455 questions

Valuation and Market Analysis

The principle of contribution states that the value of a component or improvement is measured by:

  • a.The raw number of square feet of floor area or land area that the improvement happens to occupy
  • b.The owner's personal emotional attachment to and sentimental feelings about that improvement
  • c.Its original construction or installation cost in every case, dollar for dollar, with no exception
  • d.How much it adds to the overall value of the property, not its cost✓

Under contribution, an improvement is worth the amount it adds to the whole property's market value, which may be more or less than its cost. This principle explains why some renovations do not fully return their expense, a key point in over-improvement analysis.

Valuation and Market Analysis

Under Internal Revenue Code Section 121, a qualifying homeowner may generally EXCLUDE from taxable capital gain:

  • a.Up to $250,000 of gain if single, or $500,000 if married filing jointly✓
  • b.Up to a full one million dollars of gain on any property at all, at any time and any frequency
  • c.All gain on any and every investment or rental property the taxpayer happens to own and sell
  • d.Absolutely nothing, because gain on the sale of a home is always fully and entirely taxable

Section 121 lets homeowners who owned and used the home as their principal residence for at least two of the prior five years exclude up to $250,000 of gain (single) or $500,000 (married filing jointly). It applies to a primary residence, not to investment property.

Valuation and Market Analysis

Depreciation recapture on the sale of investment real estate means that:

  • a.All of the depreciation deductions previously claimed are simply refunded to the investor in cash
  • b.The investor is legally required to physically restore and rebuild the depreciated building itself
  • c.Gain from prior depreciation may be taxed, often at a special rate✓
  • d.No income tax is ever owed at all on the sale of a property that has previously been depreciated

When depreciated property is sold at a gain, the portion of gain due to depreciation deductions is 'recaptured' and taxed under special rules, reflecting the earlier tax benefit. It is a tax concept, not a requirement to rebuild, and it increases, not eliminates, tax on sale.

Valuation and Market Analysis

Which appraisal approach is generally MOST reliable for a special-purpose property, such as a church or public school, that rarely sells and earns no market income?

  • a.The sales comparison approach, which depends on recent sales of similar comparable properties
  • b.The income approach, which converts a property's market rental income into an indicated value
  • c.The gross rent multiplier method, which relies on typical market rents that these lack entirely
  • d.The cost approach✓

Special-purpose properties have few or no comparable sales and generate no market rent, so the cost approach (replacement cost new, less depreciation, plus land) is typically most reliable. Sales comparison lacks comparables and the income/GRM methods need market income these properties do not produce.

Valuation and Market Analysis

The four characteristics an item must have to possess value in the market, often remembered as DUST, are:

  • a.Debt, Utility, Supply, and Taxes, a mix of unrelated financing and cost terms rather than value
  • b.Demand, Utility, Scarcity, and Transferability✓
  • c.Depreciation, Use, Sale, and Title, which describe stages of ownership rather than value itself
  • d.Demand, Ownership, Scarcity, and Time, which swaps in two terms that are not part of the concept

For something to have market value it must have Demand (buyers who want it), Utility (usefulness), Scarcity (limited supply), and Transferability (the ability to convey it). The DUST acronym captures these four essentials of value.

Nebraska License Law

Real estate salespersons in Nebraska are licensed and regulated by:

  • a.The Nebraska Real Estate Commission✓
  • b.The Nebraska Realtors Association
  • c.The Nebraska Secretary of State
  • d.The county register of deeds

The Nebraska Real Estate Commission administers and enforces the Nebraska Real Estate License Act, licensing brokers and salespersons and disciplining violations. A trade association is a private membership organization and does not license practitioners.

Nebraska License Law

Under Nebraska license law, a real estate salesperson must:

  • a.Hold a separate broker license to list property
  • b.Register directly with the county where they work
  • c.Be employed by and work under the supervision of a licensed broker✓
  • d.Practice independently once licensed

A Nebraska salesperson holds an entry-level license and must be employed by and act under the supervision of a licensed broker. The salesperson may not operate independently; the employing broker is responsible for supervising the salesperson's activities.

Nebraska License Law

A Nebraska salesperson may lawfully accept a commission for brokerage services from:

  • a.The broker who employs the salesperson✓
  • b.The seller directly upon listing
  • c.Any cooperating broker in the transaction
  • d.The buyer directly at closing

A Nebraska salesperson may accept compensation for brokerage services only from the employing broker, not directly from a buyer, seller, or another broker. The broker is responsible for supervision and for paying affiliated salespersons.

Nebraska Agency Relationships

In Nebraska, a licensee may act as a limited dual agent representing both the buyer and the seller in the same transaction only when:

  • a.The transaction is a new-construction sale
  • b.The licensee first obtains a separate broker license
  • c.Both parties give informed written consent✓
  • d.The purchase price exceeds a set amount

Nebraska allows a licensee to act as a limited dual agent representing both parties in the same transaction only with the informed written consent of both the buyer and the seller. A dual agent must treat both fairly and may not reveal one party's confidential information to the other without permission.

Nebraska Agency Relationships

A Nebraska licensee who represents the seller as the seller's agent owes the other party (the buyer) at least a duty of:

  • a.Honesty and fair dealing, including disclosure of known material defects✓
  • b.Confidentiality about the seller's lowest acceptable price
  • c.Full fiduciary loyalty
  • d.No duty of any kind

A seller's agent owes full statutory duties, including loyalty and confidentiality, to the seller who is the client. To the buyer, who is not the client, the licensee still owes honesty and fair dealing and must disclose known material defects in the property.

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Nebraska Real Estate Practice

Nebraska law generally requires the seller of residential real property to give the buyer:

  • a.A professional home inspection report
  • b.A title insurance policy
  • c.A written warranty that the property is defect-free
  • d.A completed Seller Property Condition Disclosure Statement✓

Nebraska requires most sellers of residential real property to furnish the buyer a completed Seller Property Condition Disclosure Statement on the Commission's form, disclosing the seller's actual knowledge of the property's condition. It is not a warranty and does not replace an inspection, but the seller must answer honestly.

Nebraska Real Estate Practice

Earnest money that a Nebraska salesperson receives from a buyer must be:

  • a.Promptly delivered to the employing broker for deposit in the broker's trust account✓
  • b.Given directly to the seller when the offer is written
  • c.Sent to the Real Estate Commission for safekeeping
  • d.Held by the salesperson in a personal account until closing

Client funds such as earnest money must be handled through the broker's trust (escrow) account and kept separate from personal and business funds. A salesperson who receives the money must promptly deliver it to the employing broker for deposit. Commingling or converting trust money is a serious license-law violation.

Nebraska Licensing Requirements

Before a Nebraska salesperson license becomes active, a newly licensed applicant must:

  • a.Open a personal trust account
  • b.Register the license with the county assessor
  • c.Be employed by and placed under a licensed broker✓
  • d.Complete four years of college

A Nebraska salesperson license is inactive until the salesperson is employed by and placed under a licensed broker. Only after affiliating with a broker may the salesperson perform brokerage activity, under that broker's supervision.

Nebraska Agency Relationships

Under Nebraska's brokerage relationship statutes, a licensee who has signed no written agency agreement is treated as:

  • a.a seller's limited agent by default
  • b.a transaction broker owing no duties
  • c.a dual agent until the parties choose
  • d.a buyer's or tenant's limited agent✓

Nebraska's default runs to the buyer side. A licensee is considered a buyer's or tenant's limited agent unless the designated broker has entered a written seller or landlord agency agreement, a subagency agreement, a written dual agency agreement, or an expanded written agency agreement. Cite: Neb. Rev. Stat. 76-2416(2).

Nebraska Agency Relationships

At the earliest practicable opportunity during or after first substantial contact, a Nebraska licensee must hand the consumer:

  • a.the brokerage disclosure pamphlet the commission approves✓
  • b.a written estimate of the consumer's own closing costs
  • c.the seller property condition disclosure statement form
  • d.a printed copy of the Nebraska Real Estate License Act and rules

Nebraska requires the licensee to give a written copy of the current brokerage disclosure pamphlet prepared and approved by the commission, plus a written disclosure of the relationships offered or of which party the licensee represents. Cite: Neb. Rev. Stat. 76-2421(1).

Nebraska Agency Relationships

A Nebraska customer refuses to sign the written agency disclosure. The licensee must:

  • a.stop working with that customer altogether
  • b.obtain a witnessing signature from another licensee
  • c.note the refusal on the copy retained✓
  • d.file the unsigned disclosure with the commission

The disclosure carries a signature block for acknowledgment, and acknowledging receipt is not a contract. If the customer fails or refuses to sign, the licensee notes that fact on a copy of the disclosure and retains the copy. Cite: Neb. Rev. Stat. 76-2421(5).

Nebraska Agency Relationships

Written agreements for brokerage services in Nebraska are entered into by:

  • a.the client's attorney of record in the transaction
  • b.any affiliated licensee, on that licensee's own behalf
  • c.the commission-approved closing agent for the deal
  • d.the designated broker, or a licensee so authorized✓

All Nebraska written brokerage agreements are entered into by the designated broker on behalf of that broker and the affiliated licensees, except that the designated broker may authorize affiliated licensees in writing to sign them. A copy goes to the client. Cite: Neb. Rev. Stat. 76-2422(1).

Nebraska Agency Relationships

Before acting as a single agent for the buyer of a one- to four-unit Nebraska home, a designated broker must:

  • a.register that buyer with the property's listing broker
  • b.obtain the seller's written permission to represent
  • c.collect a retainer of at least $500 from the buyer
  • d.enter a written agency agreement with the buyer✓

Nebraska now requires the written buyer agency agreement up front for residential property of one to four dwelling units; for other property types the agreement may be entered before or while the licensee acts. The agreement must state duties, compensation, a fixed expiration date, and whether subagency may be offered. Cite: Neb. Rev. Stat. 76-2422(3) (as amended by 2025 Neb. Laws LB187, operative July 1, 2025).

Nebraska Agency Relationships

A Nebraska written seller agency agreement must state the licensee's duties, the terms of compensation, and:

  • a.the name of the broker's E&O insurance carrier
  • b.the date the agreement expires✓
  • c.the property's current assessed valuation
  • d.the lowest price the seller would accept

Nebraska's seller or landlord agency agreement must set out the duties in 76-2417, the terms of compensation, a fixed date of expiration, and whether an offer of subagency may be made to another designated broker. Cite: Neb. Rev. Stat. 76-2422(2).

Nebraska Agency Relationships

A Nebraska buyer's agent must disclose in writing to an unrepresented seller:

  • a.the buyer's personal reasons for relocating now
  • b.the commission the buyer's agent expects to earn
  • c.the highest price this buyer is prepared to offer
  • d.known adverse facts about the buyer's ability to pay✓

A Nebraska buyer's or tenant's agent owes the seller or landlord no duty except written disclosure of all adverse material facts actually known, which may include facts about the client's financial ability to perform. The agent need not independently investigate the client's finances. Cite: Neb. Rev. Stat. 76-2418(3).

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Nebraska Agency Relationships

After a Nebraska brokerage relationship ends, the licensee still owes:

  • a.loyalty in that former client's next transaction
  • b.continued marketing until the listing has expired
  • c.accounting for money and property, and confidentiality✓
  • d.obedience to the client's last written instructions on the sale

Unless the parties agree otherwise in writing, a Nebraska licensee owes no further duty after termination, expiration, or completion except accounting for money and property related to the relationship and keeping confidential the information made confidential by statute, client instruction, or broker policy. Cite: Neb. Rev. Stat. 76-2423(2).

Nebraska Agency Relationships

A Nebraska licensee need not give the written brokerage disclosures to a corporation buying:

  • a.property zoned or assessed commercial✓
  • b.a single-family house held as a rental
  • c.a residential duplex held for investment
  • d.a vacant lot in a residential subdivision

Nebraska exempts corporations, LLCs, partnerships and similar entities from the written disclosures when the property has five or more residential dwelling units, is subdivided for five or more, or is zoned or assessed by the county assessor as commercial or industrial. Cite: Neb. Rev. Stat. 76-2421(6).

Nebraska Agency Relationships

When a Nebraska designated broker acts as a dual agent on a specific property, the parties must confirm in writing the dual agency status and:

  • a.the date the listing was first entered in the MLS
  • b.the identity of the closing agent for the deal
  • c.who will pay the compensation✓
  • d.the broker's license number and the bond amount

Nebraska requires written consent to dual agency before the licensee acts, and then, for a specific property, written confirmation by the parties of the dual agency status and of who pays compensation, given before or at the time the purchase contract or lease is entered. Cite: Neb. Rev. Stat. 76-2422(4).

Nebraska Agency Relationships

A Nebraska licensee working as the seller's agent with an unrepresented buyer must give that buyer a written disclosure stating:

  • a.that the licensee is the seller's agent, not the buyer's✓
  • b.the commission split with any cooperating brokerage
  • c.the lowest price the seller has said is acceptable now
  • d.that the buyer should retain separate legal counsel

Before engaging in licensed activity with an unrepresented customer, the seller's agent or subagent must give the customer a written disclosure saying the licensee is an agent for the seller and not for the customer, plus a list of the tasks the licensee may perform with the customer. Cite: Neb. Rev. Stat. 76-2421(3).

Nebraska Real Estate Practice

Nebraska's seller property condition disclosure statement must reach the buyer:

  • a.at the closing table, along with the seller's signed warranty deed
  • b.only when the buyer or the buyer's agent asks for it
  • c.on or before the effective date of the binding contract✓
  • d.within 10 days after the buyer takes possession of it

The seller or the seller's agent must deliver the statement, and any update, to the buyer or the buyer's agent on or before the effective date of the contract that binds the buyer to purchase, and the buyer must acknowledge receipt in writing. Cite: Neb. Rev. Stat. 76-2,120(7).

Nebraska Real Estate Practice

Which Nebraska sale is exempt from the seller property condition disclosure statement?

  • a.newly constructed housing that has never been occupied✓
  • b.a 1970s ranch house sold by its only living owner
  • c.a lease of a house with an option to purchase it
  • d.a residential duplex being sold by its investor owner

Nebraska's exemption list includes newly constructed residential real property that has never been occupied, along with court-ordered sales, foreclosures, fiduciary sales, and transfers between spouses or lineal relatives. A lease with option to purchase is expressly covered, not exempt. Cite: Neb. Rev. Stat. 76-2,120(6)(k).

Nebraska Real Estate Practice

What is a Nebraska licensee's obligation regarding the seller's disclosure statement?

  • a.to inspect the systems the seller described
  • b.to see that the buyer receives a copy in time✓
  • c.to fill out the form if the seller will not
  • d.to verify the accuracy of each of the seller's answers

A Nebraska salesperson or broker is not required to verify the accuracy or completeness of the disclosure statement. The buyer's agent's only obligation under this section is to assure that a copy reaches the buyer on or before the effective date of the binding purchase agreement. Cite: Neb. Rev. Stat. 76-2,120(10).

Nebraska Real Estate Practice

A Nebraska buyer's action for a seller's failure to comply with the disclosure statute must be brought:

  • a.within six months after discovering the defect
  • b.at any time, because the claim does not expire
  • c.within four years of the date of the closing
  • d.within one year after possession or conveyance✓

Nebraska gives the purchaser a cause of action for actual damages, court costs, and reasonable attorney's fees, and requires it to be commenced within one year after the purchaser takes possession or the property is conveyed, whichever occurs first. Cite: Neb. Rev. Stat. 76-2,120(12).

Nebraska Real Estate Practice

If a Nebraska seller never delivers the disclosure statement, the transfer:

  • a.is not invalidated solely by that failure✓
  • b.is void from the beginning as a matter of law
  • c.may be rescinded by the buyer within 30 days
  • d.must be re-recorded once the form is signed

Nebraska separates the remedy from the title. A transfer of an interest in real property subject to the section may not be invalidated solely because someone failed to comply; the buyer's remedy is the statutory damages action instead. Cite: Neb. Rev. Stat. 76-2,120(11).

Nebraska Real Estate Practice

Nebraska's documentary stamp tax is currently imposed at a rate of:

  • a.$1.75 for each $1,000 of value
  • b.$2.25 for each $1,000 of value
  • c.$2.32 for each $1,000 of value
  • d.$3.32 for each $1,000 of value✓

The rate rose to $3.32 for each $1,000 of value or fraction thereof effective July 18, 2026. It had been $2.25 from July 1, 2005 through September 2, 2025, then $2.32 until July 17, 2026, and the statute reverts it to $2.32 for transfers on or after January 1, 2032. Cite: Neb. Rev. Stat. 76-901 (as amended by 2026 Neb. Laws LB1067, eff. July 18, 2026).

Nebraska Real Estate Practice

Nebraska's documentary stamp tax is imposed on:

  • a.the grantor of the deed✓
  • b.the county register of deeds
  • c.the lender making the purchase loan
  • d.the grantee accepting the deed

Nebraska imposes the tax on the grantor executing the deed, and the tax is evidenced by stamps attached to the deed. All deeds purporting to transfer legal title or beneficial interest are presumed taxable unless an exemption clearly appears. Cite: Neb. Rev. Stat. 76-901.

Nebraska Real Estate Practice

A Nebraska real estate closing agent must have good funds available at closing, except that:

  • a.a personal check for up to $10,000 may be used instead
  • b.seller proceeds may go out before funding
  • c.wired funds may lag one full business day
  • d.up to $1,500 need not be available good funds✓

Nebraska defines good funds narrowly (lawful money, wired funds, cashier's and certified checks, certain government checks, and real-time payments) and allows a $1,500 cushion that need not be available from good funds and may pass directly between parties. Cite: Neb. Rev. Stat. 76-2,121(2); 76-2,122(2).

Nebraska License Law

A Nebraska broker's trust account must be:

  • a.a separate insured checking account in this state✓
  • b.opened in the name of each individual client
  • c.an interest-bearing account at any national bank
  • d.held jointly with the brokerage firm's attorney

Each Nebraska broker other than an inactive broker must keep a separate insured checking account in this state, designated a trust account, holding all down payments, earnest money, and other trust funds until the transaction closes or terminates unless all interested parties agree otherwise in writing. Cite: Neb. Rev. Stat. 81-885.21(1).

Nebraska License Law

If a Nebraska broker uses an interest-bearing trust account, the interest may go only to:

  • a.the buyer who actually made that deposit
  • b.the State Real Estate Commission's Fund
  • c.nonprofits that promote housing in Nebraska✓
  • d.the broker, as a fee for servicing the trust account

Nebraska allows an interest-bearing trust account only where the interest is distributed to nonprofit organizations that promote housing in Nebraska and are exempt from federal income tax, and only if every party whose money is deposited has approved that use. Cite: Neb. Rev. Stat. 81-885.21(6).

Nebraska License Law

Each Nebraska broker must authorize the commission to examine the trust account:

  • a.once every five years, on a rotating schedule
  • b.annually, or when the commission directs✓
  • c.only after a written complaint has been filed
  • d.only after 30 days' advance written notice

The broker must authorize examination of the trust account by a duly authorized representative of the commission, and that examination is to be made annually or at such time as the commission may direct. The broker must also report where the account is held. Cite: Neb. Rev. Stat. 81-885.21(2), (3).

Nebraska Real Estate Practice

Nebraska commission rules require earnest money to be deposited:

  • a.within 72 hours or by the end of the next banking day✓
  • b.within 24 hours after receiving it from the buyer
  • c.before the written offer is presented to the seller
  • d.within five business days after the closing is set

Failing to deposit earnest money within 72 hours or before the end of the next banking day after an offer is accepted in writing, unless the purchase agreement provides otherwise, is an action demonstrating negligence or unworthiness. If the offer is not accepted the deposit is returned forthwith. Cite: Neb. Admin. Code tit. 299, ch. 5, 003.14.

Nebraska Real Estate Practice

When Nebraska parties dispute an earnest money deposit, the broker must:

  • a.split it evenly and then close the file out
  • b.hold it pending a release or a lawsuit✓
  • c.pay it to the side the listing agreement favors
  • d.send it to the commission for safekeeping

Nebraska rules require the broker to continue holding a disputed deposit in the trust account until a written release from all parties consents to its disposition or a civil action is filed to determine it, at which point the broker may pay it into court. Cite: Neb. Admin. Code tit. 299, ch. 3, 008.

Nebraska Real Estate Practice

Nebraska rules let a broker pay a disputed deposit to the seller, with no suit pending, when:

  • a.the buyer's lender denies the mortgage application
  • b.the listing agreement on that property expires
  • c.a year passes and the buyer seems to have abandoned it✓
  • d.30 days pass after the closing date that the contract set out

Absent a pending civil action and after one year from the date of an accepted offer to purchase, paying out the earnest money to a seller is not grounds for discipline where the payment rests on a good faith decision that the buyer has abandoned any claim to it. Cite: Neb. Admin. Code tit. 299, ch. 3, 008.02.

Nebraska Real Estate Practice

Nebraska brokers must preserve the records of a consummated transaction for:

  • a.three years
  • b.five years✓
  • c.seven years
  • d.ten full years

Nebraska's rule sets five years for records of a consummated transaction, and five years as well for listings or agency agreements that produced no transaction, for unconsummated executed contracts, for paid broker's price opinions, and for team records. Cite: Neb. Admin. Code tit. 299, ch. 3, 003.

Nebraska License Law

A Nebraska licensee may not charge or collect part of the earnest money as compensation until:

  • a.the listing agreement has been fully signed
  • b.the commission has issued a payout order
  • c.the buyer's mortgage financing is approved
  • d.the transaction is consummated or terminated✓

Charging or collecting any part of the earnest money or other money paid in connection with a transaction as compensation before the transaction is consummated or terminated is an unfair trade practice. A pass-through payment to a third party for goods or services, with no profit to the broker, is not compensation. Cite: Neb. Rev. Stat. 81-885.24(35).

Nebraska License Law

Failing to include a fixed date of expiration in a Nebraska written listing agreement is:

  • a.cured by the broker's later written notice
  • b.an unfair trade practice under the License Act✓
  • c.permitted for exclusive-right-to-sell listings only
  • d.a matter left to the local county attorney

Nebraska lists failing to include a fixed date of expiration in any written listing agreement, and failing to leave a copy of the agreement with the principal, among the unfair trade practices for which the commission may censure, suspend, or revoke a license or impose a civil fine. Cite: Neb. Rev. Stat. 81-885.24(19).

Nebraska License Law

Nebraska's License Act requires a broker, when a transaction is consummated, to deliver the seller:

  • a.a title opinion addressed to the buyer only
  • b.an appraisal report addressed to both parties
  • c.a detailed closing statement showing all receipts✓
  • d.a copy of the trust account ledger for the file

The broker must give the seller a complete, detailed closing statement showing all receipts and disbursements handled for the seller, give the buyer a statement showing all money received from the buyer and how it was disbursed, and keep true copies in the files. Cite: Neb. Rev. Stat. 81-885.24(21).

Nebraska License Law

Offering or entering into a right-to-list home sale agreement in Nebraska is:

  • a.regulated by federal consumer law alone
  • b.an unfair trade practice that risks the license✓
  • c.allowed if recorded with the register of deeds
  • d.allowed whenever the term runs under ten years

Nebraska added offering or entering into a right-to-list home sale agreement to the statutory list of unfair trade practices, exposing the licensee to censure, suspension, revocation, consent orders, or a civil fine. Cite: Neb. Rev. Stat. 81-885.24(37).

Nebraska License Law

A written Nebraska broker's price opinion prepared for a separate fee must carry a bold 14-point disclosure that it:

  • a.stays valid for 12 months from its date
  • b.was prepared by a certified general appraiser
  • c.may be the sole basis for a federal loan
  • d.is not an appraisal under the Appraiser Act✓

A Nebraska licensee may give a broker's price opinion or comparative market analysis without appraiser licensure, but may not call it an appraisal. Charging for it outside a brokerage commission requires a signed, dated written opinion carrying the statutory bold fourteen-point disclaimer. Cite: Neb. Rev. Stat. 81-885.16.

Nebraska License Law

Publicly marketing an equitable interest in a contract to purchase a Nebraska home is:

  • a.acting as a broker, which requires a license✓
  • b.permitted once the purchase contract is recorded
  • c.allowed in every case involving a vacant lot
  • d.exempt, as an owner selling its own property

Nebraska defines acting as a broker, associate broker, or salesperson to include publicly marketing for sale an equitable interest in a contract for the purchase of real property between an owner and a prospective purchaser, with an exception only for a vacant lot. Cite: Neb. Rev. Stat. 81-885.02(2).

Nebraska License Law

Which person may lease Nebraska apartments without holding a real estate license?

  • a.a resident manager who lives on the premises✓
  • b.a leasing agent paid per lease by a brokerage
  • c.a licensed appraiser working for the owner
  • d.any employee of any Nebraska property owner

Nebraska exempts the resident manager of an apartment building, duplex, complex, or court who resides on the premises and is engaged in leasing in connection with that employment, along with relatives of the owner and employees of a licensed broker who manages the rental property. Cite: Neb. Rev. Stat. 81-885.04(4).

Nebraska Licensing Requirements

The minimum age for a Nebraska real estate license is:

  • a.18
  • b.19✓
  • c.21
  • d.25

Nebraska sets 19, not the more common 18. No broker's or salesperson's license may be issued to a person who has not attained the age of nineteen years, and the applicant must also be a high school graduate, hold an equivalency certificate, or meet a listed alternative. Cite: Neb. Rev. Stat. 81-885.13(1).

Nebraska Licensing Requirements

Nebraska's current prelicense education for a salesperson applicant is:

  • a.60 class hours in two commission-approved real estate courses
  • b.120 class hours spread over four approved courses
  • c.40 class hours and a proctored final examination
  • d.90 class hours in three courses, plus 6 more hours✓

The current requirement totals 96 hours: three commission-approved courses of not less than ninety class hours, plus six class hours related to professional practice and standards. The broker applicant adds sixty more hours on top of those. Cite: Neb. Rev. Stat. 81-885.13(2), (5).

Nebraska Licensing Requirements

A Nebraska broker applicant must ordinarily show:

  • a.three years of licensure in any other US state
  • b.two years as a licensed salesperson, plus 60 hours✓
  • c.five completed transactions and a 30-hour course
  • d.one year of licensed activity and a college degree

Nebraska's broker route is two years of active licensed service plus sixty class hours beyond the salesperson hours. A hardship alternative exists on special application and hearing, requiring eighteen college credit hours in real estate or six courses totaling at least 180 class hours. Cite: Neb. Rev. Stat. 81-885.13(3).

Nebraska Licensing Requirements

Every new Nebraska licensee must, within 180 days after the license is issued:

  • a.open a separate real estate trust account
  • b.pass a second Nebraska state law examination
  • c.complete 12 hours of class study or go inactive✓
  • d.join a commission-approved multiple listing service

Nebraska requires twelve hours of commission-approved class study on contracts, listing agreements, handling of client funds, and similar practice skills within 180 days of license issuance. Failing to file the evidence puts the license on inactive status until the commission receives it. Cite: Neb. Rev. Stat. 81-885.13(9).

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