Nebraska Real Estate Salesperson Exam — All Questions

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.

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.

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.

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).

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).

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).

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).

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'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).

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).

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.

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).

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).