Nevada Real Estate Salesperson Exam — All Questions

The principle of contribution states that the value of a component or improvement is measured by:

• a.The raw number of square feet of floor area or land area that the improvement happens to occupy
• b.The owner's personal emotional attachment to and sentimental feelings about that improvement
• c.Its original construction or installation cost in every case, dollar for dollar, with no exception
• d.How much it adds to the overall value of the property, not its cost✓

Under contribution, an improvement is worth the amount it adds to the whole property's market value, which may be more or less than its cost. This principle explains why some renovations do not fully return their expense, a key point in over-improvement analysis.

Under Internal Revenue Code Section 121, a qualifying homeowner may generally EXCLUDE from taxable capital gain:

• a.Up to $250,000 of gain if single, or $500,000 if married filing jointly✓
• b.Up to a full one million dollars of gain on any property at all, at any time and any frequency
• c.All gain on any and every investment or rental property the taxpayer happens to own and sell
• d.Absolutely nothing, because gain on the sale of a home is always fully and entirely taxable

Section 121 lets homeowners who owned and used the home as their principal residence for at least two of the prior five years exclude up to $250,000 of gain (single) or $500,000 (married filing jointly). It applies to a primary residence, not to investment property.

Depreciation recapture on the sale of investment real estate means that:

• a.All of the depreciation deductions previously claimed are simply refunded to the investor in cash
• b.The investor is legally required to physically restore and rebuild the depreciated building itself
• c.Gain from prior depreciation may be taxed, often at a special rate✓
• d.No income tax is ever owed at all on the sale of a property that has previously been depreciated

When depreciated property is sold at a gain, the portion of gain due to depreciation deductions is 'recaptured' and taxed under special rules, reflecting the earlier tax benefit. It is a tax concept, not a requirement to rebuild, and it increases, not eliminates, tax on sale.

Which appraisal approach is generally MOST reliable for a special-purpose property, such as a church or public school, that rarely sells and earns no market income?

• a.The sales comparison approach, which depends on recent sales of similar comparable properties
• b.The income approach, which converts a property's market rental income into an indicated value
• c.The gross rent multiplier method, which relies on typical market rents that these lack entirely
• d.The cost approach✓

Special-purpose properties have few or no comparable sales and generate no market rent, so the cost approach (replacement cost new, less depreciation, plus land) is typically most reliable. Sales comparison lacks comparables and the income/GRM methods need market income these properties do not produce.

The four characteristics an item must have to possess value in the market, often remembered as DUST, are:

• a.Debt, Utility, Supply, and Taxes, a mix of unrelated financing and cost terms rather than value
• b.Demand, Utility, Scarcity, and Transferability✓
• c.Depreciation, Use, Sale, and Title, which describe stages of ownership rather than value itself
• d.Demand, Ownership, Scarcity, and Time, which swaps in two terms that are not part of the concept

For something to have market value it must have Demand (buyers who want it), Utility (usefulness), Scarcity (limited supply), and Transferability (the ability to convey it). The DUST acronym captures these four essentials of value.

Real estate salespersons in Nevada are licensed and regulated under NRS Chapter 645 by:

• a.The Nevada Department of Taxation, Property Division
• b.The Nevada Secretary of State, Commercial Recordings✓
• c.The Nevada Real Estate Division, Dept. of Business
• d.The Nevada Attorney General, Consumer Protection Unit

The Nevada Real Estate Division, within the Department of Business and Industry, administers NRS Chapter 645 and licenses salespersons and brokers, while the Real Estate Commission handles regulations and discipline. A trade association is a private membership group and does not license practitioners.

Under Nevada law, a real estate salesperson may perform brokerage activity:

• a.Independently, once the examination has been passed
• b.Only on behalf of and supervised by a licensed broker✓
• c.Under the direct supervision of the Real Estate Division
• d.Jointly with any other licensee holding an active licence

A Nevada salesperson may perform licensed brokerage activity only on behalf of and under the supervision of a licensed real estate broker. The salesperson may not act independently, and the broker is responsible for supervision and trust accounts.

A Nevada salesperson may lawfully accept compensation for licensed activity from:

• a.Any cooperating broker in the transaction
• b.The broker under whom the salesperson is licensed✓
• c.The buyer directly at closing
• d.The seller directly upon listing

Under NRS 645, a Nevada salesperson may accept compensation for licensed activity only from the broker under whom the salesperson is licensed, not directly from a client or another broker. The supervising broker is responsible for paying the salesperson.

Which written disclosure does NRS 645 require a Nevada licensee to give describing the statutory duties every licensee owes?

• a.The Duties Owed by a Real Estate Licensee form✓
• b.The Consent to Act form signed by both parties
• c.The Seller's Real Property Disclosure Form
• d.The residential purchase agreement addendum

Nevada requires a licensee to provide the 'Duties Owed by a Real Estate Licensee' disclosure, which describes duties such as reasonable skill and care, disclosing material facts, and accounting for money. These duties apply whether or not the licensee represents the person as a client.

In Nevada, a licensee may act for both the buyer and the seller in the same transaction only after obtaining:

• a.A separate broker license
• b.A verbal agreement from either party
• c.Approval from the county recorder
• d.The written Consent to Act from both parties✓

Nevada requires a licensee to obtain the written 'Consent to Act' from both the buyer and the seller before acting for both in the same transaction. When acting for both, the licensee may not disclose one party's confidential information, such as their negotiating position, to the other.

Under NRS Chapter 113, a seller of residential real property in Nevada must generally provide the buyer with:

• a.A completed Seller's Real Property Disclosure Form✓
• b.A preliminary title report issued by the title company
• c.A certificate of occupancy from the local building office
• d.A professional home inspection paid for by the seller

Nevada's NRS Chapter 113 requires a seller of residential real property to complete and deliver a Seller's Real Property Disclosure Form describing known conditions and defects. It reflects the seller's actual knowledge and is not a warranty or a substitute for an inspection.

Earnest money that a Nevada salesperson receives from a buyer must be:

• a.Held in the salesperson's own account until closing
• b.Deposited directly with the title company by the buyer
• c.Delivered to the supervising broker for the trust account
• d.Kept in the brokerage office safe until both sides sign✓

Client money such as earnest money must be handled through the broker's trust account and kept separate from personal funds; NRS 645 prohibits commingling. A salesperson who receives the money must deliver it to the supervising broker. Converting or commingling trust money is a serious violation.

A Nevada salesperson license authorizes brokerage activity:

• a.Only while associated with a licensed Nevada broker✓
• b.At any time after the licence has once been issued
• c.Only after two years of continuous active licensure
• d.Only when the Division grants a written exemption

A Nevada salesperson may perform brokerage activity only while associated with a licensed broker. The license is not active for practice until the salesperson is placed under a broker, and the salesperson must re-associate with another broker before continuing after leaving one.

The body that adopts the regulations in NAC Chapter 645 and hears disciplinary matters against Nevada licensees is made up of:

• a.Seven members elected by the licensees of this State
• b.Three members appointed by the Administrator of the Division
• c.Five members appointed by the Governor✓
• d.Nine members named by the Nevada Association of Realtors

NRS 645.050 creates the Real Estate Commission and fixes its size at five members appointed by the Governor. The Commission adopts regulations and conducts hearings; the Real Estate Division, headed by the Administrator, issues the licenses. Cite: NRS 645.050(1).

A Nevada broker holds a property management permit and manages rental homes for several owners. The broker's trust accounting must consist of:

• a.Two trust accounts, one for rents and one for security deposits✓
• b.One trust account that may also hold the broker's own reserve
• c.One combined trust account used for sales and rentals alike
• d.No trust account, if each tenant pays the property owner directly

A broker engaged in property management must maintain two property management trust accounts distinct from any trust account used for other real estate transactions: one used solely for rental operations and one used solely for security deposits. A ledger account is required for each managed unit. Cite: NAC 645.655(8).

A seller accepts a Nevada buyer's offer on Tuesday. The broker holding the buyer's earnest money check must deposit it:

• a.Within five calendar days after the offer was written
• b.Only after every contingency has been removed
• c.Before the end of the next banking day after acceptance✓
• d.Within 24 hours after escrow is opened by the title company

Failing to deposit any check or cash received as earnest money before the end of the next banking day after acceptance of an agreement is a ground for discipline, unless the purchase agreement itself provides otherwise. Cite: NRS 645.630(1)(k).

A Nevada salesperson takes a deposit from a buyer. The salesperson must pay it over to the broker or to the escrow company named in the contract:

• a.Within 5 calendar days after receiving the deposit
• b.Within 1 business day after receiving a fully executed contract✓
• c.At the next monthly reconciliation of the trust account
• d.Within 3 business days after the seller accepts the offer

A licensee who receives a deposit must pay it over to the broker or owner-developer, or to the escrow business designated in the contract, within 1 business day after receiving a fully executed contract. The statute separately requires the salesperson to pay money over to the broker promptly. Cite: NAC 645.657; NRS 645.310(2).

What does NRS 645.310 require a Nevada broker to do with each separate trust account?

• a.Balance it quarterly and report every withdrawal to the Division
• b.Balance it annually and have it audited by a certified accountant
• c.Balance it weekly and file a copy of the bank statement
• d.Balance it at least monthly and give the Division an annual accounting✓

The broker must keep records showing whose money is on deposit, balance each separate trust account at least monthly, and provide the Division an annual accounting that reconciles each trust account. Commingling client money with the broker's own is prohibited. Cite: NRS 645.310(3), (5).

Which statement about signatures on a Nevada brokerage's trust account is correct?

• a.A salesperson may not be the only required signatory✓
• b.A salesperson may sign alone with the broker's written approval
• c.A rubber stamp of the broker's name satisfies the requirement
• d.Only a person who is not licensed may be added as a cosigner

No money may be withdrawn from a custodial or trust account without the signature of a licensee, and a rubber stamp is not a signature for that purpose. A real estate salesperson may be a cosigner with the broker but may never be the only required signatory. Cite: NAC 645.655(5), (6).

How long must a Nevada broker keep complete real estate transaction and property management records?

• a.3 years after the close of escrow, excluding offers that were rejected
• b.7 years after the close of escrow, including every rejected offer
• c.5 years after the closing or the last activity, including offers not accepted✓
• d.2 years after closing, unless the Division asks for a longer period

The broker must keep complete transaction and property management records for at least 5 years after the closing or the last activity involving the property, and that expressly includes offers that were not accepted and transactions that were never completed. Cite: NAC 645.650(1).

A Nevada salesperson buys an Instagram advertisement for her listing. The advertisement must include:

• a.Her name and the words 'licensed in Nevada'
• b.Her name and the county in which the property is located
• c.The brokerage name only; a license number is not required
• d.Her license number and the name of her brokerage✓

In any advertisement offering licensed services the licensee must include his or her license number and disclose the name of the brokerage with which the licensee is associated, and the brokerage name must be identified with prominence. A salesperson may not advertise solely under his or her own name. Cite: NRS 645.315(1), (2); NAC 645.610(1)(c), (e).

A Nevada salesperson owns a rental duplex and wants to sell it himself. In advertising it he must:

• a.Use the words 'for sale by owner-agent' or similar✓
• b.Describe it as 'for sale by owner' and omit his license number
• c.List it with a brokerage other than his own
• d.Obtain written approval from the Division before advertising

A licensee may not use his or her name or telephone number in a 'for sale by owner' advertisement. A licensee who has an ownership interest may advertise the property only if the advertisement says 'for sale by owner-agent' (or 'owner-broker' for a broker) or substantially similar words. Cite: NAC 645.610(1)(b).

Before a Nevada licensee may advertise a specific property that is exclusively listed by another broker, the licensee must obtain:

• a.Nothing, because the listing is published in the multiple listing service
• b.The owner's written consent, obtained without the listing broker
• c.The prior written consent of the listing broker✓
• d.A cooperating commission agreement signed at closing

A licensee shall not publish an advertisement or place a sign referring to the availability of a property exclusively listed by another broker without the prior written consent of the listing broker, and that consent may not be given or withheld without the owner's knowledge. Cite: NAC 645.610(1)(d).

A Nevada salesperson terminates her association with her broker on March 1. NRS 645.580 requires that she:

• a.Keep working for the former broker until the license is transferred
• b.Associate with another broker or request inactive status within 30 days✓
• c.Apply for an original license and retake the state examination
• d.Notify the Division within 10 days and continue taking new listings

A broker-salesperson or salesperson must, within 30 days after termination of the association, become associated with another broker or owner-developer or request that the license be placed on inactive status. The former broker separately has 10 days to notify the Division of the termination. Cite: NRS 645.580(1), (2).

A buyer obtains a final fraud judgment against a Nevada licensee and cannot collect it. Recovery from the Real Estate Education, Research and Recovery Fund is capped at:

• a.$10,000 per judgment, with no cap for any one licensee
• b.$50,000 per judgment and $50,000 for any one licensee
• c.The full unpaid judgment, including punitive damages
• d.$25,000 per judgment, and $100,000 for any one licensee✓

The Fund pays unpaid actual damages of not more than $25,000 per judgment, and its total liability for any one licensee may not exceed $100,000. A licensee may not recover from the Fund for a transaction in which he or she acted as a licensee. Cite: NRS 645.844(1), (2).

An applicant for an original Nevada real estate salesperson's license must complete a course of instruction of at least:

• a.45 hours, of which 9 must be on agency
• b.120 hours, including 15 hours on contracts and 15 on agency✓
• c.90 hours, including at least 12 hours on Nevada law
• d.180 hours, including at least 30 hours on real estate appraisal

The salesperson pre-license course must be not less than 120 hours and must include at least 15 hours on the preparation of contracts and at least 15 hours on agency; the regulation splits the rest into 45 hours of principles and practices and 45 hours of law and ethics, 18 of which are Nevada law. The 120-hour course replaced the old 90-hour course for applicants on and after October 1, 2021, so the 90-hour figure is no longer correct. Cite: NRS 645.343(1); NAC 645.435(1), (2).

Under NRS 645.780, the initial license period for an original Nevada salesperson's license and each period after renewal are:

• a.24 months, and then 48 months for each renewal
• b.48 months, and then 48 months for each renewal
• c.12 months, and then 12 months for each renewal
• d.12 months, then 24 months✓

The initial license period for an original broker's, broker-salesperson's or salesperson's license is 12 consecutive months beginning the first day of the month after issuance; each subsequent period is 24 consecutive months. Licenses expire at midnight on the last day of that period. Cite: NRS 645.780(1), (2).

For any renewal after the first, a Nevada salesperson must complete continuing education of:

• a.36 hours, including 3 of agency, 3 of Nevada law, 6 of contracts and 3 of ethics✓
• b.24 hours, including 6 of agency, 6 of Nevada law, 6 of contracts and 6 of ethics
• c.30 hours, including 6 of broker management
• d.36 hours every year, of which 12 must be Nevada law

The statute sets a floor of 36 hours of continuing education, and the regulation allocates a salesperson's 36 hours as 3 hours agency, 3 hours Nevada law, 6 hours contracts, 3 hours ethics, 3 hours risk reduction and 18 hours of approved electives, proved before the end of each 2-year renewal period. Cite: NRS 645.575(2)(a); NAC 645.448(1).

How must a Nevada licensee take the continuing education required to renew a license?

• a.Every hour must be completed through distance education
• b.A licensee in a rural area must still attend every hour in person
• c.At least half must be live, with licensee and instructor in one room✓
• d.No more than 6 hours may be taken in any single subject area

At least 50 percent of the required continuing education hours must be taken through live instruction in which the licensee and the instructor are in the same room. A licensee who lives in a rural area may ask the Division in advance to approve distance education instead. Cite: NAC 645.448(4).

A first-time Nevada licensee must complete the prescribed postlicensing course:

• a.Before the original license is issued by the Division
• b.Within the first year immediately after initial licensing✓
• c.Within 30 days after the licensee's first closed sale
• d.At any point before the second renewal of the license

Each first-time licensee must take a prescribed postlicensing course focused on practical application, offered in at least 15 modules through live instruction, and must give the Division proof of completion within the first year immediately after initial licensing. Cite: NAC 645.4442(1); NRS 645.575(3)(b)(1).

A licensed Nevada salesperson who wants a permit to engage in property management must show the Division proof of:

• a.Two years of documented experience managing rental units
• b.A broker's license and the Commission's written approval
• c.45 classroom hours of instruction in property management
• d.24 classroom hours of property management instruction✓

An applicant for a property management permit must furnish proof of successfully completing at least 24 classroom hours of instruction in property management. The permit expires and renews with the license, and renewal requires at least 3 of the license's continuing education hours to be in property management. Cite: NRS 645.6052(2)(a), (4)(a).

The 'Duties Owed by a Nevada Real Estate Licensee' form prepared by the Division must be given by a licensee acting as an agent:

• a.Only to the party the licensee represents
• b.To each party the licensee represents and to each unrepresented party✓
• c.Only to the buyer, because the seller signs the listing agreement
• d.To the Division within 10 days after the transaction closes

A licensee acting as an agent must provide the appropriate Division-prepared form to each party for whom the licensee is acting as an agent and to each unrepresented party to the transaction. The Division prepares separate forms for single representation, for representing more than one party, and for assigned licensees. Cite: NRS 645.252(3); NRS 645.193.

A Nevada licensee discloses that she will be acting for both the buyer and the seller. Before continuing she must obtain:

• a.Oral consent from both parties, noted in the licensee's file
• b.Consent from whichever party is paying the commission
• c.Approval from the Real Estate Division before closing
• d.Written consent from each party for whom she is acting✓

A licensee who discloses that he or she is acting for more than one party must obtain the written consent of each party for whom the licensee is acting before continuing to act as an agent. That consent is given on the Division's Consent to Act form. Cite: NRS 645.252(1)(d).

Which item must appear in the written consent a Nevada licensee obtains to act for two parties with adverse interests?

• a.A statement that a party is not required to consent✓
• b.A promise that neither party will learn the other's price
• c.A statement that the commission will be reduced by half
• d.A waiver of the licensee's duty to present all offers

The written consent must describe the transaction, state that the licensee is acting for parties with adverse interests and therefore has a conflict of interest, state the one-year confidentiality promise, state that a party is not required to consent, and state that consent is given without coercion. Cite: NRS 645.252(1)(d)(1)-(5).

How long must a Nevada licensee keep a client's confidential information confidential?

• a.Until the transaction closes and the deed is recorded
• b.For 6 months after the brokerage agreement ends
• c.For 1 year after the agreement ends✓
• d.Forever, under every circumstance without exception

A licensee who entered into a brokerage agreement may not disclose confidential information relating to the client for 1 year after the agreement is revoked or terminated, unless ordered by a court of competent jurisdiction or given the client's written permission. Cite: NRS 645.254(2).

A Nevada broker assigns two licensees from her own brokerage, one to the buyer and one to the seller in the same sale. In that situation:

• a.Each licensee must still obtain written consent from both parties
• b.The licensees are not required to obtain that written consent✓
• c.The broker must withdraw from one side of the transaction
• d.The parties must sign a new brokerage agreement with the broker

When a broker assigns different affiliated licensees to separate parties, those licensees need not obtain the written consent required for acting for more than one party. Each assigned licensee may still disclose confidential client information only to the broker. Cite: NRS 645.253(1).

Which duty of a Nevada licensee may a client actually waive?

• a.Any duty, if both parties initial a written waiver
• b.Only the duty to exercise reasonable skill and care
• c.No duty may be waived under any circumstance
• d.Only the duty to present all offers, on a Division form✓

No duty set out in NRS 645.252 or NRS 645.254 may be waived, with a single exception: a client may waive the licensee's duty to present all offers by signing a waiver on a form prescribed by the Division. Cite: NRS 645.255; NRS 645.254(4).

In a suit against a Nevada licensee for failing to perform the statutory agency duties, what is the rule about what the client knew?

• a.The client's knowledge is automatically imputed to the licensee
• b.The licensee is strictly liable for any defect the client knew of
• c.The client's knowledge may not be imputed to the licensee✓
• d.The licensee's knowledge is imputed to the other broker

In an action under NRS 645.257 the client's knowledge of material facts about the property may not be imputed to the licensee, and the licensee is measured against the care a reasonably prudent Nevada licensee would exercise. Cite: NRS 645.257(2), (3)(a).

When is a Nevada licensee liable for a misrepresentation made by his own client?

• a.Whenever the client's statement turns out to be false
• b.Only if he knew it was false and did not correct it✓
• c.Only if the client made the statement in writing
• d.Never, because only the client signs the disclosure form

A licensee may not be held liable for a client's misrepresentation unless the licensee both knew the client made the misrepresentation and failed to inform the person to whom it was made that the statement was false. Cite: NRS 645.259(1).

By what point must a Nevada licensee's written disclosure of the agency relationship reach an unrepresented party?

• a.Within 24 hours after the offer is accepted
• b.At the first open house that party attends
• c.Before the close of escrow, when the escrow file is assembled
• d.No later than when that party signs any written document✓

The disclosure must be made in writing as soon as practicable, but not later than the date and time on which any written document is signed by the client or by a party not represented by a licensee. The prior disclosure must then be confirmed in a separate provision and kept in the broker's transaction file. Cite: NAC 645.637.

Every Nevada brokerage agreement that includes exclusive agency representation must contain:

• a.A definite, specified and complete termination, and both signatures✓
• b.An automatic renewal clause that runs until the client cancels
• c.A provision requiring the client to give notice to cancel
• d.A term of not more than 90 days set by the Commission

An exclusive agency brokerage agreement must set forth a definite, specified and complete termination, must contain no provision requiring the client to notify the broker of an intention to cancel the exclusive features after termination, and must be signed by both the client and the broker to be enforceable. Cite: NRS 645.320.

What must a Nevada licensee acting as an agent disclose to each party as soon as practicable?

• a.Only the commission paid by the licensee's own client
• b.Each source from which the licensee will receive compensation✓
• c.Nothing, if the payment comes from a lender or warranty company
• d.Only amounts over $500 received in a single transaction

Along with material facts about the property and any principal interest the licensee holds, the licensee must disclose each source from which he or she will receive compensation as a result of the transaction, and any change in the licensee's relationship to a party. Cite: NRS 645.252(1)(a)-(e).

Nevada's seller's real property disclosure form under NRS 113 must be handled how?

• a.The seller's agent fills it out and serves it at the close of escrow
• b.The seller completes it and serves it within 10 days after closing
• c.Either party may complete it before the offer
• d.The seller completes it and it is served 10 days before conveyance✓

At least 10 days before residential property is conveyed, the seller must complete the disclosure form and the seller or the seller's agent must serve it on the purchaser or the purchaser's agent. A seller's agent may not complete the form on the seller's behalf. Cite: NRS 113.130(1)(a).

May a Nevada buyer agree to waive the seller's real property disclosure required by NRS 113.130?

• a.No, a purchaser may not waive those requirements✓
• b.Yes, if the waiver is in writing and notarized
• c.Yes, if the property is sold in its present condition
• d.Yes, if the buyer has already paid for a home inspection

A purchaser may not waive any requirement of NRS 113.130(1), and a seller may not make waiver a condition of sale. A buyer may waive the separate damages remedies of NRS 113.150 only in a signed, notarized writing. Cite: NRS 113.130(3); NRS 113.150(6).

A Nevada seller knowingly conveys a home without disclosing a defect whose repair cost was not limited by the purchase agreement. The buyer may recover:

• a.The actual cost of repair, with no attorney's fees
• b.Treble the repair cost, plus costs and attorney's fees✓
• c.Rescission of the sale, which is the only remedy available
• d.A refund of the earnest money deposit only

A buyer conveyed property without the required disclosure may recover treble the amount necessary to repair or replace the defective part, with court costs and reasonable attorney's fees, in an action brought within 1 year after discovery or 2 years after conveyance, whichever is later. Cite: NRS 113.150(4).

A Nevada listing is a home where a homicide occurred, and a prior owner manufactured methamphetamine in the garage. Under NRS 40.770:

• a.The homicide is not material, but an unremediated meth lab is✓
• b.Both facts must be disclosed on the seller's disclosure form
• c.Neither fact is material to the transaction in any case
• d.The homicide becomes material once the buyer asks about it

The fact that property was the site of a homicide, suicide or other death, or of a felony, is not material to the transaction, but the statute carves out methamphetamine manufacture: that fact is not material only after the materials are removed or remediated by a certified entity or the board of health deems the property safe. Cite: NRS 40.770(1), (6).

A buyer under contract for a Nevada condominium receives the resale package. The buyer may cancel the purchase contract by written notice until:

• a.3 business days after the contract is signed
• b.Midnight of the fifth calendar day after receiving it✓
• c.Midnight of the tenth calendar day following the seller's acceptance
• d.Any time before the deed is recorded

A purchaser may cancel by written notice until midnight of the fifth calendar day following the date of receipt of the resale package, and the contract must contain a provision saying so. Cancellation is without penalty and all payments must be refunded promptly. Cite: NRS 116.4109(2).

A Nevada unit owner asks the association in writing for the documents needed for the resale package. The association must furnish them within:

• a.3 business days after the request is made
• b.30 calendar days after the request is made
• c.5 business days after escrow is opened
• d.10 calendar days✓

Within 10 calendar days after receiving a written request the association must furnish the declaration, bylaws, rules, budget and financial statement plus the certificate. If it fails to furnish them within those 10 days, the purchaser is not liable for the delinquent assessment. Cite: NRS 116.4109(3), (5).

A Nevada association forecloses its assessment lien on a unit that carries a recorded first deed of trust. The association's lien is prior to that security interest to the extent of:

• a.3 months of assessments
• b.6 months of assessments plus all fines
• c.9 months of assessments✓
• d.12 months of assessments and attorney's fees

The association's lien is prior to a recorded first security interest to the extent of the common-expense assessments that would have become due during the 9 months immediately preceding the recording of the notice of default, plus limited collection costs. Federal regulation may shorten the period, but never below 6 months. Cite: NRS 116.3116(3)(b).

The Nevada real property transfer tax on a residential sale is owed by:

• a.The seller alone, as a matter of law
• b.The buyer and the seller, jointly and severally✓
• c.The escrow holder, who must remit it at recording
• d.The county recorder, out of the recording fees collected

Buyer and seller are jointly and severally liable for the transfer tax and any penalties and interest, and the escrow holder is not liable. The parties may agree by contract who pays, but that agreement does not limit the recorder's ability to collect from either one. Cite: NRS 375.030(2), (4).