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Real Estate Salesperson Exam — National Portion

Recovery fund (NV): practice questions

Our Real Estate (National) bank has 4 questions on this topic. Here are 4 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Nevada

By when must a petition for payment from the Fund be filed?

  1. Within 1 year after all proceedings, including appeals, end
  2. Within 6 months of revocation
  3. Within 90 days of the judgment
  4. Within 2 years after closing
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A. Within 1 year after all proceedings, including appeals, end — NRS 645.844(4)(g).

Question 2 · Nevada

What minimum balance must be maintained in the Fund for paying claims against licensees?

  1. $300,000
  2. $100,000
  3. $75,000 per year
  4. $1,000,000
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A. $300,000 — NRS 645.842(2).

Question 3 · Nevada

What are the Real Estate Education, Research and Recovery Fund's payment limits?

  1. $50,000 per judgment and $250,000 per licensee
  2. $10,000 per judgment, $50,000 per licensee
  3. $25,000 per judgment only
  4. $25,000 per judgment and $100,000 per licensee
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D. $25,000 per judgment and $100,000 per licensee — NRS 645.844(1).

Question 4 · Nevada

The Fund pays a claim on account of a licensee. What happens to that licensee's license?

  1. Permanently revoked
  2. Placed on probation for 2 years, with quarterly reports to the Division
  3. Automatically suspended until the amount is repaid with interest
  4. Unaffected unless a hearing follows
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C. Automatically suspended until the amount is repaid with interest — NRS 645.847.

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