1. Agent A, appointed to the seller, also personally writes the offer for the buyer on the same property as the buyer's agent. What is Agent A?
Answer & explanation
Answer: B. 76-2427 says any licensee who personally represents both seller and buyer is a dual agent and must follow the dual agency provisions.
2. A listing agent knows the seller will accept $20,000 less than list price. A buyer asks, 'Will they take less?' The agent should:
Answer & explanation
Answer: A. The duty of confidentiality bars disclosing information, like the seller's lowest acceptable price, that would harm the client's bargaining position.
3. An agent authorized to perform a single specific act for a principal is a:
Answer & explanation
Answer: D. A special (limited) agent has authority for a specific task, typical of a listing agent. A property manager is usually a general agent.
4. An agent advertises a home as having a 'new roof' without verifying it; the roof is actually 18 years old. This is:
Answer & explanation
Answer: C. Stating unverified facts that prove false is negligent misrepresentation; knowingly false statements are fraud. Puffing is opinion, not a verifiable fact.
5. A seller's limited agent knows the furnace has a cracked heat exchanger that is not visible. What must the agent do for the buyer, who is a customer?
Answer & explanation
Answer: A. 76-2417(3) requires written disclosure to buyers of all adverse material facts actually known, including material defects in the property.
6. A property manager owes fiduciary duties primarily to the:
Answer & explanation
Answer: D. The property manager is the owner's (general) agent and owes fiduciary duties to the owner, while dealing honestly with tenants.
7. A buyer's limited agent learns her client's loan approval was withdrawn and the client cannot close. What must the agent disclose to the seller?
Answer & explanation
Answer: C. 76-2418 requires buyer's agents to disclose in writing adverse material facts actually known, which may include facts about the client's financial ability to perform.
8. A designated broker appoints Agent A to represent the seller and Agent B to represent the buyer, both in writing, on the same in-house deal. Which statement is correct?
Answer & explanation
Answer: B. 76-2427 lets a designated broker appoint affiliated licensees to the exclusion of others without becoming a dual agent. Only a licensee who personally represents both sides is a dual agent.
9. Which item must a written buyer agency agreement for a one-to-four-unit home contain?
Answer & explanation
Answer: C. 76-2422(3)(c) requires the 76-2418 duties, compensation terms, a fixed expiration date, and whether subagency may be offered.
10. A seller lies to his limited agent about the age of the roof, and the agent repeats it to a buyer without knowing it is false. Under 76-2426, is the agent liable?
Answer & explanation
Answer: C. 76-2426 shields a limited agent from liability for the client's misrepresentation unless the agent knew or reasonably should have known.
11. A licensee works with a buyer. The designated broker has no seller agency, subagency, dual agency or expanded-duty written agreement covering the property. By default, the licensee is what?
Answer & explanation
Answer: A. 76-2416 makes a licensee a buyer's or tenant's limited agent unless one of the listed written agreements exists. The old common-law subagency default does not apply.
12. A seller's limited agent must present written offers to the seller when?
Answer & explanation
Answer: C. 76-2417 requires timely presentation of all written offers whether or not the property is subject to a contract. The only exception is an asset management company client.
13. A buyer asks the listing agent why the seller is moving. The seller told the agent in confidence that a job transfer forces a quick sale. What should the agent do?
Answer & explanation
Answer: C. Under 76-2417, the seller's agent may not disclose confidential information unless required by law or nondisclosure would be fraudulent. Motivation is not an adverse material fact about the property.
14. Under Nebraska law, a brokerage relationship between a designated broker and a client is what type of agency?
Answer & explanation
Answer: A. 76-2416 and the Nebraska Supreme Court (Professional Mgmt. Midwest v. Lund Co.) treat brokerage relationships as limited agency with statutory duties.
15. Which of the following is a fiduciary duty an agent owes the principal?
Answer & explanation
Answer: A. Fiduciary duties are Confidentiality, Obedience, Accounting, Loyalty and Disclosure (COALD), plus reasonable care.
16. A licensee never signs a buyer agreement but repeatedly gives a buyer negotiating advice and acts on his behalf. An agency relationship may have been created by:
Answer & explanation
Answer: A. Implied agency arises from conduct; the agent then owes full fiduciary duties. Express agency is created by stated agreement, ideally in writing.
17. The best way to create an agency relationship is a(n):
Answer & explanation
Answer: C. A written express agreement clearly defines parties, duties and compensation and is enforceable.
18. A buyer's agent's brother owns a home that fits the buyer's needs. Before showing it, the agent must:
Answer & explanation
Answer: B. Any personal or financial interest of the agent or family must be disclosed up front so the client can make an informed decision.
19. During a listing walk-through, the agent notices fresh paint on one ceiling area and a musty odor. The agent should:
Answer & explanation
Answer: C. Agents are not inspectors, but must recognize red flags (stains, odors, cracks) and disclose them for further investigation.
20. A seller instructs her listing agent not to show the home to buyers of a certain national origin. The agent should:
Answer & explanation
Answer: A. Obedience requires following lawful instructions only. Discriminatory instructions violate fair housing laws and must be refused.
21. A listing where the seller may sell themselves without owing commission, but only the listing broker among agents is protected, is:
Answer & explanation
Answer: B. In an exclusive agency listing, the seller pays no commission on a self-sale, but the listing broker is protected if any broker sells it. (Reclassified to section 6 / CORE.)
22. A seller knows that the basement flooded last spring, but the damage was repaired and is not visible. The seller and listing agent must:
Answer & explanation
Answer: C. Latent (hidden) defects known to the seller or agent must be disclosed; failing to do so can create liability for both.
23. At an open house, a buyer begins telling the listing agent the most he could pay. The agent should first:
Answer & explanation
Answer: B. Agents must disclose up front whom they represent so customers don't mistakenly share confidential information - anything the agent learns must be shared with the client.
24. A material defect that a seller/agent must disclose is one that:
Answer & explanation
Answer: C. Material defects significantly affect value or would influence a buyer's decision and must be disclosed.
25. When a broker appoints one salesperson to represent the seller and another salesperson in the same office to represent the buyer, this is:
Answer & explanation
Answer: B. Designated agency assigns separate agents within one brokerage; the broker is still a dual agent and written consent is required.
Sources
Source verification pending. Confirm current requirements with your state regulator.