1.What is the purpose of the 'DUTIES OWED BY A NEVADA LICENSEE' form in Nevada real estate transactions?
(A)To disclose the buyer's financial information to the seller
(B)To confirm the agency relationship between a buyer and a seller
(C)To obtain consent for a licensee to represent only one party in a transaction
(D)To explain the duties owed by a Nevada licensee to clients and customers
2.A Nevada real estate salesperson is working with a buyer client. What duty does the salesperson owe to the client?
(A)To act as a dual agent in the transaction
(B)To negotiate directly with the seller without the client's knowledge
(C)To represent the seller's interests
(D)To disclose all known facts about the property
3.A Nevada real estate salesperson represents a buyer who wants to purchase a property listed by the salesperson's broker. What is required for the salesperson to represent the buyer?
(A)Written consent of the broker
(B)Oral consent of the seller
(C)No consent is required
(D)Signed written consent of the parties
4.A Nevada real estate licensee owes which of the following duties to their client?
(A)A duty to disclose all known defects in the property
(B)A duty to negotiate the lowest possible price for the buyer
(C)A duty to recommend only properties listed by the licensee's broker
(D)A duty to represent the client's interests with integrity and honesty
5.What is the primary purpose of the 'DUTIES OWED BY A NEVADA LICENSEE' form in Nevada real estate transactions?
(A)To disclose the terms of the sales contract
(B)To obtain waiver of certain duties owed by the licensee
(C)To confirm the agency relationship between the licensee and the client
(D)To explain the duties owed by a Nevada licensee to clients and customers
6.What happens if a Nevada real estate salesperson fails to provide the 'DUTIES OWED BY A NEVADA LICENSEE' disclosure to a client?
(A)The salesperson is exempt from liability
(B)The client is not bound by the agreement
(C)The transaction is automatically cancelled
(D)The salesperson may be subject to disciplinary action
7.A Nevada licensee represents a seller in a transaction. What duty does the licensee owe to the buyer?
(A)A duty of loyalty
(B)A duty of accounting
(C)A duty of confidentiality
(D)A duty of disclosure
8.Can a Nevada licensee represent both a buyer and seller in the same transaction without obtaining a CONSENT TO ACT?
(A)Yes, if the parties are related
(B)Yes, if the transaction is a commercial sale
(C)No, but only if the licensee discloses the duties owed to the client
(D)No, a CONSENT TO ACT is always required
9.A Nevada real estate licensee is working with a seller. What must the licensee provide to the seller before entering into an agency relationship?
(A)A disclosure of the duties owed by a Nevada licensee
(B)A confirmation of the agency relationship
(C)A waiver of the agency relationship
(D)A signed written CONSENT TO ACT
10.What is the purpose of confirmation of the agency relationship in Nevada real estate transactions?
(A)To establish a dual agency relationship
(B)To inform clients of the duties owed by a Nevada licensee
(C)To authorize a licensee to negotiate directly with the seller
(D)To confirm the parties to the agency relationship and the type of agency relationship
11.What is the effect of a CONSENT TO ACT form signed by both parties in a Nevada real estate transaction?
(A)The licensee is released from liability
(B)The parties are bound by the terms of the form
(C)The transaction is voided
(D)The licensee may represent both parties in the transaction
12.A Nevada real estate salesperson represents a seller client and wants to negotiate directly with the buyer. What is required?
(A)A CONSENT TO ACT signed by the seller and buyer
(B)A written waiver from the seller
(C)A confirmation of the agency relationship
(D)An authorization to negotiate directly with the seller signed by the seller
13.What is the effect of a dual agency relationship in Nevada real estate transactions?
(A)The licensee represents only one party in the transaction
(B)The licensee is prohibited from disclosing the duties owed by a Nevada licensee
(C)The licensee is exempt from disclosing the duties owed by a Nevada licensee
(D)The licensee represents both parties in the transaction with their informed consent
14.What is the purpose of confirming the agency relationship?
(A)To establish a dual agency relationship
(B)To inform clients of the duties owed by a Nevada licensee
(C)To obtain consent to act for more than one party
(D)To verify the client's understanding of the agency relationship
15.A Nevada licensee is working with a client who wants to waive the duties owed by the licensee. What can the licensee do?
(A)Accept the waiver and continue with the transaction
(B)Refuse the waiver and terminate the agency relationship
(C)Ignore the waiver and continue with the transaction
(D)Provide the client with a 'DUTIES OWED BY A NEVADA LICENSEE' disclosure and obtain a written waiver
16.What is the purpose of the 'Consent to Act' in a Nevada real estate transaction?
(A)To confirm the agency relationship
(B)To waive the duty of confidentiality
(C)To explain the duties owed by the seller to the buyer
(D)To allow a licensee to represent more than one party in a transaction
17.A Nevada real estate salesperson represents both the buyer and the seller in a transaction. What is required for the salesperson to do so?
(A)A written waiver from the client
(B)A disclosure of the commission rate
(C)A verbal confirmation from the broker
(D)A signed CONSENT TO ACT from both parties
18.What form must a Nevada real estate licensee provide to all clients before or at the time of entering into an agency agreement to disclose the duties owed to clients?
(A)Duties Owed by a Nevada Licensee
(B)Working With Real Estate Agents
(C)Consumer Notice
(D)Agency Disclosure Form
19.What is required for a Nevada real estate licensee to negotiate directly with a seller when representing a buyer?
(A)A waiver of the agency relationship
(B)A consent to act
(C)A confirmation of the agency relationship
(D)A written authorization from the buyer
20.What is the primary purpose of the 'DUTIES OWED BY A NEVADA LICENSEE' disclosure form?
(A)To explain the benefits of working with a real estate agent
(B)To outline the process for filing a complaint against a licensee
(C)To provide a list of licensed brokers in Nevada
(D)To disclose the duties owed by a Nevada licensee to their clients
Answer key & explanations
1. D — The 'DUTIES OWED BY A NEVADA LICENSEE' form is Nevada's mandatory agency-relationship disclosure, which explains the duties owed by a Nevada licensee to clients and customers.
2. D — A Nevada real estate salesperson owes the duty of disclosure to the client, which includes disclosing all known facts about the property.
3. D — In this scenario, the salesperson would be representing both the buyer and the seller, and would need a signed written consent of the parties, known as a Consent to Act.
4. D — A Nevada real estate licensee owes a duty to represent the client's interests with integrity and honesty, which includes a duty to disclose all known defects in the property and to act in the client's best interests.
5. D — The 'DUTIES OWED BY A NEVADA LICENSEE' form is Nevada's mandatory agency-relationship disclosure, which explains the duties owed by a Nevada licensee to clients and customers.
6. D — If a Nevada real estate salesperson fails to provide the 'DUTIES OWED BY A NEVADA LICENSEE' disclosure to a client, the salesperson may be subject to disciplinary action.
7. D — In Nevada, a licensee owes a duty of disclosure to all parties involved in a transaction, including buyers, which requires the licensee to disclose all known facts about the property.
8. D — In Nevada, a licensee cannot represent both a buyer and seller in the same transaction without obtaining a signed written CONSENT TO ACT from both parties.
9. A — Before entering into an agency relationship, a Nevada real estate licensee must provide the seller with a disclosure of the duties owed by a Nevada licensee, which is the 'DUTIES OWED BY A NEVADA LICENSEE' disclosure.
10. D — Confirmation of the agency relationship is necessary to confirm the parties to the agency relationship and the type of agency relationship.
11. D — A CONSENT TO ACT form signed by both parties allows the licensee to represent both parties in the transaction.
12. D — An authorization to negotiate directly with the seller is required, which must be signed by the seller.
13. D — In a dual agency relationship, the licensee represents both parties in the transaction with their informed consent, which is achieved through a signed written CONSENT TO ACT.
14. D — Confirming the agency relationship is important to verify the client's understanding of the agency relationship and the duties owed by the licensee.
15. D — A Nevada licensee cannot accept a waiver of the duties owed by the licensee without providing the client with a 'DUTIES OWED BY A NEVADA LICENSEE' disclosure and obtaining a written waiver, but the best course of action is to refuse the waiver and terminate the agency relationship.
16. D — The 'Consent to Act' allows a Nevada real estate licensee to represent more than one party in a transaction, such as a buyer and seller.
17. D — In Nevada, a salesperson must obtain a signed CONSENT TO ACT from both parties to represent more than one party in a transaction.
18. A — The Duties Owed by a Nevada Licensee form is Nevada's mandatory agency-relationship disclosure.
19. D — A written authorization from the buyer is required for a Nevada real estate licensee to negotiate directly with a seller when representing a buyer.
20. D — The 'DUTIES OWED BY A NEVADA LICENSEE' disclosure form is used to inform clients of the duties owed to them by a Nevada licensee, such as loyalty, disclosure, and confidentiality.
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