Nova Scotia Association of Realtors (NSAR) Practice Exam

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• NSAR advocates at how many levels of government?
• Which statement best differentiates Market Price from Assessed Value?
• Which statement about the differences between condominiums and cooperatives is incorrect?
• NSREC By-law pertains to
• How should licensees handle private sale disclosures and interactions with unrepresented buyers?
• What is the difference between a "firm" offer and an offer "subject to conditions"?
• Which laws protect against discrimination in housing in Nova Scotia?
• Why is accurate MLS data critical, and what are common mistakes?
• Which organization is responsible for providing educational opportunities and promoting high standards in Nova Scotia real estate?
• What does MLS stand for in real estate practice, and what is its primary purpose?
• Which formula yields the tax rate by dividing the Balanced Budget by the Total community assessment?
• What are landlord-tenant law basics NS licensees should know?
• Which principle would guide evaluating converting a single-family home to a duplex for value?
• NSREC consists of which components?
• How should a licensee respond when a seller refuses to disclose a known defect?
• How does the land registry interact with title documents at closing?
• Which statement best reflects the Principle of Chance in real estate valuation?
• What happens if a buyer breaches and the deposit is forfeited under the terms of the agreement?
• How is net proceeds for a seller calculated?
• Mortgage Priority determines which mortgage is paid first when multiple mortgages exist.
• What is the standard mortgage payment formula and what do the variables represent?
• What is a Property Condition Disclosure Statement (PCDS) and what is its typical purpose?
• NSREC is what?
• In a private sale in Nova Scotia, which action helps mitigate risk?
• What is the role of trust accounting in Nova Scotia real estate transactions?
• Under typical landlord-tenant law, what is the standard first step before eviction for nonpayment of rent?
• In mortgage practice, which is an example of fiduciary duty?
• What is an easement?
• Which scenario best illustrates the Principle of Competition?
• What is the lawyer’s role in Nova Scotia real estate closings?
• Which of the following is a mortgagee right?
• Limited Duty of Care is owed to which party?
• In a tenancy in common, what happens to a co-owner's share upon death?
• What are the essential elements of an Offer to Purchase in Nova Scotia?
• If a licensee advertises a property with a misleading square footage, what principle is violated?
• What is private mortgage insurance (PMI/CMHC) and when is it required?
• Which statement best describes licensees' privacy duties?
• Which statement correctly contrasts leasehold and fee simple ownership?
• How should licensees handle multiple offers on a property?
• Is escrow used in Nova Scotia real estate transactions, and how are funds typically held?
• The NSAR structure combines the provincial association with what other component?
• Which components make up the three tiers of the Canadian real estate professional trade organization?
• What is a key outcome of the Real Estate Trading Act (RETA) enacted in 1997?
• What is a co-operating broker and how does commission sharing work in NSAR?
• How is a mortgage secured on title?
• What should a licensee do to verify MLS property features before listing?
• When advertising a listing, how should MLS numbers and disclosures be handled under NSAR guidelines?
• When should a lawyer be consulted in NS real estate transactions?
• Subjective Value is
• Which is a common due-diligence step a buyer should perform before closing?
• What is the role of disclosures in negotiating a purchase agreement?
• In the Cost Approach, depreciation deductions account for which factors?
• In the Cost Approach, what is added after depreciation to reach total value?
• What is the difference between a general appraisal and a mortgage appraisal?
• Which statement best describes the purpose of a title search in a Nova Scotia real estate closing?
• Which term describes the perception of value held by buyers and sellers?
• Which of the following best illustrates the Principle of External Factors?
• Which items must be included in an advertisement by a licensee to comply with NS rules?
• If two identical homes are sold in a quiet street and a noisy street, which has lower value?
• Which principle explains that buyers compare alternative properties to determine the best value?
• Which principle states that value is linked to the best use and market conditions rather than cost alone?
• Which fiduciary duty requires the licensee to keep information confidential unless disclosure is authorized?
• If the property is part of a strata, what documents should the buyer review?
• In the standard mortgage payment formula, what does i represent?
• When must a licensee disclose their representation status to all parties involved in a transaction?
• How many regions is NSAR divided into?
• Under the Principle of Supply and Demand, what happens to value when supply falls and demand rises?
• Who typically prepares the Seller's Property Disclosure Statement (SPDS) or Property Condition Disclosure Statement (PCDS) in NS transactions?
• Under NS law, which statement about a lease is correct?
• 'Reasonable care and skill' for NS licensees entails which of the following?
• What is the NSAR's purpose?
• Which statement best describes dual agency?
• Which principle states that the smallest house may be the best buy?
• The Income Approach is primarily used to determine what?
• How does zoning influence a real estate transaction?
• Market Value is
• Where is a purchase offer deposit typically held?
• Which term refers to the price for the individual property?
• Which condition would apply only if the property is a condominium?
• Which statement about MLS data and buyer trust is accurate?
• What does the Licensing Committee do?
• Which of the following is a mortgagor right?
• Which statement accurately describes consequences for licensees who fail to comply with NSREC or NSAR guidelines?
• What happens to a buyer's deposit if the sale fails due to financing?
• Which statement about MLS trademark is true?
• How does tenancy in common differ from joint tenancy?
• Which statement best describes an easement and its impact on property use and value?
• Which concept describes value that flows from the present worth of future anticipated benefits and depends on cash flow and investor objectives?
• What ongoing professional development is required to maintain NSAR licensure, and how can licensees stay current?
• Which item is typically included in buyer closing costs in NS real estate transactions?
• Which of the following is true about the expiry time of an offer?
• What is the composition of the NSAR Board of Directors?
• Organized Real Estate is defined as
• How should a licensee determine market value for pricing a property in NS?
• According to the Principle of Contribution, value is determined by...
• What are the essential elements required for a valid contract of purchase and sale?
• Which tax may be payable at closing when transferring NS real estate?
• How should licensees handle conflicts of interest disclosure?
• How should licensees handle representing a buyer or seller in a private sale to avoid liability?
• Which organization provides ongoing professional development opportunities for Nova Scotia real estate professionals?
• Which of the following are examples of material latent defects?
• What does NOI stand for in real estate cap rate calculations?
• Which item is commonly adjusted at closing to reflect current ownership costs?
• Which of the following is a primary fiduciary duty owed to a client by a licensee in Nova Scotia?
• Which statement reflects the Increasing/Decreasing Returns principle?
• Open Mortgage is defined as:
• Which statement correctly distinguishes pre-approval from credit approval in mortgage financing?
• Which characteristic is not part of a good comparable?
• Why is ongoing professional development important for NS licensees?
• Which organization is primarily responsible for regulatory controls over real estate licensees in Nova Scotia?
• Which party holds the Right to assign in mortgage rights?
• What does the term 'bundle of rights' refer to in real estate ownership?
• Which term refers to the direct cost of creation in real estate values?
• What is the purpose of a 'purchase offer deposit' and how is it held?
• Which statement best describes the basic elements of an ethical advertising claim under NSAR guidelines?
• What is the purpose of MLS rules for NSAR members?
• What is the MLS?
• Which principle suggests that the largest house on the block may not offer the best value?
• How should licensees manage referrals and cooperation with other licensees?
• NSREC By-law Part 7 covers which area?
• A Comparative Market Analysis (CMA) is used to establish what?
• Who typically prepares the transfer instrument and related title documents used to effect a transfer of ownership at closing in Nova Scotia?
• What is the role of termite or structural inspections in Nova Scotia real estate transactions?
• What is a power of sale and how does it relate to mortgages?
• CREA is responsible for National Activities, International Activities, and trademarks such as MLS and Realtor. This statement describes CREA’s role as.
• What activities is CREA responsible for?
• What are typical components of a seller's market analysis (CMA) in NSAR practice?
• What is the difference between a 'firm offer' and a 'conditional offer'?
• What is the importance of disclosure of representation before the first offer in real estate transactions?
• Which scenario best illustrates the Principle of Balance?
• If a licensee discloses a potential conflict of interest and it remains unresolved, what is the recommended action?
• Highest and Best Use focuses on ...
• What must a listing agreement include in NS?
• How do statutory holidays affect closing timelines?
• Nova Scotia Association of Realtors (NSAR) is best described as what?
• What are advertising on social media best practices for NSAR?
• What is the role of the NS Real Estate Commission?
• In NSAR practice, what distinguishes a client from a customer, and what fiduciary duties attach to representing a client?
• Which of the following is a fiduciary duty owed to a client in NSAR practice?
• Which of the following is one of the four assumptions of market value?
• What are the key differences between fixed-rate and variable-rate mortgages?
• In the context of NS real estate contracts, the element relates to the contract's compliance with laws and public policy?
• In the 4 D's of Disclosure, what does the 'Document' step require?
• Which document provides the official current property tax amounts and any outstanding balances for a property during closing?
• In real estate practice, when are licensees expected to disclose known material defects?
• What are the responsibilities of a licensee with respect to trust funds and deposits?
• What is leasehold interest and how does it impact property ownership?
• Which formula computes Taxes owing by multiplying Residential Assessment by Tax Rate?
• Which statement best describes the Principle of Conformity?
• E&O insurance is essential because what?
• What documents are typically used to transfer ownership at closing in NS?
• How must a purchaser's deposit be handled under NSAR rules?
• If a property has multiple mortgages and the proceeds are distributed, which mortgage is paid first?
• NSREC By-laws include which of the following areas?
• NSAR provides arbitration services to resolve which type of issues?
• What is a CMA and how is it used in pricing a property?
• What is title insurance and how does it differ from a title guarantee?
• In Nova Scotia, how should environmental hazard disclosures be approached, and what documents or professionals should be consulted?
• Which principle expresses that a value today is only valid today?
• What is a Buyer Representation Agreement and what protections does it provide?
• Why are closing adjustments necessary in a real estate transaction?
• Duty of Care is defined as?
• Which statement best describes the difference between fixed-rate and variable-rate mortgages?
• Which term means "a current market value placed on a property as the basis for municipal taxation"?
• What best describes indemnification in Nova Scotia real estate contracts?
• If an easement affects a property transfer, what is required?
• How is mortgage priority determined at closing?
• Which statement describes the Principle of Surplus Productivity?
• What should NS licensees do to stay compliant with MLS rules and ethics?
• What document should a buyer review to ensure the seller has clear title?
• Which items should licensees retain for recordkeeping after a transaction?
• In mortgage enforcement in Nova Scotia, what does the power of sale authorize?
• Under the Principle of Regression, which scenario is least likely to represent good value?
• What does Nova Scotia's land registration system provide in relation to title?
• Which statement best describes information required in an MLS listing's property features section?
• Are termite inspections mandatory for Nova Scotia real estate transactions?
• Why are disclosures and disclaimers important in real estate transactions?
• Which sequence best describes handling a title defect before closing?
• In the Cost Approach, what is the sequence of steps to determine value?
• Which body, when required, forms a hearing panel to hold formal disciplinary hearings involving licensees?
• What is the purpose of a Property Disclosure Statement in NS practice?
• If Net Operating Income increases while property value stays the same, what happens to the capitalization rate?
• What is the difference between a possession date and a closing date in a real estate transaction?
• How should licensees respond when faced with illegal activities or information from clients?
• What is the effect of recording a mortgage against title?
• Which of the following best defines capacity in contract law?
• How should a licensee handle a request to see a property privately without an agent?
• What are the common components of a closing statement or net sheet?
• Which of the following is NOT a fiduciary duty owed to a client by a licensee in Nova Scotia?
• Which of the following is NOT a component of Organized Real Estate?
• How is a cooperating broker compensated in NSAR transactions?
• License Law refers to
• What are the main differences between residential condominiums (strata) and co-operatives in NS?
• How should a licensee verify a property's legal description?
• Objective Value is
• Which statement best describes a lease with option to purchase?
• What is a material latent defect, and which of the following are examples?
• Which principle states that buyers purchase the present worth of future benefits?
• What is a certificate of title and what information does it show?
• What is a 'single agency' relationship, and how should conflicts be managed if both buyer and seller interests arise?
• Which of the following best defines encumbrances?
• How many full-time staff members does NSREC have?
• If a licensee learns of a known defect from a third party, what is the recommended action?
• NSREC By-law Part 7 addresses which topic?
• What is market time and how can it influence pricing strategy?
• What does trust accounting require in Nova Scotia real estate practice?
• What is the correct order of the four D's of Disclosure?
• As part of due diligence, what financing step should a buyer verify?
• How should a licensee handle contradictory information provided by the seller during negotiations?
• What is the primary purpose of a title search in Nova Scotia real estate transactions?
• Fiduciary Duties include which elements?
• Which items are typical closing adjustments?
• What does indefeasibility of title mean in Nova Scotia?
• What is the typical process for going through a private sale (for sale by owner) in Nova Scotia?
• What is the role of the Complaint Review Committee?
• How do NSAR ethics govern disclosure of known defects to a buyer?
• Which document sets the standards and practices for licensees in Nova Scotia real estate?
• Which approach values a property by comparing it to similar properties that have recently sold?
• Cap Rate Equation is:
• What is MLS and how do NSAR members use it?
• A Good Comparable is based on which factors?
• What are common closing costs a buyer should expect in Nova Scotia?
• How should licensees handle client privacy and personal information?
• How does an offer differ from a counteroffer?
• Which best captures the Principle of Consistent Use in valuation?
• In NS real estate practice, what is the key difference between a client and a customer?
• Which principle claims maximum value is achieved through balance in property features?
• The Complaint Review Committee is composed of which groups?
• Which services does NSAR provide?
• What must be disclosed regarding lead paint and environmental hazards in Nova Scotia real estate transactions?
• Define encumbrances and provide two examples relevant to NS real estate.
• How should licensees handle potential conflicts of interest?
• The Income Approach involves which process?
• How do licensees verify property taxes during closing?
• When is a deposit considered part of the purchase price and what does that imply?
• What is title insurance in real estate transactions, and when is it typically considered?
• What is required to be included in a vendor or seller MLS listing?
• Which are the three standing committees of NSREC?