Nebraska License Law Exam Part 2
A broker who operates under a franchise name other than the personal or breakage firm name, when
advertising:
A. must include the brokerage firm name recorded with the Commission
B. use only the franchise name in advertising
C. May advertise in any manners...
Nebraska License Law Exam Part 2
A broker who operates under a franchise name other than the personal or breakage firm name, when
advertising:
A. must include the brokerage firm name recorded with the Commission
B. use only the franchise name in advertising
C. May advertise in any manners long as the brokers personal name is used
D. file the franchise contract with the Real Estate Commission ✔️✔️A
Which of the following is exempt from needing a license?
A. personal representative
B. farm manager of a farm property if living on the homestead
C. auctioneer selling real property
D. Attorney as a form of additional income ✔️✔️A
Should a salesperson change employing brokers the salesperson must:
A. notify the Commission in writing
B. return their license and pocket card to the Commission
C. request the employing broker to return the license
D. pay the appropriate transfer fee to the Commission ✔️✔️D
In Nebraska, a subdivider offerin land for sale on a common promotional plan is required to:
A. use a resident Nebraska broker and/or licensee
B. be licensed in their state of residence
C. offer a minimum of 24 or less lots for sale
D. obtain a Nebraska real estate license ✔️✔️A
Which of the following are potentially exempt from Federal Fair Housing?
A. lodging owned by a private club used for members only
,B. dwellings owned by religious organization for members only
C. an owner occupied 2 to 4 unit dwelling
D. All of the above ✔️✔️D
Funds deposited in a trust account, which will ultimately belong to the broker:
A. cannot be collected until consummation or termination of the transaction
B. Must be separately identified in the trust account records
C. Both of the above
D. neither of the above ✔️✔️C
Real estate license laws originated with the:
A Real Estate Commission
B. State Legislature
C. National Association of Realtors
D. Attorney General ✔️✔️B
A person appointed by a court to manage and settle the estate of a deceased person who left no will,
and for r=that purpose is exempt from real estate licensure requirement, is a:
A. heir
B. administrator
C. testator
D. trustor ✔️✔️B
A licensee must reveal the he/she holds a license
A. when leasing a property to a third party
B. in any personal real estate transaction
C. in all transactions except ownership sales
D. as the licensee deems advisable based on firsthand knowledge of the situation ✔️✔️B
, When a broker changes business locations they must:
A. notify the commission in writing
B. send in all licenses and pocket cards in their possession
C. pay a transfer fee
D. all of the above ✔️✔️A
A licensee who fails to send the renewal fee and application by the required date (november 30th)
would be:
A. allowed 7 months in ensuing year to file and pay the appropriate late penalty fees
B. subject to automatic cancellation of the license as of the renewal date (Nov 30th)
C. allowed to transact business until Dec 31st of that particular year
D. require to retake the exam ✔️✔️C
A salesperson while under the direct supervision of a broker shows cause to have his/her license
suspended. The employing brokers license is:
A. automatically suspended
B. required by the Commission to be invest age
C. subject to investigation for failure to supervise
D. sales agents's licenses must be displayed conspicuously at the main office ✔️✔️B
Which of the following statements is false?
A. the director of the commission may be salaried employee of a real estate firm, but not commissioned
salesperson
B. a salesperson may operate in the brokerage business only under the supervision of a real estate
broker
C. when advertising a broker must use the brokerage firm name as recorded with the Commission
D. a broker may act independently in conducting a brokerage business ✔️✔️A
Persons exempt from licensing requirements such as a personal representative, attorney at law, etc, are:
A. exempt while performing the official duties of the office
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