NE Real Estate License Act All Answers Correct
What is the purpose of a "real estate disclosure statement" in Nebraska?
️️A real estate disclosure statement informs buyers about the condition of the property, including
any known defects or issues that could affect its value.
How does Ne...
NE Real Estate License Act All Answers Correct
What is the purpose of a "real estate disclosure statement" in Nebraska?
✔️✔️A real estate disclosure statement informs buyers about the condition of the property, including
any known defects or issues that could affect its value.
How does Nebraska law define a "real estate transaction"?
✔️✔️A real estate transaction involves the sale, purchase, lease, or exchange of property and the
related legal and financial agreements.
What must be included in a listing agreement in Nebraska?
✔️✔️A listing agreement must include the property address, listing price, the duration of the
agreement, and the terms of commission.
What is the function of the "title search" in Nebraska real estate transactions?
✔️✔️A title search verifies the legal ownership of a property and identifies any liens or encumbrances
that may affect the title.
Are verbal agreements enforceable in Nebraska real estate transactions?
✔️✔️Verbal agreements can be difficult to enforce; therefore, it is recommended to have all
agreements documented in writing.
What is "fair housing" in the context of Nebraska real estate?
✔️✔️Fair housing refers to laws that prohibit discrimination in housing based on race, color, religion,
sex, national origin, familial status, or disability.
What obligations do landlords have concerning repairs in Nebraska?
✔️✔️Landlords must maintain rental properties in a habitable condition and make necessary repairs
to ensure the safety and comfort of tenants.
What is a "for sale by owner" (FSBO) transaction?
, ✔️✔️A for sale by owner transaction is when a property owner sells their property without the
assistance of a real estate agent.
What is a "title insurance policy" in Nebraska?
✔️✔️A title insurance policy protects property buyers and lenders against defects in title and ensures
that the property title is free from claims.
What should a buyer consider when making an earnest money deposit?
✔️✔️A buyer should consider the amount of the deposit, the terms of the purchase agreement, and
how the deposit will be applied at closing.
What steps must be taken to legally terminate a lease agreement in Nebraska?
✔️✔️To terminate a lease, either party must provide written notice according to the terms outlined in
the lease or state law.
What is the process for a landlord to evict a tenant in Nebraska?
✔️✔️A landlord must follow legal procedures, including providing proper notice and filing an eviction
action in court if the tenant does not vacate.
How does Nebraska law regulate short-term rentals?
✔️✔️Nebraska law requires short-term rental operators to comply with local zoning regulations and
obtain any necessary permits or licenses.
What happens to earnest money if a deal falls through in Nebraska?
✔️✔️If a deal falls through, the earnest money is typically returned to the buyer unless there are
terms in the purchase agreement that specify otherwise.
What is the difference between a mortgage and a deed of trust in Nebraska?
✔️✔️A mortgage is a loan secured by real estate, while a deed of trust involves a third party (the
trustee) holding the title until the loan is repaid.
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