Free Nebraska Real Estate Practice Exam

Q1.Under the Nebraska Real Estate License Act, a salesperson who wishes to change their employing broker must do which of the following before performing any licensed acts for the new broker?

• A.Notify the Nebraska Real Estate Commission in writing within 30 days of the change
• B.Obtain a new license issued by the Nebraska Real Estate Commission reflecting the new employing broker before performing any licensed acts
• C.File a transfer request with the former broker's office and wait 10 business days
• D.Submit a letter of intent to the Nebraska Real Estate Commission and begin working immediately

Q2.Under the Equal Credit Opportunity Act (ECOA, 15 U.S.C. § 1691), a lender must provide an adverse action notice within how many days after receiving a completed credit application?

• A.3 business days
• B.30 days
• C.45 days
• D.60 days

Q3.Under the Nebraska Real Estate License Act, which of the following is a requirement for a person to qualify for a Nebraska real estate salesperson license?

• A.The applicant must already hold an active broker's license in another state
• B.The applicant must be at least 18 years of age
• C.The applicant must have at least two years of experience in a real estate-related field
• D.The applicant must hold a four-year college degree

Q4.Which list contains the seven federal Fair Housing Act protected classes?

• A.Race, color, religion, sex, national origin, familial status, disability
• B.Age, income, occupation, citizenship, marital status, education, veteran status
• C.Race, age, credit score, source of income, religion, disability, occupation
• D.Color, political affiliation, ancestry, height, weight, sex, income

Q5.What is the key difference between a mortgage pre-qualification and a mortgage pre-approval?

• A.Pre-qualification involves a hard credit pull; pre-approval uses only a soft inquiry
• B.Pre-qualification guarantees the loan amount; pre-approval is only an estimate
• C.Pre-qualification is required by Arizona law; pre-approval is optional
• D.Pre-qualification is an informal estimate based on self-reported data; pre-approval involves verified income, assets, and credit

Q6.A lender pre-approves applicants in predominantly white neighborhoods for conventional loans at favorable rates but systematically steers equally creditworthy applicants from predominantly minority neighborhoods into higher-cost FHA loans. This practice is best described as:

• A.Blockbusting
• B.Redlining
• C.Reverse redlining
• D.Steering

Q7.In Nebraska, what is the PRIMARY distinction between a licensed salesperson and a licensed broker under the Nebraska Real Estate License Act?

• A.A salesperson may independently open their own real estate brokerage, while a broker must work under supervision
• B.A salesperson must always work under the supervision of a licensed broker, while a broker may operate independently
• C.A salesperson and a broker have identical authority but different fee schedules
• D.A salesperson may only handle residential properties, while a broker may handle commercial properties

Q8.During an audit response, an employee finds a missing document and proposes recreating it with an earlier date. What should the broker do?

• A.Approve the recreation to complete the file
• B.Preserve the gap, prohibit backdating, document the discovery, and use truthful corrective action
• C.Delete the entire file
• D.Ask the employee to sign the owner's name

Q9.Which statement about multifactor authentication is most accurate?

• A.It guarantees no fraud can occur.
• B.It materially reduces account-takeover risk but must be combined with other controls.
• C.It replaces wire verification.
• D.It makes backups unnecessary.

Q10.A broker is the listing agent for a seller. During the listing period, a prospective buyer, who is unrepresented, asks the broker detailed questions about the seller's motivation for selling and the lowest price the seller would accept. The broker truthfully answers both questions, having obtained this information during the listing interview. The seller later sues the broker. Under agency law, what is the broker's liability exposure, and what concept BEST describes the broker's error?

• A.The broker materially breached the fiduciary duty of confidentiality owed to the seller-client by disclosing the seller's negotiating position and motivation to an adverse unrepresented party, which are quintessential examples of confidential information that must be protected throughout and after the agency relationship.
• B.The broker has no liability because unrepresented buyers are entitled to all material facts about the transaction, including seller motivation, under the Fair Housing Act's equal treatment provisions.
• C.The broker's disclosure was permissible because the duty of disclosure to all parties supersedes the duty of confidentiality owed to a single client in all circumstances.
• D.The broker is only liable if the buyer used the information to submit an offer below the seller's disclosed minimum, because mere disclosure without resulting harm is not actionable under agency law.

Q11.Under CERCLA (42 U.S.C. § 9601 et seq.), which of the following parties can be held liable for cleanup costs at a contaminated Superfund site even if they did not cause the contamination?

• A.Only the party who originally deposited the hazardous substances on the property
• B.Only the current owner if they purchased the property after contamination occurred
• C.Current owners, prior owners at the time of disposal, generators, and transporters of hazardous waste
• D.Only parties who knowingly concealed the contamination from subsequent buyers

Q12.A Nebraska salesperson lists a property under a written exclusive right-to-sell listing agreement. The seller later tells the salesperson he wants to cancel the listing immediately. Under the Nebraska Real Estate License Act, which statement is most accurate?

• A.The seller may cancel the listing at any time without any obligation because agency is always revocable
• B.The salesperson may unilaterally extend the listing term if the broker believes a sale is imminent
• C.The listing agreement is a binding contract, and cancellation terms are governed by the contract's provisions; the seller may owe damages or a fee if cancellation is not permitted by the agreement
• D.Nebraska law requires all listing agreements to include a 72-hour cancellation clause for sellers

Q13.The FinCEN Residential Real Estate Reporting rule that took effect August 1, 2024 requires reporting of non-financed residential transactions. Which buyer type triggers the reporting obligation?

• A.A natural person purchasing in their own legal name
• B.Any buyer using a conventional mortgage
• C.An LLC purchasing all-cash residential property
• D.A U.S. citizen purchasing a second home

Q14.The Nebraska agency disclosure form required under the Nebraska Real Estate License Act is designed primarily to inform the consumer of which of the following?

• A.The commission rate the licensee will charge for services
• B.The different agency relationships available and the duties owed under each
• C.The licensee's personal qualifications and brokerage affiliation
• D.The specific properties the licensee is authorized to show

Q15.A property sold for $240,000. The listing agent received a 3% commission and the selling agent received a 2.5% commission. What was the total commission paid?

• A.$7,200
• B.$6,000
• C.$13,200
• D.$12,000