Nevada Real Estate Salesperson Exam — All Questions

Which conveyance is exempt from the Nevada real property transfer tax?

• a.A conveyance to a cousin who pays fair market value
• b.A conveyance to a neighbor for less than the assessed value
• c.A conveyance from a parent to a child✓
• d.A conveyance to a business partner for no consideration

The exemptions include a conveyance to a person related to the owner within the first degree of lineal consanguinity or affinity, a transfer between former spouses under a divorce decree, and a transfer to or from a trust without consideration when a certificate of trust is presented. Cite: NRS 375.090(5), (6), (7).

A married Nevada couple holds their home as community property and wants to sell it. To convey the property:

• a.Either spouse acting alone may sign, since the interests are equal
• b.Only the spouse named first on the vesting deed must sign
• c.Both spouses must join in the deed and both must acknowledge it✓
• d.One spouse may sign if the other is notified before closing

Nevada is a community property state, and although either spouse may generally manage community property, neither spouse may sell, convey or encumber community real property unless both join in executing the deed and both acknowledge it. Cite: NRS 123.230(3).

When does a Nevada married couple's community property carry a right of survivorship?

• a.Automatically, because community property always carries it
• b.Only if the instrument expressly declares that right✓
• c.Only if the couple also record a separate affidavit
• d.Never; survivorship requires a joint tenancy deed

A right of survivorship does not arise in community property unless the instrument creating the estate expressly declares that the married couple take as community property with right of survivorship, and the right is extinguished if either spouse transfers his or her interest during the marriage. Cite: NRS 111.064(2).

Which of these is the separate property of one spouse under Nevada law?

• a.A house a spouse owned before the marriage✓
• b.A house bought during the marriage with one spouse's wages
• c.Rent collected during the marriage from a duplex bought together
• d.A car bought during the marriage and titled to one spouse

Separate property is what a spouse owned before marriage and what the spouse later acquires by gift, bequest, devise, descent or a personal injury award, together with the rents, issues and profits of that property. Everything else acquired after marriage is presumed community property. Cite: NRS 123.130; NRS 123.220.

A builder is selling a new home in Las Vegas to its initial purchaser. The gaming enterprise district disclosure must be:

• a.Given to any buyer of any home anywhere in Nevada
• b.Given at the close of escrow in every Nevada county
• c.Given at least 24 hours before the initial purchaser signs✓
• d.Given only if the buyer asks about nearby casinos

In a county whose population is 700,000 or more, a seller may not sign a sales agreement with the initial purchaser of a residence unless the gaming enterprise district disclosure was provided at least 24 hours before signing. The purchaser may waive the 24-hour period in a signed writing. Cite: NRS 113.080(1), (3).