Nebraska Real Estate Exam Prep

What is the Nebraska act or code that covers all landlord and tenant rules and guidelines for the state ?

Nebraska Uniform Residential Landlord Tenant Act

If the tenant does not owe any rent and leaves the property clean and in good repair , the landlord must return the security deposit within how many days after the tenant moves out ?

14 days

If a tenant needs something fixed they can issue a request to make repairs . How many days does a landlord have to respond to this request per Nebraska law ?

14 days

Per the Nebraska Uniform Residential Landlord Tenant Act , to end a month - to- month lease , you or your landlord must give how much of a notice ?

30 days

A salesperson's or associate broker's license must be returned to the Nebraska Real Estate Commission within how many days ?

15 days

How long are terms for Nebraska Real Estate Commission Members ?

6 years

How often is continuing education required for Nebraska real estate licensees ?

Every two years

Members of the Nebraska Real Estate Commission are appointed by

The Governor

Nebraska real estate agent errors and omissions insurance must have a combined single limit liability coverage for each occurrence of how much ?

Agents must have a $ 150,000.00 combined single limit liability .

Nebraska real estate agent errors and omissions insurance must have a combined single limit liability coverage for each occurrence of how much ?

Agents must have a $ 150,000.00 combined single limit liability .

Regarding errors and omissions insurance , an annual aggregate limit cannot be less than how much ?

$ 300.000.00 per each individual licensee covered by the policy.

In Nebraska , landlord tenant relations are generally governed by what ?

The Uniform Residential Landlord Tenant Act in Nebraska

In Nebraska , how many total hours of continuing education are required for real estate license renewal ?

18 hours

In Nebraska , if land is forfeited to the state , the state is obligated to pay the forfeiting party

Full market value minus the appraisal cost

The Nebraska Real Estate Commission requires a broker to maintain records for how many years ?

5 years

2 types of trust accounts in Nebraska

Sales accounts and property management accounts

Nebraska real estate license act

Outlines the requirements to conduct real estate business in Nebraska .

How many members are a part of the Nebraska Real Estate Commission ?

7

Which protected class is recognized specifically under the Nebraska Fair Housing Act but not under the federal Fair Housing Act ?

Ancestry

What is the role of the Nebraska Equal Opportunity Commission NEOC ) in enforcing fair housing laws ?

To mediate and investigate discrimination claims

What legal action can the Nebraska Equal Opportunity Commission take if it finds a housing discrimination case valid

File a lawsuit in state court

Which act would likely be considered discriminatory under Nebraska fair housing laws ?

Refusing to rent to a family with children

If a housing provider in Nebraska wants to adjust their practices to comply with fair housing laws , which step should they take first ?

Review and update non - discrimination policies

Under Nebraska fair housing laws , which group is explicitly protected against discrimination that differs from federal protections ?

Marital status

What is a primary requirement for landlords under Nebraska's fair housing laws regarding reasonable accommodations ?

Consider and respond to accommodation requests

Which of the following elements is essential for a valid real estate contract in Nebraska ?

Mutual consent

What is the statute of limitations for written real estate contracts in Nebraska ?

5 years

In Nebraska , which party typically pays for the title insurance policy ensuring clear title ?

Seller

Which of the following actions would constitute a breach of a real estate purchase agreement in Nebraska ?

Failing to supply a report as required

What is the effect of an offer being revoked in a real estate transaction in Nebraska before acceptance ?

The offer becomes void and cannot be accepted .

In Nebraska , what is required for a written real estate contract to be legally enforceable ?

There must be a legal description of the property .

Which of the following best describes earnest money in Nebraska real estate transactions ?

A sum paid to demonstrate buyer's intent to proceed with the transaction .

What is required for a seller to disclose known adverse material facts to a buyer in Nebraska ?

A written statement signed by the seller and buyer .

Which of the following must be disclosed when selling a home in Nebraska ?

Presence of lead - based paint .

What is the purpose of the Seller Property Condition Disclosure Statement in Nebraska ?

To inform buyers of the physical condition of the property .

When should the Seller Disclosure Statement typically be provided to the buyer in Nebraska ?

Before or at the time of making a purchase offer .

Which entity oversees compliance with real estate disclosure forms and regulations in Nebraska ?

Nebraska Real Estate Commission

Which entity oversees compliance with real estate disclosure forms and regulations in Nebraska ?

Nebraska Real Estate Commission

What must a real estate licensee disclose to prospective buyers about a property in Nebraska ?

Present condition of the property

Which environmental hazard must be disclosed in Nebraska real estate transactions ?

Unremediated asbestos in the home

In Nebraska , what type of deed is most commonly used to transfer property ownership without any warranties or covenants ?

Quitclaim Deed

Which of the following components is necessary for a deed to be valid in Nebraska ?

Legal description

When a title is transferred in Nebraska , which document is typically used to ensure legal compliance regarding public record ?

Recording of the deed

Which agency oversees the enforcement of real estate laws in Nebraska , including transfer of title ?

Nebraska Real Estate Commission

What is the primary purpose of a title search during the transfer of title in Nebraska ?

To ensure there are no legal encumbrances

What is a necessary element for a valid transfer of title in Nebraska ?

A written deed

Under Nebraska law , what must occur for a deed to be officially recorded ?

The deed must be notarized

In Nebraska , what is the purpose of an earnest money deposit ?

To show the buyer's good faith in purchasing the property .

Who typically holds the earnest money deposit in a Nebraska real estate transaction ?

A neutral third - party escrow agent .

Under Nebraska law , what happens to the earnest money if a real estate transaction is canceled due to the buyer's breach of contract ?

It is forfeited to the seller as liquidated damages

If a real estate transaction fails because the seller cannot deliver clear title , what typically happens to the earnest money in Nebraska ?

It is returned to the buyer .

According to Nebraska regulations , within how many days must a broker deposit earnest money into a trust account ?

Two business days after contract acceptance .

In Nebraska , how should a broker handle dual representation regarding earnest money deposits ?

Disclose dual representation and follow instructions from all parties .

When is earnest money typically released from escrow in a Nebraska real estate transaction ?

After the closing of a transaction and all conditions are met When the buyer secures financing .

What is the role of the County Assessor in Nebraska real estate tax processes ?

Assessing property value for tax purposes

In Nebraska , which governmental body is primarily responsible for establishing property tax levies ?

County boards

Which Nebraska law governs the allocation of property taxes collected within the state ?

Nebraska Revenue Act

What is a key deadline for property tax payment in Nebraska to avoid penalties ?

March 1st

How does Nebraska handle delinquent property taxes ?

Imposing penalties and interest

What is the primary purpose of Nebraska's Homestead Exemption ?

To reduce property taxes for qualified homeowners .

Which document outlines the valuation of real property for tax purposes in Nebraska ?

Assessment Notice

What is the primary role of the Nebraska Real Estate Commission ?

To enforce real estate laws and issue licenses

Which of the following is NOT a requirement for maintaining an active real estate license in Nebraska ?

Living within Nebraska

In Nebraska , which of the following actions can lead to the revocation of a real estate license ?

False representation of real estate services

What educational requirement must be completed to become a licensed real estate salesperson in Nebraska ?

90 hours of approved real estate courses

Which of the following is required for an applicant to obtain a real estate broker's license in Nebraska ?

Three years of active real estate experience

What is the benefit of holding a temporary real estate license in Nebraska ?

Facilitates transition during unforeseen circumstances

Which document is primarily used in Nebraska to provide borrowers with details of the mortgage costs ?

Loan Estimate

What is required of mortgage lenders in Nebraska regarding the timing of disclosure documents before closing a transaction ?

They must be provided at least three days before closing .

What document typically details the mortgage disclosure obligations in Nebraska ?

Loan Estimate .

What specific information must be included in mortgage disclosures according to Nebraska laws ?

Interest rates and payment schedules .

Within what timeframe must lenders provide the initial mortgage disclosure in Nebraska ?

Within 3 days of accepting the loan application .

Which party is primarily responsible for providing accurate mortgage disclosures in Nebraska ?

The lender .

What is the primary purpose of the Nebraska Mortgage Disclosure Requirements ?

To provide borrowers with detailed information about mortgage servicing .

During a loan closing in Nebraska , what is the primary purpose of the settlement statement ?

To allocate expenses between the buyer and seller accurately .

During a Nebraska real estate closing , what happens to the earnest money deposit ?

It is applied to the buyer's closing costs

Under Nebraska law , which party is typically responsible for conducting the closing meeting ?

The title company representative

What role does the title insurance play in Nebraska's loan closing process ?

Protects against losses from title defects

What document is typically prepared and reviewed to confirm the correct allocation of expenses between the buyer and seller at a Nebraska closing ?

Settlement statement

In Nebraska , who typically ensures that all contracts and documents are correctly executed during a real estate loan closing ?

The closing agent

What is the purpose of the loan - to - value ( LTV ) ratio in Nebraska real estate underwriting ?

To evaluate the risk of lending by comparing loan amount to property value .

What is a primary consideration for underwriters when evaluating a borrower's employment history for a Nebraska real estate loan ?

Stability and longevity at current job

How does the debt - to - income ratio influence loan underwriting in Nebraska real estate ?

It assesses the borrower's financial risk .

Which document is typically reviewed during the underwriting process to verify a Nebraska property buyer's income ?

Tax Returns

What role does a property appraisal play in the underwriting process for Nebraska real estate loans ?

Evaluating the collateral value

When underwriting a loan for a property in Nebraska , which factor is most crucial in determining the borrower's ability to repay ?

Credit Score

In Nebraska , what is the significance of a borrower's debt - to - income ratio ?

Determines loan amount

What is a key element lenders in Nebraska evaluate for borrower qualification ?

Credit history

What is a primary characteristic Nebraska lenders look for when qualifying a borrower for a conventional loan ?

Low credit utilization ratio

How does Nebraska law regulate adjustable - rate mortgages ( ARMS ) compared to fixed - rate mortgages ?

ARMS have regulated interest rate caps

Which of the following is considered a red flag during the mortgage underwriting process in Nebraska ?

Frequent job changes without salary increase

What is one of the primary reasons a lender might require a higher down payment for a real estate loan in Nebraska ?

The property is in a high - risk flood zone

In Nebraska , which of the following factors can disqualify a borrower when applying for a real estate loan ?

Insufficient income .

How does a ' prepayment penalty ' affect a borrower in Nebraska ?

It discourages early loan payoff .

What is the primary function of a promissory note in Nebraska real estate finance ?

To outline terms for mortgage repayment .

In Nebraska , what is the typical role of a deed of trust in real estate finance ?

To act as security for a loan .

Under what circumstances can the NREC audit a real estate firm ?

When a complaint is filed against the firm

What is required for a real estate license applicant in Nebraska to demonstrate their competency to the NREC ?

Passing a licensing examination

What disciplinary action can the NREC take against a licensee for violating Nebraska real estate laws ?

Revocation of license

How often must real estate licenses be renewed in Nebraska according to NREC regulations ?

Every two years .