Nebraska State Real Estate Exam Prep Flashcards

Nebraska State Real Estate Exam Prep Flashcards Broker's Price Opinion (BPO)An analysis opinion or conclusion prepared by a licensee in the course of their business relating to the value of a specified interest in real estate for the purpose of either 1) listing, purchase, or sale, or 2) originating, extending, renewing, or modifying a loan in a non-federally related transaction, or 3) real estate tax appeals Inactive Salesperson or BrokerA Salesperson or Associate Broker whose license has 1) been returned to the RE Commission by the licensee's Broker, or 2) a Salesperson or Broker who has requested his license be placed on inactive status, or 3) a new licensee who has not designated an Employing Broker, or 4) a license placed on inactive status by law, rule, or regulation Armed ServicesLicensees who enter the armed services or are called to active duty after issuance of a license are not required to pay the renewal fee or complete the CE requirement during the period of service; upon discharge, the license can be

reinstated without further testing if: 1) the date of discharge

is within 3yrs of the date of beginning service, 2) their discharge was other than dishonorable, 3) they request reinstatement within six months of their discharge, or 4) if the date of discharge is after 3yrs from the date of beginning service, the licensee must meet all the reqs for active status including the successful completion of the licensing exam before the license is reinstated Real Estate Closing Agent1) Any person who collects and distributes funds on behalf

of another in a real estate closing2) Exemptions include: A)

A buyer or seller acting in their own transaction or B) A lender closing a real estate loan transaction3) The County Attorney may prosecute for violations - Guilt is a Class V misdemeanor Common-Law AgencyIf the DB establishes an agency in which duties and responsibilities exceed those set out in this law, the common law requirements of agency will then apply and the Broker must enter into a written agency agreement with

the client which specifies: 1) the duties and responsibilities,

including confidentiality, and 2) compensation Who is Liable for Misrepresentation:1) A client is not liable for misrepresentations made by his limited agents or subagents unless the client knows or should have known of the misrepresentation2) A licensee acting as a limited agent or subagent is not liable for

misrepresentations made by the client unless the licensee knows or should have known of the misrepresentation3) A licensee who is acting as a limited agent is not liable for misrepresentations made by a subagent unless the licensee knows or should have known of the misrepresentation4) This provision does not receive the liability of a Designated Broker for a misrepresentation by a licensee supervised by that Broker5) A licensee who is acting as a subagent is not liable for misrepresentations made by an agent unless the subagent knows or should have known of the misrepresentation Comparative Market Analysis (CMA)An analysis opinion or conclusion prepared by a licensee in the course of their business relating to the value of a specified interest in real estate, with the value arrived at by

comparison to property recently or currently in the

marketplace for the purpose of either: 1) listing, purchase,

or sale, or 2) originating, extending, renewing, or modifying a loan in a non-federally related transaction, or 3) real estate tax appeals

Buyer's/Tenant's Agent:1) BrokerMAYenter into a written agency agreement with

the buyer/tenant; if there is a written agency agreement, it

must include: A) Licensee duties and responsibilities, B)

Compensation, if any, C) Expiration date, D) Whether subagency can be offered to another Designated Broker, and E) Copy of the contract must be left with the client2) No duty to seller/landlord, except to disclose in writing all Adverse Material Facts which might include the client's financial ability to perform3) No duty to conduct investigation of client's financial ability to perform and no duty to verify statements made by client or independent inspector4) May show property to other purchasers5) Client may agree in writing to retain and compensate subagents