Quiz 6 (Answers found near end of workbook.) 1. What subject matter is covered in NRS 119? A. Time share. B. Real estate. C. Sales of subdivided land. D. Campground membership. 2. What subject matter is covered in NRS 119A? A. Time share. B. Real estate. C. Sales of subdivided land. D. Campground membership. 3. What is a property report under NRS 119? A. A report, issued by the administrator, authorizing a developer to sell interests in a subdivision. B. A statement of the methods proposed to be employed in obtaining purchasers. C. The information submitted to the administrator by the developer in its application D. A report, written by the Director of the department of business and industry. 4. What can t a registered representative do? A. Sell properties. B. Represent a company for compensation. C. Solicit persons to attend an offer or sale of property. D. Distribute information approved by the division. 5. The cover of the property report is printed in what color? A. Black B. Blue C. Purple D. Red ABC Real Estate School Nevada Law Nov 2009 Page 272
6. Exceptions from registration, under NRS 119, upon division approval, include all of the following A. Single purchases. B. Cemetery lots. C. Campground memberships. D. Multiple parcels less than 20 acres. 7. A bona fide press release is exempt for regulations, if it: A. Is intended for publication without payment of any consideration. B. Does not contain statements about sales volume. C. Does not contain statements about the nature of the subdivision. D. A, b and c are all correct. 8. Advertising referring to roads must also disclose all of the following A. Whether the roads are paved, gravel or dirt. B. The names of the roads. C. Whether the roads can be driven on year-round. D. The nature of the roads. 9. Time share sales agents need: A. 90-hours pre-licensing education. B. 45-hours pre-licensing education. C. 18-hours pre-licensing education. D. 14-hours pre-licensing education. 10. Mr. Jones has owned a time share since 1978. He would like to sell it to a Nevadan, Mrs. Bracken. Does he need to register with the real estate division? A. Yes, because Mrs. Bracken is a Nevadan. B. No, because Mr. Jones is exempt from registration. C. Yes, because anyone selling time shares in Nevada, must register. D. No, because Mr. Jones has owned it over 20 years. ABC Real Estate School Nevada Law Nov 2009 Page 273
11. What is the minimum age for obtaining a time share sales agent license? A. 17 B. 18 C. 21 D. 19 12. What is a time share? A. The right to use and occupy a unit on a recurrrent periodic basis according to an arrangement. B. Splitting up an apartment for multiple persons use. C. Partitioning a unit. D. A lot. 13. Which of the following is true about a public offering statement under 119A? A. Issued by the division. B. A report authorizing a developer to offer to sell time shares. C. A document containing a cover sheet with red writing. D. A, b and c are all true. 14. Charles deposited his week in Cancun with an exchange program. The exact unit that he purchased was not available in Hawaii, but a comparable unit was available. Should Charles accept the unit in Hawaii? A. No, because Charles must receive the exact unit. B. Yes, comparable units are acceptable. C. No, only refunds are acceptable. D. Yes, but Charles should also get monetary compensation. 15. According to 119A, an advertisement may use the term waterfront project, only if the project: A. Actually fronts a body of water. B. Has full and usable access along the frontage. C. Both A and B. D. Has view of the water. ABC Real Estate School Nevada Law Nov 2009 Page 274
16. All of the following are true about easements under the code in 119A, A. All easements must be disclosed. B. The nature of any easements must be disclosed. C. Easements never need to be portrayed on maps. D. A and b are both true. 17. Ward is a time share sales agent, and has been licensed for 2 years. When Ward renews, how much continuing education does he have to show to the Division? A. 15-hours. B. 30-hours. C. 6-hours, including 3-hours in law & ethics. D. 6-hours general credit. 18. Ralph is holding a promotional meeting to sell time shares. What can t Ralph do? A. Use false buyers. B. Play moderately loud music. C. Have both the speaker and another salesperson solicit each customer. D. Use and disclose eaves-dropping equipment, by sign and orally. 19. Who is a hearing officer under 119A? A. A member of the staff of the department of business and industry. B. A public official. C. An individual appointed by the Governor. D. The Director of the department of business and industry. 20. All of the following are duties of a Project Broker under 119A, A. He supervises the developer. B. Share responsibility for all activities involving advertising. C. Establish and maintain appropriate branch offices. D. Supervise sales agents and registered representative. ABC Real Estate School Nevada Law Nov 2009 Page 275
21. NRS 119A states that all of the following are exempt from registration, A. The sale of 25 or fewer time shares in a time-share project. B. The sale of time shares by an owner. C. Any transfer of a time share by deed in lieu of foreclosure. D. A gratuitous transfer of a time share. 22. If a sales agent is discovered as failing to pay child support, the administrator can: A. Suspend the sales agent s license. B. Revoke the sales agent s license. C. Do nothing. D. Notify the sales agent to appear in front of the real estate commission at their next commission meeting. 23. At a Time Share promotional meeting, Speaker Raul is speaking from the podium. Salesman Heather has already attempted to make a sale, but was unsuccessful. Salesperson Tim and salesperson Tiny are waiting for their turn. How many additional salespeople are legally aloud to attempt a sale? A. 1. B. 2. C. 3. D. It is unlimited. 24. Mathew is working as a Time Share Sales Agent. His broker would like him to stand by the elevators at the Sahara Hotel and pass out literature. He is not a registered representative. Can he legally comply with his broker s request? A. Yes, because he is a Time Share Sales Agent. B. No, because he is not registered with the Nevada Real Estate Division. C. No, because sales agents are not allowed at the Sahara Hotel. ABC Real Estate School Nevada Law Nov 2009 Page 276