Free Nebraska Real Estate Practice Exam

Q1.In Nebraska, trust account records must be maintained for how many years after the transaction closes or terminates?

• A.Two years
• B.Three years
• C.Four years
• D.Five years

Q2.What is the primary difference between an easement in gross and an easement appurtenant?

• A.An easement in gross benefits a specific parcel of land
• B.An easement appurtenant benefits an individual rather than land
• C.An easement in gross benefits an individual or entity rather than land
• D.There is no difference between the two types

Q3.A buyer's agent must disclose which of the following to the seller under federal law?

• A.The buyer's maximum approved loan amount
• B.The buyer's motivation for purchasing
• C.Material facts that affect the property's value or desirability
• D.The buyer's personal financial information

Q4.According to Nebraska Real Estate Commission regulations, what must a broker do before presenting a purchase agreement to a seller?

• A.Obtain pre-approval letter from buyer's lender
• B.Verify buyer's employment status
• C.Review the agreement for completeness and accuracy
• D.Contact the buyer's attorney

Q5.During a trust account audit, the Nebraska Real Estate Commission discovers that a broker's trust account records show $25,000 in client funds, but the bank statement shows only $23,500. The broker claims the $1,500 difference represents earned commissions. How should this discrepancy be resolved?

• A.The broker may withdraw earned commissions at any time without documentation
• B.The broker must immediately deposit $1,500 personal funds to cover the shortage
• C.The discrepancy is acceptable if the broker can prove the commissions were earned
• D.The broker has 30 days to provide documentation justifying the withdrawal

Q6.A Nebraska salesperson is working with a buyer who has not signed a buyer agency agreement. What type of relationship exists?

• A.Implied agency
• B.Customer relationship
• C.Dual agency
• D.Subagency

Q7.Under Nebraska law, when collecting security deposits for rental properties, a property manager must:

• A.Deposit funds in the broker's operating account within 24 hours
• B.Maintain security deposits in a separate trust account
• C.Purchase a surety bond equal to the total deposits collected
• D.Obtain written permission from tenants before depositing funds

Q8.Which of the following best describes a voidable contract?

• A.A contract that is illegal and unenforceable from the beginning
• B.A contract that appears valid but can be rejected by one party
• C.A contract that has been fully performed by both parties
• D.A contract that lacks consideration

Q9.A real estate agent discovers that a property was previously used as a dry cleaning facility and may have soil contamination from solvents. The agent's best course of action under federal environmental laws would be to:

• A.Ignore the information since it's not the agent's responsibility
• B.Only disclose if specifically asked by the buyer
• C.Recommend an environmental site assessment before proceeding
• D.Assume the contamination has naturally dissipated over time

Q10.A Nebraska designated broker discovers that their trust account has been overdrawn due to an accounting error. What immediate action must the broker take according to Commission rules?

• A.Deposit personal funds to cover the shortage and notify the Commission within 24 hours
• B.Close the account and transfer all funds to a new trust account
• C.Suspend all real estate activities until the account is reconciled
• D.Request an emergency hearing with the Commission

Q11.Which federal law requires disclosure of lead-based paint hazards in residential properties built before 1978?

• A.Fair Housing Act
• B.Residential Lead-Based Paint Hazard Reduction Act
• C.Truth in Lending Act
• D.Real Estate Settlement Procedures Act

Q12.A Nebraska landlord refuses to rent to a same-sex couple, citing religious objections. Under Nebraska fair housing law, is this discrimination legal?

• A.Yes, because religious exemptions always apply
• B.Yes, if the landlord owns fewer than four units
• C.No, because sexual orientation is a protected class in Nebraska
• D.No, unless the property is owner-occupied

Q13.Under the Truth-in-Lending Act, the Annual Percentage Rate (APR) must include which of the following costs?

• A.Only the interest rate
• B.Interest rate plus origination fees
• C.Interest rate, origination fees, and discount points
• D.Interest rate, origination fees, discount points, and prepaid interest

Q14.A designated broker in Nebraska discovers that an associated licensee has been placing earnest money deposits into their personal account instead of the broker's trust account. What is the broker's primary obligation?

• A.Immediately terminate the licensee and report to the Commission
• B.Transfer all funds to the proper trust account and document the correction
• C.Allow the licensee to correct the error without further action
• D.File a complaint with local law enforcement

Q15.According to Nebraska Real Estate Commission rules, what must a licensee do when presenting multiple offers to a seller?

• A.Present only the highest offer
• B.Present all offers promptly and fairly
• C.Present offers in the order received only
• D.Let the seller choose which offers to review