Final Knowledge Assessment

1. Which of the following is a requirement for single agency representation?

2. A licensee must disclose any personal interest they have in a real estate transaction.

3. What source primarily defines the statutory duties of a real estate licensee in Nevada?

4. Silence, when there is a duty to disclose, can be considered deceitful.

5. A licensee is not liable for which of the following, unless they knowingly fail to disclose it?

6. The statutory duties outlined in NRS and NAC completely replace the need for common law understanding.

7. Which of the following is a valid reason for the termination of an agency relationship?

8. Agency relationships can only be terminated by mutual agreement.

9. When were many common law duties codified into statutes in Nevada?

11. Absolute fidelity requires a licensee to:

12. Licensees must always put the client’s interests ahead of their own personal gains.

13. Which of the following duties is not derived from statutory sources?

14. A licensee’s duty of honesty extends only to their professional activities.

15. Licensees must exercise reasonable skill and care to avoid:

16. The duty to investigate includes ensuring all information impacting the property is accurate and disclosed.

17. The duty of honesty requires licensees to:

18. Under Nevada law, a licensee is liable for a seller’s failure to disclose information of public record.

19. Which of the following statements about the duty to investigate is correct?

20. Licensees must stay informed about current laws and regulations affecting their real estate practice.