Nebraska Real Estate Law Verified A+
What is the primary purpose of the Nebraska Real Estate Commission?
️️The primary purpose is to regulate real estate practices and license individuals in the industry to
protect the public interest.
Under Nebraska law, how long must real estate licen...
Nebraska Real Estate Law Verified A+
What is the primary purpose of the Nebraska Real Estate Commission?
✔️✔️The primary purpose is to regulate real estate practices and license individuals in the industry to
protect the public interest.
Under Nebraska law, how long must real estate licensees keep transactional records?
✔️✔️Licensees must keep all transactional records for at least five years.
What are the licensing requirements for a Nebraska real estate salesperson?
✔️✔️An applicant must be at least 19 years old, complete 66 hours of pre-licensing education, and
pass the state exam.
Can a real estate license in Nebraska be transferred from one brokerage to another?
✔️✔️Yes, licensees may transfer licenses with approval from the Nebraska Real Estate Commission
and completion of transfer forms.
What is "commingling" in the context of Nebraska real estate, and is it allowed?
✔️✔️Commingling is mixing client funds with personal or business funds, and it is strictly prohibited.
How long does a person have to renew an expired real estate license in Nebraska?
✔️✔️An expired license must be renewed within two years; otherwise, the individual must reapply as
a new applicant.
In Nebraska, what must be disclosed to buyers about a property?
✔️✔️Sellers and agents must disclose known material defects that affect the property's value or
desirability.
What constitutes an "agency relationship" in Nebraska real estate?
✔️✔️An agency relationship is established when a client authorizes a licensee to represent their
interests in a real estate transaction.
, Is dual agency legal in Nebraska?
✔️✔️Yes, but it is only permitted with informed written consent from both parties involved in the
transaction.
What is "puffing" in Nebraska real estate, and is it legal?
✔️✔️"Puffing" refers to exaggerated statements about a property. It is legal but can’t be misleading
or considered factual claims.
When must the agency disclosure be provided to a potential client?
✔️✔️The agency disclosure must be provided at the first substantive contact before specific property
discussions.
What actions may lead to the suspension or revocation of a Nebraska real estate license?
✔️✔️Actions like fraud, misrepresentation, unprofessional conduct, or failing to disclose agency
relationships may lead to suspension or revocation.
What is required to establish a broker’s trust account in Nebraska?
✔️✔️A broker must open a separate account specifically for holding client funds and adhere to
recordkeeping rules.
Is it required to disclose if a property was the site of a homicide in Nebraska?
✔️✔️No, Nebraska law does not require the disclosure of homicide or death on the property unless it
impacts the material condition.
In Nebraska, what are the requirements for advertising real estate services?
✔️✔️Licensees must include the brokerage name in all advertising and avoid misleading or false
statements.
Who is responsible for supervising real estate salespersons in Nebraska?
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