NV Bar Nevada Property Law 2

Question 1

Nevada recognizes which concurrent ownership that includes a right of survivorship?

Accepted Answer

Joint tenancy

Answer

Joint tenancy in Nevada carries a right of survivorship, meaning a deceased joint tenant's interest automatically passes to the surviving joint tenants.

Question 2

Under Nevada law, what are the four unities required to create a joint tenancy?

Accepted Answer

Time, title, interest, possession

Answer

Nevada requires the four unities of time (same time), title (same instrument), interest (equal shares), and possession (equal right to possess) to create a valid joint tenancy.

Question 3

In Nevada, a mechanic's lien must be recorded within how many days of the completion of work?

Accepted Answer

90 days

Answer

Under NRS 108.226, a notice of lien for a mechanic's lien must be recorded within 90 days after the date the work or service was completed or materials were last furnished.

Question 4

Under Nevada's foreclosure law, which type of foreclosure is most commonly used?

Accepted Answer

Non-judicial (trustee's sale) foreclosure

Answer

Nevada primarily uses non-judicial foreclosure (trustee's sale) under NRS 107.080, which does not require court action and is faster than judicial foreclosure.

Question 5

In Nevada, what is the redemption period after a non-judicial foreclosure sale?

Accepted Answer

There is no right of redemption after non-judicial foreclosure

Answer

Nevada eliminated the post-sale right of redemption for non-judicial foreclosures under NRS 107.080; no statutory right of redemption exists after a trustee's sale.

NV Bar - Nevada Bar Exam Practice Test

NV Bar - Nevada Bar Exam Practice Test

NV Bar Nevada Property Law 2