Nebraska Real Estate Broker Exam — All Questions
3 questions
Nebraska licensees are required to provide consumers with which of the following?
- a.A copy of the seller's mortgage
- b.A federal appraisal report
- c.The broker's tax returns
- d.The statutory agency-relationships disclosure pamphlet✓
Nebraska licensees must provide consumers with the statutory agency-relationships disclosure pamphlet, which explains how a licensee may work with a buyer or seller. This lets consumers understand their representation options before sharing confidential information. The other documents are not the required agency disclosure.
Under Nebraska law, who may authorize dual agency or appoint affiliated licensees as limited agents for both the buyer and seller?
- a.The county attorney
- b.The designated broker✓
- c.The buyer alone
- d.The Real Estate Commission for each transaction
A Nebraska designated broker may authorize dual agency or appoint affiliated licensees as limited agents for the buyer and the seller in the same transaction. When dual agency applies, the required consent must be obtained and confidential information must not be shared between the parties. Neither the county attorney nor the Commission authorizes it per transaction.
When a Nebraska licensee acts as a dual agent with the required consent, the licensee must not:
- a.Provide the agency disclosure pamphlet
- b.Assist either party with paperwork
- c.Disclose one party's confidential information, such as a bottom-line price, to the other✓
- d.Charge a commission
A dual agent must not disclose one party's confidential information, such as the highest price a buyer will pay or the lowest a seller will accept, to the other party. The dual agent may still provide the disclosure pamphlet, assist with paperwork, and earn a commission. Protecting each party's confidential information is central to lawful dual agency.