1. A Nebraska resident in an Omaha office markets lots in Arizona to Nebraska buyers for commission. Is a Nebraska license required?
Answer & explanation
Answer: A. 81-885.01 defines real estate to include interests in land whether located in Nebraska or elsewhere.
2. A licensee tells a buyer, "I guarantee you'll make 25% when you resell in three years." What does this violate?
Answer & explanation
Answer: D. 81-885.24(10) prohibits guaranteeing, or authorizing anyone to guarantee, future profits from resale of real property.
3. Under the Code of Ethics, commission disputes between REALTORS associated with different firms are generally resolved through:
Answer & explanation
Answer: B. Article 17 requires REALTORS to mediate or arbitrate contractual and specific non-contractual disputes with other REALTORS through the association.
4. A licensee charged in a Commission complaint wants to avoid a contested hearing. What may the licensee do?
Answer & explanation
Answer: A. 81-885.25 gives a right to a hearing unless the licensee waives it and signs a consent order. Transferring a license does not affect the Commission's jurisdiction.
5. When must a licensee give the Commission-approved brokerage disclosure?
Answer & explanation
Answer: B. 76-2421 requires disclosure at the earliest practicable opportunity during or after first substantial contact with a party lacking a written agreement with a designated broker.
6. On a closing statement, the purchase price is a:
Answer & explanation
Answer: B. The seller receives the price (credit); the buyer owes it (debit).
7. By when must the seller deliver the disclosure statement to the buyer?
Answer & explanation
Answer: D. 76-2,120 requires delivery on or before the effective date of a contract that binds the buyer.
8. Which action may a life tenant take WITHOUT the remainderman's consent?
Answer & explanation
Answer: D. A life tenant may occupy or lease the property for the duration of the life estate but cannot sell, mortgage or commit waste that harms the remainderman's future interest.
9. After a purchase agreement is signed, to whom must the licensee deliver a completed, dated copy?
Answer & explanation
Answer: A. 81-885.24(20) requires delivery of a completed, dated copy to both buyer and seller within a reasonable time.
10. A seller wants to net $250,000 after paying a 6% commission and $6,000 in other closing costs. To the nearest dollar, what must the sale price be?
Answer & explanation
Answer: B. Net + other costs = $256,000, which equals 94% of the price (100% - 6%). Price = $256,000 / 0.94 = $272,340.43, about $272,340. Adding 6% to $256,000 ($271,360) understates the price.
11. A broker received a 4.2% commission totaling $12,600. What was the sale price?
Answer & explanation
Answer: C. Sale price = commission / rate = $12,600 / 0.042 = $300,000.
12. How many clock hours of continuing education and training must an active Nebraska licensee complete in each two-year cycle?
Answer & explanation
Answer: B. 81-885.51 and NREC require 12 hours of approved CE plus 6 hours of training, for 18 total. At least 6 of the 12 CE hours must be designated required courses.
13. On the $20,000 commission above, the listing broker keeps 50% and pays 50% to the buyer's broker. How much does the buyer's broker receive?
Answer & explanation
Answer: D. $20,000 x 0.50 = $10,000 to the buyer's broker.
14. A salesperson's license has been inactive for four years. What must she do to return to active status?
Answer & explanation
Answer: D. 81-885.14 allows reinstatement of a license inactive more than three years only if the person passes the original licensing exam.
15. Absent a written agreement with the designated broker stating compensation terms, can a buyer be obligated to pay the licensee a fee?
Answer & explanation
Answer: C. 76-2416 says the agency statutes do not obligate a buyer or tenant to pay compensation unless there is a written agreement with the designated broker specifying the terms.
16. How many scored questions are on the state portion of Nebraska's salesperson exam?
Answer & explanation
Answer: B. The Pearson VUE handbook lists 50 scored state items, plus 5 to 10 unscored pretest items. Eighty is the national portion count.
17. A home sells for $400,000 with a 5% total commission. What is the total commission?
Answer & explanation
Answer: B. $400,000 x 0.05 = $20,000.
18. A state charges a transfer tax of 0.5% on the first $100,000 of the price and 1.5% on the amount above $100,000. What is the tax on a $320,000 sale?
Answer & explanation
Answer: C. First $100,000 x 0.005 = $500; remaining $220,000 x 0.015 = $3,300; total = $3,800.
19. Which activity may an unlicensed assistant generally perform?
Answer & explanation
Answer: D. Unlicensed staff may perform clerical tasks like typing licensee-prepared ads, but may not compose ads, negotiate or show property.
20. Which statement about dual agency is correct?
Answer & explanation
Answer: D. Dual agency creates an inherent conflict; with informed written consent, the agent provides limited representation and must keep each party's confidences.
21. A seller says, 'I will pay any broker a 5% commission if they bring me a buyer.' This promise creates a(n):
Answer & explanation
Answer: D. In a unilateral contract only one party is bound (to pay if the act is performed); the other party has no obligation to act. Most real estate contracts are bilateral.
22. Under the statute of frauds, a real estate sales contract must be:
Answer & explanation
Answer: C. The statute of frauds requires real estate sales contracts to be in writing and signed to be enforceable.
23. The federal law that prohibits price fixing, group boycotts, market allocation and tie-in agreements is the:
Answer & explanation
Answer: A. The Sherman Antitrust Act of 1890 prohibits conspiracies in restraint of trade, including these practices.
24. A licensee's advertising must generally:
Answer & explanation
Answer: C. Ads must identify the licensed broker/brokerage; salespersons cannot advertise under only their own name.
25. A broker earned a $15,750 commission on a $450,000 sale. What was the commission rate?
Answer & explanation
Answer: A. Rate = commission / sale price = $15,750 / $450,000 = 0.035 = 3.5%.
Sources
Source verification pending. Confirm current requirements with your state regulator.