Question 1

Dual Agency

Accepted Answer

Represents both the buyer and seller in a real estate transaction.

Question 2

Comparative Market Analysis (CMA)

Accepted Answer

A report that helps determine the market value of a property.

Question 3

Exclusive Right to Sell

Accepted Answer

A listing agreement where the agent has the exclusive right to sell the property.

Question 4

Escrow

Accepted Answer

A neutral third party that holds funds and documents during a real estate transaction.

Question 5

Title Insurance

Accepted Answer

Protects against financial loss due to defects in the property title.

Question 6

Counteroffer

Accepted Answer

A response to an offer that makes changes to the terms and conditions.

Question 7

Earnest Money

Accepted Answer

A deposit made by the buyer to show their commitment to purchasing the property.

Question 8

Appraisal

Accepted Answer

An evaluation of the property's value conducted by a licensed appraiser.

Question 9

Listing Agreement

Accepted Answer

A contract between a seller and a real estate agent, outlining the terms of the agent's representation.

Question 10

Title Search

Accepted Answer

An examination of public records to verify the property's ownership and identify any liens or encumbrances.

Question 11

Contingency

Accepted Answer

A condition that must be met for a real estate contract to be binding.

Question 12

Seller's Disclosure

Accepted Answer

A document in which the seller reveals any known defects or issues with the property.

Question 13

Open House

Accepted Answer

An event where a property is available for potential buyers to tour without an appointment.

Question 14

Multiple Listing Service (MLS)

Accepted Answer

A database of properties listed for sale by real estate agents.

Question 15

Listing Presentation

Accepted Answer

A formal presentation by a real estate agent to a prospective seller, outlining their marketing strategy and services.

Question 16

Purchase Agreement

Accepted Answer

A legally binding contract that outlines the terms and conditions of a real estate sale.

Question 17

Deed

Accepted Answer

A legal document that transfers ownership of a property from the seller to the buyer.

Question 18

Comparative Market Analysis (CMA)

Accepted Answer

A report that helps determine the market value of a property.

Question 19

Contingent Offer

Accepted Answer

An offer to purchase a property that is dependent on certain conditions being met.

Question 20

Prequalification

Accepted Answer

The process of assessing a buyer's financial qualifications to determine their ability to obtain a mortgage.

Question 21

Preapproval

Accepted Answer

A lender's written commitment to provide a mortgage loan, based on a borrower's creditworthiness.

Question 22

Closing Costs

Accepted Answer

Fees and expenses associated with the purchase or sale of a property, typically paid at the closing.

Question 23

Escrow Account

Accepted Answer

An account where funds are held by a neutral third party until all conditions of a real estate transaction are met.

Question 24

Comparative Market Analysis (CMA)

Accepted Answer

A report that helps determine the market value of a property.

Question 25

Exclusive Buyer's Agent

Accepted Answer

An agent who exclusively represents the buyer's interests in a real estate transaction.

Question 26

Dual Agency

Accepted Answer

Represents both the buyer and seller in a real estate transaction.

Question 27

Multiple Offers

Accepted Answer

When multiple buyers submit competing offers on a property.

Question 28

Homeowners Association (HOA)

Accepted Answer

An organization that manages and enforces rules for a community or condominium complex.

Question 29

Comparative Market Analysis (CMA)

Accepted Answer

A report that helps determine the market value of a property.

Question 30

Capitalization Rate

Accepted Answer

The rate of return on an investment property based on its income potential.

Question 31

Comparative Market Analysis (CMA)

Accepted Answer

A report that helps determine the market value of a property.

Question 32

Short Sale

Accepted Answer

A sale of a property where the proceeds fall short of the balance owed on the mortgage.

Question 33

Comparative Market Analysis (CMA)

Accepted Answer

A report that helps determine the market value of a property.

Question 34

Fair Housing Act

Accepted Answer

A federal law that prohibits discrimination in housing based on race, color, religion, sex, national origin, disability, and familial status.

Question 35

Comparative Market Analysis (CMA)

Accepted Answer

A report that helps determine the market value of a property.

Question 36

1031 Exchange

Accepted Answer

A tax-deferred exchange that allows an investor to sell a property and reinvest the proceeds into a similar property, deferring capital gains taxes.

Question 37

Seller Financing

Accepted Answer

When the seller provides financing to the buyer instead of the buyer obtaining a traditional mortgage.

Question 38

Comparative Market Analysis (CMA)

Accepted Answer

A report that helps determine the market value of a property.

Question 39

Radon

Accepted Answer

A colorless, odorless gas that can be found in homes and poses health risks. Testing for radon is recommended in real estate transactions.

Question 40

Comparative Market Analysis (CMA)

Accepted Answer

A report that helps determine the market value of a property.

Question 41

Lease Agreement

Accepted Answer

A contract between a landlord and tenant, outlining the terms and conditions of renting a property.

Question 42

Comparative Market Analysis (CMA)

Accepted Answer

A report that helps determine the market value of a property.

Question 43

Easement

Accepted Answer

The legal right to use or access another person's property for a specific purpose.

Question 44

Comparative Market Analysis (CMA)

Accepted Answer

A report that helps determine the market value of a property.

Question 45

Condominium

Accepted Answer

A type of housing where individuals own their unit and share ownership of common areas and facilities with other residents.

Question 46

Comparative Market Analysis (CMA)

Accepted Answer

A report that helps determine the market value of a property.

Question 47

Home Inspection

Accepted Answer

A professional examination of a property's condition, typically conducted before a purchase to identify any issues.

Question 48

Comparative Market Analysis (CMA)

Accepted Answer

A report that helps determine the market value of a property.

Nevada Real Estate Agent Flashcard Set