Nebraska Real Estate Contracts: What the Exam Tests

Contracts appear throughout Nebraska's exam. Here's what you need to know.

Essential Elements Offer and acceptance, consideration, legal capacity (19+ in Nebraska), legal purpose, in writing (Statute of Frauds).

Earnest Money - Salesperson delivers to broker by next business day; broker deposits promptly - 5-year record retention for all trust account records - Retained by seller if buyer defaults; returned to buyer if seller defaults

Deed of Trust in Nebraska Nebraska uses deeds of trust: trustor (borrower), trustee (holds title), beneficiary (lender). Default enables non-judicial foreclosure (trustee's sale) — faster than judicial foreclosure in mortgage states.

Nebraska Transfer Tax Documentary stamp tax applies to deeds conveying real property: - **Rate**: $2.25 per $1,000 of consideration (round up to nearest $1,000) - **Example**: $275,000 sale — $275,000 / $1,000 x $2.25 = **$618.75**

Common Exam Scenarios **Q**: A Nebraska minor (18 years old) signs a real estate purchase contract. This contract is: **A**: Voidable by the minor — Nebraska requires 19 for full contractual capacity.

Q: Under Nebraska's Statute of Frauds, an oral agreement to sell real estate is: A: Unenforceable — real estate contracts must be in writing and signed.

[Practice Nebraska contract questions at CARealestate.com/states/nebraska](https://carealestate.com/states/nebraska)