Nebraska Real Estate Principles Exam Questions and Answers

Nebraska Real Estate Principles Exam Questions and Answers An agent intending to work with a seller shall provide a written disclosure to such seller that shall contain all of the following EXCEPT: - Answer- a statement that the broker will act as a dual agent The following statements regarding relationships are true EXCEPT - Answer- The licensee by default represents a buyer or tenant. 2. You must have a written contract to represent a seller or landlord. YOUR ANSWER 3. You do not need a written contract to represent a buyer or tenant. CORRECT ANSWER 4. You must have a written contract to represent a buyer or tenant A fact which negatively affects the value of a property is a/an.. - Answer- adverse material fact. A person with whom a licensee is working but has no agency relationship is known as - Answer- a customer. A seller's or landlord's agent shall not disclose any confidential information about the client - Answer- unless disclosure is required by statute, rule, or regulation or failure to disclose the information would constitute fraudulent misrepresentation. Under the Nebraska laws of agency, a broker is obligated to inform all of the following of the brokerage firm's fiduciary responsibilities EXCEPT: - Answer- buyer's lender. Before showing property to a prospective buyer, a licensee must provide the buyer with a: - Answer- Brokerage disclosure to buyer. If the person you are working with refuses to sign an agency agreement - Answer- you may not list a home without a written agency agreement The SPCD form needs to be signed and dated by - Answer- All parties who are selling their interest The Seller Property Condition Disclosure - Answer- s prepared by the seller at the time of listing and must be updated when changes occur to the property until acceptance of a purchase agreement. Sellers should disclose on the SPCD - Answer- all known property conditions. An SPCD is most likely needed for - Answer- residential property when the improvements are coupled with a ground lease. 2. property that will be occupied by people. 3. residential property with 4 dwelling units. CORRECT ANSWER 4. all of the above. The seller's agent should - Answer- remind the seller to update the SPCD from time-to- time during the listing period. 3. tell the seller to clearly identify which appliances are not included in the sale on the SPCD. CORRECT ANSWER 4. Both 2 and 3 are correct. Nebraska law requires a seller's agent to - Answer- disclose all known material facts about the property When appliances are identified on the Sellers Property Conditions Disclosure as being in working order - Answer- Buyers should not assume that they are to stay with the property The Sellers Property Conditions Disclosure - Answer- Does not relieve the seller's agent from disclosing defects If anything changes regarding the condition of the home during the listing period - Answer- The seller's agent should remind the seller to update the form The buyer finds out that the sellers SPCD was incorrectly filled out - Answer- The sale may not be canceled because of problems with the SPCD