Nebraska Real Estate Salesperson Exam — All Questions

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.

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'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).

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).

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).

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).

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'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'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.

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 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.

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 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 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.