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NE Real Estate License Act Questions
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A new Nebraska real estate licensee has been asked by a new customer to help determine value on the home they are preparing to put on the market. The new license should perform the following for a customer; ✔✔Comparative Market Analysis, (CMA) simplified version of the sales comparison approach to help determine the value of real estate.
Kayla has successfully completed all of her pre-licensing requirements and was waiting on the acceptance of her real estate application when she received a "Notice of Refusal" from the commission due to a drinking violation that had appeared on her background check from when she was in college. IF Kayla really wants to become a real estate professional in the state of Nebraska what should she do next? ✔✔Request a hearing
Once a new salesperson passes their exam the real estate license is; ✔✔Kept in the custody and control of their broker and put on display.
Members of the Nebraska Real Estate Commission are appointed by; ✔✔The Governor.
The minimum age required to be issued a Nebraska broker's or salesperson's license is; ✔✔ 19
Carlotta filed an application for a salesperson's license. She is unsure about when the license expires. What should her broker tell her? ✔✔One year after date of receipt in the commission office
If Francine is applying for a broker's license, does she need additional classroom hours to the 60 hours completed earlier? ✔✔Yes, she needs to take another 60 hours
Kami, a licensed broker, is filing a renewal application. What is the maximum renewal application and renewal fee Kami will be required to pay? ✔✔$ 500
Lonnie, a licensed salesperson, is filing a renewal application. What is the maximum renewal application and renewal fee Lonnie will be required to pay? ✔✔$ 400
If a license has been inactive for a continuous period of more than _____ years, it will be reinstated only if the licensee has met the examination required of an original applicant. ✔✔ 3
Which of the following would NOT be considered an unfair trade practice? ✔✔A salesperson who has been convicted of a misdemeanor
Bobby is a prospective seller who is interested in working with a person who can prepare a comparative market analysis for the home he wishes to sell. All of the following could assist Bobby EXCEPT _____. ✔✔Inactive broker
All of the following are examples of federal financial institution regulatory agencies EXCEPT_____. ✔✔Real Estate Commission of Nebraska
Jordan manages property for ABC Rentals and is aware of the company's desire to sell one of its houses. One of the renters, Kyle, mentions to Jordan that he would like to purchase the property he is living in. The next time Jordan is collecting rents, he takes a purchase agreement to Kyle for his signature. Mary, a real estate agent friend of Kyle's learns of the sale and decides that Jordan should not have sold the property. How can Mary express her concern / complaint? ✔✔File a complaint with the Commission
The Commission has ordered Peter to cease and desist from selling real estate because he is not a licensed realtor. Peter sells three more homes and is taken before the Commission again. The Commission finds Peter guilty. How much can the Commission fine Peter? ✔✔Not to exceed $1,000 for each day that any action is performed without the appropriate license following the issuance of the order
The Commission has issued a judgment for a fine Ruskin is obligated to pay for selling real estate without a license. Ruskin refuses pay. How does the Commission protect its judgment against Ruskin? ✔✔File an action in the district court
Tobias is personal representative for his grandfather's estate that is being probated. A neighbor of the grandfather has offered to purchase the grandfather's house. Tobias does not have a real estate license. Can he sell the house without listing it with a real estate firm? ✔✔Yes, because Tobias is acting as a personal representative and under the authority of a will
Who serves as chairperson of the State Real Estate Commission? ✔✔Secretary of State
Successor members to the State Real Estate Commission are appointed by the _____. ✔✔Governor
Bernie Able applies for a real estate broker's license. He wants to conduct business as Able Bernie. Which name(s), if any, must Bernie include on the application? ✔✔Both, because the licensing act requires both
What is the result if someone applies for a salesperson's license who has engaged in the real estate business without a license? ✔✔The commission may deny the license
Patrick is a nonresident of Nebraska who wants to obtain a nonresident broker's license. Will he be successful? ✔✔If the commission in Nebraska agrees
Ruth is a nonresident real estate broker. Before she can obtain a Nebraska real estate license she must _____. ✔✔Provide proof of completion of a three-hour class about Nebraska real estate law
Taylor, a nonresident, applied for a Nebraska real estate license. The application was in proper form but the commission refused to accept Taylor's application. The director timely notified Taylor of its decision. Within how many days after receiving notice of the ruling must Taylor request a hearing to dispute the ruling? ✔✔ 30
Wanda is a real estate broker who is changing her place of business from Kearney to Scotts Bluff. She called the Commission and advised the secretary of the new address for the business. Did Wanda sufficiently notify the commission? ✔✔No, because she was required to notify the commission in writing
Zelda, a broker, hired Ansel as a salesperson. The employment arrangement did not work out ad Zelda terminated Ansel. What happens to Ansel's license? ✔✔Zelda must forward the license to the commission
Betsy is an associate broker who is transferring from one employing broker to another. She has been told there is a transfer fee of $10.00. Is that correct? ✔✔Yes, if that is what the commission has set as the transfer fee
How often may the Commission examine a trust account? ✔✔Either annually or at a time the Commission directs
If the Commission believes a broker's trust account is in an unsafe condition and has referred the matter to the Attorney General, what remedies may the Attorney General request from a court? ✔✔Both the appointment of a receiver and an injunction
Money comes into broker's office for the payment of taxes for a property the broker is managing for the owner. Broker deposits the money into his / her checking account and writes a personal check to pay the taxes. Has there been an unfair trade practice? ✔✔Yes, because the owner's money was commingled with the broker's
A witness who was subpoenaed to give his / her deposition relating to matters in a case on license censure before the Commission. The witness refused to attend the deposition. How can the Commission require the witness to attend? ✔✔It may apply to the district where the
Opal has been ordered by the Commission to cease and desist from selling real estate without a license. If Opal does not request a hearing, when shall the order become final? ✔✔10 days after issuance of the order
How many members serve on the Commission? ✔✔ 6
A disciplinary action has been initiated against Andrea. Three violations of the licensing act have been alleged. If the State Real Estate Commission finds Andrea guilty, how much can she be fined? ✔✔$2,500 per complaint
Taylor, a nonresident, applied for a Nebraska real estate license. The application was in proper form but the commission has refused to accept Taylor's application. Within how many days after the ruling must the director notify Taylor of the decision? ✔✔ 20
Which of the following is an unfair trade practice? ✔✔A salesperson talks to a neighbor about the possibility of listing neighbor's rental properties. The neighbor responds "That is an interesting idea." The salesperson advertises the properties for sale the following day
If the Commission petitions the district court for an order requiring the witness who refused to appear for a deposition to show cause why he / she did not attend the deposition, where would the witness go for the show cause hearing? ✔✔The district court
A farmer has decided to subdivide his land. Once the land has been subdivided and ready for sale, who may sell lots in the subdivision? ✔✔A Nebraska sales partnership that has two brokers on staff
The application for a subdivision certificate costs, at the present time, _____. ✔✔$ 100 plus $ for each 100 lots or fraction thereof
If the Commission finds that Norris has sold real estate without an appropriate license, how may it stop Norris from selling more real estate? ✔✔Issue a cease and desist order
The three active and licensed brokers who are appointed by the governor to serve on the State Real Estate Commission—not the appointed at-large members—must have been active brokers and licensed for not less than _____years at the time of their appointment. ✔✔Five
How many members of the State Real Estate Commission must be present at any official meeting of the commission? ✔✔Four
If a receiver is appointed by the court in a case involving a broker's trust account, who pays the receiver's costs and fees? ✔✔Probably the broker, but the court will make that decision
Which of the following would be considered an unfair trade practice? ✔✔Broker gives a flat price to principal for broker's dealing with tenants. The price includes undisclosed compensation for the broker's clerical staff's time in taking calls from tenants
All of the following are ways the Commission may notify a licensee of a hearing to decide whether there should be a cease and desist order issued EXCEPT _____. ✔✔Regular mail
If a licensee has been notified by the Commission that a complaint has been filed against him / her, how long does the licensee have to file an answer. ✔✔Within 20 days of service and notice to the licensee
Amanda has rented a kiosk at a shopping mall to advertise her real estate company. She does not have a written lease. What type of real estate interest does she have? ✔✔Nonfreehold
If Francine is applying for a broker's license and has a certificate that she has passed courses in subjects related to real estate at an accredited college or university, how many credit hours must those subjects total? ✔✔ 18
Which of the following statements about trust accounts is INCORRECT? ✔✔Brokers, active and inactive, must maintain trust accounts
If a broker refuses to permit the Commission authority to examine his / her trust account, what is the remedy for the Commission? ✔✔Report the information to the Attorney General
Which of the following statements is INCORRECT about a civil fine imposed by the Commission? ✔✔Court costs are not permitted to be included in the amount to be collected
How many hours of continuing education shall every licensee complete in each two year period? ✔✔6 hours of broker-approved training and 12 hours of approved continuing education
Which statement about errors and omission insurance is INCORRECT? ✔✔Licensees shall be notified of the required conditions and terms of errors and omissions insurance at least 60 days prior to renewal
Samantha's grandmother gave Samantha power of attorney to handle her financial matters while she (grandmother) is in Arizona for the winter. Her grandmother decides she no longer wants to live alone and sells her house while she is in Arizona. Can Samantha convey the real estate to the purchaser under the power of attorney? ✔✔Yes, if the power of attorney gives her the power to convey real estate
Tobias is personal representative for his grandfather's estate that is being probated. A neighbor of the grandfather has offered to purchase the grandfather's house. Tobias does not have a real estate license. Can he sell the house without listing it with a real estate firm? ✔✔Yes, because Tobias is acting as a personal representative and under the authority of a will
Who appoints members to the State Real Estate Commission? ✔✔Governor
A full term for a member of the State Real Estate Commission is _____ years. ✔✔Six
Detrick has a friend who has been convicted of driving while under the influence of alcohol and a few other offenses. The friend is interested in become a real estate agent and asks Detrick if the convictions will affect his getting a real estate license. All of the following are correct responses EXCEPT _____. ✔✔A misdemeanor conviction may be sufficient ground for refusal of a license
How many completed class hours are required for obtaining a salesperson's license? ✔✔ 60
Patrick is a nonresident of Nebraska who wants to obtain a nonresident broker's license. Will he be successful? ✔✔If the commission in Nebraska agrees
Taylor, a nonresident, applied for a Nebraska real estate license. The application was in proper form but the commission has refused to accept Taylor's application. Within how many days after the ruling must the director notify Taylor of the decision? ✔✔ 20
May a broker maintain more than one trust account? ✔✔Yes, if the broker notifies the Commission
Refusing to rent real state because of a person's religion, race, color, sex, or disability is a(n)_____. ✔✔Unfair trade practice
If witnesses are subpoenaed for the hearing to censure a licensee, how are the witnesses paid? ✔✔From funds created from license fees
