NE Real Estate License Act Exam Questions and Answers 100% Pass

NE Real Estate License Act Exam Questions and Answers 100% Pass A new Nebraska real estate licensee has been asked by a new customer to help determine value on the home they are preparing to put on the market. The new license should perform the following for a customer; - Answer- Comparative Market Analysis, (CMA) simplified version of the sales comparison approach to help determine the value of real estate. Kayla has successfully completed all of her pre-licensing requirements and was waiting on the acceptance of her real estate application when she received a "Notice of Refusal" from the commission due to a drinking violation that had appeared on her background check from when she was in college. IF Kayla really wants to become a real estate professional in the state of Nebraska what should she do next? - Answer- Request a hearing Once a new salesperson passes their exam the real estate license is; - Answer- Kept in the custody and control of their broker and put on display. Members of the Nebraska Real Estate Commission are appointed by; - Answer- The Governor. The minimum age required to be issued a Nebraska broker's or salesperson's license is; - Answer- 19 Carlotta filed an application for a salesperson's license. She is unsure about when the license expires. What should her broker tell her? - Answer- One year after date of receipt in the commission office If Francine is applying for a broker's license, does she need additional classroom hours to the 60 hours completed earlier? - Answer- Yes, she needs to take another 60 hours Kami, a licensed broker, is filing a renewal application. What is the maximum renewal application and renewal fee Kami will be required to pay? - Answer- $ 500 Lonnie, a licensed salesperson, is filing a renewal application. What is the maximum renewal application and renewal fee Lonnie will be required to pay? - Answer- $ 400 If a license has been inactive for a continuous period of more than _____ years, it will be reinstated only if the licensee has met the examination required of an original applicant. - Answer- 3 Which of the following would NOT be considered an unfair trade practice? - Answer- A salesperson who has been convicted of a misdemeanor Today an associate broker received a check for earnest money from a prospective purchaser. In order for the associate broker not to be considered as having committed an unfair trade practice, when should he / she give the money to his / her broker? - Answer- As soon after receipt as practicable If a licensee is expected to have a hearing before the Commission regarding censure, how far ahead of the hearing shall the Commission notify the licensee? - Answer- At least 20 days The Commission has found that a broker violated the Nebraska Real Estate Licensing Act and fined the licensee. What happens to the fine, once the licensee pays it? - Answer- It is remitted to the State Treasurer Which of the following statements about continuing education and inactive licensees is correct? - Answer- Inactive licensees may renew licenses at the end of the two-year continuing education period without having completed the hours of continuing education required by statute Which statement about errors and omissions insurance is INCORRECT? - Answer- The premium for errors and omissions must not exceed $1000.00 Bobby is a prospective seller who is interested in working with a person who can prepare a comparative market analysis for the home he wishes to sell. All of the following could assist Bobby EXCEPT _____. - Answer- Inactive broker All of the following are examples of federal financial institution regulatory agencies EXCEPT_____. - Answer- Real Estate Commission of Nebraska Jordan manages property for ABC Rentals and is aware of the company's desire to sell one of its houses. One of the renters, Kyle, mentions to Jordan that he would like to purchase the property he is living in. The next time Jordan is collecting rents, he takes a purchase agreement to Kyle for his signature. Mary, a real estate agent friend of Kyle's learns of the sale and decides that Jordan should not have sold the property. How can Mary express her concern / complaint? - Answer- File a complaint with the Commission The Commission has ordered Peter to cease and desist from selling real estate because he is not a licensed realtor. Peter sells three more homes and is taken before the Commission again. The Commission finds Peter guilty. How much can the