Free Nebraska Real Estate Salesperson Practice Exam 2025

If a broker’s license is suspended, all affiliated salespersons’ licenses are automatically placed on hold until the suspension is resolved.

To reactivate an inactive license, the licensee must complete continuing education and submit a reactivation application to the Commission.

Nebraska real estate licenses must be renewed every two years, and failure to do so results in license expiration and inactive status.

Licensees must notify the Commission of any name or address change within 30 days to maintain accurate and up-to-date records.

The Commission may impose fines or suspend a license for false advertising depending on the nature and severity of the violation.

Managing a real estate office in Nebraska requires supervising broker certification, ensuring managerial oversight is conducted by qualified individuals.

Brokers have 5 business days to correct any advertising violations after receiving notice from the Commission, promoting prompt compliance.

Dual agency is permitted in Nebraska, but it must be clearly disclosed and agreed to in writing by all parties, safeguarding transparency and consent.

The Nebraska Real Estate License Act exists to protect the public from dishonest or incompetent practices in the real estate industry.

Earnest money must be deposited into a Nebraska trust account by the next business day after receipt to ensure proper and timely handling of client funds.

Licensees must obtain written consent from the property owner before advertising any property to avoid misrepresentation or unauthorized listings.

Brokers may disburse earnest money from a trust account only with written consent from both the buyer and seller, ensuring legal and ethical handling of funds.

Licensees in Nebraska must complete 18 hours of continuing education every two years to renew their license and remain current on legal and industry standards.

Nebraska brokers are legally required to retain all transaction-related documents—including contracts and disclosures—for at least 5 years.

In Nebraska, agency disclosure must be provided before writing an offer, ensuring buyers and sellers are informed about representation status in advance.

A buyer’s agent must act in the best interest of the buyer, offering loyalty, disclosure, confidentiality, and diligence throughout the transaction.

Designated brokers must review trust account records monthly to detect discrepancies early and comply with financial accountability standards.

Practicing real estate without a license in Nebraska is a Class I misdemeanor, carrying potential fines and legal consequences for unauthorized practice.

Selling your own home does not require a real estate license in Nebraska. The license requirement applies only when representing others in a transaction.

The Governor of Nebraska appoints the Commission’s members, ensuring representation through executive selection and maintaining regulatory accountability.

Real estate agents in Nebraska cannot accept commission checks directly—even if the broker is unavailable. All compensation must go through the broker, per law.

The Nebraska Attorney General is responsible for providing legal opinions to the Real Estate Commission when requested, ensuring decisions align with state law.

The Nebraska Real Estate Commission is made up of 6 members, each representing different areas of the real estate profession and geographic diversity.

To become a designated broker in Nebraska, a licensee must have at least three years of active real estate experience, ensuring a minimum level of expertise.

Under Nebraska’s landlord-tenant laws, a landlord has 14 days to correct an issue after receiving written notice from a tenant, promoting timely habitability compliance.

All real estate advertisements in Nebraska must clearly identify the brokerage name, ensuring compliance with advertising laws and transparency for consumers.

When receiving earnest money, the licensee must promptly deliver it to the supervising broker, who then handles trust account compliance.

If a licensee or applicant has a felony conviction, the Commission may deny, suspend, or revoke the real estate license due to character and legal concerns.

A branch office in Nebraska must be managed by a licensed broker or associate broker who has received Commission approval for branch supervision.

The designated broker is responsible for supervising affiliated licensees, ensuring they follow Nebraska license law and internal company policies.

The Nebraska Real Estate Commission is empowered to investigate potential license law violations and conduct hearings based on complaints or suspicious conduct.

Even if no transaction occurs, agency disclosure and listing agreements must be retained for 5 years, supporting audit and complaint investigations.

Buyers and sellers must receive the agency disclosure at first substantial contact, helping clarify roles and responsibilities early in the transaction process.

Earnest money in Nebraska must be deposited within 72 hours or the next banking day, whichever is sooner, to ensure timely and secure handling of client funds.

Licensees are required to disclose all known material defects in a property to all parties in a transaction, even if it affects the deal outcome.

A listing agreement in Nebraska forms a fiduciary relationship between the licensee and seller, requiring the licensee to act with loyalty, obedience, and full disclosure.

All written agency agreements in Nebraska must include a specific expiration date to define the duration of the relationship and avoid perpetual obligations.

Licensees must receive at least 30 days’ notice before a disciplinary hearing is held, ensuring due process and preparation time for the defense.

Brokers in Nebraska must retain all disclosure documents for 5 years after the transaction to comply with recordkeeping requirements (Title 299, NAC).

A licensee in Nebraska may only be supervised by one designated broker to ensure consistent oversight, accountability, and adherence to law.

When a licensee observes a violation by another licensee, they must report it directly to the Nebraska Real Estate Commission, not just within the brokerage.

Nebraska law prohibits payment of referral fees to unlicensed individuals, even for a single transaction, to maintain licensing integrity and prevent unauthorized practice.

Nebraska Fair Housing Law adds disability as a protected class, extending beyond the original federal list and reinforcing equal housing rights.

Nebraska follows the lien theory of real estate finance, meaning the borrower holds title, and the lender only has a lien until the mortgage is paid off.

Licensees must report another licensee’s legal or ethical violations to the Nebraska Real Estate Commission, which holds the authority to investigate and take disciplinary action.

Annual interest for a $180,000 loan at 5% is $9,000, calculated as: $180,000 × 0.05 = $9,000. This reflects standard loan interest calculations.

An option contract grants the right but not the obligation to purchase a property at specified terms within a given time frame, making it a unilateral contract.

The Truth in Lending Act (Regulation Z) requires lenders to clearly disclose credit terms and costs so that consumers can make informed financial decisions.

Under the Statute of Frauds, real estate sales contracts must be in writing and signed by all parties to be legally enforceable in Nebraska.

Determining a property's highest and best use involves analyzing legal permissibility, physical possibility, financial feasibility, and maximum utility. All four criteria must be met.