PREP Nebraska License Law Verified A+
What is the significance of the Nebraska Real Estate License Act?
️️The Nebraska Real Estate License Act establishes the framework for licensing real estate
professionals and sets the standards for their conduct in real estate transactions.
What is ...
PREP Nebraska License Law Verified A+
What is the significance of the Nebraska Real Estate License Act?
✔️✔️The Nebraska Real Estate License Act establishes the framework for licensing real estate
professionals and sets the standards for their conduct in real estate transactions.
What is the required pre-licensing education for a Nebraska real estate broker?
✔️✔️A Nebraska real estate broker must complete 90 hours of pre-licensing education in addition to
having at least two years of experience as a licensed salesperson.
What is the role of the Nebraska Real Estate Commission in handling complaints?
✔️✔️The Nebraska Real Estate Commission investigates complaints against licensed real estate
professionals and has the authority to impose disciplinary actions.
What are the penalties for practicing real estate without a valid license in Nebraska?
✔️✔️Practicing without a valid license may result in fines, civil penalties, and possible criminal
charges, including misdemeanor charges.
In Nebraska, what does the term "material defect" refer to?
✔️✔️A material defect is a problem with a property that would significantly affect its value or
desirability and must be disclosed by the seller.
What is required for a real estate transaction to be valid under Nebraska law?
✔️✔️A valid real estate transaction requires mutual consent, a lawful object, consideration, and
competent parties.
Can a real estate agent in Nebraska represent both the buyer and seller in a transaction?
✔️✔️Yes, but only with the informed consent of both parties, creating a dual agency situation.
What must a seller disclose when selling a property in Nebraska?
✔️✔️A seller must disclose any known defects, environmental hazards, or issues that could affect the
property’s value or safety.
, What is the purpose of a closing statement in a Nebraska real estate transaction?
✔️✔️A closing statement outlines all financial transactions related to the sale, including costs, fees, and
how funds are distributed.
How does Nebraska law define "real estate"?
✔️✔️Real estate includes land and any structures attached to it, along with any rights or interests in that
land.
What steps must be taken to terminate a real estate agency relationship in Nebraska?
✔️✔️To terminate an agency relationship, both parties must agree in writing, and any specific
obligations outlined in the contract should be fulfilled.
Are earnest money deposits required in Nebraska real estate transactions?
✔️✔️While earnest money deposits are not legally required, they are commonly used to show the
buyer's commitment to the transaction.
What is the role of a real estate appraisal in Nebraska?
✔️✔️A real estate appraisal is an unbiased assessment of a property's value, often required by lenders
before approving a mortgage.
In Nebraska, what constitutes a violation of fair housing laws?
✔️✔️Discriminating against individuals based on race, color, religion, sex, national origin, familial
status, or disability constitutes a violation of fair housing laws.
What must a licensee do if they change their address or name in Nebraska?
✔️✔️A licensee must notify the Nebraska Real Estate Commission in writing within 30 days of any
change of address or name.
✔️✔️only a licensed agent may provide information about a listed property.
How long does broker to deposit earnest money into a trust account after an offer is accepted in writing
✔️✔️Within 72 hrs or before the end of the next banking day
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