Nevada · state portion

Free Nevada Disclosures practice questions

10 original questions with full explanations. 8 of the 40 scored state-portion questions (about 20%) come from this area.

1. 1

   A Nevada real estate licensee is acting as a principal in a transaction, what must the licensee disclose to the other parties?

   • A. The licensee's commission rate
   • B. The common-interest community fees
   • C. The property's defects or conditions
   • D. The licensee's role as a principal
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   Answer: D

   When a Nevada real estate licensee is acting as a principal in a transaction, the licensee must disclose their role as a principal to the other parties.

2. 2

   What is the consequence of a seller's failure to disclose known defects or conditions of the residential property in Nevada?

   • A. The buyer can terminate the contract
   • B. The seller is liable for any damages
   • C. The transaction is voidable
   • D. All of the above
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   Answer: D

   The consequence of a seller's failure to disclose known defects or conditions of the residential property in Nevada can result in the buyer terminating the contract, the seller being liable for damages, or the transaction being voidable.

3. 3

   In Nevada, which of the following is a required disclosure for sellers of residential property?

   • A. The property is located in a flood zone
   • B. The property has a pending lawsuit
   • C. The property has a history of termite infestation
   • D. All of the above
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   Answer: D

   Sellers of residential property in Nevada are required to disclose known defects or conditions, including environmental hazards, lawsuits, and other material facts.

4. 4

   What must be provided to a buyer in a common-interest community in Nevada?

   • A. Seller's Real Property Disclosure Form
   • B. Residential Disclosure Guide
   • C. Environmental Impact Statement
   • D. Common-Interest Community Resale Package
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   Answer: D

   Nevada requires the resale package/certificate to be provided to a buyer in a common-interest community, which includes information about the community's governing documents and fees.

5. 5

   A buyer of a condominium unit in Nevada should receive which of the following from the seller or the common-interest community?

   • A. A copy of the property's appraisal report
   • B. A market analysis of the property
   • C. A list of nearby schools
   • D. The resale package/certificate
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   Answer: D

   The resale package/certificate provides important information about the common-interest community, including fees, assessments, and governance documents.

6. 6

   What type of disclosure is required for environmental hazards in Nevada?

   • A. Seller's Real Property Disclosure Form
   • B. No disclosure is required
   • C. Common-Interest Community Disclosure
   • D. Environmental Disclosure Form
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   Answer: D

   Nevada requires disclosure of environmental hazards, such as lead-based paint or methamphetamine contamination, through a specific environmental disclosure form.

7. 7

   What type of disclosure is required for a property that was previously used as a methamphetamine lab?

   • A. Environmental disclosure
   • B. Seller's Real Property Disclosure Form
   • C. Common-Interest Community Resale Certificate
   • D. None of the above
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   Answer: A

   In Nevada, sellers of properties that were previously used for certain illegal activities, such as methamphetamine labs, must disclose this information to buyers as part of an environmental disclosure.

8. 8

   What must a Nevada real estate licensee do when representing more than one party in a transaction?

   • A. Obtain written consent from all parties
   • B. Disclose their representation of multiple parties to the other parties
   • C. Provide a copy of the Seller's Real Property Disclosure Form to all parties
   • D. Notify the Nevada Real Estate Division
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   Answer: A

   When representing more than one party in a transaction, a Nevada real estate licensee must obtain written consent from all parties, which is known as a Consent to Act.

9. 9

   What is the purpose of the resale package or certificate in a common-interest community in Nevada?

   • A. To disclose known defects of the property
   • B. To disclose the property's environmental hazards
   • C. To inform the buyer of the seller's financing options
   • D. To provide information about the community's amenities and fees
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   Answer: D

   The resale package or certificate in a common-interest community provides information about the community's amenities, fees, and other relevant details to the buyer.

10. 10

    A Nevada real estate licensee is acting as a principal in a transaction, meaning they are buying or selling a property for their own benefit. What disclosure is required?

    • A. Duties Owed by a Nevada Licensee
    • B. Seller's Real Property Disclosure Form
    • C. No disclosure is required
    • D. Disclosure of Principal Status
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    Answer: D

    A Nevada real estate licensee must disclose their status as a principal in the transaction.