STATE (Nebraska) Real Estate Practice Exam 1 Complete Solutions
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Course
STATE Real Estate Practice Exm 1 Compl
Institution
STATE Real Estate Practice Exm 1 Compl
STATE (Nebraska) Real Estate Practice Exam 1 Complete
Solutions
What is the primary purpose of the Nebraska Landlord-Tenant Act?
️️The Nebraska Landlord-Tenant Act outlines the rights and responsibilities of both landlords and
tenants to ensure fair housing practices and protect both pa...
STATE (Nebraska) Real Estate Practice Exam 1 Complete
Solutions
What is the primary purpose of the Nebraska Landlord-Tenant Act?
✔️✔️The Nebraska Landlord-Tenant Act outlines the rights and responsibilities of both landlords and
tenants to ensure fair housing practices and protect both parties in rental agreements.
What is required for a real estate salesperson to operate under a broker in Nebraska?
✔️✔️A real estate salesperson must be licensed and enter into a written agreement with a broker who
supervises their activities.
What does "dual agency" mean in the context of Nebraska real estate?
✔️✔️Dual agency occurs when a real estate agent represents both the buyer and the seller in a
transaction, requiring informed consent from both parties.
What is the statute of limitations for filing a lawsuit related to a real estate transaction in Nebraska?
✔️✔️The statute of limitations for filing a lawsuit related to a real estate transaction is typically five
years.
Are real estate advertisements in Nebraska required to disclose the broker's name?
✔️✔️Yes, all real estate advertisements must include the name of the brokerage to comply with
Nebraska regulations.
What is the role of a real estate closing agent in Nebraska?
✔️✔️A closing agent facilitates the finalization of a real estate transaction, ensuring that all documents
are completed, funds are disbursed, and the title is transferred.
What happens if a real estate licensee fails to comply with the Nebraska Real Estate License Act?
✔️✔️Non-compliance may result in disciplinary action, including suspension or revocation of the
license, fines, or legal action.
What types of properties are exempt from the Nebraska Real Estate License Act?
, ✔️✔️Certain properties, such as those owned by the federal government or non-profit organizations,
may be exempt from licensing requirements under the Nebraska Real Estate License Act.
How does Nebraska law define "quiet title" actions?
✔️✔️A quiet title action is a legal proceeding to establish a party's title to property and eliminate any
claims or interests from other parties.
What information must be included in a purchase agreement in Nebraska?
✔️✔️A purchase agreement must include the legal description of the property, purchase price,
financing terms, and signatures of both parties.
What is the purpose of a "property condition disclosure statement" in Nebraska?
✔️✔️The property condition disclosure statement informs potential buyers of the property's condition
and any known defects that could affect its value.
How are commissions typically structured for real estate agents in Nebraska?
✔️✔️Commissions are usually a percentage of the final sale price and are negotiated between the seller
and the listing broker.
What actions can lead to a real estate license being revoked in Nebraska?
✔️✔️A license may be revoked for actions such as fraud, misrepresentation, practicing without a
license, or failing to comply with continuing education requirements.
What must be done if a broker's office changes location in Nebraska?
✔️✔️If a broker's office changes location, they must notify the Nebraska Real Estate Commission and
update their license information.
Are there restrictions on who can be a real estate appraiser in Nebraska?
✔️✔️Yes, real estate appraisers must be licensed or certified in Nebraska and adhere to state and
federal appraisal regulations.
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