1.A Nevada real estate salesperson wants to perform a broker price opinion (BPO) for a client. What is a key requirement for performing a BPO in Nevada?
(A)The salesperson must have a special certification
(B)The BPO must be performed for a reduction in price
(C)The BPO must be performed for a seller who is a family member
(D)The salesperson must be authorized by their broker
2.A Nevada real estate salesperson receives an advance fee from a client for services to be performed. What must the salesperson do with the fee?
(A)Deposit the fee into the broker's trust account
(B)Use the fee to cover expenses
(C)Return the fee to the client
(D)Keep the fee as compensation
3.A Nevada real estate salesperson is found to have commingled client funds with their own personal funds. What is the likely consequence?
(A)The salesperson will be fined
(B)The salesperson will have their license suspended
(C)The salesperson will have their license revoked
(D)All of the above
4.A Nevada real estate salesperson is paid an advance fee by a client. What must the salesperson do with the fee?
(A)Keep the fee as compensation for services
(B)Use the fee to pay business expenses
(C)Return the fee to the client
(D)Deposit the fee into the broker's trust account
5.A Nevada real estate broker prepares a broker price opinion (BPO) for a client. What is the primary purpose of the BPO?
(A)To determine the market value of the property for lending purposes
(B)To provide a detailed analysis of the property's condition and needed repairs
(C)To estimate the property's value for tax assessment purposes
(D)To provide a recommendation for the client's investment strategy
6.A Nevada real estate salesperson earns a commission on a transaction. How will they receive their compensation?
(A)Directly from the client
(B)From the title company
(C)From the seller's attorney
(D)From their broker
7.A Nevada real estate broker wants to pay a referral fee to an unlicensed assistant. Is this allowed?
(A)Yes, as long as the assistant is a family member
(B)Yes, as long as the fee is paid through the broker's trust account
(C)Yes, as long as the fee is less than $100
(D)No, because the assistant is not licensed
8.What is the primary purpose of the broker's trust account in Nevada?
(A)To pay commissions to salespersons
(B)To invest in real estate investments
(C)To pay business expenses of the brokerage
(D)To hold client monies until closing
9.What is required for a Nevada real estate salesperson to advertise their services?
(A)The salesperson's name and contact information only
(B)The broker's name and contact information only
(C)No identification or contact information is required
(D)The salesperson's name and the broker's name and contact information
10.A Nevada real estate salesperson earns a commission on a sale. How will they receive their commission?
(A)Directly from the buyer
(B)Directly from the seller
(C)Through a third-party escrow company
(D)Through their broker
11.A Nevada real estate salesperson is hired by a client to manage a rental property. What must the salesperson do to comply with Nevada law?
(A)Obtain a separate property management license from the state
(B)Register the property management business with the Nevada Real Estate Division
(C)Disclose the property management services in the salesperson's advertisement
(D)Ensure that all rental income is deposited into the broker's trust account
12.A Nevada real estate salesperson earns a commission on a transaction. How will the salesperson receive their compensation?
(A)The salesperson will receive the commission directly from the buyer or seller
(B)The salesperson will receive the commission from the lender
(C)The salesperson will receive the commission from the title company
(D)The salesperson will receive the commission from their broker
13.What is the primary purpose of a broker's supervision of their salespeople in Nevada?
(A)To increase sales and revenue
(B)To manage the salespeople's personal finances
(C)To provide training and education to salespeople
(D)To ensure compliance with Nevada real estate regulations
14.Which of the following activities requires a Nevada real estate license?
(A)Managing one's own rental properties
(B)Selling one's own home without assistance
(C)Buying real estate investment properties for personal use
(D)Negotiating a lease on behalf of a client
15.A Nevada real estate salesperson is handling client funds and wants to ensure they are in compliance with state regulations. What is the primary rule they must follow?
(A)Commingling and conversion are allowed in certain circumstances
(B)Client funds must be deposited into the salesperson's personal bank account
(C)Client funds can be used for business expenses
(D)Client funds must be deposited into the broker's trust account
16.A Nevada real estate salesperson is found to have commingled client funds with personal funds. What is the most likely consequence?
(A)A warning from the broker
(B)A fine from the Nevada Real Estate Division
(C)A requirement to take additional education courses
(D)Revocation of the salesperson's license
17.A Nevada real estate salesperson wants to offer consulting services to clients. What must the salesperson do to comply with Nevada law?
(A)Obtain a separate business license from the state
(B)Register the consulting business with the Nevada Real Estate Division
(C)Disclose the consulting services in the salesperson's advertisement
(D)Ensure that the consulting fees are paid through the salesperson's broker
18.A Nevada real estate salesperson wants to advertise their services on social media. What must they include in their advertisement?
(A)Their personal phone number and email address
(B)A guarantee of a certain sales price or commission rate
(C)A list of their credentials and certifications
(D)The name and contact information of their broker
19.A Nevada real estate broker pays a salesperson's commission. How must the payment be made?
(A)Directly to the salesperson via cash
(B)Through the broker's trust account
(C)Via the salesperson's personal checking account
(D)Through the broker's business checking account
20.In Nevada, a real estate salesperson is required to deliver client funds to which of the following?
(A)The client
(B)The seller
(C)A trust account of their choice
(D)The broker
Answer key & explanations
1. D — In Nevada, a salesperson must be authorized by their broker to perform a BPO, and the BPO must comply with state regulations and guidelines.
2. A — Nevada law regulates advance fees and requires that they be handled in a specific manner, including depositing them into the broker's trust account.
3. D — Commingling client funds with personal funds is a serious violation of Nevada real estate regulations and can result in the revocation of a salesperson's license.
4. D — The salesperson must deposit the advance fee into the broker's trust account, as required by Nevada law.
5. A — A BPO is an estimate of a property's value, often used for lending purposes. It provides an opinion of the property's value based on a limited analysis of the property and market conditions.
6. D — In Nevada, a salesperson's compensation flows through their broker, so they will receive their commission from their broker.
7. D — In Nevada, only licensed real estate professionals can receive compensation for real estate activities.
8. D — The broker's trust account is used to hold client funds, such as earnest money, until they are disbursed according to the terms of the transaction.
9. D — Nevada real estate salespersons must advertise under their broker and identify the broker in all advertisements.
10. D — Nevada law requires that real estate commissions be paid through the salesperson's broker.
11. D — Nevada law requires that all client funds, including rental income, be deposited into the broker's trust account.
12. D — In Nevada, a salesperson's compensation flows through their broker, who is responsible for paying the salesperson their earned commission.
13. D — Broker supervision is necessary to ensure that salespeople are complying with Nevada real estate regulations and acting in the best interests of their clients.
14. D — In Nevada, negotiating a lease on behalf of a client requires a real estate license, as it involves acting as an agent for another party.
15. D — The primary rule is that client funds must be deposited into the broker's trust account, as commingling and conversion are prohibited.
16. D — Commingling client funds with personal funds is a serious violation of Nevada real estate law and can result in the revocation of a salesperson's license.
17. D — Nevada law requires that all compensation, including consulting fees, be paid through the salesperson's broker.
18. D — Nevada law requires that real estate advertisements identify the broker and include their contact information.
19. D — In Nevada, a broker must pay a salesperson's commission through the broker's business checking account, as compensation flows through the salesperson's broker.
20. D — Nevada requires client monies to be delivered to the broker, who then deposits them into the broker's trust account.
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