nebraska real estate exam UPDATED
Study Guide QUESTIONS AND
CORRECT ANSWERS
What body regulates real estate licensees in Nebraska? - CORRECT
ANSWERS Nebraska Real Estate Commission (NREC)
In Nebraska, who must supervise all real estate activity? - CORRECT
ANSWERS Designated broker
How long does a broker have to deposit earnest money? - CORRECT
ANSWERS Within 3 business days unless otherwise agreed in writing
What is the purpose of a trust account? - CORRECT ANSWERS To
safeguard and properly hold client funds
How often must Nebraska trust accounts be reconciled? - CORRECT
ANSWERS Monthly
What is the penalty for practicing real estate without a license? - CORRECT
ANSWERS Cease & desist, fines, and possible criminal penalties
What must be included in all real estate advertising? - CORRECT ANSWERS
Brokerage name clearly and conspicuously displayed
Can a salesperson accept compensation from anyone other than their broker? -
CORRECT ANSWERS No, only through their supervising broker
, What is the minimum age to obtain a Nebraska salesperson license? -
CORRECT ANSWERS 19
What is the purpose of the Nebraska License Act? - CORRECT ANSWERS
Protect the public and regulate licensees
What is designated agency? - CORRECT ANSWERS Broker assigns
separate agents to represent buyer and seller exclusively in the same transaction
What must be given before providing brokerage services? - CORRECT
ANSWERS Agency disclosure
What is the definition of a client? - CORRECT ANSWERS A person
represented by the licensee
What is the definition of a customer? - CORRECT ANSWERS A person
receiving services but not represented
What type of agency does Nebraska recognize? - CORRECT ANSWERS
Single, designated, limited dual, and transaction brokerage
What is required to terminate agency? - CORRECT ANSWERS Written
release, expiration, or performance
What is limited dual agency in Nebraska? - CORRECT ANSWERS
Broker represents both parties with written informed consent
What duties are owed to ALL parties? - CORRECT ANSWERS
Honesty, skill, care, disclosure of material facts
Study Guide QUESTIONS AND
CORRECT ANSWERS
What body regulates real estate licensees in Nebraska? - CORRECT
ANSWERS Nebraska Real Estate Commission (NREC)
In Nebraska, who must supervise all real estate activity? - CORRECT
ANSWERS Designated broker
How long does a broker have to deposit earnest money? - CORRECT
ANSWERS Within 3 business days unless otherwise agreed in writing
What is the purpose of a trust account? - CORRECT ANSWERS To
safeguard and properly hold client funds
How often must Nebraska trust accounts be reconciled? - CORRECT
ANSWERS Monthly
What is the penalty for practicing real estate without a license? - CORRECT
ANSWERS Cease & desist, fines, and possible criminal penalties
What must be included in all real estate advertising? - CORRECT ANSWERS
Brokerage name clearly and conspicuously displayed
Can a salesperson accept compensation from anyone other than their broker? -
CORRECT ANSWERS No, only through their supervising broker
, What is the minimum age to obtain a Nebraska salesperson license? -
CORRECT ANSWERS 19
What is the purpose of the Nebraska License Act? - CORRECT ANSWERS
Protect the public and regulate licensees
What is designated agency? - CORRECT ANSWERS Broker assigns
separate agents to represent buyer and seller exclusively in the same transaction
What must be given before providing brokerage services? - CORRECT
ANSWERS Agency disclosure
What is the definition of a client? - CORRECT ANSWERS A person
represented by the licensee
What is the definition of a customer? - CORRECT ANSWERS A person
receiving services but not represented
What type of agency does Nebraska recognize? - CORRECT ANSWERS
Single, designated, limited dual, and transaction brokerage
What is required to terminate agency? - CORRECT ANSWERS Written
release, expiration, or performance
What is limited dual agency in Nebraska? - CORRECT ANSWERS
Broker represents both parties with written informed consent
What duties are owed to ALL parties? - CORRECT ANSWERS
Honesty, skill, care, disclosure of material facts
