Nebraska License Law Final Exam
Questions And 100% Correct Answers.
A broker who operates under a franchise name other than the personal or brokerage firm name,
when advertising: - Answer Must include the the brokerage firm name recorded with the
Commission
A broker changing her business office location must: - Answer Notify the Commission in
writing
Which of the following may a salesperson do without the consent of the employing broker? -
Answer Sell and close the sale of personally owned real property.
A licensee may: - Answer Buy any listing so long as full discloser of the licensee's interest in
disclosed
Which of the following is exempt from needing a license? - Answer Personal representative
Should a salesperson change employing brokers the salesperson must: - Answer Pay the
appropriate transfer fee to the Commission
A Licensee must reveal that he/she holds a license: - Answer In any personal real estate
transaction.
Misrepresentation in a sale - Answer Are grounds for disciplinary action by the Commission.
Which of the following are true concerning a salesperson? - Answer Must be under direct
supervision of the employing broker.
When a broker changes business locations they must - Answer Notify the Commission in
writing
A licensee returning from the armed forces must: - Answer Include a copy of discharge in
request for reinstatement.
, An application for a salesperson or broker's license must be: - Answer Accompanied by a
passport type picture, proof of course completion, and appropriate exam and application fees.
The term "Broker" would apply to all of the following - Answer Persons who collect referral
fees.
Auctioneers offering land for sale
Farm managers.
All the above
In Nebraska, a sub-divider offering land for sale on a common promotional plan is required to: -
Answer Use a resident Nebraska broker and/or licensees.
Which would not be cause for revocation or suspension of a license? - Answer Closing a
transaction when the licensee was not involved in the sale.
Which of the following are potentially exempt from Federal Fair Housing? - Answer Lodging
owned by a private club used for members only.
Dwelling owned by a religious organization for members only.
An owner occupied two to four unit dwelling
All the above
What is the main purpose of License Law? - Answer To protect the public from fraud,
dishonesty, and incompetence.
Funds deposited in a trust account, which will ultimately belong to the broker: - Answer
Cannot be collected until consummation or termination of the transaction.
Must be separately identified in the trust account records.
Both of the above
Questions And 100% Correct Answers.
A broker who operates under a franchise name other than the personal or brokerage firm name,
when advertising: - Answer Must include the the brokerage firm name recorded with the
Commission
A broker changing her business office location must: - Answer Notify the Commission in
writing
Which of the following may a salesperson do without the consent of the employing broker? -
Answer Sell and close the sale of personally owned real property.
A licensee may: - Answer Buy any listing so long as full discloser of the licensee's interest in
disclosed
Which of the following is exempt from needing a license? - Answer Personal representative
Should a salesperson change employing brokers the salesperson must: - Answer Pay the
appropriate transfer fee to the Commission
A Licensee must reveal that he/she holds a license: - Answer In any personal real estate
transaction.
Misrepresentation in a sale - Answer Are grounds for disciplinary action by the Commission.
Which of the following are true concerning a salesperson? - Answer Must be under direct
supervision of the employing broker.
When a broker changes business locations they must - Answer Notify the Commission in
writing
A licensee returning from the armed forces must: - Answer Include a copy of discharge in
request for reinstatement.
, An application for a salesperson or broker's license must be: - Answer Accompanied by a
passport type picture, proof of course completion, and appropriate exam and application fees.
The term "Broker" would apply to all of the following - Answer Persons who collect referral
fees.
Auctioneers offering land for sale
Farm managers.
All the above
In Nebraska, a sub-divider offering land for sale on a common promotional plan is required to: -
Answer Use a resident Nebraska broker and/or licensees.
Which would not be cause for revocation or suspension of a license? - Answer Closing a
transaction when the licensee was not involved in the sale.
Which of the following are potentially exempt from Federal Fair Housing? - Answer Lodging
owned by a private club used for members only.
Dwelling owned by a religious organization for members only.
An owner occupied two to four unit dwelling
All the above
What is the main purpose of License Law? - Answer To protect the public from fraud,
dishonesty, and incompetence.
Funds deposited in a trust account, which will ultimately belong to the broker: - Answer
Cannot be collected until consummation or termination of the transaction.
Must be separately identified in the trust account records.
Both of the above
