity in Nevada?
- What is a license (in real property law) as distinguished from an easement in Nevada?
- What is a life estate in Nevada real estate?
- What is a right of first refusal in Nevada real estate?
- What is a tenancy in common in Nevada?
- What is an easement by prescription in Nevada?
- What is a covenant running with the land in Nevada real estate?
- What is a reversionary interest in Nevada real estate?
- What is a ground lease in Nevada real estate?
- What is the doctrine of laches in Nevada real estate law?
- What is a scenic easement in Nevada?
- What does 'color of title' mean in Nevada property law?
- What is a condominium in Nevada real estate?
- What is the Nevada Revised Statutes (NRS) Chapter 116 and why is it important?
- What is a cooperative (co-op) and how does it differ from a condominium in Nevada?
- What is a timeshare in Nevada and how is it regulated?
- What is the difference between real property and personal property in Nevada?
- What is a leasehold estate in Nevada and how does it differ from a freehold estate?
- What is a property's legal description and why is it important in Nevada deeds?
- What is a deed restriction versus a zoning regulation in Nevada?
- What is a restrictive covenant and how is it enforced in Nevada?
- What is a property tax lien in Nevada and how does it rank in priority?
- What is an air lot (air rights) and why are they relevant in Nevada urban development?
- What is a pur autre vie life estate in Nevada real estate?
- What is a leasehold improvement in Nevada commercial real estate?
- What is a 'no income, no asset' (NINA) loan and why is it no longer widely available in Nevada?
- What is an air space condominium in Nevada?
- What is the Nevada Homestead Exemption protection amount?
- What is a fractional ownership arrangement in Nevada resort real estate?
- What is an appurtenance in Nevada real estate?
- What is a public utility easement (PUE) in Nevada residential development?
- What is the difference between an easement in gross and an easement appurtenant in Nevada?
- What is a life tenant's rights and responsibilities in Nevada?
- What is a prescriptive easement and how is it acquired in Nevada?
- What is the difference between surface rights and subsurface (mineral) rights in Nevada?
- What is a partition action in Nevada real estate?
- What is a Nevada business trust as a real estate ownership vehicle?
- What is 'quiet title' and when might a Nevada property owner file such an action?
- What is a Nevada land patent and why is it historically significant in real estate?
- What is a Nevada LLC's liability protection in real estate ownership?
- What are the CCIOA (Common Interest Community) disclosure requirements in Nevada?
- What is the Nevada rule against perpetuities?
- What is a purchase and sale agreement's 'closing conditions precedent' in Nevada?
- What is a possessory interest in Nevada real estate and how is it taxed?
- What is a 'tenancy at will' in Nevada?
- What is the Nevada tax abatement available for qualifying residential property owners?
- What is the 'bundle of rights' concept in Nevada real estate ownership?
- What is an 'all-inclusive trust deed' (AITD) in Nevada and when is it used?
- What is a Nevada grantor-grantee index and how is it used in title research?
- What is the Nevada homestead law's protection against a forced sale of the primary residence?
- What is a lis pendens's impact on the marketability of Nevada title?
- What is a Nevada 'short-term rental' (STR) license and what does it allow?
- In Nevada, what does 'tenancy in common' mean for co-owners of real property?
- What is a 'life estate' in Nevada real property law?
- What is the Nevada Homestead Declaration and what amount of equity does it protect?
- How does Nevada law treat property inherited by one spouse during marriage?
- What is an 'easement appurtenant' in Nevada property law?
- What is the 'bundle of rights' concept in real estate ownership?
- What is an 'encroachment' and how does it affect a Nevada real estate transaction?
- What is 'adverse possession' in Nevada property law?
- What is an 'easement by necessity' in Nevada property law?
- What is 'joint tenancy' and how does it differ from tenancy in common in Nevada?
- What is a 'deed of trust' and how does it function in Nevada foreclosure?
- What is a 'mechanic's lien' and how does it affect Nevada property?
- What is 'personal property' (personalty) versus 'real property' (realty) in Nevada?
- What is 'real property' versus 'real estate' versus 'realty' in Nevada law?
- What is a 'license' as a real property right in Nevada (not a professional license)?
- What is a 'covenant, condition, and restriction' (CC&R) in Nevada common interest communities?
- What is 'intestate succession' and how does it relate to Nevada real property?
- What is a 'lis pendens' and how does it affect a Nevada real estate transaction?
- What is 'prescriptive easement' and how is it acquired in Nevada?
- What is 'riparian rights' and how does it differ from 'prior appropriation' in Nevada water law?
- What is a 'partition action' and when might co-owners in Nevada use it?
- What is 'specific lien' versus 'general lien' in Nevada property law?
- What is 'intestate property' and how does Nevada handle distribution when there is no will?
- What is 'actual possession' versus 'constructive possession' in Nevada real estate?
- What is a 'fee simple determinable' estate in Nevada property law?
- What is 'tenancy by the entirety' and does Nevada recognize it?
- What is 'color of title' in Nevada adverse possession law?
- What is a 'covenant running with the land' in Nevada property law?
- What is the difference between 'freehold' and 'non-freehold' (leasehold) estates in Nevada?
- What are 'mineral rights' and how are they treated in Nevada real estate?
- What is 'escheat' in Nevada property law?
- What is 'survey' in real estate and what types are used in Nevada transactions?
- What is 'police power' and how does it affect Nevada real estate ownership?
- What is 'title by descent' in Nevada property law?
- Under Nevada community property law, which of the following is considered separate property?
- What is a 'life estate pur autre vie' in Nevada property law?
- In Nevada, what is the key difference between a 'joint tenancy' and 'tenancy in common'?
- A Nevada Declaration of Homestead protects a homeowner's equity from creditor liens up to what amount under NRS 115?
- In Nevada, a property owner grants an 'easement in gross' to a utility company. What happens to this easement if the property is sold?
- What type of deed provides the GREATEST protection to a buyer in a Nevada real estate transaction?
- Under Nevada law, what is 'adverse possession' and what are the required elements?
- In Nevada, what is a 'deed restriction' and is it enforceable?
Contracts
130 questions- Nevada is a community property state. In a community property marriage, real property acquired during the marriage is generally owned:
- In Nevada, a purchase agreement becomes binding when:
- Liquidated damages in a Nevada purchase contract refer to:
- A seller's disclosure in Nevada must include:
- Which type of listing agreement requires the seller to pay the broker a commission regardless of who sells the property, even if the seller finds the buyer themselves?
- In Nevada, a lease for more than one year must be:
- In Nevada, a real estate purchase contract must include all of the following to be enforceable EXCEPT:
- A counteroffer in Nevada real estate practice legally:
- The Statute of Frauds requires that contracts for the sale of real property in Nevada must be:
- In Nevada, earnest money in a real estate transaction is:
- A contingency in a real estate contract is best described as:
- When a buyer in Nevada fails to close due to an unjustified breach of contract, the seller's remedies may include:
- An 'as-is' clause in a Nevada purchase contract means:
- In Nevada, which of the following best describes specific performance as a contract remedy?
- A Nevada buyer signs an offer to purchase and the seller signs an acceptance. Before the buyer is notified of the acceptance, the buyer calls to revoke the offer. The result is:
- A real estate contract in Nevada signed by a 16-year-old buyer is:
- In Nevada, an option to purchase gives the optionee (buyer) the right to:
- A lease with an option to purchase in Nevada requires the tenant to:
- In Nevada, a listing agreement is a contract between:
- An exclusive right to sell listing in Nevada means:
- A Nevada seller accepts a buyer's offer and both sign the contract. Two days later the buyer discovers a material defect not disclosed by the seller. The buyer may:
- Which of the following makes a real estate contract void in Nevada?
- In Nevada, time is of the essence in a real estate contract means:
- Under Nevada law, which element is NOT required for a valid real estate contract?
- In Nevada, the Seller's Real Property Disclosure form must be provided to the buyer:
- Under Nevada real estate law, which contract clause allows a buyer to exit if they cannot obtain financing?
- When does a counteroffer in Nevada legally terminate the original offer?
- Under Nevada law, what happens to earnest money if a buyer defaults on a purchase contract?
- What is the legal effect of a unilateral contract in Nevada real estate?
- What is the Statute of Frauds requirement for real estate contracts in Nevada?
- What is specific performance in Nevada real estate law?
- In Nevada, what is the difference between a void and a voidable contract?
- What is an option contract in Nevada real estate?
- What is novation in the context of Nevada real estate contracts?
- What is the purpose of an earnest money deposit in a Nevada real estate transaction?
- What is an 'as-is' clause in a Nevada real estate contract?
- What is a contingency in a Nevada real estate purchase contract?
- What is an acceleration clause in a Nevada mortgage or deed of trust?
- What is a lease-purchase agreement in Nevada?
- What is a liquidated damages clause in a Nevada purchase contract?
- What is a purchase and sale agreement (PSA) in Nevada?
- What does 'time is of the essence' mean in a Nevada real estate contract?
- Under Nevada real estate law, what is the difference between an assignment and a novation of a contract?
- What is an addendum in a Nevada real estate contract?
- What is an escrow holdback in a Nevada real estate closing?
- What is a material breach of contract under Nevada real estate law?
- What is the legal principle of 'merger' in Nevada real estate contracts?
- What is a right of rescission under the Truth in Lending Act (TILA) in Nevada refinance transactions?
- What is an integration clause (merger clause) in a Nevada real estate contract?
- What does 'possession at closing' mean in a Nevada purchase contract?
- What is the difference between an offer and a contract in Nevada real estate?
- What is the 'mailbox rule' and does it apply to Nevada real estate contracts?
- What is a rescission remedy in Nevada real estate law?
- What is an 'as built' drawing and why is it important in Nevada commercial real estate?
- What is a personal property addendum in a Nevada residential purchase contract?
- What is a backup offer in a Nevada real estate transaction?
- What is a walk-through inspection in a Nevada residential purchase transaction?
- What is an 'inspection contingency' in a Nevada real estate purchase contract?
- What is an 'escalation clause' in a Nevada real estate offer?
- What is a seller carryback (seller financing) arrangement in Nevada real estate?
- What is an anti-assignment clause in a Nevada commercial lease?
- In Nevada, what is the purpose of a real estate purchase contract's closing date provision?
- What is a 'for the purchase price' clause in a Nevada deed of trust?
- What is an 'all cash' offer in a Nevada real estate transaction and how does it affect the seller?
- What is a home warranty in a Nevada residential real estate transaction?
- What is a 'seller's market' versus a 'buyer's market' and how does it affect contract negotiations in Nevada?
- What is the holding in a Nevada liquidated damages clause when the buyer's earnest money is the designated remedy?
- What is the difference between a 'subject to' sale and a loan assumption in Nevada?
- What is a 'net net net' (NNN) lease and how is it used in Nevada commercial real estate?
- What is a release of contingency (contingency removal) in a Nevada residential purchase contract?
- What is a right of first refusal in a Nevada commercial lease and how does it benefit the tenant?
- What is a 'hold over' or 'holdover tenancy' in Nevada?
- What is a Nevada short sale addendum and when is it used?
- What is the purpose of a 'cure period' in a Nevada commercial lease default provision?
- What is a Nevada commercial lease termination clause?
- What is a 'use and occupancy' agreement in a Nevada real estate transaction?
- What is a 'purchase price allocation' in a Nevada business real estate sale?
- What is an automatic extension clause in a Nevada purchase contract?
- What is a Nevada arbitration clause in a real estate purchase contract?
- In Nevada, what is a 'right to cure' in a real estate contract context?
- What is a Nevada 'as-is' sale and what disclosures are still required?
- What is a 'counter proposal' (counteroffer) and what happens to the original offer?
- What is a 'time limit' in a Nevada real estate offer?
- What is a 'construction contract' in Nevada real estate and how does it differ from a purchase contract?
- What is 'privity of contract' and how does it apply in Nevada real estate law?
- What is a Nevada real estate broker's obligation regarding a contract that contains illegal terms?
- Under Nevada law, what is the effect of a buyer submitting a counteroffer to the seller's counteroffer?
- What is the 'time is of the essence' clause in a Nevada purchase agreement?
- What is the 'parol evidence rule' and how does it affect Nevada real estate contracts?
- What is an 'addendum' versus an 'amendment' in a Nevada purchase agreement?
- What is the 'merger doctrine' in Nevada real estate law?
- Under Nevada law, what is the legal effect of a minor (under 18) signing a real estate purchase agreement?
- In Nevada, what happens to earnest money if a buyer backs out of a contract without a valid contingency?
- What is a 'right of first refusal' (ROFR) clause in a Nevada real estate context?
- What is a 'contingency' in a Nevada purchase agreement and name three common types?
- What is 'specific performance' as a remedy for breach of a Nevada real estate contract?
- What is 'mutual assent' (meeting of the minds) and why is it required for a valid Nevada real estate contract?
- What is 'liquidated damages' and how does it function in a Nevada purchase agreement?
- What is a 'short sale' in Nevada real estate and how does it affect a purchase contract?
- What is an 'option contract' in Nevada real estate?
- What is 'consideration' in a Nevada real estate contract and is it always money?
- What is 'rescission' of a contract and when might it be available in Nevada real estate?
- What is the difference between a 'void' and 'voidable' contract in Nevada real estate?
- What is an 'as-is' clause in a Nevada purchase agreement and does it eliminate all seller disclosure requirements?
- What is a 'lease option' and how does it differ from a standard lease in Nevada?
- What is a 'contingency removal' in a Nevada real estate transaction?
- What is a 'home warranty' and how does it function in a Nevada real estate transaction?
- What is 'earnest money' and what factors determine how much is appropriate in a Nevada transaction?
- In Nevada, what is the 'anti-kickback' statute and how does it relate to real estate contracts?
- What is a 'lease agreement' in Nevada and what essential terms must it contain?
- What is a 'release clause' in a Nevada real estate contract and when is it used?
- What is 'offer and acceptance' and how does it create a binding contract in Nevada?
- What is a 'novation' in a Nevada real estate contract context?
- What is the 'statute of limitations' in Nevada real estate contract disputes?
- What is a 'deed restriction' and how does it bind future Nevada property owners?
- What is 'impossibility of performance' as a defense to contract breach in Nevada?
- What is an 'integration clause' (merger clause) in a Nevada real estate contract?
- What is 'closing' in a Nevada real estate transaction and what occurs at this event?
- What is 'unilateral versus bilateral contract' in Nevada real estate?
- What is 'frustration of purpose' as a contract defense in Nevada real estate?
- What is a 'lease agreement' in Nevada for residential property and what NRS chapter governs it?
- A Nevada purchase agreement includes a due diligence period of 15 days. On day 14, the buyer discovers a zoning issue and sends written notice of cancellation. What is the outcome?
- In Nevada, what is the legal significance of 'time is of the essence' language in a purchase agreement?
- A Nevada seller signs a listing agreement with Broker A. Before any offers are received, the seller dies. What happens to the listing agreement?
- What is an 'as-is' clause in a Nevada real estate contract and does it eliminate all seller disclosure obligations?
- Under Nevada law, what makes an oral real estate contract generally unenforceable?
- A Nevada buyer submits an offer with a financing contingency. The buyer is unable to obtain financing and provides proper written notice within the contingency period. What is the seller's obligation regarding earnest money?
- What is the 'earnest money dispute resolution' process in Nevada when buyer and seller disagree on who should receive the earnest money?
- A Nevada real estate agent prepares a purchase contract but makes a mathematical error in calculating the prorated property taxes. What type of contract issue is this?
- A Nevada purchase agreement is fully executed by both parties. Three days later, both buyer and seller mutually agree to add an addendum specifying that the seller will replace the HVAC system before closing. What is this addendum called and is it binding?
Agency
129 questions- In Nevada, the required agency disclosure must be provided to a prospective buyer or seller:
- Nevada law permits dual agency only when:
- A Nevada listing agent discovers during a showing that the roof has a significant hidden leak. The agent must:
- A Nevada licensee who acts as a property manager for a landlord is the landlord's:
- A buyer's broker agreement in Nevada:
- Under Nevada agency law, the duty of 'accounting' requires an agent to:
- In Nevada, which document is used to establish a written agency relationship between a buyer and a licensee?
- A Nevada licensee who represents both the buyer and seller in the same transaction without proper disclosure is guilty of:
- Which of the following best describes a 'designated agency' arrangement in Nevada?
- In Nevada, the duty of loyalty in an agency relationship means the agent must:
- Nevada law requires licensees to disclose their agency relationship to all parties:
- A subagent in a real estate transaction is an agent who:
- Which of the following is NOT a fiduciary duty owed by a real estate agent to their client in Nevada?
- When does an agency relationship in Nevada typically terminate?
- A seller's agent has a duty to disclose to a buyer which of the following?
- In Nevada, a real estate licensee acting as a transaction broker (non-agent) owes which level of duty to each party?
- In Nevada, which of the following best describes the 'duty of disclosure' an agent owes to their principal?
- A Nevada buyer's agent inadvertently learns from the listing agent that the seller is in financial distress and must sell quickly. The buyer's agent should:
- In Nevada, an agent acting as a disclosed dual agent with consent of both parties owes which duties to both parties?
- A Nevada licensee representing a buyer discovers the seller is a relative. The licensee must:
- Express agency in Nevada is created by:
- In Nevada, an agent who receives an offer on a listed property must:
- In Nevada, a licensee who represents both the buyer and seller in the same transaction without proper disclosure is guilty of:
- When a Nevada licensee acts as a buyer's agent, which duty is owed exclusively to the buyer?
- In a Nevada transaction with a designated agency arrangement, the designated agent owes fiduciary duties to:
- In Nevada, which document is used to formalize a buyer's representation agreement?
- What is the duty of 'disclosure' that a Nevada agent owes to their principal?
- What does the Nevada Agency Disclosure form inform the client about?
- What is the duty of 'obedience' that a Nevada agent owes to their principal?
- When does a Nevada agency relationship typically terminate?
- What does the term 'ratification' mean in the context of Nevada agency law?
- What is the duty of 'confidentiality' owed by a Nevada agent to their client?
- What is an implied agency in Nevada real estate?
- What is a transaction broker (also called a facilitator) in Nevada?
- What is the duty of 'reasonable care and diligence' owed by a Nevada licensee?
- What is a listing agreement in Nevada and what type of agency does it typically create?
- What is a buyer's agent's primary fiduciary obligation in a Nevada transaction?
- What is a sub-agent in Nevada real estate?
- What is 'informed consent' in the context of Nevada dual agency?
- In Nevada, which party typically pays the real estate commission?
- What is the principle of 'apparent authority' in Nevada agency law?
- What is 'puffing' and is it considered misrepresentation in Nevada real estate?
- What is the duty of 'accounting' owed by a Nevada agent to their principal?
- What is a net listing in Nevada and why is it controversial?
- What is a non-exclusive buyer representation agreement in Nevada?
- What is a pocket listing in Nevada and what ethical concerns does it raise?
- What is the difference between express authority and implied authority in Nevada agency law?
- In Nevada, what is a broker's 'supervision' duty over affiliated licensees?
- What is a unilateral listing versus a bilateral listing agreement in Nevada?
- What is an exclusive listing agreement in Nevada?
- What is a 'procuring cause' in Nevada real estate and why does it matter?
- What is the Nevada Agency Disclosure that must be provided to clients, and when must it be given?
- What is the 'hold harmless' clause in a Nevada buyer's representation agreement?
- What is the 'reasonable person' standard in evaluating Nevada agent conduct?
- What is the law of agency's 'equal dignity rule' in Nevada and how does it apply to real estate?
- What is the fiduciary duty of 'loyalty' in Nevada real estate agency?
- What does 'material fact' mean in Nevada real estate disclosure law?
- What is the difference between an exclusive right to sell listing and an exclusive agency listing in Nevada?
- In Nevada, what is a 'material relationship' that must be disclosed under NRS 645?
- What is the term 'cooperating broker' in Nevada MLS practice?
- What is the purpose of the Nevada Agency Disclosure Form (adopted by NREC)?
- What is a 'listing presentation' in Nevada real estate and what should it include?
- What is the concept of 'constructive notice' as applied to a buyer's agent in Nevada?
- What is an 'agency coupled with an interest' in Nevada real estate law?
- What is the principle that a Nevada agent cannot represent adverse interests simultaneously without disclosure and consent?
- What is a 'ready, willing, and able' buyer in Nevada real estate?
- What does 'ostensible agency' (apparent authority) mean for Nevada real estate brokers?
- What is the duty of a Nevada agent when presenting multiple offers to a seller?
- What is a broker's liability for an agent's fraudulent acts in Nevada?
- In Nevada, what is an agent's duty when the buyer asks whether there are any neighborhood noise issues?
- What is a Nevada listing agent's duty to the seller when a buyer's agent makes a low offer?
- What is a Nevada buyer's agent required to disclose to their buyer client about the listed property?
- What is the relationship between a Nevada mortgage broker and the loan applicant?
- What is a Nevada agent's duty when they learn the buyer has financing already committed but the seller's agent is unaware?
- What is the difference between an exclusive buyer's agent and a non-exclusive buyer's agent in Nevada?
- What is a Nevada listing broker's obligation regarding offers received after a buyer's offer is already accepted?
- What is a Nevada seller's agent required to disclose to a buyer about a property?
- What is 'dual representation' and when does it become dual agency in Nevada?
- What is 'self-dealing' in the context of Nevada real estate agency law?
- What is a listing agent's responsibility regarding the seller's disclosure of known defects?
- What is a Nevada seller's net sheet and what role does the listing agent play in preparing it?
- In Nevada, what is the agent's obligation when a buyer asks for the seller's 'bottom line' price?
- What is a 'split commission' arrangement in Nevada and how does it work?
- In Nevada, what is an agent's fiduciary duty after the transaction closes?
- What is a Nevada buyer's agent's duty to disclose when they know the property has a history of flooding?
- What is a Nevada licensee's obligation to keep personal funds out of the trust account?
- In Nevada, what is 'dual agency' and what disclosure is required?
- What is 'vicarious liability' in the context of a Nevada real estate brokerage?
- Under Nevada law, when does an agency relationship with a buyer begin?
- What is a 'seller's agent' sometimes called in Nevada, and what are their primary duties?
- What is 'reasonable care and diligence' as a duty owed by a Nevada real estate licensee?
- What is a 'subagent' in Nevada real estate, and are they commonly used today?
- What is 'disclosed limited agency' (sometimes called transaction brokerage) in Nevada?
- What is the duty of 'loyalty' owed by a Nevada real estate agent to their client?
- In Nevada, what is the 'disclosure of representation' requirement and when must it be made?
- What is the duty of 'confidentiality' owed by a Nevada listing agent to their seller client?
- What is 'express agency' versus 'implied agency' in Nevada real estate?
- Under Nevada law, what is the 'duty of disclosure' owed by a buyer's agent to their buyer client?
- What is 'obedience' as a fiduciary duty of a Nevada real estate agent?
- What is 'termination of agency' and what events can end an agency relationship in Nevada?
- What is 'constructive fraud' in a Nevada real estate agency context?
- What is a 'net listing' and is it permitted in Nevada?
- What is 'ratification' in Nevada real estate agency law?
- What is 'undisclosed dual agency' and why is it a serious violation in Nevada?
- What are a Nevada real estate agent's duties to non-client third parties?
- What is 'scope of authority' in a Nevada real estate agency relationship?
- What is the 'Realtor Code of Ethics' and how does it relate to Nevada license law?
- What is 'agency coupled with an interest' in Nevada and why is it significant?
- What is 'apparent authority' in a Nevada real estate agency context?
- What is a 'non-exclusive right to sell' listing versus an 'exclusive right to sell' listing in Nevada?
- What is a 'buyer's agent' and what duties do they owe under Nevada law?
- Under Nevada law, can a real estate licensee represent themselves as a buyer without disclosing their license?
- What is 'procurement' and 'procuring cause' in Nevada real estate?
- What is 'fiduciary duty' and why is it central to Nevada real estate agency law?
- What is 'accounting' as a fiduciary duty in Nevada real estate?
- What is 'puffing' versus 'misrepresentation' in Nevada real estate and where is the line?
- What is 'designated agency' in Nevada and how does it address dual agency concerns?
- What is 'material fact' that must be disclosed by Nevada agents?
- What is 'agency by estoppel' in Nevada real estate?
- What are 'OLDCAR' or 'COALD' — the fiduciary duties owed by Nevada real estate agents?
- In Nevada, when must a licensee provide the required agency disclosure form to a prospective buyer?
- A Nevada buyer's agent learns that their buyer-client is willing to pay up to $520,000 for a property listed at $499,000. What must the agent do with this information?
- In Nevada, what is 'transaction brokerage' (also called 'non-agency' or 'facilitator' relationship)?
- Under Nevada law, when does a buyer's agency agreement typically terminate?
- A Nevada listing agent receives an offer for $480,000 on a property listed at $499,000. The seller is traveling and unavailable. The agent believes the offer is too low and does not present it. Has the agent violated any duty?
- A Nevada listing broker and their seller-client mutually agree to terminate the listing agreement before its expiration. What is this called?
- Under Nevada law, what must a licensee do when representing a buyer in an in-house transaction (where the same brokerage also holds the listing)?
- In Nevada, can a licensee representing a buyer also accept compensation from the seller without violating agency duties?
- Under Nevada law, what is the minimum content required in a written buyer's representation agreement?
Finance
125 questions- A VA loan is available to eligible veterans and offers:
- In Nevada, a deed of trust differs from a mortgage primarily because:
- A buyer's debt-to-income (DTI) ratio of 43% means:
- A balloon mortgage requires:
- The annual percentage rate (APR) on a mortgage is higher than the stated interest rate because APR includes:
- What does the term 'amortization' mean in real estate finance?
- A Nevada home buyer obtains a 30-year fixed mortgage at 7% for $400,000. What is the approximate monthly principal and interest payment?
- Private Mortgage Insurance (PMI) is typically required when the borrower's down payment is less than:
- A loan-to-value (LTV) ratio of 80% on a $350,000 property means the loan amount is:
- In Nevada, which type of loan allows non-judicial (trustee's sale) foreclosure?
- The Truth-in-Lending Act (TILA) requires lenders to disclose the:
- A point on a mortgage loan equals:
- In Nevada, the homestead exemption protects:
- Which federal law requires lenders to provide a Loan Estimate within 3 business days of receiving a complete loan application?
- An adjustable-rate mortgage (ARM) in Nevada typically features:
- In Nevada, a purchase money mortgage is one where:
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:
- A Nevada borrower with a 30-year fixed loan at 6.5% on $250,000 wants to know the approximate monthly payment. Using the factor of $6.32 per $1,000, what is the monthly P&I payment?
- What is the purpose of an escrow impound account (reserve account)?
- Which loan type guarantees a portion of the loan, allowing lenders to make loans with lower down payments to qualified buyers?
- What is the purpose of the Nevada Mortgage Lending Division?
- A Nevada borrower defaults on their deed of trust. Which foreclosure process is most commonly used?
- What is the primary difference between a mortgage and a deed of trust in Nevada?
- Under Nevada law, what is the redemption period after a non-judicial trustee's sale?
- What is a jumbo loan in the context of Nevada's Las Vegas real estate market?
- What is the purpose of an adjustable-rate mortgage (ARM) disclosure in Nevada?
- What is private mortgage insurance (PMI) and when is it required in Nevada?
- What is the loan-to-value (LTV) ratio and why is it important to Nevada lenders?
- What is the purpose of RESPA (Real Estate Settlement Procedures Act) in Nevada real estate transactions?
- What does the Truth in Lending Act (TILA) require Nevada lenders to disclose?
- What is an FHA loan and who insures it in Nevada transactions?
- What is a VA loan and who is eligible in Nevada?
- What is a balloon payment mortgage and what risk does it present to Nevada borrowers?
- What is the debt-to-income (DTI) ratio and why is it important for Nevada mortgage applicants?
- What is amortization in Nevada real estate lending?
- What is a HELOC in Nevada real estate?
- What is the secondary mortgage market and how does it affect Nevada home buyers?
- What is a hard money loan in the context of Nevada real estate investment?
- What is a graduated payment mortgage (GPM) and who benefits from it in Nevada?
- What is an interest-only loan and what risk does it carry for Nevada borrowers?
- What is the primary purpose of Fannie Mae (FNMA) in Nevada real estate finance?
- What is a bridge loan in Nevada real estate?
- What is a construction loan in Nevada and how does it differ from a permanent mortgage?
- What is a teaser rate in an adjustable-rate mortgage in Nevada?
- What is the purpose of a loan estimate in Nevada mortgage transactions under TRID?
- What is PITI in Nevada mortgage calculations?
- What is a reverse mortgage and who is eligible in Nevada?
- What is a due-on-sale clause in a Nevada mortgage or deed of trust?
- What is a discount point in Nevada mortgage financing?
- What is the difference between a fixed-rate and an adjustable-rate mortgage in Nevada?
- What is a pre-payment penalty in a Nevada mortgage and how has federal law restricted it?
- What is a conforming loan limit and how does it affect Nevada buyers?
- What is a blanket mortgage in Nevada commercial real estate?
- What is a loan assumption in Nevada real estate and what does it require?
- What is a USDA Rural Development loan and does it apply in Nevada?
- What is a wraparound mortgage (all-inclusive deed of trust) in Nevada seller financing?
- What is negative amortization in Nevada lending and what risk does it create?
- What is the 'ability to repay' (ATR) rule and how does it protect Nevada mortgage borrowers?
- What is a commercial real estate mortgage compared to a residential mortgage in Nevada?
- What is a deficiency judgment in Nevada and when can it be pursued after foreclosure?
- What is the debt service coverage ratio (DSCR) used for in Nevada commercial lending?
- What is the Nevada Housing Division and what programs does it offer?
- What is a promissory note in Nevada real estate?
- What is a purchase money mortgage (PMM) in Nevada?
- What is Regulation Z (Truth in Lending Act) and what disclosures does it require in Nevada?
- What is a wraparound note in Nevada seller financing and what due-on-sale risk does it carry?
- What is the impact of Nevada's 'no state income tax' on real estate investment decisions?
- What is the primary purpose of the Federal Reserve's monetary policy in relation to Nevada mortgage rates?
- What is an 'interest rate buydown' in Nevada real estate transactions?
- What is a recourse versus non-recourse loan in Nevada real estate?
- What is a loan modification and when is it used in Nevada?
- What is the Home Affordable Refinance Program (HARP) and how did it benefit Nevada homeowners?
- What is the Nevada Housing Finance Agency's role in affordable housing?
- What is the Community Development Block Grant (CDBG) and how does it affect Nevada housing?
- What is a Nevada home equity loan and how does it differ from a HELOC?
- What is an assumable FHA loan in Nevada and what are the requirements?
- What is the Nevada First-Time Homebuyer Savings Account program?
- What is the secondary market for commercial real estate mortgages in Nevada?
- What is a 'commercial conduit loan' (CMBS loan) and how does it differ from a portfolio loan in Nevada?
- What is an 'investment property' loan and how does it differ from an owner-occupied loan in Nevada?
- What is the Nevada Housing Division's Home is Possible program?
- What is a 'carryover basis' for inherited Nevada property under federal tax law?
- What is the Nevada Housing Division's first mortgage loan program for first-time buyers and what are the general income limits?
- What is the primary purpose of Nevada's anti-deficiency statute (NRS 40.455) in a residential foreclosure?
- What is a 'hard money loan' and how is it commonly used in Nevada real estate?
- What is 'private mortgage insurance' (PMI) and when is it required in Nevada?
- What is a 'bridge loan' and how might it be used in a Nevada real estate transaction?
- What is the difference between a 'fixed-rate mortgage' and an 'adjustable-rate mortgage' (ARM)?
- What is a 'purchase money mortgage' in Nevada?
- What is 'loan-to-value ratio' (LTV) and why is it important in Nevada mortgage lending?
- What is 'debt-to-income ratio' (DTI) and how do lenders use it in Nevada?
- What is a 'buydown' in mortgage financing and how does it benefit a Nevada buyer?
- What is the 'due-on-sale' clause in a Nevada mortgage and what does it do?
- What is an 'escrow impound account' in a Nevada mortgage?
- What is a 'wraparound mortgage' (all-inclusive deed of trust) and how is it used in Nevada?
- What is 'amortization' and how does a 30-year amortization schedule benefit a Nevada homebuyer?
- What is a 'second mortgage' (junior lien) and how does it affect priority in Nevada foreclosure?
- What is the 'Truth in Lending Act' (TILA) and how does it protect Nevada borrowers?
- What is 'negative amortization' and why is it risky in Nevada real estate?
- What is the 'Real Estate Settlement Procedures Act' (RESPA) and what does it prohibit?
- What is 'mortgage fraud' and what are common forms seen in Nevada?
- What is the 'Community Reinvestment Act' (CRA) and how does it affect Nevada lending?
- What is a 'conforming loan' versus a 'jumbo loan' in Nevada?
- What is a 'balloon payment' mortgage and what is the risk for Nevada borrowers?
- What is a 'home equity line of credit' (HELOC) and how might a Nevada homeowner use it?
- What is 'seller financing' and when might a Nevada seller offer it?
- What is 'assumption of mortgage' and when might it occur in Nevada?
- What is a 'land contract' (contract for deed) in Nevada?
- What is the 'FHA 203(k) loan' and how might it benefit Nevada buyers?
- What is the 'VA loan benefit' and how does it differ from FHA and conventional financing for Nevada veterans?
- What is a 'USDA Rural Development loan' and can it be used in Nevada?
- What is 'points' in a mortgage transaction and how do they affect the cost of a Nevada loan?
- What is 'equity sharing' in Nevada real estate financing?
- What is an 'interest rate cap' in an adjustable-rate mortgage and why does it matter for Nevada borrowers?
- What is 'PITI' and why is it important for Nevada mortgage qualification?
- What is a 'non-recourse loan' in Nevada and how does it differ from a recourse loan?
- What is 'cash-out refinance' versus 'rate-and-term refinance' in Nevada?
- What is a 'hard money loan' in Nevada real estate and when is it typically used?
- What is 'private mortgage insurance' (PMI) and when is it required on Nevada conventional loans?
- What is 'negative amortization' and why is it risky for Nevada borrowers?
- A Nevada borrower has a $350,000 30-year fixed mortgage at 6.5% interest. Using the factor table, the monthly payment factor is $6.32 per $1,000. What is the monthly principal and interest payment?
- What is the 'due-on-sale clause' (also called alienation clause) in a Nevada mortgage or deed of trust?
- In Nevada, what is a 'seller carryback' or 'purchase money mortgage' and when is it commonly used?
- What is a 'conforming loan' limit and why is it significant in Nevada real estate?
- A Nevada borrower's loan application shows a gross monthly income of $7,500 and total monthly debt payments of $2,850 including proposed housing costs. What is the debt-to-income (DTI) ratio?
Property Valuation
124 questions- The cost approach to value is most useful for appraising:
- In the income approach, gross rent multiplier (GRM) is calculated as:
- Accrued depreciation in the cost approach includes:
- The principle of conformity holds that property values are maximized when:
- The sales comparison approach to value is MOST useful for appraising:
- An appraisal adjustment of -$5,000 for a comparable sale means the comparable property:
- Gross Rent Multiplier (GRM) is calculated by dividing the:
- A Nevada property generates $60,000 annual net operating income (NOI). Using a capitalization rate of 6%, the indicated value is:
- In Nevada real estate, 'market value' is best defined as:
- Economic obsolescence (external obsolescence) in an appraisal refers to:
- In Nevada, the cost approach to appraisal involves which calculation?
- A competitive market analysis (CMA) differs from a formal appraisal in Nevada because a CMA:
- In Nevada, 'highest and best use' in an appraisal means the use that is:
- A Nevada property has a replacement cost of $300,000 for improvements and 20% depreciation. If the land is worth $80,000, what is the cost approach value?
- In Nevada, which principle of value states that the value of a property is affected by the values of surrounding properties?
- The principle of substitution in Nevada real estate appraisal states that:
- In Nevada, functional obsolescence in an appraisal is a loss of value caused by:
- In Nevada, which approach to value is most commonly used to appraise a high-occupancy apartment building?
- Depreciation in the cost approach to appraisal is defined as:
- Which appraisal approach is most commonly used for single-family residential properties in Nevada?
- In Nevada's Las Vegas market, what external obsolescence might affect a residential property's value?
- What is the gross rent multiplier (GRM) used for in Nevada real estate?
- The principle of substitution in Nevada appraisal theory states that:
- In Nevada, when is the cost approach most appropriate for appraisal?
- What is functional obsolescence in appraisal terminology?
- What is the income approach to value, and which property type is it most commonly applied to in Nevada?
- What is the highest and best use concept in Nevada real estate appraisal?
- What is an appraisal review in Nevada real estate?
- What is a comparable sale (comp) in Nevada residential appraisal?
- What does NOI stand for in Nevada commercial real estate, and how is it calculated?
- What is depreciation in the context of real estate appraisal in Nevada?
- What is reconciliation in the appraisal process?
- What is a market analysis (CMA) as used by Nevada real estate agents?
- What is an appraisal's 'effective date' and why is it important in Nevada?
- What is a drive-by appraisal in Nevada mortgage lending?
- What is an as-is value versus an as-repaired value in Nevada appraisal?
- What is a market rent versus contract rent in Nevada property valuation?
- What is a mass appraisal as used by Nevada county assessors?
- What are cap rate trends in Nevada's commercial real estate market indicating when cap rates compress (decrease)?
- What is the paired sales analysis technique in Nevada residential appraisal?
- What is the cost approach formula used in Nevada real estate appraisal?
- What is a retaliatory eviction and can it affect property management in Nevada?
- What is exposure time in a Nevada real estate appraisal?
- In Nevada, what is the assessed value for property tax purposes versus market value?
- What is the difference between value in use and value in exchange in Nevada real estate?
- What is the land residual technique in Nevada commercial appraisal?
- What is a capitalization rate and what does a higher cap rate indicate about market risk in Nevada?
- What is a before-and-after appraisal in Nevada condemnation (eminent domain) proceedings?
- What is the principle of conformity in Nevada real estate appraisal?
- What is a going-concern value in Nevada commercial appraisal?
- What is a land-to-value ratio and why does it matter in Nevada desert development?
- What is the plottage (assemblage) increment in Nevada real estate appraisal?
- What is a retroactive appraisal in Nevada legal proceedings?
- What is the difference between effective age and chronological age in Nevada real estate appraisal?
- What is a uniform residential appraisal report (URAR) and when is it used in Nevada?
- What is a market value opinion as contrasted with a broker price opinion (BPO) in Nevada?
- What is a narrative appraisal report in Nevada and when is it used?
- What is the sales comparison grid in a Nevada residential appraisal?
- What is the principle of contribution in Nevada real estate appraisal?
- What is the market data approach (another name for the sales comparison approach) and why is it the most common for Nevada residential properties?
- What is a retrospective appraisal versus a prospective appraisal in Nevada?
- What does 'arm's length transaction' mean in Nevada real estate appraisal?
- What is a land residual analysis and how is it used in Nevada real estate?
- What is an appraisal's 'hypothetical condition' as defined by USPAP?
- What is an appraisal management company (AMC) and how does it relate to Nevada mortgage transactions?
- What is the Uniform Standards of Professional Appraisal Practice (USPAP) and why does it matter in Nevada?
- What is a residual technique for estimating building value in Nevada appraisal?
- What is price per square foot analysis in Nevada residential real estate?
- What is the Automated Valuation Model (AVM) and how is it used in Nevada real estate?
- What is the economic life versus the physical life of a building in Nevada appraisal?
- What is site value in Nevada real estate appraisal?
- What is a real estate cycle and how has Nevada experienced it?
- What is value in exchange versus investment value in Nevada appraisal?
- What is the absorption rate in Nevada real estate market analysis?
- What is a regression analysis in Nevada real estate appraisal?
- What is a square-foot cost in Nevada construction and how is it used in appraisal?
- What is a gross income multiplier (GIM) and how does it differ from a GRM?
- What is a 'highest and best use' analysis for a vacant parcel in Nevada?
- What is the primary reason Nevada residential appraiser must physically inspect the property?
- What is 'market conditions adjustment' in Nevada appraisal and why is it important?
- What is a 'dark store' theory and why is it controversial for Nevada property tax assessments?
- What is an 'appraisal gap' in a Nevada real estate transaction?
- A Nevada appraiser is asked to value a single-family home. Which approach is typically given the most weight for this property type?
- What is 'functional obsolescence' in real estate appraisal and give a Nevada example?
- What is the 'income approach' to value and when is it most applicable?
- What is 'external obsolescence' in real estate appraisal and provide a Nevada example?
- What is the 'gross rent multiplier' (GRM) and how is it calculated?
- What is 'appraisal independence' and why is it important in Nevada?
- What is the 'cost approach' to property valuation and when is it most useful in Nevada?
- What is a 'capitalization rate' (cap rate) and how is it used in Nevada commercial real estate?
- What is 'assemblage' and 'plottage' in real estate valuation?
- What is 'depreciation' in real estate appraisal and what are its three types?
- In the sales comparison approach, what is an 'adjustment' and how is it applied?
- What is a 'market analysis' versus an 'appraisal' in Nevada real estate?
- What is 'highest and best use' in Nevada real estate appraisal?
- What is 'reconciliation' in the appraisal process?
- What is the 'principle of substitution' in real estate appraisal?
- What is the 'principle of conformity' in real estate and how does it apply in Nevada?
- What is the 'principle of anticipation' in real estate appraisal?
- What is a 'drive-by appraisal' and when might it be used in Nevada?
- What is 'effective age' versus 'actual age' in real estate appraisal?
- What is 'market value' as defined in appraisal standards and Nevada practice?
- What is a 'paired sales analysis' in real estate appraisal and how is it used in Nevada?
- What is 'economic life' versus 'physical life' in real estate appraisal and what does each measure?
- What is a 'retrospective appraisal' and when might one be needed in Nevada?
- What is a 'regression' appraisal principle and how might it affect Nevada properties?
- What is 'redevelopment potential' and how does it affect valuation in Nevada?
- What is the 'principle of progression' in real estate appraisal?
- What is a 'limiting condition' in an appraisal report and give a Nevada example?
- What is 'replacement cost new' versus 'reproduction cost new' in the cost approach?
- What is 'absorption rate' and how is it calculated for the Nevada housing market?
- What is 'value in use' versus 'value in exchange' in Nevada real estate?
- What is 'eminent domain' value determination and how is 'just compensation' calculated in Nevada?
- What is 'over-improvement' and how does it affect Nevada home value?
- What is 'time adjustment' in the sales comparison approach and when is it used in Nevada?
- What is 'value per unit' analysis in Nevada multifamily real estate?
- An appraiser using the income approach for a Las Vegas strip mall estimates annual gross income of $420,000, operating expenses of $168,000, and applies a cap rate of 7%. What is the estimated value?
- In the sales comparison approach, a Nevada appraiser adjusts comparables for differences with the subject property. If a comparable is SUPERIOR to the subject in a feature, how is the adjustment made?
- An appraiser performing a cost approach appraisal on a 15-year-old commercial building in Reno, Nevada estimates the building reproduction cost at $1,200,000 and the land value at $300,000. With an effective age of 15 years and economic life of 50 years, what is the estimated depreciation?
- A Nevada appraiser is appraising a custom home in Henderson. No comparable sales exist within 1 mile. What should the appraiser do?
- When would a Nevada appraiser most likely use the cost approach as the primary valuation method?
- A Reno, Nevada commercial property sold for $1,800,000 with a cap rate of 6%. What is the property's annual NOI?
- What is 'functional obsolescence' in a Nevada real estate appraisal and provide a common example?
- A Nevada appraiser adjusts a comparable sale upward by $15,000 for the subject property's superior view of the Las Vegas Strip. What does this adjustment indicate?
Escrow & Title
123 questions- In Nevada, the foreclosure process under a deed of trust is primarily:
- A standard coverage owner's policy versus an ALTA (American Land Title Association) extended policy — in Nevada, a lender typically requires:
- Escrow instructions in a Nevada real estate transaction:
- A lis pendens recorded against a property provides notice that:
- In Nevada, escrow is typically handled by:
- A title insurance policy that protects the buyer against defects in title is called a(n):
- A 'cloud on title' in Nevada refers to:
- In Nevada, which document transfers title of real property from seller to buyer at closing?
- RESPA (Real Estate Settlement Procedures Act) requires lenders to provide buyers with a Closing Disclosure at least how many business days before closing?
- Proration of property taxes in a Nevada closing typically means:
- A Nevada title search examines public records to verify:
- In Nevada, which county records the most real estate transactions?
- Constructive notice in Nevada real estate means:
- In Nevada, the seller typically pays which of the following closing costs?
- In Nevada, which type of title insurance policy protects the lender's interest?
- In Nevada, escrow instructions are documents that:
- In Nevada, 'abstract of title' is:
- What is 'actual notice' in Nevada real estate?
- In Nevada, a lis pendens is a recorded document that provides notice that:
- In Nevada, who typically handles the escrow process?
- What is the purpose of a preliminary title report in a Nevada real estate transaction?
- What does ALTA stand for in the context of Nevada title insurance?
- What is a deed of reconveyance in Nevada?
- What is title insurance designed to protect against in Nevada?
- In a Nevada closing, what is a HUD-1 Settlement Statement (or Closing Disclosure) used for?
- What is the purpose of a title search in Nevada?
- What is an abstract of title in Nevada real estate?
- What is a chain of title in Nevada?
- What is a quitclaim deed used for in Nevada real estate?
- What is a 1031 exchange and how does it benefit Nevada real estate investors?
- What is a grant deed in Nevada?
- What is the difference between an owner's title policy and a lender's title policy in Nevada?
- What is a Notice of Default (NOD) in Nevada's non-judicial foreclosure process?
- What is an impound account (escrow account) in Nevada mortgage lending?
- What is a trustee in Nevada's deed of trust arrangement?
- What is a deed of trust versus a mortgage in Nevada's recording system?
- What is a subordination agreement in Nevada real estate financing?
- What is a closing statement and when is it provided in Nevada?
- In Nevada, who chooses the title company?
- What is a UCC-1 financing statement and when is it relevant in Nevada real estate?
- What is a Special Warranty Deed in Nevada?
- What is a notice of trustee's sale in Nevada's foreclosure process?
- What is a 'cloud on title' in Nevada real estate?
- What is a title commitment in Nevada?
- What does 'proration' mean in a Nevada real estate closing?
- What is a warranty deed in Nevada real estate?
- What is a judgement lien in Nevada real estate?
- What is a subordinate lien in Nevada real estate?
- What is a notice of completion in Nevada real estate?
- What is the role of an escrow agent in a Nevada real estate transaction?
- What is a 'short sale' and how does it differ from a foreclosure in Nevada?
- What is a deed of trust foreclosure timeline in Nevada under non-judicial procedures?
- What is earnest money and how is it treated in Nevada?
- What is a release clause in a Nevada blanket mortgage?
- What is an assignment of rents clause in a Nevada deed of trust?
- What is an estoppel certificate in the context of a Nevada commercial real estate transaction?
- What is a deed in lieu of foreclosure and what are its implications in Nevada?
- What is a 'gap' in a Nevada title chain and why is it a problem?
- What is an ALTA/NSPS survey and when is it required in Nevada?
- What is the Nevada law requiring sellers to disclose death or murder on the property?
- What is a 'back title' search in Nevada real estate?
- What is an involuntary lien versus a voluntary lien in Nevada real estate?
- What is a title plant in Nevada and how does it help with real estate transactions?
- What is a legal description by metes and bounds in Nevada?
- What is a limited liability company (LLC) deed and how does it affect Nevada real estate transactions?
- What is a beneficiary statement in Nevada real estate?
- What is a 'no-doc' closing and why is it rare in Nevada today?
- What is a homeowner's association (HOA) resale certificate and why is it important in Nevada?
- What is a title search versus a title examination in Nevada?
- What is a 'dry closing' in Nevada real estate?
- What is a title guarantee versus title insurance in Nevada?
- What is the priority of liens under Nevada's recording acts?
- What is the Nevada common practice for prorating property taxes at closing?
- What is a 'construction completion bond' and why is it relevant to Nevada real estate development?
- What is a 'subordination clause' in a Nevada commercial lease?
- What is a 'closing protection letter' in Nevada title transactions?
- What is a deed restriction for CC&Rs in a Nevada planned community and how long does it last?
- What is a 'Notice of Pendency' (lis pendens) and what is its effect on Nevada real estate?
- What is a Nevada HOA's 'first right of approval' for buyers and is it enforceable?
- What is the significance of the phrase 'together with all tenements, hereditaments, and appurtenances' in a Nevada deed?
- What is a Nevada 'escrow instructions amendment' and when is it used?
- What is a 'deferred exchange' in a 1031 exchange and what are the key deadlines?
- What is the role of the escrow officer in a Nevada real estate transaction?
- What does 'ALTA title insurance' provide that a standard policy does not?
- What is 'title insurance' and why is it important in Nevada?
- In a Nevada transaction, what is a 'closing disclosure' (CD)?
- What is a 'preliminary title report' (prelim) in a Nevada transaction?
- What is a 'subordination agreement' in a Nevada real estate transaction?
- What is a 'deed in lieu of foreclosure' in Nevada?
- What is 'prorating' in a Nevada real estate closing?
- What is 'constructive notice' in Nevada real estate law?
- What is a 'grant deed' and when is it commonly used in Nevada?
- What is 'actual notice' versus 'constructive notice' in Nevada property law?
- What is a 'warranty deed' and what covenants does it provide in Nevada?
- What does it mean for a deed to be 'recorded' in Nevada?
- What is a 'quiet title action' in Nevada?
- What is 'chain of title' in Nevada real estate?
- What is 'title search' and what does it reveal in a Nevada transaction?
- What is a 'release of lien' and when is it needed in Nevada?
- What is 'standard coverage' title insurance and how does it compare to ALTA extended coverage in Nevada?
- What is a 'deed of reconveyance' in Nevada?
- What is a 'trustee's deed' in Nevada and when is it issued?
- What is a 'judgment lien' and how does it affect a Nevada real estate transaction?
- What does 'time of the essence' mean in a Nevada escrow instruction?
- What is 'title plant' and how is it used by Nevada title companies?
- What is a 'notary public' and what role does they play in Nevada real estate?
- What is a 'title commitment' versus a 'title policy' in Nevada?
- What is a 'lien search' in a Nevada transaction and what does it typically include?
- What is an 'endorsement' to a title insurance policy and when might one be needed in Nevada?
- What is the 'homestead exemption' from property tax in Nevada and how does it differ from the Homestead Declaration?
- What is 'indemnification' in a Nevada real estate transaction?
- What is a 'beneficiary statement' in a Nevada real estate transaction?
- What is 'concurrent closing' (back-to-back closing) in Nevada real estate?
- What is 'mechanic's lien priority' in Nevada and how does it affect a property buyer?
- What is a 'plat map' in Nevada real estate and what does it show?
- In Nevada, what does a 'preliminary title report' (also called a 'title commitment') reveal?
- In Nevada, what is the purpose of a 'deed of reconveyance' in a deed of trust transaction?
- In Nevada, what is the 'ALTA' policy of title insurance and how does it differ from a standard coverage policy?
- In Nevada, which party typically pays for the owner's title insurance policy?
- In Nevada, a 'lis pendens' recorded against a property gives notice of what?
- In Nevada, what is a 'closing disclosure' (CD) and when must the borrower receive it?
- A Nevada buyer's purchase contract requires a 'clean title' at closing. The title search reveals a $15,000 mechanic's lien from a prior contractor. What typically happens?
- What does 'proration' mean in a Nevada real estate closing and provide an example?
Fair Housing
122 questions- Nevada's fair housing law provides protections beyond the federal Fair Housing Act. Which of the following is a state-protected class in Nevada that is NOT in the federal law?
- A landlord tells a Black applicant that the available apartment was 'just rented' but later rents it to a White applicant who applied after. This is an example of:
- A prospective tenant with a disability requests permission to install grab bars in the bathroom of a rental unit. The landlord must:
- Which of the following properties is generally exempt from the federal Fair Housing Act?
- The federal Fair Housing Act of 1968 prohibits discrimination based on which protected classes?
- Nevada state fair housing law adds which protected class not found in the federal Fair Housing Act?
- Steering in real estate is the illegal practice of:
- Blockbusting is best described as:
- A Nevada landlord refuses to rent to a family with children, claiming their apartment is 'too small' for children. This is most likely a violation of:
- Under fair housing law, a reasonable accommodation for a person with a disability means:
- Redlining refers to the illegal practice of:
- A Nevada real estate ad that states 'ideal for adults, no children' violates the Fair Housing Act because it:
- The Americans with Disabilities Act (ADA) primarily applies to real estate in the context of:
- Under the Fair Housing Act, which of the following exemptions applies?
- Which federal agency primarily enforces the Fair Housing Act?
- In Nevada, a fair housing complaint must be filed with HUD within how many days of the alleged discriminatory act?
- A Nevada property owner with a disability asks to install grab bars in the bathroom of a rental unit. The landlord must:
- Which Nevada statute addresses fair housing at the state level?
- Nevada's Fair Housing Act adds which protected class NOT covered under the federal Fair Housing Act?
- A Nevada property manager refuses to rent to a family with two children because of a 'no children' policy. This violates:
- Which Nevada city was among the first in the state to adopt local fair housing ordinances prior to the federal act?
- Under the federal Fair Housing Act, which type of property is generally exempt from its provisions?
- Blockbusting is illegal under the Nevada and federal Fair Housing Acts. Which scenario describes blockbusting?
- Redlining refers to which discriminatory practice in real estate and lending?
- Which of the following is an example of steering under Nevada and federal fair housing law?
- Which federal agency is primarily responsible for enforcing the Fair Housing Act?
- Which of the following is NOT a protected class under the federal Fair Housing Act?
- What accommodation must a Nevada landlord make for a tenant with a disability under the Fair Housing Act?
- A Nevada newspaper refuses to run a housing ad because it contains language preferring tenants of a specific religion. This action is:
- What is the 'disparate impact' theory under fair housing law, and how can it affect Nevada real estate practices?
- A Nevada apartment complex has a pool. A tenant with a disability requests a reserved accessible parking space closer to the pool. This is an example of:
- Which of the following is an example of a reasonable accommodation under the Fair Housing Act for a Nevada tenant with a disability?
- A Nevada landlord charges a higher security deposit to a prospective tenant because of their national origin. This is:
- Under the Americans with Disabilities Act (ADA), which Nevada commercial properties must be accessible?
- Which of the following is NOT required in the federal Fair Housing Act's design and construction requirements for covered multifamily housing?
- What is the 'familial status' protected class under the federal Fair Housing Act?
- What is the Nevada Equal Rights Commission's (NERC) role in fair housing?
- A Nevada property owner says they will not sell to anyone with children 'because the property has a pool.' This statement is:
- What is the penalty for a first-time fair housing violation under the federal Fair Housing Act?
- What is a protected class under Nevada's additional fair housing protections beyond federal law?
- What is the HUD complaint process in Nevada for a fair housing violation?
- What is 'source of income' discrimination in Nevada housing?
- What is the difference between disparate treatment and disparate impact in fair housing law?
- What is a housing voucher (Section 8) under the Housing Choice Voucher Program, and how does Nevada administer it?
- What is an affirmative fair housing marketing plan (AFHM)?
- What is a reasonable modification under the Fair Housing Act for a Nevada tenant with a mobility impairment?
- A Nevada landlord requires a minimum income of 3x monthly rent from all applicants. Is this lawful?
- What is the Equal Credit Opportunity Act (ECOA) and how does it protect Nevada borrowers?
- What are the requirements for a Nevada housing development to qualify for the 55+ housing exemption from familial status discrimination?
- What is 'testers' as used in fair housing enforcement in Nevada?
- What is the Home Mortgage Disclosure Act (HMDA) and how does it relate to fair housing in Nevada?
- A Nevada agent has clients who state they want to live in 'a good neighborhood.' What should the agent do?
- What is 'reverse redlining' or predatory lending and how has it affected Nevada?
- A Nevada landlord refuses to rent to an applicant because the applicant has a record of a prior marijuana-related conviction. Is this lawful in Nevada?
- Under what circumstances can an HOA in Nevada restrict the use of a unit to adults only?
- What is the Community Reinvestment Act (CRA) and how does it relate to Nevada fair housing?
- What is the Americans with Disabilities Act (ADA) Title III and how does it affect Nevada commercial real estate owners?
- A Nevada lender offers a prime rate loan to white applicants and automatically offers subprime rates to Hispanic applicants with identical credit profiles. This is an example of:
- What is an affirmative action plan in the context of Nevada fair housing for a large apartment complex receiving federal funds?
- What is a housing opportunity grant and how does it relate to Nevada fair housing?
- What is the duty of a Nevada property manager to ensure a safe environment under fair housing law?
- What is the Nevada definition of 'sex' as a protected class under fair housing law?
- What is the Nevada Commission on Equal Rights established to do?
- What is 'housing counseling' and who provides it in Nevada?
- A Nevada landlord advertises a rental unit as 'perfect for young professionals.' Is this advertisement potentially problematic?
- What is the maximum civil money penalty for a first fair housing violation by a private individual under the Fair Housing Act?
- What is an 'affirmatively furthering fair housing' (AFFH) requirement for Nevada local governments receiving HUD funds?
- What is a housing segregation study and how has it affected Nevada's major cities?
- What is a 'protected class' in Nevada and federal fair housing law?
- What is 'economic integration' as a fair housing concept and how does it apply in Nevada?
- What is a 'reasonable accommodation' request timeline in Nevada housing?
- What is a Nevada landlord's liability if a tenant is the victim of housing harassment by another tenant based on a protected class?
- What is a Nevada landlord required to do when a potential tenant requests an accommodation for a service animal?
- What is an 'integrated neighborhood' as defined under fair housing principles?
- What is the Nevada Inclusive Communities Act and how does it relate to fair housing?
- What is an 'adverse action notice' under ECOA in Nevada lending?
- What is the Mortgage Disclosure Improvement Act (MDIA) and how does it protect Nevada borrowers?
- What is a Nevada real estate agent's obligation when showing properties to a client who mentions their ethnicity or religion?
- What is a Nevada fair housing complaint and what are the possible outcomes?
- What is an insurance company's fair housing obligation under the Fair Housing Act in Nevada?
- What is an 'affirmative marketing' requirement for Nevada LIHTC projects?
- Which protected class is covered under Nevada state fair housing law but NOT under the federal Fair Housing Act?
- Under the Fair Housing Act, when can a landlord legally refuse to rent to a family with children?
- A Nevada landlord advertises 'perfect for young professionals' in their rental listing. Is this a fair housing concern?
- What is a 'testers' program in fair housing enforcement?
- What is the 'disparate impact' theory of fair housing discrimination?
- What does 'reasonable accommodation' mean under fair housing disability protections in Nevada?
- Under the Americans with Disabilities Act (ADA), which properties in Nevada must be accessible to persons with disabilities?
- What is 'steering' in real estate and how does Nevada law address it?
- What is 'blockbusting' and why is it illegal in Nevada?
- What is the 'Mrs. Murphy' exemption under the federal Fair Housing Act?
- What is 'redlining' and what fair housing laws prohibit it?
- What is 'source of income' discrimination and does Nevada protect against it?
- What is 'quid pro quo' sexual harassment in housing under Nevada law?
- What is 'affirmative fair housing marketing' and when is it required in Nevada?
- Under Nevada law, what is the 'interactive process' for disability accommodations in housing?
- What is 'hostile environment' harassment in housing under fair housing law?
- What is 'disparate treatment' in fair housing law?
- What is a 'reasonable modification' under the Fair Housing Act and who pays for it in Nevada?
- What is the 'national origin' protected class in fair housing and give a Nevada-relevant example?
- What is the 'Equal Credit Opportunity Act' (ECOA) and how does it relate to fair housing in Nevada?
- What are the seven protected classes under the federal Fair Housing Act?
- What is a 'Voluntary Compliance Agreement' (VCA) in fair housing enforcement?
- What is 'marital status' discrimination and is it covered in Nevada housing law?
- What is the 'Affirmatively Furthering Fair Housing' (AFFH) rule and does it affect Nevada?
- What is a 'housing voucher' (Section 8/HCV) and what Nevada law applies to landlords who receive applicants with vouchers?
- What is the 'occupancy standards' issue in fair housing as it relates to Nevada landlords?
- What is 'disability' as defined under the Fair Housing Act and give a Nevada housing example?
- What is 'age' as a protected class in Nevada and under what laws?
- What is the 'Violence Against Women Act' (VAWA) and its housing protections relevant to Nevada?
- What is 'familial status' discrimination and what does it protect in Nevada?
- What is the role of the 'Nevada Equal Rights Commission' (NERC) in housing discrimination?
- What is 'sexual harassment' under fair housing law and how does it apply to Nevada residential properties?
- What is a 'conciliation agreement' in a Nevada/HUD fair housing complaint process?
- Under Nevada's Fair Housing law, which protected class is included that is NOT covered under the federal Fair Housing Act?
- Under Nevada and federal fair housing law, a landlord may legally refuse to rent to an applicant based on which of the following?
- A Nevada property manager advertises a 'quiet community, perfect for professionals' and mentions it's 'not suitable for families with young children.' This advertisement:
- A Nevada apartment complex has a policy requiring all applicants to provide a Social Security number. A qualified foreign national with a taxpayer identification number (ITIN) is denied. This policy may violate:
- In Nevada, a real estate licensee steering clients away from or toward specific neighborhoods based on racial composition is:
- A Nevada lender refuses to make mortgage loans in a specific ZIP code in North Las Vegas citing 'high risk.' This practice is known as:
- Under Nevada fair housing law, a property owner is exempt from fair housing requirements in which specific situation?
- Under Nevada's fair housing laws, which of the following is a permissible reason for an HOA to deny a unit owner's request to have a guide dog in a no-pets community?
Property Management
115 questions- Under Nevada law, a property manager must be a licensed real estate broker or work under one because:
- In Nevada, a property management agreement must be in writing and should include:
- The Nevada Landlord-Tenant Act requires a landlord to return a security deposit within how many days after a tenant vacates?
- In Nevada, what is the maximum security deposit a landlord may charge a residential tenant?
- A Nevada landlord who fails to maintain a rental unit in a habitable condition may be subject to:
- Under Nevada law, what notice is required for a landlord to terminate a month-to-month tenancy?
- Commingling of funds by a property manager in Nevada means:
- A capitalization rate of 7% on a $500,000 Nevada apartment building indicates an annual NOI of:
- In Nevada, a gross lease in commercial property management means the tenant pays:
- A triple net (NNN) lease in Nevada commercial real estate requires the tenant to pay:
- In Nevada, an eviction (unlawful detainer) action requires the landlord to first:
- A Nevada landlord who unlawfully locks out a tenant (self-help eviction) is subject to:
- A Nevada property manager collects rents and must:
- Nevada's Common Interest Community (NRS 116) applies to:
- Under Nevada law, what is the maximum security deposit a landlord may charge for an unfurnished residential unit?
- Under NRS Chapter 118A, how many days' notice must a Nevada landlord give before entering a tenant's unit for non-emergency repairs?
- A Nevada property manager collects security deposits. Where must these funds be held?
- In Nevada, a residential lease for one year or longer must be:
- What is the maximum number of days a Nevada landlord has to return a security deposit after a tenant vacates?
- Under Nevada law, which of the following is an allowable deduction from a tenant's security deposit?
- A tenant in Nevada receives a 7-day notice to pay rent or quit. What does this mean?
- Under Nevada law, a landlord may enter a rental unit without notice in which situation?
- What is the difference between a gross lease and a net lease in commercial property management in Nevada?
- What is the unlawful detainer process in Nevada?
- What is a habitability standard under Nevada landlord-tenant law?
- Under Nevada law, what is a notice to quit?
- What is a property management agreement in Nevada?
- In Nevada, what is a writ of restitution in the eviction process?
- What is a 'rent-ready' standard in Nevada property management?
- What is the significance of a move-in/move-out checklist in Nevada property management?
- What is a common area maintenance (CAM) charge in Nevada commercial leases?
- What is a master lease agreement in Nevada commercial real estate?
- What is a percentage lease in Nevada commercial real estate?
- What is a CAP (capitalization rate) used for in evaluating Nevada rental properties as investments?
- What is a cap on rent increases in Nevada, and does Nevada have statewide rent control?
- What is a commercial lease estoppel certificate in Nevada?
- What is a pro rata rent adjustment in a Nevada commercial lease?
- In Nevada, what rights does a tenant have if a landlord fails to maintain habitable conditions after proper notice?
- What is a REIT (Real Estate Investment Trust) and how can Nevada investors participate?
- What is deferred maintenance in a Nevada rental property context?
- What is a tenant improvement (TI) allowance in a Nevada commercial lease?
- What is the Nevada landlord's duty to mitigate damages after a tenant abandons a rental property?
- What is a 'surrender' of leased premises in Nevada landlord-tenant law?
- What is a constructive eviction in Nevada landlord-tenant law?
- In Nevada, what is the difference between 'wear and tear' and property damage when evaluating a tenant's responsibility?
- What is a Notice to Perform (cure or quit) in Nevada landlord-tenant law?
- What is a commercial property operating statement and why is it important for Nevada investors?
- What is a property condition disclosure in a Nevada commercial sale?
- What is the Nevada requirement for a smoke detector in residential rental properties?
- What is a lease renewal option in Nevada commercial real estate?
- What is the Nevada Air Conditioning Maintenance requirement for rental properties?
- What is a SNRHA (Southern Nevada Regional Housing Authority) and how does it relate to property management in Nevada?
- What is an association assessment lien in Nevada HOA law (NRS Chapter 116)?
- What is a multi-family property classification and how does it affect financing and management in Nevada?
- What is a subordination, non-disturbance, and attornment (SNDA) agreement in Nevada commercial real estate?
- What is a landlord's right to inspect a Nevada rental property?
- What is a 'clean hands' doctrine in Nevada landlord-tenant law?
- What is the Nevada requirement for carbon monoxide detectors in rental properties?
- What is a 'lease with option to purchase' in Nevada and how does it differ from a lease-purchase?
- What is a 'build-to-suit' lease in Nevada commercial real estate?
- What is a roof certification in Nevada real estate and when is it relevant?
- What is a 'soft' eviction moratorium and how has Nevada used them?
- What is a 'first right of refusal to purchase' in a commercial lease and how does it benefit a Nevada tenant?
- What is a Nevada multi-family property inspection checklist and why is it used?
- What is a Nevada common-interest community ombudsman?
- What is a 'gross lease' versus a 'modified gross lease' in Nevada commercial real estate?
- What is the Nevada landlord's duty to provide a 'fit' premise before a tenant's occupancy?
- What is the Nevada law regarding late fees for residential rent?
- What is the Nevada landlord's obligation when a tenant's habitability complaint is about mold?
- What is a Nevada community manager and what license do they need?
- What is a 'right of first refusal' for a tenant in a Nevada residential lease?
- What is a Nevada HOA's enforcement process for CC&R violations?
- What is the Nevada Self-Storage Act and how does it differ from traditional landlord-tenant law?
- What is a Nevada 'summary eviction' process (also called a 'summary proceeding')?
- What is the Nevada law regarding landlord retaliation against tenants who exercise legal rights?
- Under Nevada law, how must a property manager handle a tenant's security deposit?
- In Nevada, what notice must a landlord give before entering a residential rental unit for non-emergency repairs?
- A tenant in Nevada has not paid rent. What is the first step a landlord must take before filing for eviction?
- What is a 'net lease' and how is it typically used in Nevada commercial property management?
- What is a 'vacancy rate' and why does it matter to a Nevada property manager?
- What is an 'operating expense ratio' (OER) and how is it used in Nevada property management?
- What is a 'management agreement' and what should it specify in Nevada?
- What is a 'common area maintenance' (CAM) charge in Nevada commercial leases?
- What is 'gross lease' and how does it differ from a 'net lease' in Nevada commercial real estate?
- What is 'deferred maintenance' and why is it important in Nevada property management?
- What is an 'estoppel certificate' in Nevada commercial real estate?
- What is 'normal wear and tear' versus 'damage' in Nevada landlord-tenant law?
- What is a 'pro forma' statement in Nevada commercial real estate?
- What is a 'holdover tenant' in Nevada and how should a property manager handle this situation?
- What is 'subrogation' in property insurance and why does it matter to Nevada property managers?
- What is 'preventive maintenance' and why is it important for Nevada properties?
- What is a 'triple net' (NNN) lease and what expenses does the tenant pay?
- What is 'cash flow analysis' and how does it differ from NOI analysis for Nevada investment properties?
- What is the 'Americans with Disabilities Act' (ADA) compliance requirement for Nevada commercial property owners?
- What is 'rent control' and does Nevada have it?
- What is a 'lease abstract' and why is it used in Nevada commercial property management?
- What is a 'percentage lease' and in what Nevada real estate contexts is it used?
- What is 'tenant mix' and why is it important for Nevada retail property management?
- What is a 'capital expenditure' (capex) and how does it differ from an operating expense in Nevada property management?
- What is a 'security deposit disposition' letter and what does Nevada law require?
- What is 'constructive eviction' in Nevada landlord-tenant law?
- What is 'property tax assessment appeal' and when might a Nevada property manager pursue one?
- What is 'rent collection policy' and what should Nevada property managers establish?
- What is 'lease renewal' versus 'lease extension' and how do they differ in Nevada practice?
- What is 'notice to quit' versus 'notice to pay or quit' in Nevada eviction law?
- What is 'tenant screening' and what criteria may Nevada landlords legally use?
- What is 'turnover cost' and why does it matter to Nevada property managers?
- A Nevada property manager collects first month's rent, last month's rent, and a security deposit at move-in. How must these funds be handled under NRS 645?
- Under NRS 118A, what is the maximum security deposit a Nevada landlord may charge for an unfurnished residential unit?
- A tenant in a Las Vegas apartment gives proper 30-day notice to vacate. After moving out, the landlord claims the carpet needs full replacement due to 'normal wear and tear.' Can the landlord deduct this from the security deposit?
- Under NRS 118A, what notice must a Nevada landlord give before entering a rental unit for non-emergency maintenance?
- A Nevada tenant is 15 days late on rent. What legal process must a landlord follow to begin eviction?
- A Nevada landlord wants to raise rent on a month-to-month tenant. What notice is required under NRS 40.251?
- A Nevada property management company wants to use an unlicensed assistant to show rental properties to prospective tenants. Is this permitted under NRS 645?
- A Henderson, Nevada property manager discovers that the tenant has sublet the apartment without written landlord approval as required by the lease. What action may the landlord take?
Environmental
113 questions- Lead-based paint disclosures are required in Nevada when selling a home built before:
- Radon is a naturally occurring radioactive gas that enters buildings primarily through:
- CERCLA (the Superfund law) imposes liability for hazardous waste cleanup on:
- In Nevada's desert environment, which environmental issue is commonly disclosed during real estate transactions in older commercial properties?
- Asbestos in Nevada properties built before 1980 presents a health risk primarily when:
- The Seller's Real Property Disclosure (SRPD) in Nevada requires sellers to disclose:
- Mold in a Nevada property is considered a material fact that must be:
- In Nevada's arid environment, which environmental factor is unique to desert real estate transactions?
- Which federal law regulates the disclosure and remediation of hazardous substances in real property transactions?
- The EPA requires sellers of pre-1978 homes to give buyers how many days to conduct a lead-based paint inspection?
- In Nevada, the Nevada Division of Water Resources (NDWR) governs:
- Nevada follows the 'prior appropriation' doctrine for water rights, which means:
- Which environmental concern is particularly relevant in Nevada due to its arid climate and widespread soil disturbance?
- Nevada has strict water rights laws based on the prior appropriation doctrine. What does 'first in time, first in right' mean for real estate?
- What federal agency manages approximately 80% of Nevada's land?
- What is the primary concern about asbestos in older Nevada buildings?
- What is the concern with underground storage tanks (USTs) in Nevada commercial real estate transactions?
- Lead-based paint disclosure is required in Nevada for homes built before which year?
- What environmental issue is associated with Nevada's historic mining operations?
- What is a Phase I Environmental Site Assessment (ESA) used for in Nevada commercial real estate?
- What is a wetland, and why is the presence of one significant in a Nevada real estate transaction?
- What is CERCLA, and how does it relate to Nevada real estate transactions?
- What is a deed restriction related to CC&Rs in Nevada desert communities, and how might it relate to water conservation?
- Why is flood zone designation important in Nevada real estate, particularly in desert areas?
- What is a naturally occurring asbestos (NOA) concern specific to Nevada real estate?
- What is a brownfield in Nevada real estate?
- What is the significance of the National Environmental Policy Act (NEPA) for Nevada real estate development near federal lands?
- Nevada's State Engineer oversees water rights. What is the process for obtaining a new water right in Nevada?
- What is the 'innocent landowner' defense under CERCLA in Nevada?
- What is a Regulatory Wetland Determination (jurisdictional determination) and when is it needed in Nevada?
- What is the Nevada Division of Environmental Protection (NDEP)?
- What is the Comprehensive Land Use Plan (CLUP) in the context of federal land management near Nevada communities?
- What does the term 'mitigation banking' mean in Nevada environmental real estate?
- What is the significance of the Safe Drinking Water Act for Nevada real estate near rural water systems?
- What is the importance of a soil report (geotechnical report) in Nevada desert construction?
- What is a Vapor Intrusion Study in Nevada commercial real estate due diligence?
- What is the purpose of a Phase II Environmental Site Assessment in Nevada commercial real estate?
- What is the Clean Air Act's relevance to Nevada real estate development?
- What is the significance of a desert tortoise survey in Nevada real estate development?
- What is the Nevada Division of Water Resources' role in real estate development?
- What is indoor air quality (IAQ) and why is it a concern in Nevada real estate?
- What is the Migratory Bird Treaty Act (MBTA) and how can it affect Nevada real estate development?
- What is electromagnetic field (EMF) concern in Nevada real estate?
- What is the significance of the Endangered Species Act (ESA) for Nevada real estate development?
- What is a stormwater pollution prevention plan (SWPPP) and when is it required in Nevada?
- What is formaldehyde and why is it an indoor air quality concern in Nevada homes?
- What is the significance of a Cultural Resources Survey (CRS) in Nevada real estate development?
- What is a class I water right versus a class II water right in Nevada?
- What is the significance of a floodplain map (FIRM) in Nevada real estate?
- What is the significance of Nevada's proximity to the Nevada Test Site (Nevada National Security Site) for real estate?
- What is the significance of methamphetamine contamination in Nevada residential real estate?
- What is the Nevada dust permit requirement for large construction projects?
- What is the significance of an archaeological resource survey in southern Nevada real estate development?
- What is the Nevada law (NRS 40.770) regarding meth-contaminated properties?
- What is the Nevada Department of Environmental Protection (NDEP) Voluntary Cleanup Program?
- What is the Clean Water Act Section 404 permit process for Nevada wetlands?
- What is a 'recognized environmental condition' (REC) as defined in an ASTM Phase I ESA?
- What is ozone (O3) and why is it a concern in Nevada real estate and development?
- What is the Nevada State Historic Preservation Office (SHPO) and how does it affect real estate?
- What is the significance of the Colorado River Compact for Nevada water rights and real estate development?
- What is a Phase III Environmental Site Assessment and when is it conducted in Nevada?
- What is a deed restriction for environmental mitigation in Nevada?
- What is the Nevada Brownfield Revolving Loan Fund and how does it support real estate development?
- What is the significance of the Las Vegas Wash in Nevada real estate and environmental regulation?
- What is the Las Vegas Valley Water District's rebate program and how does it affect Nevada real estate?
- What is the significance of Clark County's Multiple Species Habitat Conservation Plan (MSHCP) for Nevada real estate?
- What is 'hardscape' and how does it relate to Nevada stormwater management?
- What is the Nevada Conservation District and how does it affect rural real estate?
- What is a Nevada Soil Map and why is it relevant to real estate development?
- What is the Nevada Air Quality Management District and how does it affect real estate development?
- What is a Tier 1 environmental review and when is it used in Nevada?
- What is a 'special flood hazard area' (SFHA) in Nevada and what does it mean for property owners?
- What is an 'eco-friendly' building feature and how does it affect Nevada property values?
- What environmental issue is particularly relevant to properties near Fallon, Nevada?
- What is a 'Phase I Environmental Site Assessment' and when would a Nevada commercial buyer require one?
- What environmental concern is associated with older Nevada mining towns and residential properties near former mines?
- What is 'desert varnish' and why might it matter in Nevada real estate development?
- What is 'lead-based paint' disclosure and when does it apply in Nevada?
- What is the significance of a 'flood zone designation' for Nevada real estate?
- What is 'indoor air quality' (IAQ) as a disclosure concern in Nevada real estate?
- What is 'asbestos' and in what types of Nevada properties is it most commonly found?
- What is 'soil liquefaction' and does it affect Nevada real estate?
- What is 'naturally occurring asbestos' (NOA) and does it affect Nevada properties?
- What is 'carbon monoxide' as a real estate disclosure concern in Nevada?
- What is the 'Comprehensive Environmental Response, Compensation, and Liability Act' (CERCLA/Superfund) and how does it relate to Nevada real estate?
- What is a 'release' in environmental contamination terminology and why does it matter for Nevada real estate?
- What is 'electromagnetic field' (EMF) exposure and is it a real estate disclosure concern in Nevada?
- What is 'polychlorinated biphenyls' (PCBs) and where might they be found in Nevada real estate?
- What is the 'Toxic Substances Control Act' (TSCA) and how does it relate to Nevada real estate?
- What is 'underground storage tank' (UST) contamination and why is it a Nevada real estate concern?
- What is 'vapor intrusion' as an environmental concern in Nevada real estate?
- What is the Nevada Division of Environmental Protection (NDEP) and its role in real estate?
- What is 'environmental due diligence' and why is it essential for Nevada commercial real estate buyers?
- What is 'wetlands' protection and does it apply to Nevada real estate?
- What is 'mold' as a real estate concern in Nevada and how does it typically arise?
- What is a 'brownfield' property and why is it relevant to Nevada real estate development?
- What is 'environmental impact assessment' and when is it required for Nevada development?
- What is a 'Phase II Environmental Site Assessment' and when is it triggered in Nevada?
- What is the 'Clean Air Act' and does it have any relevance to Nevada real estate?
- What is 'geothermal energy' as a real estate consideration in Nevada?
- What is 'light pollution' and is it a disclosure consideration in Nevada real estate?
- What is 'xeriscaping' and why is it relevant to Nevada real estate?
- What is 'noise pollution' as a real estate disclosure concern near Nevada airports and highways?
- What is 'stormwater management' and why is it important for Nevada development?
- What is 'solar access rights' in Nevada and how do they affect real estate?
- Nevada's high desert climate and water scarcity have led Southern Nevada Water Authority to offer rebates for removing what type of landscaping?
- A Nevada property near a former military base shows signs of groundwater contamination. Which federal program governs the cleanup of contaminated sites?
- In Nevada, a property is found to contain naturally occurring asbestos (NOA) due to the local geology. Who bears responsibility for disclosure?
- Lead paint disclosure requirements apply to residential properties built before what year in Nevada?
- What is 'radon' and why is it a significant concern in some Nevada real estate transactions?
- A Nevada real estate licensee lists a commercial property that was formerly a dry cleaning business. What environmental concern should the licensee and buyer investigate?
- Nevada's mining history has left numerous sites with what type of environmental contamination that real estate licensees should be aware of?
- What Nevada-specific environmental regulation governs the management of water quality in the state, particularly regarding discharge permits?
Land Use & Zoning
113 questions- In Nevada, zoning ordinances are enacted by:
- A variance in Nevada zoning law is:
- A non-conforming use in Nevada is best described as:
- Eminent domain in Nevada allows the government to:
- A deed restriction in Nevada is an example of:
- In Nevada's Clark County, the master plan is a long-range document that:
- Escheat in Nevada means:
- Police power in Nevada real estate refers to:
- A special use permit (conditional use permit) in Nevada allows:
- In Nevada, a plat map is required when:
- In Nevada, the concept of 'police power' as applied to zoning is limited by the requirement that regulations must:
- A Nevada developer must obtain a parcel map or subdivision map before:
- In Nevada, which agency has authority over land use planning in unincorporated county areas?
- A variance in Nevada is best described as:
- A nonconforming use in Nevada zoning law refers to:
- In Nevada, what is a Planned Unit Development (PUD)?
- What is a conditional use permit (CUP) in Nevada zoning?
- What is eminent domain and how does it affect Nevada real estate?
- What is a general plan (master plan) in Nevada land use law?
- What is spot zoning and why is it controversial in Nevada?
- What is a buffer zone in Nevada land use planning?
- What is an accessory dwelling unit (ADU), and how are they treated under Nevada law?
- What is an overlay zone in Nevada land use planning?
- What is the difference between a plat and a survey in Nevada real estate?
- What is a development agreement in Nevada real estate?
- Under Nevada law, what is a subdivision?
- What is inclusionary zoning and does it exist in Nevada?
- What is a downzone in Nevada land use planning?
- What is a community redevelopment area (CRA) in Nevada and what benefits does it offer?
- What is the purpose of a grading permit in Nevada residential construction?
- What is a transfer of development rights (TDR) in Nevada land use?
- What is the Nevada State Engineer's jurisdiction over water as it relates to land development?
- What is a taking in constitutional law and how does it apply to Nevada real estate?
- What is a moratorium in Nevada land use law?
- What is the urban growth boundary (UGB) concept and is it used in Nevada?
- What is a street vacation in Nevada real estate?
- What is a floor area ratio (FAR) in Nevada zoning regulations?
- What is a specific plan in Nevada land use?
- What is a special use permit (also called a conditional use permit) in Nevada?
- What is a view corridor protection in Nevada land use planning?
- What is a redevelopment project area (RDA) in Nevada?
- What is a condominium conversion in Nevada and what protections exist for tenants?
- What is a building setback in Nevada residential zoning?
- What is a density bonus in Nevada housing law?
- What is a park dedication requirement in Nevada land development?
- What is the significance of the Reno-Sparks Regional Planning Agency for Nevada real estate?
- What is a right-of-way (ROW) and how does it affect Nevada real property?
- What is an environmental impact statement (EIS) and when is one required for Nevada real estate projects?
- What is a conditional rezoning (contract zoning) in Nevada and why is it sometimes controversial?
- What is a Planned Development (PD) zone in Nevada?
- What is a Sustainable Development standard and how is LEED used in Nevada commercial construction?
- What is the Nevada Revised Statutes requirement for Washoe County growth management?
- What is a transit-oriented development (TOD) and how is it relevant in Nevada?
- What is exaction in Nevada land use law?
- What is the Southern Nevada Public Land Management Act (SNPLMA) and how has it shaped Nevada real estate?
- What is the Nevada requirement for a parcel map versus a final subdivision map?
- What is a 'view tax' in Nevada and does it exist?
- What is the Nevada Open Meeting Law (NRS Chapter 241) and how does it affect HOA and local government land use decisions?
- What is a 'dark store' appraisal theory and its controversy in Nevada commercial property tax assessment?
- What is an 'improvement district' in Nevada and how does it affect property owners?
- What is a form-based code in Nevada urban planning?
- What is a Nevada Gaming Enterprise District and how does it interact with real estate?
- What is a 'holding zone' in Nevada land use planning?
- What is Nevada's Effective Date of Assessment for property tax purposes?
- What is a 'smart growth' principle and how does it influence Nevada housing policy?
- What is the Nevada law governing short-term rentals (STRs) and vacation rentals?
- What is a 'density transfer' in Nevada residential development?
- What is the Nevada Regional Transportation Commission (RTC) and how does it affect real estate?
- What is a 'mixed-use development' and how is it regulated in Nevada?
- What is a 'freeway interchange commercial zone' in Nevada and why is it significant for real estate?
- What is a Nevada Development Impact Fee and how does it affect homebuilding costs?
- What is 'infill development' in Nevada and why is it important for sustainable growth?
- What is a 'noxious use' and how does Nevada zoning law address it?
- What is a 'planned unit development' (PUD) as used in Clark County, Nevada?
- What is a 'non-conforming use' in Nevada zoning law?
- What is a 'special use permit' (SUP) in Nevada zoning?
- What role does the Bureau of Land Management (BLM) play in Nevada real estate?
- What is a 'development agreement' in Nevada land use law?
- What is the 'Comprehensive Plan' (Master Plan) in Nevada local government?
- What is 'spot zoning' and why is it generally disfavored in Nevada?
- What is 'downzoning' and what are its implications for Nevada property owners?
- What is a 'variance' in Nevada zoning law?
- What is an 'impact fee' in Nevada real estate development?
- What is 'eminent domain' and how does it affect Nevada property owners?
- What is a 'buffer zone' in Nevada land use planning?
- What is 'transfer of development rights' (TDR) and has it been used in Nevada?
- What is an 'annexation' in Nevada municipal law and how does it affect real property?
- What is a 'tentative map' in Nevada subdivision law?
- What is 'floor area ratio' (FAR) and how is it used in Nevada commercial zoning?
- What is 'inclusionary zoning' and has it been used in Nevada?
- What are 'setbacks' in Nevada zoning and why do they matter?
- What is 'transit-oriented development' (TOD) and is it relevant to Nevada?
- What is a 'general plan amendment' in Nevada and when is it required?
- What is 'bonus density' in Nevada zoning and how is it used?
- What is 'conditional use permit' (CUP) and how does it differ from a variance in Nevada?
- What is the 'Nevada Revised Statutes Chapter 278' and why is it important for real estate practice?
- What is a 'planned community' under Nevada's Common-Interest Communities Act?
- What is 'residential rezoning' and what factors do Nevada planning bodies consider?
- What is 'lot coverage' in Nevada zoning and how does it limit development?
- What is 'urban growth boundary' (UGB) and how does it affect Nevada development?
- What is 'rezoning' in Nevada and what process does it require?
- What is a 'historic district' designation and how does it affect Nevada property owners?
- What is 'infrastructure' in Nevada development context and what types must developers provide?
- What is 'air rights' in Nevada real estate and when do they become important?
- What is 'overlay zoning' and does Nevada use it?
- In Clark County, Nevada, a property owner wants to build a second home on their residential lot. The zoning code requires a minimum 6,000 sq ft lot. The owner's lot is 5,200 sq ft. What type of relief may the owner seek?
- The Nevada State Legislature enacted legislation restricting local governments from banning Accessory Dwelling Units (ADUs) in single-family residential zones. What is the primary policy reason for this?
- Nevada's 'buffer zone' zoning approach places what types of uses between heavy industrial and residential neighborhoods?
- Under Nevada's NRS 278, what is the purpose of a 'general plan' (master plan) for Nevada cities and counties?
- Nevada's Tahoe Regional Planning Agency (TRPA) has jurisdiction over land use around Lake Tahoe. What is its primary regulatory focus?
- In Nevada, what is a 'development agreement' between a local government and a developer?
- What is a 'Planned Unit Development' (PUD) and how does it differ from standard zoning in Nevada?
- Nevada adopted SB 448 (2021) requiring cities to allow higher-density housing near transit corridors. This is an example of:
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