Free Nebraska Real Estate Practice Exam Questions (November 2024) 50+

Errors and omissions insurance is a type of professional liability insurance that protects agents against claims of inadequate work or negligent actions.

A salesperson receiving a deposit should always turn it over to their broker. They should never deposit money themselves. Per Nebraska License Law.

“When the broker is both the listing and selling broker in a real estate transaction, the License Act and Rules require the earnest money to be deposited into his or her trust account within 72 hours or before the end of the next banking day after the offer is accepted in writing unless otherwise provided in the purchase agreement.” Per Nebraska Trust Account Manual.

Nebraska Fair Housing law probits landlords from refusing to rent apartments to visually impaired persons on the basis of the owner's "no pets" policy. It also prohibits charging extra for seeing eye dogs, like in Matts's situation. So Keith could only charge $1,000.

“Completion of 60 class hours (2 courses) Commission-approved courses in real subjects composed of not less than thirty class hours of study each, or completed equivalent distance education courses approved by the Commission.” Per Nebraska Real Estate Commission License Information.

It is Nebraska state law that brokers must retain copies of purchase contracts for 5 years. So in our case, Tina must hang on to the contract for 5 years. “Section 001, requires records to be kept five years after a real estate transaction is consummated.” Per Nebraska Trust Account Manual.

Commingling is when a licensee mixes funds held in care for a client with their own funds.

No. “The Commission will not enter into disputes between licensees regarding overpayment or division of commissions.” Per Title 299 Real Estate Commission 001.

The Governor. “The seven member Nebraska Real Estate Commission is chaired by the Secretary of State and consists of six other members appointed by the Governor.” Nebraska Real Estate Commission Information.

“If you are applying for a broker’s license, you must complete 120 clock hours in Pre-License Education Courses (4 courses which may include the two courses taken to earn the salesperson license) in Pre-License Courses and 2 yrs full-time Salesperson Experience or part-time equivalent.” Per Nebraska Real Estate Commission License Information.

“Upon written request from the applicant, filed within thirty days after receipt of such notice by the applicant, the commission shall set the matter down for a hearing to be conducted within ninety days after receipt of the applicant's request.” Per Nebraska Revised Statute 81-885.18.

Title theory states function where banks or mortgage lenders hold the title of a property until it is paid in full. Nebraska practices title theory.

“Yes. In October 1996, the Commission’s rule pertaining to the prohibition of offering inducements was repealed. Licensees should be careful to treat every prospective purchaser the same so that there is no basis for claims of discrimination. Licensees may NOT give consideration to anyone for referring prospects to the agent; this would be considered paying a referral fee to an unlicensed person and is a violation of the License Law.” Per Nebraska Real Estate Commission FAQs.

“Active licensees are required to complete 18 clock hours of education every two years. Education requirements will be due every time you renew your two-year license.” Per Nebraska Real Estate Commission License Information.

Nebraska real estate law states all compensation must come through the licensee’s broker. So in our case, Bruce must be paid directly by his broker Kira. Even if the check is written out to the broker, they cannot endorse the check. It needs to be deposited by the broker and then distributed accordingly.

A licensee may act as a dual agent only with the informed consent of all parties to the transaction. The informed consent shall be evidenced by a written agreement pursuant to section 76-2422. Per Nebraska Revised Statute 76-2419.

“Specifies an annual aggregate limit cannot be less than $300,000.00 per each individual licensee covered by the policy.” Per Nebraska Real Estate Commission Errors & Omissions Insurance Fact Sheet.

No. Under the Fair Housing Act, persons with handicaps are protected from discrimination. Individuals who have or have had AIDS are protected by the Act. Real Estate Agents or Brokers may not mention the handicap of the individual unless granted permission from the said individual.

All of the following actions are prohibited aside from having keys made for company listings. Per Nebraska Real Estate Commission Use of Unlicensed Assistants.

A “Request to Make Repairs” is a 14 day notice. Per Nebraska Uniform Residential Landlord Tenant Act.

According to Nebraska real estate law, ONLY brokers can directly receive fees or bonuses. After the fee is received, then the broker can distribute the funds to the salesperson if applicable.

Credit is not covered. Nebraska fair housing laws protect against discrimination on race, color, national origin, religion, sex, disability, or familial status. Per Nebraska Fair Housing Act.

No. Per Nebraska Revised Statute 81-885.24 regarding violations of unfair trade practices. “Commingling the money or other property of his or her principals with his or her own. Failing to maintain and deposit in a separate trust account all money received by a broker acting in such capacity, or as escrow agent or the temporary custodian of the funds of others, in a real estate transaction unless all parties having an interest in the funds have agreed otherwise in writing.”

All of the following instances would require a licensee to pay a fee to the Nebraska Real Estate Commission.

“If you are applying for a broker’s license, you must complete 120 clock hours in Pre-License Education Courses (4 courses which may include the two courses taken to earn the salesperson license) in Pre-License Courses and 2 yrs full-time Salesperson Experience or part-time equivalent.” Per Nebraska Real Estate Commission License Information.

Generally speaking, everyone must comply. There are some specific exemptions with Fair Housing Housing, but the law applies to everyone: owners, managers, salespersons, brokers, builders, appraisers, rental agents, and more.

The Attorney General provides legal opinions to the Nebraska Real Estate Commission when it has specific legal questions regarding the performance of its duties.

All of the following actions are allowed aside from hosting open houses, kiosks, home show booths or fairs, or handing out materials at such functions. Per Nebraska Real Estate Commission Use of Unlicensed Assistants.

All real estate in Nebraska is governed by the Nebraska Real Estate Commission who makes the rules for anyone dealing in real estate business. The mission of the Nebraska Real Estate Commission is to protect the public interest.

They must include their license status in advertisements for the sale of the property. “The Rules and Regulations of the Commission require that licensees disclose in all forms of advertisements, the interest the licensee has in the property.” Per Nebraska Real Estate Commission FAQs.

It depends. “It is dependent upon the terms and conditions of the written agreement. If the agreement is silent as to the earnest money being held by the builder, then it must be held by the broker in the broker’s real estate trust account.” Per Nebraska Real Estate Commission FAQs.

Six members with the Secretary of State chaired. “The seven member Nebraska Real Estate Commission is chaired by the Secretary of State and consists of six other members appointed by the Governor.” Nebraska Real Estate Commission Information.

No. “Under Nebraska’s Statute of Frauds, contracts on real estate in Nebraska must be in writing.” Per Nebraska Real Estate Commission FAQs.

First substantial contact. “When the seller and the buyer are represented by different real estate licensees, the listing agent completes an Agency Disclosure with his/her seller on his/her first substantial contact with the seller. The selling broker completes an Agency Disclosure with his/her buyer on his/her first substantial contact with the buyer.” Per Nebraska Real Estate Commission FAQs.

Weight is not covered. Nebraska fair housing laws protect against discrimination on race, color, national origin, religion, sex, disability, or familial status. Per Nebraska Fair Housing Act.

None of the acts. She cannot list or sell homes anywhere in Nebraska. She also cannot host any open houses unless she is actively licensed. “Any broker or salesperson whose license has been renewed on such inactive status shall not be permitted to engage in the real estate business until such time as he or she fulfills the requirements for active status.” Per Nebraska Revised Statute 81-885.14.

All of the following actions are allowed aside from answering any questions on listings, title, financing, closing, etc. Per Nebraska Real Estate Commission Use of Unlicensed Assistants.

It's one six year term. “Any appointed member shall be limited to one six-year term, in addition to any partial term served. In the event of a vacancy on the commission, the Governor shall fill such vacancy by appointing a member to serve during the unexpired term of the member whose office has become vacant.” Per Nebraska Revised Statute 81-885.07

None. Nebraska does not have reciprocity agreements with any other states. However, Nebraska uses “License by Recognition.” License by Recognition means if a person has an equivalent real estate license in an out-of-state, they can transfer their license to Nebraska.

“Failure by a designated or employing broker to return: (a) a salesperson's or associate broker's license to the Real Estate Commission within fifteen days of the salesperson's request for transfer of his or her license.” Per Title 299 Real Estate Commission 003.14.

“No. Referral fees may only be paid to persons licensed under the Nebraska Real Estate License Act, or to a nonresident licensed in his or her regulatory jurisdiction. Referral fees must be paid by the designated broker to a designated broker and not by an affiliated licensee to another affiliated licensee.” Per Nebraska Real Estate Commission FAQs.

Five years. Nebraska requires records to be retained for five years. Per Nebraska Trust Account Manual.

“LB678 (2016) requires the name the broker does business under to be prominently displayed in all advertising.” Nebraska Administrative Code requires the broker name to be displayed in a way that is “conspicuous, discernable, and easily identifiable by the public.” While there are no specific size requirements, the broker name should stand out in all advertising and be easily identifiable. Per Nebraska Real Estate Commission Guidance Document on Advertising Do's and Don'ts.

“If you feel a licensee (broker or salesperson) has made a misrepresentation or not followed their duties or obligations under the license law you may file a complaint with the Commission.” Per Nebraska Real Estate Commission Consumer Information.

“Your rent may increase under a month-to-month agreement. Your landlord must still give you at least 30 days’ notice of any rent increase.” Per Nebraska Uniform Residential Landlord Tenant Act.

The Nebraska Commission issues licenses to real estate brokers, associate brokers, and salespersons. It also licenses real estate main and branch offices.

“In the case of cooperative sales between brokers, the selling broker shall deposit the earnest money payment in his or her trust account within 72 hours or before the end of the next banking day after an offer is accepted, in writing, and then forthwith transfer such earnest money deposit to the listing broker by issuing a check drawn on the selling broker's trust account.” Per Nebraska Trust Account Manual.

“Landlord tenant relations are generally governed by the Uniform Residential Landlord Tenant Act in Nebraska, and are not under the jurisdiction or authority of the Nebraska Real Estate Commission.” Per Nebraska Real Estate Commission Consumer Information.

The Nebraska Uniform Residential Landlord Tenant Act covers all landlord and tenant rules and guidelines for the state.

“Any person or subdivider acting as a broker, salesperson, or subdivider without having first obtained the required license or subdivision certificate or while his or her license or subdivision certificate is under suspension shall be guilty of a Class II misdemeanor.” Per Nebraska Revised Statute 81-5,131.