Nebraska Real Estate Salesperson
Examination Questions And Correct
Answers (Verified Answers) Plus
Rationales 2026 Q&A | Instant
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1. A property owner lists their commercial building for sale at $2,500,000. A
licensed salesperson brings a ready, willing, and able buyer who offers
$2,350,000 with a $100,000 earnest money deposit and a financing
contingency. The seller counters at $2,450,000 with a reduced earnest
money requirement of $50,000. The buyer accepts the counteroffer but
later fails to secure financing. The salesperson's broker is entitled to a
commission under which circumstance?
A. The broker is entitled to the full commission because the buyer was ready,
willing, and able at the time of the counteroffer acceptance
B. The broker is not entitled to a commission because the sale was never
consummated due to the financing contingency
C. The broker is entitled to half the commission because the seller reduced the
earnest money requirement
D. The broker is entitled to the commission only if the seller re-lists the property
within 90 days
*Rationale: In Nebraska, for a broker to earn a commission, the transaction must
be consummated unless the listing agreement specifically states otherwise. The
financing contingency allowed the buyer to terminate without penalty, and since
no sale closed, the broker has not earned the commission. *
, 2. A salesperson is showing a historic Victorian home built in 1895. The seller
discloses that the home has lead-based paint on the exterior trim. The
buyer, who has two young children, expresses concern about the lead paint.
The salesperson's most appropriate response is to:
A. Assure the buyer that lead paint is only dangerous if ingested in large quantities
B. Suggest the buyer have the paint removed immediately before purchasing the
property
C. Provide the buyer with the EPA's "Protect Your Family From Lead in Your
Home" pamphlet and recommend a lead inspection
D. Advise the buyer that the seller is legally required to remove all lead paint
before closing
*Rationale: Federal law requires that buyers of properties built before 1978
receive the EPA-approved lead hazard information pamphlet. Salespersons must
provide this information and cannot give legal or health advice regarding lead
paint remediation. *
3. The Nebraska Real Estate Commission has received a complaint against a
licensee alleging that the licensee failed to disclose a material defect in a
property. The Commission's initial investigative process includes all of the
following EXCEPT:
A. Reviewing the complaint to determine if it falls within the Commission's
jurisdiction
B. Notifying the licensee of the complaint and providing an opportunity to
respond
C. Immediately suspending the licensee's license pending the outcome of the
investigation
D. Conducting an investigation through the Commission's investigative staff
*Rationale: The Nebraska Real Estate Commission does not have the authority
to immediately suspend a license without due process. The licensee must be
notified and given an opportunity to respond before any disciplinary action can
,be taken. The Commission follows a structured process that includes
investigation, notification, and a hearing if necessary. *
4. A salesperson is preparing a comparative market analysis (CMA) for a seller.
The subject property is a 3-bedroom, 2-bathroom ranch with a finished
basement located in a suburban neighborhood. The most appropriate
comparable properties would be those that:
A. Have sold within the past 24 months and are within a 10-mile radius
B. Have sold within the past 6 months, are similar in size and features, and are
located within the same school district
C. Are currently listed for sale regardless of their condition
D. Have similar square footage but different numbers of bedrooms and bathrooms
*Rationale: The most reliable comparable properties are recent sales (within 6
months) that are similar in size, features, and location. Same school district is an
important location factor. Current listings represent asking prices, not actual
market values, and properties with different bedroom/bathroom counts would
require significant adjustments. *
5. A buyer signs a purchase agreement and provides earnest money to the
seller's broker. The broker places the earnest money in the broker's general
operating account. This action is:
A. Permissible if the buyer has given written authorization
B. Permissible if the amount is less than $500
C. A violation of Nebraska license law requiring trust account handling
D. Permissible if the broker has a surety bond covering the amount
*Rationale: Nebraska law requires that earnest money and other trust funds
must be deposited in a separate trust or escrow account, not in the broker's
general operating account. This protects the funds and ensures proper
accounting. *
, 6. In a commercial real estate transaction, the buyer discovers through their
independent inspection that the property's zoning classification does not
permit the intended use. The seller had previously represented that the
property was zoned for the intended use. The salesperson who represented
the seller had access to the zoning information but did not verify it. The
salesperson's liability in this situation is:
A. None, because zoning is a matter of public record and the buyer should have
checked
B. Limited to the commission earned on the transaction
C. Potentially significant because the salesperson had a duty to verify material
representations before communicating them to the buyer
D. Limited to the amount of the buyer's earnest money deposit
*Rationale: Real estate licensees have a duty to exercise reasonable care and
diligence in verifying information they communicate to parties in a transaction.
If the salesperson represented the zoning without verifying it, they could be
liable for misrepresentation, especially if the buyer relied on that information. *
7. A salesperson is working with a buyer who has been pre-approved for a VA
loan. The buyer finds a property that meets their needs, but the property
has a swimming pool that does not meet VA safety requirements. The
salesperson should advise the buyer that:
A. The VA will make an exception for the swimming pool if the buyer provides an
indemnification agreement
B. The VA loan cannot be used for this property unless the seller brings the pool
into compliance with VA safety standards before closing
C. The buyer can proceed with the loan and assume the risk of the pool's non-
compliance
D. The buyer should withdraw the VA loan application and apply for an FHA loan
instead
Examination Questions And Correct
Answers (Verified Answers) Plus
Rationales 2026 Q&A | Instant
Download Pdf
1. A property owner lists their commercial building for sale at $2,500,000. A
licensed salesperson brings a ready, willing, and able buyer who offers
$2,350,000 with a $100,000 earnest money deposit and a financing
contingency. The seller counters at $2,450,000 with a reduced earnest
money requirement of $50,000. The buyer accepts the counteroffer but
later fails to secure financing. The salesperson's broker is entitled to a
commission under which circumstance?
A. The broker is entitled to the full commission because the buyer was ready,
willing, and able at the time of the counteroffer acceptance
B. The broker is not entitled to a commission because the sale was never
consummated due to the financing contingency
C. The broker is entitled to half the commission because the seller reduced the
earnest money requirement
D. The broker is entitled to the commission only if the seller re-lists the property
within 90 days
*Rationale: In Nebraska, for a broker to earn a commission, the transaction must
be consummated unless the listing agreement specifically states otherwise. The
financing contingency allowed the buyer to terminate without penalty, and since
no sale closed, the broker has not earned the commission. *
, 2. A salesperson is showing a historic Victorian home built in 1895. The seller
discloses that the home has lead-based paint on the exterior trim. The
buyer, who has two young children, expresses concern about the lead paint.
The salesperson's most appropriate response is to:
A. Assure the buyer that lead paint is only dangerous if ingested in large quantities
B. Suggest the buyer have the paint removed immediately before purchasing the
property
C. Provide the buyer with the EPA's "Protect Your Family From Lead in Your
Home" pamphlet and recommend a lead inspection
D. Advise the buyer that the seller is legally required to remove all lead paint
before closing
*Rationale: Federal law requires that buyers of properties built before 1978
receive the EPA-approved lead hazard information pamphlet. Salespersons must
provide this information and cannot give legal or health advice regarding lead
paint remediation. *
3. The Nebraska Real Estate Commission has received a complaint against a
licensee alleging that the licensee failed to disclose a material defect in a
property. The Commission's initial investigative process includes all of the
following EXCEPT:
A. Reviewing the complaint to determine if it falls within the Commission's
jurisdiction
B. Notifying the licensee of the complaint and providing an opportunity to
respond
C. Immediately suspending the licensee's license pending the outcome of the
investigation
D. Conducting an investigation through the Commission's investigative staff
*Rationale: The Nebraska Real Estate Commission does not have the authority
to immediately suspend a license without due process. The licensee must be
notified and given an opportunity to respond before any disciplinary action can
,be taken. The Commission follows a structured process that includes
investigation, notification, and a hearing if necessary. *
4. A salesperson is preparing a comparative market analysis (CMA) for a seller.
The subject property is a 3-bedroom, 2-bathroom ranch with a finished
basement located in a suburban neighborhood. The most appropriate
comparable properties would be those that:
A. Have sold within the past 24 months and are within a 10-mile radius
B. Have sold within the past 6 months, are similar in size and features, and are
located within the same school district
C. Are currently listed for sale regardless of their condition
D. Have similar square footage but different numbers of bedrooms and bathrooms
*Rationale: The most reliable comparable properties are recent sales (within 6
months) that are similar in size, features, and location. Same school district is an
important location factor. Current listings represent asking prices, not actual
market values, and properties with different bedroom/bathroom counts would
require significant adjustments. *
5. A buyer signs a purchase agreement and provides earnest money to the
seller's broker. The broker places the earnest money in the broker's general
operating account. This action is:
A. Permissible if the buyer has given written authorization
B. Permissible if the amount is less than $500
C. A violation of Nebraska license law requiring trust account handling
D. Permissible if the broker has a surety bond covering the amount
*Rationale: Nebraska law requires that earnest money and other trust funds
must be deposited in a separate trust or escrow account, not in the broker's
general operating account. This protects the funds and ensures proper
accounting. *
, 6. In a commercial real estate transaction, the buyer discovers through their
independent inspection that the property's zoning classification does not
permit the intended use. The seller had previously represented that the
property was zoned for the intended use. The salesperson who represented
the seller had access to the zoning information but did not verify it. The
salesperson's liability in this situation is:
A. None, because zoning is a matter of public record and the buyer should have
checked
B. Limited to the commission earned on the transaction
C. Potentially significant because the salesperson had a duty to verify material
representations before communicating them to the buyer
D. Limited to the amount of the buyer's earnest money deposit
*Rationale: Real estate licensees have a duty to exercise reasonable care and
diligence in verifying information they communicate to parties in a transaction.
If the salesperson represented the zoning without verifying it, they could be
liable for misrepresentation, especially if the buyer relied on that information. *
7. A salesperson is working with a buyer who has been pre-approved for a VA
loan. The buyer finds a property that meets their needs, but the property
has a swimming pool that does not meet VA safety requirements. The
salesperson should advise the buyer that:
A. The VA will make an exception for the swimming pool if the buyer provides an
indemnification agreement
B. The VA loan cannot be used for this property unless the seller brings the pool
into compliance with VA safety standards before closing
C. The buyer can proceed with the loan and assume the risk of the pool's non-
compliance
D. The buyer should withdraw the VA loan application and apply for an FHA loan
instead
