1.A consumer obtains a judgment against a Nevada real estate licensee for fraud but is unable to collect. What fund may reimburse the consumer?
(A)Real Estate Education, Research and Recovery Fund
(B)Nevada General Fund
(C)Real Estate Commission Fund
(D)Broker's Trust Account
2.If a Nevada real estate salesperson is found to have committed misconduct, the Nevada Real Estate Commission may impose which of the following disciplinary actions?
(A)Issuance of a letter of concern
(B)Mandatory attendance at a real estate seminar
(C)Payment of a fee to the Real Estate Education, Research and Recovery Fund
(D)Suspension or revocation of the salesperson's license
3.The primary purpose of the Nevada Real Estate Commission is to
(A)Promote the real estate industry in Nevada
(B)Enforce contracts between buyers and sellers
(C)Provide education and training to real estate licensees
(D)Protect the public through regulation of real estate licensees
4.A consumer has an unsatisfied judgment against a real estate licensee. What can the consumer do?
(A)File a complaint with the Nevada Real Estate Division
(B)File a complaint with the court
(C)Sue the licensee again
(D)Seek reimbursement from the Real Estate Education, Research and Recovery Fund
5.A Nevada real estate salesperson is suspected of misconduct. Who is responsible for investigating this allegation?
(A)The Nevada Real Estate Division
(B)The Nevada Attorney General's office
(C)The local association of Realtors
(D)The salesperson's broker
6.What is the purpose of a hearing in the Nevada real estate disciplinary process?
(A)To provide an opportunity for the licensee to negotiate a settlement
(B)To provide education and training to the licensee
(C)To impose a penalty on the licensee without considering the evidence
(D)To determine the facts of the case and consider evidence
7.The Nevada Real Estate Commission has the power to
(A)Set real estate commission rates
(B)Conduct open houses
(C)Determine property values
(D)Suspend or revoke a real estate license
8.A Nevada real estate licensee wishes to appeal a decision made by the Real Estate Commission. What is the next step in the process?
(A)File an appeal with the District Court
(B)Request a rehearing before the Real Estate Commission
(C)File a petition with the Nevada Supreme Court
(D)Pay the imposed fine and accept the sanction
9.The Nevada Real Estate Division is responsible for enforcing which of the following?
(A)Real estate contracts between buyers and sellers
(B)Federal tax laws
(C)Local zoning ordinances
(D)Laws and regulations related to real estate licensing and practice
10.The Nevada Real Estate Division investigates a complaint against a licensee. If the Division finds probable cause, what is the next step?
(A)The complaint is dismissed
(B)The complaint is referred to the broker for resolution
(C)The licensee is fined and their license is suspended
(D)A hearing is held before the Real Estate Commission
11.A complaint is filed against a Nevada real estate salesperson, and the Real Estate Division begins an investigation. What is the primary purpose of this investigation?
(A)to determine the salesperson's level of education
(B)to review the salesperson's advertising materials
(C)to assess the salesperson's knowledge of the Nevada Real Estate Commission
(D)to gather evidence and determine whether misconduct has occurred
12.A consumer has filed a complaint against a Nevada real estate licensee. What is the first step that the Nevada Real Estate Division will take?
(A)The Division will immediately schedule a hearing to consider the complaint
(B)The Division will dismiss the complaint if it is not filed in the correct format
(C)The Division will contact the licensee and attempt to mediate a resolution
(D)The Division will conduct an investigation to determine the facts of the case
13.A Nevada real estate salesperson's license is suspended. What must the salesperson do during the suspension?
(A)Continue to practice real estate
(B)Pay a fine
(C)Complete additional education
(D)Cease all real estate activities
14.A Nevada real estate licensee has had their license revoked. What is the next step in the process?
(A)The licensee may immediately appeal the decision to the courts
(B)The licensee is entitled to a hearing to contest the revocation
(C)The revocation is automatically stayed pending an appeal
(D)The licensee's name is removed from the list of licensed real estate professionals
15.What is the result of a hearing before the Real Estate Commission?
(A)The Commission's decision is final and not appealable
(B)The Commission's decision is binding on all parties
(C)The Commission's decision is reviewed by the Nevada Real Estate Division
(D)The Commission's decision may be appealed to the court system
16.The Nevada Real Estate Division is responsible for enforcing real estate laws and regulations. What is one of the ways the Division enforces these laws?
(A)by providing education and training to real estate licensees
(B)by regulating the interest rates of real estate loans
(C)by collecting and distributing real estate transaction fees
(D)by conducting investigations and imposing disciplinary actions
17.A real estate licensee has been subject to disciplinary action. What may the licensee do?
(A)Appeal the decision to the Nevada Supreme Court
(B)Surrender their license
(C)Pay a fine and continue practicing
(D)Request a hearing before the Real Estate Commission
18.A consumer obtains a judgment against a Nevada real estate licensee for fraud, but the licensee is unable to pay. What fund may reimburse the consumer?
(A)the Real Estate Education, Research and Recovery Fund
(B)the Nevada General Fund
(C)the Consumer Protection Fund
(D)the Licensee's personal funds
19.A Nevada real estate salesperson is accused of misconduct. What is the first step in the disciplinary process?
(A)Hearing and appeal
(B)Real Estate Education, Research and Recovery Fund claim
(C)Enforcement and disciplinary action
(D)Investigation
20.A Nevada real estate salesperson is accused of misrepresenting a property's condition. What is the first step in the disciplinary process?
(A)The salesperson's broker is notified
(B)The accused salesperson is fined
(C)An investigation is conducted by the Nevada Real Estate Division
(D)The salesperson's license is automatically revoked
Answer key & explanations
1. A — The Real Estate Education, Research and Recovery Fund is designed to reimburse consumers who have obtained unsatisfied judgments against licensees for fraud or misrepresentation.
2. D — The Nevada Real Estate Commission has the authority to suspend or revoke a license as a disciplinary action for misconduct. This action is taken to protect the public and maintain the integrity of the real estate profession.
3. D — The Nevada Real Estate Commission's main goal is to protect the public by regulating and overseeing real estate licensees.
4. D — The Real Estate Education, Research and Recovery Fund is available to reimburse consumers who have obtained a judgment against a real estate licensee but have been unable to collect.
5. A — The Nevada Real Estate Division is responsible for investigating allegations of misconduct by real estate licensees.
6. D — A hearing in the Nevada real estate disciplinary process provides an opportunity for the licensee to present evidence and defend themselves against the allegations, and for the Commission to determine the facts of the case.
7. D — The Nevada Real Estate Commission has the authority to discipline licensees, including suspension or revocation of a license.
8. A — The licensee would first file an appeal with the District Court, as this is the proper channel for appealing a decision made by the Real Estate Commission.
9. D — The Nevada Real Estate Division is primarily responsible for enforcing laws and regulations related to real estate licensing and practice, ensuring that licensees comply with state laws and regulations.
10. D — If the Division finds probable cause, a hearing is held before the Real Estate Commission to determine whether the licensee is guilty of misconduct.
11. D — The investigation's primary purpose is to gather evidence and determine whether the salesperson has engaged in misconduct.
12. D — The Nevada Real Estate Division will conduct an investigation to gather facts and determine whether misconduct has occurred before taking any further action.
13. D — When a Nevada real estate salesperson's license is suspended, the salesperson must cease all real estate activities until the suspension is lifted.
14. D — After a license revocation, the licensee's name is removed from the list of licensed real estate professionals, and they are no longer authorized to practice real estate in Nevada.
15. D — The Real Estate Commission's decision may be appealed to the court system.
16. D — The Division enforces real estate laws and regulations by providing education and training to real estate licensees and by conducting investigations and imposing disciplinary actions.
17. D — A real estate licensee subject to disciplinary action may request a hearing before the Real Estate Commission to appeal the decision.
18. A — The Real Estate Education, Research and Recovery Fund is designed to reimburse consumers who have obtained judgments against licensees but have been unable to collect.
19. D — The first step in the disciplinary process is an investigation to determine if misconduct has occurred.
20. C — The Nevada Real Estate Division will typically conduct an investigation into the allegations before taking any further action.
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