Real Estate Principles Practices. Nebraska Module 2 Flashcards

Real Estate Principles & Practices. Nebraska Module #2 Flashcards

In Nebraska real estate brokers:1. May close real estate

transactions estate transactions2. May not close real estate transactions3. Must close transactions at a title company4.Must close transactions with an attorney

• May close real estate transactions estate transactions

The following statements about homestead property are

true EXCEPT:1. Nebraska has marital interest in

homestead property2. It takes one to buy and two to sell3.The spouse does not have to be on the deed to have their marital interest4. The spouse must be on the deed to have their marital interest

• The spouse must be on the deed to have their marital

interest In order to be compensated, buyers agents and sellers

agents:1. Must have a written compensation agreement2.

Must have an agreement to list the property3. Must prove that you have been of value to the seller of the buyer4.Must have a designated broker agreement

• Must have a written compensation agreement

If the licensee gives a broker's price opinion or comparative market analysis1. He/she may not call it an appraisal 2. It may not be used to assist sellers in deciding the sale price of the property3. It may not be used to assist buyers in deciding the offer price of the property4. None of the above

• He/she may not call it an appraisal

A buyer's or tenant's agent shall:1. owe no duty or

obligation to a seller or landlord, except to disclose in writing known adverse material facts about the buyer's ability to perform the contract.2. conduct an independent investigation of the client's financial condition for the benefit of the seller or landlord.3. keep secret all adverse material facts concerning the client's financial ability to perform the terms of the transaction.4. always have entered into a written contract.

• owe no duty or obligation to a seller or landlord, except

to disclose in writing known adverse material facts about the buyer's ability to perform the contract.Whose responsibility is it to distribute the most recent statement of a pertinent sanitary and improvement district?1. The real estate broker or salesperson or, if none, the owner2. The real estate broker or salesperson3. The licensee is not required to provide a copy4. No ones; failure to provide such statements shall not be an action for damages

• The real estate broker, or salesperson, or if none, the

owner Each real estate broker, other than an inactive broker, shall maintain1. be allowed to keep all funds in his/her personal account as long as a separate ledger, detailing all funds is kept.2. a separate insured, non-interest bearing checking account in a bank, savings bank, building and loan

association, or savings and loan association in the state, in the broker's name or the name under which he or she is doing business.3. a trust account in a federally insured bank.4. separate trust accounts for down payments, earnest money deposits and other trust funds received by him or her, the associate brokers and salespersons in the broker's employ on behalf of a principal or any other person.

• a separate insured, non-interest bearing checking

account in a bank, savings bank, building and loan association, or savings and loan association in the state, in the broker's name or the name under which he or she is doing business.

The duties and obligations of a seller's agent include all of

the following EXCEPT:1. promoting the interests of the

client with the utmost good faith, loyalty, and fidelity.2.refraining from showing other properties not owned by the client to prospective buyers or tenants and not listing competing properties for sale or lease.3. accounting in a timely manner for all money and property received.4.performing the terms of the written agreement made with the client.

• refraining from showing other properties not owned by

the client to prospective buyers or tenants and not listing competing properties for sale or lease.

The following statement about the SPCD is true:1. It is best

for the listing agent to complete the address and legal2. It should be filled out in entirety by the seller3. The listing agent should not help the seller complete the form4. The listing agent should complete the SPCD

• It is best for the listing agent to complete the address

and legal

Third party closing fees are paid by:1. The party designated

on the contract2. The seller3. The broker4. The buyer

• The party designated on the contract

buyer can buy with nothing down if:1. the lender sees a

contract for $200,000 with a loan of $180,000 but the buyer and seller agree that the real price shall be $180,000 so that the $20,000 difference will go back to the buyer after closing2. (1) above is considered fraud.3. (1) above is not considered fraud if the home appraises for the $200,000.4.No one would do (1) above.

• (1) above is considered fraud

If the buyer has a question about an area covered by the

SPCD:1. Agents are experts in the areas covered by the

disclosure and should help the buyer2. The agent should recommend to the buyer to have inspections done on anything of question to the buyer 3. The agent may not ask the seller any questions about the SPCD4. The buyer should rely on any information given by the seller

• The agent should recommend to the buyer to have

inspections done on anything of question to the buyer Real estate licenses shall only be granted1. to applicants who are over 21.2. to an applicant who has made a false statement on an application.3. to applicants who have been convicted of forgery, embezzlement.4. to persons who bear a good reputation for honesty, trustworthiness, integrity, and competence.

• To persons who bear a good reputation for honesty,

trustworthiness, integrity, and competence A Nebraska real estate salesperson must be all of the

following EXCEPT:1. Must be at least 18 years of age2.

Must be a high school graduate or have a certificate of equivalency3. Must work for 2 years as a licensed salesperson before becoming a broker4. Must be at least 19 years of age.

• Must be at least 18 years of age

A Home Equity Line of Credit (HELOC) is:1. An open

ended loan2. A normally amortizing adjustable loan during the initial period3. A short-term loan that uses the equity in

an existing property that is to be sold4. A loan in which the borrower does not receive cash

• An open ended loan

Which of the following statements is true in regards to real estate salespersons?1. Continuing education is required of