Nebraska Real Estate ACTUAL
QUESTIONS AND CORRECT ANSWERS
Law - Statue - CORRECT ANSWERS Passed by unicameral
Tangible - CORRECT ANSWERS Corporeal -
Intangible - CORRECT ANSWERS Incorporeal
Freehold - CORRECT ANSWERS No Designated end
non-freehold - CORRECT ANSWERS End of interest is pre-determined
(as in a lease)
Broker's price opinion - CORRECT ANSWERS An analysis opinion
prepared by a licensee in the course of their business relating to the value of a
specified interest in real estate for listing or loan work
Asset Management company - CORRECT ANSWERS Business entity
that contract to sell an interest in real estate that belongs to a lender
Practice without a license - CORRECT ANSWERS Director has power
to issue a cease and desist order -- order is final 10 days after issuance unless
the violator requests a hearing
If a violator is fine - $100 each day - CORRECT ANSWERS Money
goes to State Treasury - for public schools
, Who is exempt from law - CORRECT ANSWERS 1. owner or lessor of
real property and it is incidental to their job
2. A person who hold a power of attorney or a lawyer
3. A person who is the receiver - appointed by court
trustee in bankruptcy
Composition of the Real Estate Commission - elected - CORRECT ANSWERS
Chairman - Secretary of the State
6 Commissioners - CORRECT ANSWERS Also called members of the
Commission
Appointed by the Governor
How is the Members of the Commission made of - CORRECT ANSWERS
1. 4 are licensed active brokers or associate brokers
2. 1 representative of the public
3. 1 salesperson
How long is Members of the Commission term - CORRECT ANSWERS
one six year term
What happens if the Chairperson(Secretary of the State)is absent from a
meeting - CORRECT ANSWERS Whoever has been a commissioner
the longest shall act as the chairperson
What is a quorum? - CORRECT ANSWERS 4 members necessary to
transact business
QUESTIONS AND CORRECT ANSWERS
Law - Statue - CORRECT ANSWERS Passed by unicameral
Tangible - CORRECT ANSWERS Corporeal -
Intangible - CORRECT ANSWERS Incorporeal
Freehold - CORRECT ANSWERS No Designated end
non-freehold - CORRECT ANSWERS End of interest is pre-determined
(as in a lease)
Broker's price opinion - CORRECT ANSWERS An analysis opinion
prepared by a licensee in the course of their business relating to the value of a
specified interest in real estate for listing or loan work
Asset Management company - CORRECT ANSWERS Business entity
that contract to sell an interest in real estate that belongs to a lender
Practice without a license - CORRECT ANSWERS Director has power
to issue a cease and desist order -- order is final 10 days after issuance unless
the violator requests a hearing
If a violator is fine - $100 each day - CORRECT ANSWERS Money
goes to State Treasury - for public schools
, Who is exempt from law - CORRECT ANSWERS 1. owner or lessor of
real property and it is incidental to their job
2. A person who hold a power of attorney or a lawyer
3. A person who is the receiver - appointed by court
trustee in bankruptcy
Composition of the Real Estate Commission - elected - CORRECT ANSWERS
Chairman - Secretary of the State
6 Commissioners - CORRECT ANSWERS Also called members of the
Commission
Appointed by the Governor
How is the Members of the Commission made of - CORRECT ANSWERS
1. 4 are licensed active brokers or associate brokers
2. 1 representative of the public
3. 1 salesperson
How long is Members of the Commission term - CORRECT ANSWERS
one six year term
What happens if the Chairperson(Secretary of the State)is absent from a
meeting - CORRECT ANSWERS Whoever has been a commissioner
the longest shall act as the chairperson
What is a quorum? - CORRECT ANSWERS 4 members necessary to
transact business
