let's get ready for the Nevada real estate exam with 100 questions covering State specific laws principles and practices you'll need to know and don't miss what's happening in the bottom corner it could be key to your exam prep we'll tell you how in a minute now let's get started let's jump right into licensing requirements and procedures Nevada licensing requirements and procedures what is the minimum age requirement to obtain a real estate license in Nevada is it a 18 years B 21 years C 16 years or D 25 years the answer is a 18 years in Nevada the minimum age to apply for a real estate license is 18 years this requirement ensures that applicants have reached the age of majority which is necessary for legal contract tracks have you noticed the code in the bottom corner next time you're stumped take that code to birdie. AI for immediate help and a free study session with birdy your personal AI study partner plus you'll get access to hundreds of additional questions helping you move closer to passing your exam with confidence the next time you're feeling unsure or stuck give it a try which of the following is a requirement for obtaining a broker's license in Nevada is it a completion of a 30-hour course B passing a national exam only C no prior experience required or D two years of active real estate experience the answer is D two years of active real estate experience to obtain a broker's license in Nevada applicants must have at least 2 years of active real estate experience within the previous four years this experience is crucial for understanding the complexities of brokerage how often must a Nevada real estate license be renewed is it a annually B every 2 years C every 3 years or D every 5 years the answer is B every 2 years Nevada real estate licenses must be renewed every 2 years this bial renewal ensures that lenses remain informed about current laws and practices in real estate what is required to reactivate an inactive real estate license in Nevada is it a paying a penalty fee only B submitting a new application C completing continuing education and submitting a reactivation form or D passing the licensing exam again the answer is C completing continuing education and submitting a reactivation form to reactivate an inactive real estate license in Nevada lienes must complete the required continuing education and submit the appropriate reactivation form and fees this ensures they are updated with current real estate practices continuing education requirements what is the minimum number of continuing education hours required for a Nevada real estate license renewal is it a 12 hours B 18 hours C 21 hours or D 24 hours the answer is D 24 hours Nevada requires lenses to complete 24 hours of continuing education every two years this includes specific hours dedicated to mandatory courses such as ethics and law updates which of the following topics is not typically required as part of Nevada's mandatory continuing education for Real Estate professionals is it a ethics B law updates C marketing strategies or D agency relationships the answer is C marketing strategies while ethics law updates and agency relationships are common requirements marketing strategies are usually not a mandated Topic in Nevada's continuing education curriculum how often must Nevada real estate lenses complete their continuing education requirements is it a annually B every two years C every 3 years or D every 5 years the answer is B every 2 years in Nevada real estate lenses are required to complete their continuing education every 2 years to maintain their license in good standing which of the following is a consequence of failing to complete continuing education requirements in Nevada is it a license expiration B monetary fine C mandatory ethics course or D temporary suspension the answer is a license expiration failure to complete the necessary continuing education results in license expiration preventing the lensey from Legally practicing real estate until requirements are met and the license is renewed Nevada specific exam structure and content what is the specific content focus of the Nevada real estate licensing exam is it a only National real estate laws B only Nevada state specific laws C both National and Nevada state specific laws or D real estate ethics only the answer is C both National and Nevada state specific laws the Nevada real estate licensing exam focuses on both National and state- specific content the state specific portion tests knowledge of Nevada laws regulations and procedures unique to real estate practices in Nevada how many questions are typically on the Nevada real estate licensing exam is it a 150 questions B 120 questions C 100 questions or d 80 questions the answer is B 120 questions the Nevada real estate licensing exam generally consists of 120 questions combining both National and state- specific portions to assess comprehensive real estate knowledge what is the passing score for the Nevada real estate licensing exam is it a 75% B 70% C 80% or D 85% the answer is a 75% the Nevada real estate licensing exam requires a passing score of 75% this score ensures that candidates demonstrate sufficient understanding of real estate principles and state specific laws which of the following topics is emphasized in the Nevada a specific portion of the real estate exam is it a Nevada agency relationships B federal fair housing laws C environmental hazards or D property management techniques the answer is a Nevada agency relationships the Nevada specific portion emphasizes state laws and regulations including agency relationships fiduciary duties and Nevada real estate commission rules if you're finding this helpful please take a minute to like this video And subscribe to our channel for more practice exams useful tips and complimentary study sessions with birdy let's continue with Nevada real estate laws and regulations Nevada specific fair housing laws which of the following is a protected class under Nevada's fair housing laws is it a familial status B occupation C political affiliation or D marital status the answer is a familial status Nevada's fair housing laws protect individuals from discrimination based on race color religion sex national origin familial status and disability among other classes what is the primary function of the Nevada Equal Rights Commission concerning real estate is it a issuing real estate licenses B enforcing anti-discrimination laws C setting property tax rates or D regulating building codes the answer is B enforcing anti-discrimination laws the nerk is responsible for enforcing Nevada's anti-discrimination laws including those related to housing ensuring fair treatment in real estate transactions under Nevada law which action is considered discriminatory in housing practices is it a offering lower rent for long-term leases B requiring a security deposit C refusing to rent to a family with children or D advertising amenities like a pool the answer is C refusing to rent to a family with children refusing to rent to a family with children is discriminatory under Nevada's Fair housing laws which protect against familial status discrimination in Nevada which of the following is not a valid exemption from fair housing laws is it a owner occupied buildings with no more than four units B single family homes sold or rented by owner without using a broker C housing operated by religious organizations or D discrimination based on race the answer is d D discrimination based on race discrimination based on race is never exempt under Nevada's fair housing laws aligning with Federal standards prohibiting racial discrimination Nevada specific contract requirements what is the minimum number of days a seller has to provide the buyer with the Nevada real estate division's residential disclosure guide before closing is it a 5 days B 10 days C 15 days or D 20 days the answer is B 10 days in Nevada sellers must provide the residential disclosure guide to buyers at least 10 days before closing this ensures buyers have ample time to review important property information under Nevada law which party is primarily responsible for ensuring the completion of the lead-based paint disclosure for properties built before 1978 is it a seller B buyer C real estate agent or D home inspector the answer is a seller the seller is responsible for providing the lead-based paint disclosure for properties built before 1978 this requirement helps protect buyers from potential health hazards in Nevada what is the maximum penalty for a real estate lie who fails to disclose material facts about a property is it a $1,000 B $5,000 C $110,000 or D $115,000 the answer is C $10,000 failure to disclose material facts can result in fines up to $110,000 per violation in Nevada such penalties underscore the importance of transparency in real estate transactions what must be included in a Nevada real estate purchase agreement to ensure it complies with state law is it a sellers future plans for the property B buyer's credit score C property tax history or D legal description of the property the answer is D legal description of the property a Nevada purch agreement must include a legal description of the property this ensures Clarity and prevents disputes over property boundaries overview of Nevada real estate statutes what is the primary purpose of the Nevada real estate division is it a to provide legal advice to real estate agents B to set property tax rates C to regulate and enforce real estate laws or D to appraise real estate properties the answer is C to regulate and enforce real estate laws the Nevada real estate division regulates and enforces the state's real estate laws ensuring compliance and protecting consumers it oversees licensing education and disciplinary actions for Real Estate professionals which of the following is required for a real estate licensee to renew their license in Nevada is it a a person personal interview with the real estate division B completion of continuing education courses c a new background check or D submission of a new application form the answer is B completion of continuing education courses lenses must complete continuing education to renew their licenses ensuring they stay informed about changes in laws and Industry practices this requirement helps maintain Professional Standards what is the maximum penalty for a firsttime violation of Nevada real estate laws by a liccy is it a a fine of up to $10,000 B revocation of the license C mandatory community service or d a written warning the answer is a a fine of up to $10,000 the maximum penalty for a firsttime violation can include include fines up to $10,000 this serves as a deterrent and ensures adherence to regulations protecting public interest who is responsible for enforcing fair housing laws in Nevada is it a the local real estate board B the Nevada Secretary of State C private real estate companies or D the Nevada real estate division the answer is D the Nevada real estate division the Nevada real estate division enforces fair housing laws ensuring non-discriminatory practice in real estate transactions it aims to protect against bias based on race color religion sex and other factors now let's review Nevada property ownership and land use types of property ownership EG fee simple leasehold joint tency in Nevada which type of property ownership allows for an undivided interest in the property and does not pass ownership to heirs upon the death of an owner is it a fee simple B joint tency C tency in common or D lease hold the answer is B joint tency joint tency in Nevada provides each owner with an equal share and includes the right of survivorship meaning ownership passes to surviving owners not heirs upon death which of the following property ownership types in Nevada is characterized by a specific duration and reverts to the original owner after expiration is it a fee simple B joint tency C tency in common or D leasehold the answer is D leasehold leasehold is a temporary interest where the lesie has the right to use the property for a specified period after which it revers to the Lesser what distinguishes tency in common from joint tency in Nevada property ownership is it a owners can have unequal shares B includes right of survivorship C requires all owners to agree for sale or D automatically converts to fee simple the answer is a owners can have unequal shares tency in common allows each owner to have a distinct proportional interest in the property which can be sold or inherited independently unlike joint tency in Nevada what type of property ownership allows an owner to have absolute control over the land and the ability to sell or lease it freely is it a fee simple b leasehold c joint tency or D tency in common the answer is a fee simple fee simple ownership grants the holder absolute control over the property allowing them to sell lease or develop it at will stuck on a question just think of the birdy Link in the description as your friendly neighborhood superhero swooping in to save the day with answers feel free to explore it now and return to continue simply hit pause and we'll be waiting when you get back public versus private land use controls which entity primarily regulates zoning laws in Nevada is it a local government entities B state government C federal government or D homeowners associations the answer is a local government entities in Nevada zoning laws are primarily regulated by local government entities such as city councils or county commissions which oversee land use Planning and Development regulations what is the primary purpose of Nevada's public land use controls is it a to maximize tax revenue B to promote orderly development and Community welfare C to restrict private property rights or D to increase property values the answer is B to promote orderly development and Community welfare public land use controls in Nevada are designed to ensure orderly development protect the environment and promote the welfare of the community by regulating how land can be used which of the following is a characteristic of a private land use control is it a imposed by local government B regulated by federal agencies C enforced through covenants and restrictions or D determined by state legislation the answer is C enforced through covenants and restrictions private land use controls are typically enforced through covenants conditions and restrictions ccnr imposed by property developers or homeowners associations to maintain property values and Community standards what is a common public land use control tool used in Nevada is it a easements B zoning ordinances C deed restrictions or D tax incentives the answer is B zoning ordinances zoning ordinances are a common tool used by Nevada municipalities to regulate land use dividing areas into zones for residential commercial industrial or other uses land use and zoning laws what is the primary purpose of zoning laws in Nevada is it a to increase property taxes B to regulate land use and prevent incompatible uses C to encourage urban sprawl or D to promote tourism the answer is B to regulate land use and prevent incompatible uses zoning laws in Nevada are designed to regulate land use ensuring that land is used in a manner that is consistent with Community goals safety and Welfare they help prevent incompatible land uses which of the following is a common zoning designation in Nevada is it a residential B agricultural C mixed use commercial or D historical preservation the answer is a residential residential zoning is one of the most common designations allowing for housing developments other types include commercial and Industrial each with specific rules for land use how can a property owner in Nevada legally change the zoning designation of their land is it a by petitioning neighbors B by submitting a request to the federal government C by applying for a resoning request through local government or D by obtaining a variance the answer is C by applying for a resoning request through local government to change a zoning designation a property own owner must apply for a rezoning request through the local government which involves public hearings and compliance with local planning requirements what is a variance in the context of Nevada zoning laws is it a a change in zoning classification b a temporary land use permit C an increase in property taxes or d a legal exception to zoning ordinances the answer is d a legal exception to zoning ordinances a variance is a legal exception that allows a property owner to deviate from the zoning ordinance due to unique circumstances ensuring the property can be used reasonably without altering the zoning designation Condominiums and HOAs what is the primary purpose of a homeowner's association in a Nevada condominium Community is it a to provide individual property insurance B to manage individual unit sales C to maintain common areas and enforce Community rules or D to set property tax rates the answer is C to maintain common areas and enforce Community rules HOAs in Nevada are responsible for maintaining common areas and enforcing Community rules ensuring property values are preserved they manage finances repairs and Community Aesthetics impacting all residents in Nevada what is required for a Condominium Association to amend its governing documents is it a approval by the board of directors b a super majority vote from the membership C consent from local government or D A unanimous vote from unit owners the answer is b a super majority vote from the membership amending governing documents typic Al requires a super majority vote from the association's membership often specified in the documents themselves to ensure broad agreement among owners which of the following is a common responsibility of a Nevada condominium HOA is it a maintaining and repairing common areas B providing individual unit interior upgrades C setting local zoning laws or D conducting personal property assessments the answer is a maintaining and repairing common areas HOAs are often responsible for maintaining and repairing common areas such as pools and Landscaping to ensure the community remains attractive and functional for all residents how does Nevada law typically require a condominium HOA to handle disputes with unit owners is it a through immediate legal action B By ignoring the the dispute C by involving local government or D through mediation or arbitration the answer is D through mediation or arbitration Nevada law encourages mediation and arbitration to resolve disputes between HOAs and unit owners aiming to settle conflicts amicably without resorting to litigation environmental issues and water rights which water rights Doctrine is Prim arily used in Nevada to allocate Water Resources is it a prior appropriation B riparian rights C correlative rights or D public trust Doctrine the answer is a prior appropriation Nevada follows the prior appropriation Doctrine which allocates water rights based on a first in time first in right principle prioritizing senior water rights holders over Junior ones what is the primary purpose of the Nevada state Engineers office in water rights management is it a to build reservoirs B to administer water rights C to monitor air quality or D to regulate property taxes the answer is B to administer water rights the Nevada state Engineers office is responsible for administering water rights ensuring proper allocation use and conservation of Water Resources according to state laws how does Nevada law address the issue of groundwater depletion is it a by prohibiting all groundwater use B by allowing unlimited withdrawals C by requiring permits for withdrawals or D by prioritizing agricultural use the answer is C by requiring permits for withdrawals n dat law addresses groundwater depletion by regulating withdrawals through permits and monitoring to ensure sustainable use and prevent overe extraction what is the effect of a conservation easement on property rights in Nevada is it a it increases property taxes B it allows unrestricted development C it transfers ownership to the state or D it restricts land use for conservation the answer is D it restricts land use for conservation a conservation easement restricts certain land uses to protect natural resources often limiting development rights while preserving the land's ecological or open space value notice the code in the corner when you're stumped by a question enter it at birdie. for immediate help enjoy complimentary study sessions and access to hundreds of additional questions to help you pass your exam with confidence let's continue with Nevada agency law and ethics agency relationship laws under Nevada agency law what is the primary duty of a real estate agent to their client is it a to maximize profit for the agency B to act in the best interest of the client C to ensure a smooth transaction process or D to maintain a neutral position the answer is B to act in the best interest of the client the primary duty of a real estate agent in Nevada is to act in the best interest of their client which includes loyalty confidentiality and full disclosure this duty is fundamental to the agency relationship what is a dual agency in Nevada real estate law is it a an agency representing multiple clients in different transactions B an agent representing only the buyer in a transaction C an agent representing both the buyer and seller in the same transaction or D an agency with multiple agents working on the same transaction the answer is C an agent representing both the buyer and seller in the same transaction dual agency occurs when a single agent represents both the buyer and the seller in in a transaction Nevada law requires full disclosure and consent from both parties for this Arrangement which of the following is a requirement for a valid agency relationship in Nevada is it a a written agreement between the agent and client b a verbal agreement witnessed by a third party C A handshake agreement or D an implied understanding based on actions the answer is a a written agreement between the agent and client a valid agency relationship in Nevada requires a written agreement ensuring Clarity and legal enforceability this agreement outlines the duties and obligations between the agent and the client in Nevada which duty is not owed by an agent to a client in an agency relationship is it a loyalty B confidentiality C disclosure or D legal advice the answer is D legal advice an agent owes duties of loyalty confidentiality and disclosure to their client however they do not owe the duty of providing legal advice which is outside their professional scope fiduciary duties and client representation which of the following is a fiduciary duty of a real estate agent under Nevada agency law is it a confidentiality B loyalty C disclosure or D competence the answer is B loyalty in Nevada loyalty is a fiduciary duty requiring agents to act in the best interest of their clients avoiding conflicts of interest and prioritizing the client's needs over their own under Nevada agency law which Duty requires agents to act with care and diligence in their professional actions is it a reasonable care and diligence B obedience C accounting or D loyalty the answer is a reasonable care and diligence the duty of reasonable care and diligence mandates that agents perform their duties with the skill and attention expected of a competent professional ensuring client interests are protected what is the primary ethical obligation of a real estate agent when representing a client in Nevada is it a maximizing profit B following the market trends C acting in the client's best interest or D maintaining neutrality the answer is C acting in the client's best interest the primary ethical obligation is to act in the client's best interest ensuring all actions and advice provided are aligned with the client's goals and legal rights how does Nevada agency law Define the duty of disclosure is it a providing market analysis B negotiating terms C keeping client information confidential or D informing clients of all relevant facts the answer is D informing clients of all relevant facts disclosure involves informing the client of all relevant facts that could affect their decision making process ensuring transparency and informed consent in all transactions Nevada ethics guidelines and enforcement which of the following actions is considered unethical under Nevada real estate ethics guidelines is it a providing accurate property information B negotiating on behalf of the client C disclosing confidential client information without consent or D advertising services in multiple languages the answer is C disclosing confidential client information without consent disclosing confidential client information without consent is unethical as it violates client trust and confidentiality agreements Nevada law emphasizes the importance of protecting client privacy in real estate transactions what is the primary purpose of the Nevada real estate commission's enforce ment actions is it a to protect the public from unethical practices B to generate revenue for the state C to promote real estate education or D to support real estate agents the answer is a to protect the public from unethical practices the Nevada real estate commission enforces rules to protect the public by ensuring that real estate professionals adhere to ethical and legal standards thereby maintaining trust in the industry under Nevada ethics guidelines when is dual agency considered unethical is it a when both parties are informed and agree B when the agent does not disclose dual representation C when the agent receives compensation from both parties or D when representing family members the answer is B when the agent does not disclose dual representation dual agency becomes unethical if the agent fails to disclose the Dual representation to both parties as this transparency is crucial to maintaining trust and avoiding conflicts of interest how does the Nevada real estate division handle complaints against lenses is it a by automatically revoking licenses B by issuing fines without investigation C by By ignoring minor complaints or D by conducting thorough investigations the answer is d by conducting thorough investigations the division investigates complaints to determine if there is a violation of real estate laws or ethics ensuring that all lenses adhere to required Professional Standards now let's review Nevada property valuation basic principles of property valuation what is the primary purpose of a property valuation in Nevada is it a to increase property taxes B to determine the market value of a property C to set rental prices or D to ensure compliance with zoning laws the answer is B to determine the market value of a property the primary purpose of a property valuation is to determine the market value of a property for various purposes such as sale purchase Taxation and financing this ensures Fair transactions Which principle of property valuation involves the comparison of similar properties is it a principle of substitution B principle of anticipation C principle of Conformity or D principle of progression the answer is a principle of substitution the principle of substitution suggests that a buyer will not pay more for a property than the cost of an equally desirable alternative this principle underpins the comparative market analysis how does the principle of highest and best use affect property valuation is it a it limits property use to current zoning laws B it assesses the historical value of the property C it determines the most profitable legal use of the property or D it focuses on aesthetic improvements the answer is C it determines the most profitable legal use of the property the highest and best use principle evaluates the most profitable legal use of property considering its potential which influences its market value significantly what does the principle of contribution imply in property valuation is it a each property component adds equal value B the cost of improvements equals their value C only major Renovations affect property value or D value is added by the component's contribution to overall property value the answer is D value is added by the component's contribution to overall property value the principle of contribution states that the value of a property component is determined by how much it adds to the the overall property's value not by its cost sales comparison cost and income approaches which approach is typically most reliable for valuing new Residential Properties in Nevada is it a cost approach B sales comparison approach C Income approach or D Market approach the answer is a cost approach the cost approach is often most reliable for new Residential Properties because it considers the cost to build a similar structure it is less influenced by market fluctuations compared to other methods what is the primary consideration in the income approach to property valuation is it a replacement cost B comparable sales C Net operating income or D depreciation the answer is C Net operating income the income approach focuses on the property's ability to generate future income it is commonly used for commercial properties where income generation is a primary concern in Nevada which factor is least likely to influence the sales comparison approach is it a location B age of property C market conditions or D construction costs the answer is d construction costs the sales comparison approach primarily considers Market data and comparables construction costs are less relevant and are more associated with the cost approach when applying the cost approach which type of depreciation is considered is it a market obsolescence B functional obsolescence C economic obsolescence or D physical deterioration the answer is B functional obsolescence functional obsolescence refers to a reduction in value due to outdated features or design which is a factor in the cost approach to adjust for depreciation which of the following is a limitation of the sales comparison approach in Nevada is it a it relies on cost estimates B it is too complex for Residential Properties C lack of comparable Sal sales data or D it ignores income potential the answer is C lack of comparable sales data the sales comparison approach requires sufficient comparable sales data which may not be available in less active markets making it less reliable in those areas don't forget to comment below with your tips challenges and thoughts on exam preparation your experiences can make a big difference for others let's take a look at Nevada real estate financing mortgage loans and financing options what is the primary purpose of the Nevada home is possible program is it a to provide tax incentives for homeowners B to offer mortgage refinancing options C to assist with down payments for firsttime buyers or D to reduce property tax for new homeowners the answer is C to assist with down payments for firsttime buyers the Nevada home is possible program is designed to help firsttime home buyers with down payment assistance making home ownership more accessible to those who may struggle with initial costs which type of mortgage loan is most suitable for a buyer with a low credit score in Nevada is it a conventional loan B C C or D jumbo loan the answer is B loan FHA Loans are often recommended for buyers with lower credit scores due to their more lenient credit requirements compared to Conventional loans what is the benefit of choosing a fixed rate mortgage in Nevada is it a consistent monthly payments b lower initial interest rates C no down payment required or D eligibility for government subsidies the answer is a consistent monthly payments fixed rate mortgages provide stability as the interest rate remains constant over the life of the loan making it easier for homeowners to budget for consistent monthly payments how does a VA loan benefit eligible Nevada home buyers is it a higher interest rates B mandatory mortgage insurance C increased closing costs or D no down payment required the answer is D no down payment required VA loans offer significant benefits including no down payment requirements and no private mortgage insurance making them an excellent choice for eligible veterans and service members what is a key feature of adjustable rate mortgage in Nevada is it a interest rate remains constant b lower initial interest rate C no interest rate changes or D guaranteed low long-term payments the answer is b lower initial interest rate arms offer lower initial interest rates which can adjust over time based on market conditions potentially leading to lower initial payments but variable future costs what is a significant advantage of obtaining a USDA loan for Nevada home buyers is it a low interest rates B no closing costs C no down payment requirement or D available to all income levels the answer is C no down payment requirement USDA loans offer 100% financing options allowing eligible Nevada home buyers to purchase homes without a down payment this is particularly beneficial for buyers in rural areas who may not have substantial savings loan applications and approval processes what is the primary purpose of a loan estimate in the Nevada loan application process is it a to finalize the loan agreement B to assess the borrower's credit worthiness C to inform borrowers of estimated loan costs and terms or D to Det determine the property's market value the answer is C to inform borrowers of estimated loan costs and terms a loan estimate provides borrowers with important details about their loan terms and estimated costs it helps borrowers understand the financial obligations and compare different Loan offers before committing which document must a borrower receive within three business days of applying for a loan in Nevada is it a loan estimate B Closing disclosure C Credit Report or D title insurance policy the answer is a loan estimate the loan estimate is required by federal law to be provided within three business days after a loan application it ensures borrowers are informed of the terms and costs early in the process in Nevada what is the significance of the debt to income ratio during loan approval is it a it determines the loan interest rate B it assesses the borrower's ability to repay the loan C it is used to calculate property taxes or D it helps in selecting the loan type the answer is B it assesses the borrower's ability to repay the loan the debt to income ratio is crucial in assessing a borrower's ability to repay a loan it Compares monthly debt payments to income helping lenders determine Financial stability and risk which of the following is not typically required for a loan application in Nevada is it a credit history B income verification C employment details or D personal statement the answer is D personal statement while income verification credit history and employment details are standard a personal statement is not typically required lenders focus on financial documents and data for loan approval Nevada mortgage disclosure requirements what is the primary purpose of the Nevada mortgage disclosure requirements is it a to increase mortgage application processing speed B to ensure borrowers understand loan terms and risks C to reduce the number of mortgage defaults or D to simplify the mortgage application process the answer is B to ensure borrowers understand loan terms and risks the primary purpose is to ensure borrowers are fully informed about the terms costs and risks associated with their mortgage loans promoting transparency and preventing predatory lending which document must be provided to a borrower under Nevada morg AG disclosure requirements to detail the cost of a loan is it a closing disclosure B promisory note C loan estimate or D deed of trust the answer is C loan estimate the loan estimate must be provided detailing the costs and terms of a mortgage loan helping borrowers make informed decisions before proceeding when must the closing disclosure be be provided to the borrower according to Nevada mortgage disclosure requirements is it a at the time of application B one day before closing C at closing or d three business days before closing the answer is d three business days before closing the closing disclosure must be provided at least three business days before closing allowing borrowers time to review and ask questions under Nevada law what happens if there is a significant change in the loan terms after the initial loan estimate is provided is it a a revised loan estimate must be issued B the loan application must be restarted C the original terms must be honored or D the borrower must sign a waiver the answer is a a revised loan estimate must be issued if there is a significant change a revised loan estimate must be issued to reflect the updated terms ensuring the borrower is fully informed Nevada specific loan programs what is the primary purpose of the Nevada housing division's home is possible program is it a to refinance existing Home Loans at lower rates B to provide down payment assistance for home buyers C to subsidize rental payments for lowincome families am or D to offer grants for home renovations the answer is B to provide down payment assistance for home buyers the home is possible program aims to help qualified nevadans achieve home ownership by providing down payment assistance making it easier for them to afford a home purchase which Nevada specific Loan program is designed to assist veterans in purchasing a home is it a dat hero to home B firsttime home buyer program C home is possible for teachers or D Nevada rural housing program the answer is a Nevada hero to home the Nevada hero to home program specifically targets veterans offering them benefits like down payment assistance to facilitate home ownership what is a unique feature of the home is possible for teachers program is it a no closing costs B extended loan terms C below Market interest rates or D free home insurance for a year the answer is C below Market interest rates the program offers teachers a below Market interest rate making it financially easier for them to afford home ownership in Nevada which program is tailored to assist firsttime home buyers in rural Nevada is it a home is possible for teachers B Nevada hero to home C firsttime home buyer program or D Nevada rural housing program the answer is D Nevada rural housing program the Nevada rural housing program focuses on providing assistance to firsttime home buyers in rural areas supporting their efforts to purchase homes Nevada housing division programs what is the primary purpose of the Nevada housing division's home is possible program is it a to provide down payment assistance to firsttime home buyers B to offer free Home maintenance services C to finance luxury home purchases or D to provide rental subsidies the answer is a to provide down payment assistance to firsttime home buyers the home is possible program is designed to assist firsttime home buyers by providing down payment assistance making home ownership more accessible to those who qualify which of the following is a requirement for participating in the Nevada housing division's mortgage credit certificate program is it a having owned a home in the past year B being a firsttime home buyer C purchasing a home costing over $500,000 or D living in Nevada for at least 10 years the answer is B being a first-time home buyer participants must be firsttime home buyers which means they haven't owned a home in the last 3 years to qualify for the MCC program how does the Nevada Housing division's Home Again program primarily assist homeowners is it a by offering free home renovation Services B B by providing funds for purchasing second homes C by offering foreclosure prevention resources or D by subsidizing utility bills the answer is C by offering foreclosure prevention resources the home again program offers resources and counseling to help homeowners avoid foreclosure providing guidance and potential Financial Solutions what type of assistance does the Nevada housing division weatherization assistance program provide is it a mortgage payment assistance B down payment on new homes C foreclosure prevention counseling or D Energy Efficiency improvements the answer is D Energy Efficiency improvements the weatherization assistance program helps low-income households reduce energy costs by improving the Energy Efficiency of their homes through various upgrades don't forget to comment below with your tips challenges and thoughts on exam preparation your experiences can make a big difference for others let's review some Nevada disclosure requirements and forms Nevada specific disclosure requirements what is the primary purpose of the Nevada real estate division's sellers real property disclosure form is it a to determine the market value of a property B to disclose material facts about the property C to provide a history of previous owners or D to list the property on the Nevada MLS the answer is B to disclose material facts about the property the seller's real property disclosure form aims to inform potential buyers of any material facts or defects in a property this transparency helps buyers make informed decisions and protects Sellers from future liability which of the following is a required disclosure under Nevada law for residential property transactions is it a known defects affecting the property's value B the seller's reason for selling C the property's previous sale prices or D the buyer's financial status the answer is a a known defects affecting the property's value sellers must disclose any known defects that affect the property's value or desirability this includes structural issues environmental hazards or any legal incumbrances affecting the property when must a Nevada seller's real property disclosure form be provided to a buyer is it a at the closing of the sale B after the buyer's offer is accepted C at at least 10 days before property transfer or D within 30 days of listing the property the answer is C at least 10 days before property transfer the form must be provided to the buyer at least 10 days before the property is transferred this allows the buyer sufficient time to review and consider the information before completing the purchase what action can a buyer take if a Nevada seller fails to provide the required property disclosures is it a nothing as disclosures are optional B request a price reduction C sue the seller for damages or D rescind the purchase agreement the answer is D resend the purchase agreement if a seller fails to provide the required disclosures the buyer may have the right to resend the purchase agreement before closing this protects the buyer from purchasing a property without full knowledge of its condition commonly used Nevada forms which form is typically used in Nevada to disclose the presence of lead-based paint in a property built before 1978 is it a lead-based paint disclosure B sellers real property disclosure C environmental hazards disclosure or D property condition report the answer is a lead-based paint disclosure the lead-based paint disclosure form is federally required for homes built before 1978 it informs buyers or renters about the potential presence of lead-based paint ensuring compliance with the residential lead-based paint Hazard reduction act what is the primary purpose of the Nevada sellers real property disclosure form is it a to list all property improvements B to disclose known defects and issues C to provide a property appraisal or D to negotiate repair costs the answer is B to disclose known defects and issues the Nevada sellers real property disclosure form is designed to inform potential buyers about the condition of the property including any known defects or issues thus promoting transparency and informed decision-making in Nevada which form must be used to disclose the status of water rights associated with a property is it a environmental impact disclosure B sellers real property disclosure C water rights disclosure or D natural resource disclosure the answer is C water rights disclosure the water rights disclosure form is required in Nevada to inform buyers about the status and details of any water rights associated with the property ensuring transparency in transactions involving such rights when is the Nevada duties owed by a Nevada real estate lensee form typically provided to a client is it a at the first substantial contact B after signing a purchase agreement C during the property inspection or D at closing the answer answer is a at the first substantial contact the duties owed by a Nevada real estate lensey form is given at the first substantial contact with a client it outlines the fiduciary duties a leny owes to their client promoting transparency and Trust specific procedures for transactions what is the primary purpose of of the Nevada sellers real property disclosure form is it a to inform buyers about material material defects in the property B to provide a valuation estimate of the property C to outline the financial history of the seller or D to list the amenities included with the property the answer is a to inform buyers about material defects in the property the Nevada sellers real property disclosure form aims to inform potential buyers about any material defects or issues in the property uring transparency and informed decisionmaking in real estate transactions when must a Nevada real estate agent provide the duties owed by a Nevada real estate licy form to a client is it a after the first property showing B at the time of closing the transaction C at the first substantial contact with the client or D only if the client requests it the answer is C at the first substantial contact with the client the duties owed form must be provided at the first substantial contact with a client ensuring they understand the agent's responsibilities and obligations in the transaction process which of the following disclosures is required for the sale of a property built before 1978 in Nevada is it a asbest disclosure B lead-based paint disclosure C rate on gas disclosure or D flood zone disclosure the answer is B lead base paint disclosure for properties built before 1978 sellers must provide a lead-based paint disclosure due to the potential presence of lead which poses health risks especially to Children what is the consequence for a seller in Nevada who fails to provide the required property disclosure form to a buyer is it a the seller is fined by the state B the seller must provide a discount on the property C the transaction is automatically voided or D the buyer May cancel the contract or seek damages the answer is D the buyer May cancel the contract or seek damages failing to provide the required property disclosure can lead to legal consequences including the buyer having the right to cancel the contract or seek damages for non-disclosure thanks for joining us today if you found this video helpful subscribe to our channel for more practice exams tips and tricks and don't forget to visit birdie. 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