Real Estate Nebraska Verified Guide
What is the main purpose of the Nebraska Real Estate License Act?
️️The Nebraska Real Estate License Act aims to regulate the practice of real estate, ensuring
ethical conduct and protecting consumers in real estate transactions.
What qualifications m...
Real Estate Nebraska Verified Guide
What is the main purpose of the Nebraska Real Estate License Act?
✔️✔️The Nebraska Real Estate License Act aims to regulate the practice of real estate, ensuring
ethical conduct and protecting consumers in real estate transactions.
What qualifications must an applicant meet to become a real estate broker in Nebraska?
✔️✔️An applicant must be at least 19 years old, have two years of experience as a licensed
salesperson, and complete 90 hours of broker pre-licensing education.
How often must real estate licenses be renewed in Nebraska?
✔️✔️Real estate licenses in Nebraska must be renewed every two years.
What is the significance of a "listing agreement" in Nebraska real estate?
✔️✔️A listing agreement is a contract between a property owner and a broker that grants the broker
the authority to market and sell the property.
What is required for a buyer to make an offer on a property in Nebraska?
✔️✔️A buyer must submit a written offer, typically including a purchase price, terms, and any
contingencies, to the seller.
What is a "real estate closing" in Nebraska?
✔️✔️A real estate closing is the final step in a property transaction where ownership is transferred,
documents are signed, and funds are exchanged.
What are the responsibilities of a property manager in Nebraska?
✔️✔️A property manager is responsible for maintaining the property, collecting rent, and ensuring
compliance with local landlord-tenant laws.
What disclosures are sellers required to provide under Nebraska law?
,✔️✔️Sellers must disclose known material defects, lead-based paint hazards (for properties built
before 1978), and any other significant issues affecting the property's value.
How can a real estate agent in Nebraska avoid conflicts of interest?
✔️✔️An agent can avoid conflicts of interest by disclosing all relevant relationships and obtaining
informed consent from clients when necessary.
What are the consequences of not complying with fair housing laws in Nebraska?
✔️✔️Non-compliance with fair housing laws can result in fines, legal action, and damage to a real
estate agent's reputation.
What is the role of earnest money in a real estate transaction in Nebraska?
✔️✔️Earnest money serves as a good faith deposit that demonstrates the buyer's commitment to the
transaction and is typically held in trust until closing.
How is a foreclosure defined in Nebraska?
✔️✔️A foreclosure is a legal process where a lender reclaims a property due to the borrower's failure
to make mortgage payments, often resulting in a sale of the property to recover the debt.
What information must be included in a real estate advertisement in Nebraska?
✔️✔️Advertisements must clearly include the brokerage's name, the property address, and any
pertinent details such as price and features.
What steps should a buyer take if they wish to terminate a purchase agreement in Nebraska?
✔️✔️The buyer should review the terms of the agreement, provide written notice to the seller, and
fulfill any contingencies that allow for termination.
What are the rights of tenants under Nebraska landlord-tenant law?
✔️✔️Tenants have the right to a habitable living environment, protection against discrimination, and
the return of their security deposit within a specified time frame after moving out.
,If there is a conflict between the U.S. Constitution and the Nebraska State Constitution, which takes
precedence? ✔️✔️State constitutions are subordinate to the federal constitution. If there is a conflict
between the two, the federal constitution controls.
Explain the difference between statutes and administrative regulations. ✔️✔️Statutory law is written
law enacted by state (or federal) legislative bodies. Most state laws establish broad goals, but not the
methods needed to carry out the goals. Therefore, the state laws are implemented by administrative
regulations promulgated by various state and local agencies. Administrative regulations are written rules
and regulations issued by an administrative agency to enforce or amplify a statute.
What is the purpose of the Nebraska Real Estate License Act? ✔️✔️The Nebraska Real Estate License
Act (License Act) was enacted in 1935 to regulate the licensing and activities of real estate agents.
Nebraska Real Estate Commission ✔️✔️A state agency that was created by the Nebraska Real Estate
License Act in 1943 to license and regulate real estate salespersons and brokers in the state.
Commission Responsibilities ✔️✔️Article I. Issue real estate licenses
Article II. Regulate and the activities of licensees
Article III. Impose sanctions to protect the public health, safety, or welfare
Article IV. Revoke or suspend licenses issued under the license act
Article V. Censure licensees
Article VI. Enter into consent decrees and issue cease and desist orders
What state agency licenses and regulates real estate salespersons and brokers in the state?
✔️✔️Nebraska Real Estate Commission
Currently, the Nebraska Real Estate Commission is comprised of how many members? ✔️✔️Seven.
The seven-member Nebraska Real Estate Commission is comprised of a chair and 6 commissioners.
Who acts as the chair of the Nebraska Real Estate Commission? ✔️✔️The chair is the Secretary of
State, who is an elected official.
, List three responsibilities of the Nebraska Real Estate Commission ✔️✔️Issue real estate licenses
Regulate and the activities of licensees
Impose sanctions to protect the public health, safety, or welfare
Revoke or suspend licenses issued under the license act
Censure licensees
Enter into consent decrees and issue cease and desist orders
When necessary, who provides legal opinions to the Commission? ✔️✔️The Attorney General
Administrative regulations ✔️✔️Written rules and regulations issued by an administrative agency to
enforce or amplify a statute.
Civil law. ✔️✔️The body of law imposed by the state or government for its citizens.
Common law ✔️✔️The body of law based on custom and judicial precedent rather than on codified
statutes.
Nebraska Administrative ✔️✔️Code (NAC). Compilation of most of the regulations issued by Nebraska
state agencies.
How often does the Commission meet to discuss licensing, education, licensee discipline, and other
policy matters? ✔️✔️Approximately once a month
What type of law is written law enacted by state (or federal) legislative bodies? ✔️✔️Statutory law
At the Commission meeting, members discuss all of the following, EXCEPT: ✔️✔️education.
licensee discipline.
- commission disputes between licensees.
policy matters.
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