Nevada Legal Update 4 Practice Exam. 1. Senate Bill 181 enacts provisions relating to which of the following:

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1 Nevada Legal Update 4 Practice Exam 1. Senate Bill 181 enacts provisions relating to which of the following: a) Energy efficiency b) Renewable energy c) Building construction as it relates to energy d) All of the above 2. Section 3 of Senate Bill 181 requires a contractor who arranges financing for the purchase of a single-family residence which is built by the contractor as part of a development of 25 or more single-family residences to offer, or work with a lender that offers, the option for the buyer to apply for an mortgage. a) Building construction b) Personal c) Home d) Energy efficient 3. As used in section 3.2 of Senate Bill 181, energy efficient mortgage means a mortgage which credits the energy efficiency of a home in the mortgage by providing borrowers with the opportunity to finance cost-effective and energy-saving measures as part of a single mortgage and by increasing debt-to-income qualifying ratios on loans. a) True b) False 4. Senate Bill 181, Section 8 amends NRS to read: The Division shall prepare a booklet that provides relevant information concerning the disclosures that are required by federal, state and local laws and regulations by a buyer and a seller in a transaction involving the sale of. a) Commercial property b) Residential property c) Timeshare units d) Energy efficient appliances

2 5. Existing law under Senate Bill 189 authorizes a person who has suffered damages as the proximate result of the failure of a real estate licensee to perform certain duties to bring an action against the licensee to damages. a) Recover those b) Admit any c) Relinquish any d) Monetary 6. A licensee who acts as an agent in a real estate transaction shall disclose to each party to the real estate transaction as soon as is practicable, each source from which the licensee will receive as a result of the transaction. a) Notice of sale b) Listing contracts c) Referral fees d) Compensation 7. A licensee who acts as an agent in a real estate transaction shall exercise reasonable skill and care with respect to the real estate transaction. a) All parties to b) Matters relating to c) Buyers in d) Sellers in 8. A licensee, who acts as an agent in a real estate transaction, unless otherwise agreed upon in writing, owes no duty to conduct an investigation of the of the property which is the subject of the real estate transaction. a) Size b) Zoning c) Condition d) Listing price 9. Section 1 reads that NRS is hereby amended to read as follows: There is hereby created the Account for Real Estate Administration in the State General Fund. The shall administer the Account. a) Administrator b) Commissioner c) Real Estate Broker d) Real Estate Division

3 10. Each member of the Commission is entitled to receive a salary of more than $150 per day, as fixed by the Commission, while engaged in the business of the Commission. a) True b) False 11. The Commission and the Division shall deposit any money collected from the imposition of any fine or penalty pursuant to Section 2, NRS 645C.240, with the State Treasurer for credit to the. a) State General Fund b) Escrow Fund c) Penalty Fund d) State Monetary Fund 12. While engaged in the business of the Commission, each employee of the Commission is entitled to receive a per diem allowance and at a rate fixed by the Commission. The rate must not exceed the rate provided for state officers and employees generally. a) Travel expenses b) Income c) Increase d) Business cost allowance 13. The shall act as the attorney for the Division in all actions and proceedings brought against or by the Division pursuant to the provisions of this chapter. a) Attorney General b) Administrator c) Attorney Liaison d) State Attorney 14. Section 8, NRS 116B.810 is hereby amended to read as follows: Except as otherwise provided in this section, the Division may employ experts, attorneys, investigators, consultants and other personnel as to carry out the provisions of this chapter. a) Experts b) Are necessary c) Replacements d) Employees

4 15. The money deposited into the Account for Real Estate Administration created by NRS must be used to defray the incurred by the Division in carrying out the provisions of Section 9, NRS a) Liabilities b) Costs and expenses c) Overages d) Monetary expenditures 16. Senate Bill 181, section 6 requires real estate brokers, real estate broker-salespersons and real estate salespersons to distribute free of charge to each party to a real estate transaction which is available publicly and which is designed to assist in the identification, evaluation and selection of energy efficiency and conservation features in residential property. a) A pamphlet b) Product statements c) Efficiency evaluations d) Written information 17. Senate Bill 181, section 6 says the written information that is designed to assist in the identification, evaluation and selection of energy efficiency and conservation features in residential property must include, without limitation, information relating to which of the following? a) Appliances b) Building materials used in homes c) Insulation d) All of the above 18. Section 10, NRS dictates that must be charged by and paid to the Division for each original real estate broker s, broker salesperson s or corporate broker s license application fee. a) $210 b) $170 c) $40 d) $180

5 19. Section 10, NRS dictates that must be charged by and paid to the Division for each renewal of a real estate salesperson s license. a) $360 b) $280 c) $140 d) $ Section 10, NRS dictates that must be charged by and paid to the Division for each reinstatement of a real estate salesperson s or broker-salesperson s license when he or she fails to notify the Division of a change of broker within 30 days of termination by previous broker. a) $15 b) $30 c) $50 d) $75

6 1. D 2. D 3. A 4. B 5. A 6. D 7. A 8. C 9. A 10. B 11. A 12. A 13. A 14. B 15. B 16. D 17. D 18. A 19. B 20. B Nevada Legal Update 4 Practice Exam Answer key