Nebraska Real Estate Practice Questions Flashcards
Mr. Smith signed a contract to sell his house to Mrs. Johnson however before the closing date, Mr. Smith decides he no longer wants to sell the property. What is the legal remedy might Mrs. Johnson pursue in Nebraska, Nebraska?
A. Specific performance.
B. Liquidated damages.
C. Rescission.
D. Novation
A. Specific performance.
Answer A: Nebraska if a seller breaches a contract for the sale of real estate the buyer may pursue specific performance as legal remedy. Specific performance requires a seller to fulfill their obligations under the contract by transferring the property to the buyer as agreed. This remedy is often sought when monetary damages are inadequate to compensate for the breach, and the property is unique or valuable to the buyer.
B. Liquidated damages.
C. Rescission.
D. Novation
What role do comprehensive plan play and land use regulation in Nebraska?
They provide guidance for future development
I thought this was an interesting question:
Which of the following best describes the duty of confidentiality owed by real estate agents to their clients in Nebraska ?
A. A duty to disclose confidential information to third parties.
B. A duty to keep all client information confidential, unless authorized to disclose it.
C. A duty to prioritize personal interest over those of a client.
D. A duty to charge reasonable commission rates.
I thought the answer would be, but they said it is B. Exclamation: Nebraska real estate agents owe their client a duty of confidentiality, which means they must keep all client information confidential, unless otherwise authorized by client to disclose it or required by law.
Another tricky question
Which of the following statements best describes the duty of disclosure owed by real estate agents in Nebraska?
A. Agents must disclose all personal information to their clients
B. Agents must disclose all information about the property to potential buyers.
C. Agents must disclose know material facts about the property to all parties involved in the transaction.
D. Agents must disclose their commission rates to potential buyers and sellers.
Answer is C. Agents must disclose know material facts about the property to all parties involved in the transaction. - real estate agents in Nebraska have the duty to disclose known material facts about the property to all parties involved in the transaction. This Judy helps ensure transparency and fairness and real estate transactions.
In Nebraska, what is the primary purpose of the real estate settlement procedures act (RESPA)
To provide consumers with information about the cost associated with their mortgage loan
Which of the following is true regarding joint tenancy with right of survivorship in Nebraska?
A. It requires equal ownership interest among all co-owners.
B. It allows for the transfer of ownership interest through a will.
C. It automatically passes ownership interest to the surviving co-owners upon death of co-owner.
D. It is not recognized as a valid form of property ownership in Nebraska.
Answer: C
Which agency in Nebraska is responsible for enforcing housing laws, and investigating complaints of housing discrimination
Answer: Nebraska equal opportunity commission (NEOC)
Note!!!! it is not Nebraska Department of fair housing!!!!
Which of the following situations in real estate transaction does NOT require disclosure of material facts by a Nebraska licensee
C. Facilitating a transaction as a transaction broker for undeveloped land.
In Nebraska, which party typically pays for the title insurance policy and a real estate transaction
A. Buyer
B. Seller.
C. Both the buyer and the seller.
A. Buyer
In Nebraska, which party typically pays for the title insurance policy and a real estate transaction
A. Buyer
B. Seller.
C. Both the buyer and the seller.
A. Buyer
Which of the following is not a common type of deed used in real estate transactions in Nebraska?
A. warranty deed
B. Quit claim deed.
C. Bargain and sale deed
D. Grant Deed
D. Grant deed - while warranty deed and quit claim deeds and bargain and sale deeds are commonly used in real estate transactions and Nebraska a grant deed does not typically used in this state. More used in other states like California. Nebraska warranty deeds are often used to convey property with the highest level of protection for the buyer.
Which of the following scenarios would violate an agent’s duty to disclose conflicts of interest in Nebraska?
The answer was: representing both the buyer and the seller with their informed consent - while representing both the buyer and the seller and the transaction is permissible in Nebraska with informed consent, failing to disclose this dual agency relationship with violate the agent duty to disclose conflict of interest.
Which statutory period is required for adverse possession in Nebraska?
A. Five years.
B. Seven years.
C. 10 years.
D. 15 years.
Answer: c. 10 years
When must a seller disclose known material defects in a property under Nebraska law?
At the time of signing the purchase agreement
