Nebraska Real Estate Exam Review. State and National Questions and Answers 100% Pass

Nebraska Real Estate Exam Review. State and National Questions and Answers 100% Pass A salesperson may, without the supervision of a broker: - Answer- Handle the closing of his own property sold "by owner". A broker is guilty of commingling funds if he: - Answer- Places an earnest deposit in anything other than the designated brokerage account. A real estate broker trading under an assumed, or fictitious name: - Answer- Must furnish a certificate to the commission setting forth such assumed or fictitious name. The governor's responsibilities include: - Answer- Filling vacancies to the Real Estate Commission. A salesperson may operate a branch office for his broker: - Answer- Under no circumstances. The following people must be licensed: - Answer- Farm managers. The Director of the Real Estate Commission: - Answer- Keeps Records of the proceedings. When would an applicant possibly be denied a licensed: - Answer- When the person was proved to be unworthy. When would it be acceptable for a broker to return an earnest deposit? - Answer- When a contingency in the contract was not met and the broker in all good faith felt it was not the buyer's fault and returned it against the will of the seller. When a broker has a branch office: - Answer- The branch office may use the main office trust account. If a salesperson mishandles funds: - Answer- His broker can be held responsible. A nonresident real estate broker who obtains a non resident Nebraska real estate license must do all of the following: - Answer- Pay the nonresident licensing fee, hold a valid real estate license in the state of Nebraska, and certify that he has read and will abide by the Nebraska Real estate License Act and the rules and regulations. A real estate salesperson may: - Answer- Auction real property, Go on inactive status, and work on part time basis. In compliance with license law, which of the following should a salesperson do when listing a property? - Answer- Make an inspection of the property. In order to be issued a real estate license, the applicant: - Answer- Must be at least 19 years of age. A listing was drawn with the expiration date specified as "10 days after sweller requests termination". Is this a legal listing according to the Nebraska Licensing Act? - Answer- No, a listing must have a specific termination date. In the normal course of business, a salesperson in a real estate transaction may accept compensation from: - Answer- Employing Broker A license may be revoked upon proof of: - Answer- Inducing a party to withdraw from an accepted contract. A license may be refused on the following grounds: - Answer- The applicant had been convicted of a felony 3 years ago, the applicant engaged in the practice of real estate without a license, and failure to prove trustworthiness and honesty. Upon closing, the broker is required by statute to provide a closing statement to: - Answer- Buyer and Seller. Which of the following is true concerning the real estate commission? - Answer- The Secretary of State acts as chairman of the real estate commission. The broker may lose his license if he fails to: - Answer- Retain a copy of the closing statement in his files for attest 5 years, and fails to give a completed copy of the closing statement and purchase agreement to both the buyer and the seller. Real Estate Law is to: - Answer- Protect the public. An unlicensed secretary in a real estate office can: - Answer- Enter information regarding listings into the MLS computer. A Licensee must receive notice and a hearing before the Real Estate Commission can revoke, suspend, or censure the License. - Answer- Unless The Licensee waives the right to the notice and hearing. A women who resides in Indiana contacts a Nebraska broker to list property owned by her in Nebraska. After obtaining an exclusive right to sell listing on the property, the broker successfully finds a ready, willing, and able buyer for the property. Is the broker due a commission? - Answer- Yes, the broker is due the commission specified in the listing contract. While showing a property, a broker makes the following statement: "You'll make a profit when you decide to sell this property" This is: - Answer- A violation of License Law