Real Estate Nebraska Exam Practice Questions and Answers
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Real Estate Nebraska
Institution
Real Estate Nebraska
Real Estate Nebraska Exam Practice
Questions and Answers
If there is a conflict between the U.S. Constitution and the Nebraska State
Constitution, which takes precedence? - Answer️️ -State constitutions are
subordinate to the federal constitution. If there is a conflict between the
two, th...
Real Estate Nebraska Exam Practice
Questions and Answers
If there is a conflict between the U.S. Constitution and the Nebraska State
Constitution, which takes precedence? - Answer✔️✔️-State constitutions are
subordinate to the federal constitution. If there is a conflict between the
two, the federal constitution controls.
Explain the difference between statutes and administrative regulations. -
Answer✔️✔️-Statutory law is written law enacted by state (or federal)
legislative bodies. Most state laws establish broad goals, but not the
methods needed to carry out the goals. Therefore, the state laws are
implemented by administrative regulations promulgated by various state
and local agencies. Administrative regulations are written rules and
regulations issued by an administrative agency to enforce or amplify a
statute.
What is the purpose of the Nebraska Real Estate License Act? - Answer✔️✔️-
The Nebraska Real Estate License Act (License Act) was enacted in 1935 to
regulate the licensing and activities of real estate agents.
Nebraska Real Estate Commission - Answer✔️✔️-A state agency that was
created by the Nebraska Real Estate License Act in 1943 to license and
regulate real estate salespersons and brokers in the state.
Commission Responsibilities - Answer✔️✔️-Article I. Issue real estate
licenses
Article II. Regulate and the activities of licensees
Article III. Impose sanctions to protect the public health, safety, or welfare
Article IV. Revoke or suspend licenses issued under the license act
Article V. Censure licensees
Article VI. Enter into consent decrees and issue cease and desist orders
What state agency licenses and regulates real estate salespersons and
brokers in the state? - Answer✔️✔️-Nebraska Real Estate Commission
Currently, the Nebraska Real Estate Commission is comprised of how
many members? - Answer✔️✔️-Seven. The seven-member Nebraska Real
Estate Commission is comprised of a chair and 6 commissioners.
Who acts as the chair of the Nebraska Real Estate Commission? -
Answer✔️✔️-The chair is the Secretary of State, who is an elected official.
List three responsibilities of the Nebraska Real Estate Commission -
Answer✔️✔️-Issue real estate licenses
Regulate and the activities of licensees
Impose sanctions to protect the public health, safety, or welfare
Revoke or suspend licenses issued under the license act
Censure licensees
Enter into consent decrees and issue cease and desist orders
When necessary, who provides legal opinions to the Commission? -
Answer✔️✔️-The Attorney General
Administrative regulations - Answer✔️✔️-Written rules and regulations
issued by an administrative agency to enforce or amplify a statute.
Civil law. - Answer✔️✔️-The body of law imposed by the state or
government for its citizens.
Common law - Answer✔️✔️-The body of law based on custom and judicial
precedent rather than on codified statutes.
Nebraska Administrative - Answer✔️✔️-Code (NAC). Compilation of most
of the regulations issued by Nebraska state agencies.
How often does the Commission meet to discuss licensing, education,
licensee discipline, and other policy matters? - Answer✔️✔️-Approximately
once a month
What type of law is written law enacted by state (or federal) legislative
bodies? - Answer✔️✔️-Statutory law
At the Commission meeting, members discuss all of the following,
EXCEPT: - Answer✔️✔️-education.
Acts Requiring a Real Estate License - Answer✔️✔️-- Soliciting for sellers,
buyers, or tenants
- Negotiating sales or leases
- Collecting rents
- Preparing broker's price opinions or comparative market analyses
- Auctioning real estate
Real Estate License Exceptions - Answer✔️✔️-- A person selling or renting
his or her own property
- A corporation that performs any of the specified activities through one of
its regular officers, who must receive no special compensation for doing so
- An attorney in fact under a duly executed power of attorney from the
owner to convey real estate
- Any receiver, trustee in bankruptcy or person acting under order of any
court
- Resident managers of an apartment building, duplex, apartment complex,
or court or their employees
- Any employee of a licensed broker who manages an apartment building,
duplex, apartment complex, or court for the owner
- Any officer or employee of a federal agency in the conduct of his or her
official duties
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