Nebraska Real Estate test Flashcards

Nebraska Real Estate test Flashcards citizenship is not required for licensetrue purpose of Real Estate Commissionto protect the public Nebraska's fees$150 non-freeholdend of interest is predetermined (as in a lease) designated brokerperson holding a Brokers license when the Real Estate Commission examines the trust account annually or whenever the Real Estate Commission determines an audit is necessary trust accountseach active broker must maintain in a bank in Nebraska.must use name which is used for business.if the licensee does not pay renewal fee? the license is cancelled types of money that would be in a trust account down payments, earnest money deposits, NE trust funds received by him or his sales force on behalf of another person.chairmanSecretary of State trust accounts after July 1st 2017must be non interest-bearing fees by The Real Estate Commissionfees not to exceed $250 tangiblecan be seen if a branch office has a separate trust account? it must have a separate bookkeeping system a broker is not entitled to any compensation due him from the trust account until?the transaction is terminated or closed renewal deadlinesDecember 31st- after that then you will need to retestNovember 30th- can file for a late and renewal application until June 30th, will have to pay a late fee.broker's price opinionan analyst opinion or conclusion prepared by a licensee in the course of their business relating to the value of the specified interest in real estate for the purpose of either listing purchasing or sale or obligating extending renewing or transaction.more than one trust account?yes, if he notifies the Real Estate Commission of all accounts.intangiblecannot be seen comparative market analystthe value arrived at by comparison to property recently or currently in the marketplace.

• commissioners (members of the commission) appointed by the governor

Brokers will keep records of all real estate transactions for?5 years Freeholdno designated end inactive salesperson or brokerones license has been returned to the R.E Commission or has been placed on inactive status.can the Real Estate Commission enter into a dispute over the division of a commission?no

associate brokerone who has a Brokers license and is employed by another broker.deposited trust moneymust remain there and shall remain there until the transaction is closed or terminated unless all parties have an interest in the funds have agreed otherwise in writing.basic requirements to be a broker or real estate agent19 years old, high school graduate.