License Law and Agency Practice Question
Question
A property owner asks how a rule affects marketability in a Nevada real estate transaction involving license renewal. Which statement is most accurate for exam purposes? (Item 120)
Answer choices
- A. The issue can be ignored if both parties want the transaction to close quickly.
- B. The rule applies only to commercial property and never to residential property.
- C. The broker may mix client funds with business funds if the amount is small and later reconciled.
- D. Identify education and renewal compliance concepts.
Correct Answer
D. Identify education and renewal compliance concepts.
Explanation
The correct answer is D because license renewal requires candidates to identify education and renewal compliance concepts. The other options rely on unsafe assumptions about custom, oral agreement, escrow, client preference, or independent salesperson authority and do not reflect sound Nevada exam practice.
Question details
- Difficulty: hard
- Domain: License Law and Agency
- Objective: license renewal