Nebraska Real Estate Exam
1,497+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the Nebraska real estate salesperson exam.
Real Estate Math
193 questions- A salesperson receives 60% of the commission and the broker receives 40%. The total commission on a $280,000 sale at 5.5% is split how much to the salesperson?
- A home appreciates 4% per year. If it is currently worth $250,000, what will it be worth in 2 years?
- A property's potential gross income is $60,000 per year. The vacancy rate is 5% and operating expenses are $20,000. What is the net operating income?
- If a property has a NOI of $45,000 and a cap rate of 7.5%, what is the estimated value?
- A buyer's loan amount is $192,000. The lender charges 1.5 points. How much are the points?
- A property sells for $325,000. The commission rate is 6%. What is the total commission?
- A buyer finances $240,000 at 4.5% annual interest. What is the interest charged in the first month?
- A lot measures 150 feet × 200 feet. How many acres does it contain? (1 acre = 43,560 sq ft)
- An investor buys a rental property for $400,000 and receives $32,000 in annual net operating income. What is the cap rate?
- A property's assessed value is $150,000 and the tax rate is $1.80 per $100 of assessed value. What are the annual taxes?
- A property has a net operating income (NOI) of $36,000 per year. If the cap rate is 8%, what is the estimated property value?
- A seller wants to net $180,000 after paying a 6% commission. What must the property sell for?
- A home's assessed value is $210,000 at 85% of market value. What is the estimated market value?
- Annual property taxes are $3,600 on a home with an assessed value of $180,000. What is the tax rate per $100 of assessed value?
- A property sells for $275,000. The commission rate is 6%, split equally between listing and selling brokers. How much does each broker receive?
- A buyer purchases a home for $320,000 with a 10% down payment. What is the loan amount?
- A Nebraska property has an assessed value of $240,000 and the mill rate is 18 mills. What is the annual property tax?
- A listing agent earns 3% of the sale price and a salesperson on the team earns 40% of the listing side commission. The property sells for $350,000. How much does the salesperson earn?
- A seller wants to net $200,000 after paying a 5% commission and a $3,000 closing cost allowance. What is the minimum sale price?
- A 40-acre parcel of Nebraska farmland sells for $7,200 per acre. What is the total sale price?
- A 30-year mortgage of $200,000 at 7% has a monthly P&I payment of approximately $1,331. After 1 month, the interest portion of the first payment is:
- A property's net operating income is $45,000 and the cap rate is 7.5%. What is the estimated value using the income approach?
- A rectangular Nebraska agricultural parcel measures ¼ mile by ½ mile. How many acres is this?
- A buyer's loan has a 1% origination fee on a $240,000 mortgage. How much is the origination fee?
- A commercial property generates monthly gross rents of $8,500. The GRM for the area is 120. What is the estimated value?
- A Nebraska property with 3 rental units each renting for $950/month has a 5% vacancy rate. What is the effective gross income annually?
- An investor buys a property for $400,000 and sells it 3 years later for $460,000. What is the percentage appreciation over the 3 years?
- A 640-acre section of Nebraska farmland is divided into four equal parts (quarters). One quarter section contains how many acres?
- A broker charges 6% commission. The property sells for $425,000. The listing broker and buyer's broker split the commission equally. The buyer's broker's salesperson receives 50% of the buyer's broker's side. How much does that salesperson earn?
- A property's closing is on October 15. Annual property taxes of $3,600 are paid in arrears by the seller. How much will the seller be debited at closing for the tax proration (using a 360-day year)?
- A buyer obtains a $180,000 mortgage at 6.5% interest. What is the first month's interest payment?
- A Nebraska home is assessed at 100% of market value of $310,000. The tax rate is 2.25%. What are the annual property taxes?
- A rental property produces NOI of $36,000 per year. If a buyer requires an 8% return, what would they pay for the property?
- A 160-acre Nebraska farm sells for $1,120,000. What is the price per acre?
- A Nebraska commercial lease has a base rent of $2,000/month plus 5% of monthly gross sales over $25,000. If the tenant's monthly sales are $40,000, what is the total monthly rent?
- A seller net of $150,000 is required after a 6% commission and $4,500 in closing costs. What must the property sell for?
- A square Nebraska lot measures 150 feet × 200 feet. What is the lot area in square feet and in acres (1 acre = 43,560 sq ft)?
- A property is purchased for $185,000. The buyer finances 80% with a mortgage. What is the down payment?
- An appraiser uses a GRM of 105 on a property with monthly rent of $1,200. What is the estimated value?
- A Nebraska property has a taxable value of $195,000 and the tax rate is 1.85%. What are the annual property taxes?
- An investor pays $550,000 for a building and wants a 9% annual return. What annual NOI is required?
- A 5-unit Nebraska apartment building has all units renting for $800/month with a 6% vacancy rate. What is the annual effective gross income?
- A listing agent earns 2.5% of the sale price on a $410,000 sale. The agent's broker keeps 30% and the agent receives 70%. How much does the agent earn?
- If a property sells for $340,000 and the buyer's costs are 3% of the purchase price for closing, what are the total closing costs?
- A property sells for $560,000 with a 5.5% commission. The listing broker offers a 50/50 split with the buyer's broker. The listing broker gives the listing salesperson 60% of the listing side. How much does the listing salesperson earn?
- A Nebraska farmland parcel is described as the NW¼ of Section 14, Township 5N, Range 3W. How many acres does this parcel contain?
- A rental property has annual gross income of $72,000, vacancy of 5%, and operating expenses of $28,000. What is the NOI?
- A buyer puts 5% down on a $280,000 home. After 3 years the loan balance is $253,000. The home is now worth $305,000. What is the owner's equity?
- Property taxes on a $225,000 home are assessed at 95% of value with a rate of 22 mills. What are the annual taxes?
- A Nebraska property with an NOI of $58,000 and a cap rate of 8% has what value?
- A new home costs $350,000 to build. The land is worth $60,000. The structure has 20% accrued depreciation. What is the estimated value using the cost approach?
- If a $250,000 mortgage has a 6% annual interest rate paid monthly, the monthly interest for the first month is:
- A commercial property leases 2,400 sq ft at $18/sq ft per year NNN. The tenant's annual base rent is:
- A closing occurs April 1. Annual interest on the seller's mortgage of $180,000 at 6% is paid in arrears. How many days of interest must the seller pay at closing (January 1 through March 31 = 90 days, 360-day year)?
- An apartment building with 8 units rents each at $750/month. The expense ratio is 45% of EGI and vacancy is 7%. What is the NOI?
- A property sells for $385,000. The county transfer recording fee is $10 per $1,000 of value. What is the recording fee?
- A Nebraska home has a market value of $275,000 and is assessed at 90% for property tax purposes. The tax rate is 2.1%. Annual taxes are:
- A buyer closes on September 15. Annual taxes of $4,200 have not been paid. Using 365 days, how many days does the seller owe the buyer for tax proration?
- A Nebraska home sells for $198,000 and the buyer obtains an FHA loan with 3.5% down. The upfront MIP is 1.75% of the loan amount. What is the upfront MIP?
- A commercial lease provides $24/sq ft/year on 3,500 sq ft. The landlord receives 70% of gross rent after paying 20% to the property manager and 10% for reserves. What does the landlord net annually?
- An investor's property has an asking price of $650,000 with a NOI of $52,000. A buyer wants a 9% cap rate. How much should the buyer offer?
- A 1/8 section of Nebraska farmland priced at $6,400/acre. What is the total price?
- If a property appreciates 4% per year for 3 years starting at $230,000, what is the approximate value after year 3?
- A Nebraska seller agrees to pay 6% commission on a sale of $395,000. The listing agent's broker gives them 55% of the listing side (50/50 split with buyer's agent). How much does the listing agent earn?
- A quarter-quarter section of Nebraska farmland contains how many acres?
- A property with a potential gross income of $90,000, 8% vacancy, and $32,000 in operating expenses has a NOI of:
- A sale closes on June 15. Annual property taxes are $5,400 paid in arrears. The seller owes taxes from January 1 through June 15. Using 30-day months (360-day year), the seller's tax proration credit to buyer is:
- A Nebraska home sells for $345,000. The buyer pays 20% down. The lender charges 1.5 points on the loan. What are the points in dollars?
- A Nebraska property management company charges 8% of collected rents. In a month where $18,500 in rents are collected, what is the management fee?
- Using straight-line depreciation, a residential rental property with improvements valued at $210,000 has an annual depreciation deduction over the IRS 27.5 year life of approximately:
- A 12-unit Nebraska apartment building has a gross rent multiplier (GRM) of 130 based on monthly rent. All units rent for $850/month. What is the estimated value?
- A property investor requires a minimum 10% cash-on-cash return. They invest $75,000 in equity. What minimum annual cash flow before taxes (CFBT) is required?
- A Nebraska seller wants to net $225,000 after paying 5.5% commission. What is the minimum acceptable sale price (rounded to nearest dollar)?
- A rectangular commercial lot in Lincoln, Nebraska measures 125 feet by 300 feet. What is the lot area in acres (1 acre = 43,560 sq ft)?
- A Nebraska investor purchases a property for $480,000 with 25% down and finances the balance at 6.5%. The annual interest on the mortgage in the first year is approximately:
- A seller receives $312,000 after paying a 4% commission. What was the sale price?
- A property with 10,000 square feet of rentable space leases for $16.50/sq ft/year on a gross basis. Annual operating expenses are $68,000. What is the annual NOI?
- The price per square foot of a 1,850 sq ft home that sells for $277,500 is:
- A Nebraska commercial building is purchased for $1,200,000 and has a cost basis (for depreciation) of $960,000 for improvements. The annual IRS depreciation over 39 years is:
- A Nebraska listing expired December 31. The broker is entitled to a commission if a sale occurs within the protection period to a buyer who was first shown the property during the listing. The listing was for 6% on a $290,000 sale. The commission is:
- A Nebraska office building with 24,000 rentable sq ft has a 12% vacancy. Occupied space rents for $22/sq ft/year. What is the effective annual gross income?
- A buyer takes out a $175,000 mortgage with a 7% interest rate. The monthly interest for the first month and the P&I payment is $1,164.28. What is the principal reduction in the first payment?
- A Nebraska farm is described as the SW¼ of the NE¼ of Section 5, Township 4N, Range 2E. How many acres is this parcel?
- A commercial property has an annual NOI of $112,500. If cap rates in the area have compressed from 9% to 7.5%, what is the increase in property value?
- A Nebraska property's market value is $380,000. It is assessed at 92% of market value with a mill rate of 17. Annual property taxes are:
- A closing occurs on March 1. Annual mortgage interest is $9,600 paid in arrears. The buyer owes what prepaid interest at closing for March 1–March 31 (31 days)?
- An Omaha investment property produces an annual NOI of $42,000. The investor paid $525,000. What is the cap rate?
- A Nebraska property sells for $415,000 with a 6% commission paid entirely by the seller. The seller's net after commission and $7,500 in closing costs is:
- A Nebraska residential property is built on a lot measuring 80 feet frontage by 120 feet depth. What is the lot area in square feet?
- If a Lincoln, Nebraska home appreciated from $265,000 to $291,500 over 2 years, what was the total percentage increase?
- A buyer's agent earns 2.8% on a $330,000 sale. The buyer's broker keeps 40% and pays the agent 60%. How much does the agent earn?
- A Nebraska duplex with 2 units renting for $1,100/month each has a 5% vacancy and $14,000 in annual operating expenses. What is the NOI?
- A Nebraska property taxes are $4,680/year. If taxes are prorated at closing on April 1 with the seller owing January 1 through March 31 (90 days using 360-day year), the seller's debit is:
- If a property's assessed value increases from $195,000 to $208,000 and the tax rate stays at 2.1%, by how much do annual taxes increase?
- A Nebraska property's list price is $320,000 and it sells for 97% of list. The commission rate is 5.5%. What is the total commission paid?
- A Nebraska buyer closes on November 1. Annual taxes of $6,000 are paid in arrears. The seller owned the property from January 1 through October 31 (304 days using a 365-day year). How much does the seller owe at closing?
- A 640-acre Nebraska section has a road running diagonally through it. A triangular parcel is carved out that measures a base of 1 mile and height of 0.5 miles. What is the area of the triangular parcel in acres?
- A Nebraska investor pays $675,000 for a property and receives NOI of $60,750. What is the cap rate?
- A monthly NNN lease of $2,500 with annual rent increases of 3% will be what amount in year 3?
- A Nebraska property owner earned a net profit of $52,000 on the sale of a $325,000 property. The property was purchased for $260,000 with $6,000 in improvements and sold with $7,000 in closing costs. What was the commission rate?
- An Omaha property has gross rent of $4,200/month, 5% vacancy, and a 42% expense ratio of EGI. What is the monthly NOI?
- A Nebraska homeowner's insurance premium of $1,560/year is paid monthly through an escrow account. The monthly escrow contribution for insurance is:
- A Nebraska buyer obtains a 30-year, $220,000 mortgage at 6.75%. If the monthly P&I payment is $1,427, approximately how much interest is paid over the life of the loan?
- A Nebraska seller will net $180,000 after paying 6% commission and $5,200 in closing costs. What must the property sell for (rounded to nearest dollar)?
- A Nebraska investment property sold for $625,000. The investor's adjusted basis was $410,000. Long-term capital gains tax rate is 20%. The capital gains tax owed is:
- A Nebraska farm contains 480 acres and is listed at $7,500/acre. The total list price is:
- A broker earns a 6% commission on a $450,000 sale. The listing and buyer's agent sides split it 50/50. The buyer's agent is with a different brokerage and earns a 60/40 split with their broker (agent gets 60%). How much does the buyer's agent earn?
- A Nebraska property's assessed value is $185,000, the homeowner qualifies for a $50,000 homestead exemption, and the mill rate is 20. What are the annual taxes?
- A commercial property in Lincoln has an NOI of $95,000 and is purchased at a 7.6% cap rate. What is the purchase price?
- A Nebraska home's original list price was $295,000. After 60 days it was reduced 3.5%. What is the new list price?
- An 8-unit Nebraska apartment building has gross rents of $6,400/month. If the annual operating expense ratio is 48%, the annual NOI is:
- A Nebraska buyer's offer of $285,000 is accepted. The lender requires a 25% down payment. The buyer also pays 1.5 points on the loan amount. What is the total cash needed for down payment and points?
- A seller nets $215,000 after a 5% commission and $4,100 in closing costs. What was the sale price?
- A commercial property lease is for 3,200 sq ft at $19/sq ft/year. Annual NNN expenses are $8,500 in taxes, $3,200 in insurance, and $4,100 in maintenance. What is the total annual cost to the tenant?
- A Nebraska homeowner's mortgage balance is $165,000. The home appraises at $220,000. What is the loan-to-value ratio?
- A 320-acre Nebraska farm is selling for $9,000/acre. The buyer needs a 35% down payment. What is the down payment required?
- A Nebraska office property grosses $180,000 annually with a 10% vacancy. Operating expenses are $52,000. What is the cap rate if the property is valued at $1,300,000?
- A buyer in Nebraska pays $419,000 for a home. The assessed value is 95% of purchase price. At 18 mills, annual taxes are:
- A buyer financing $255,000 at 7% for 30 years has a monthly P&I payment of approximately $1,696. How much of the second month's payment goes to principal if after the first payment the balance is $254,789?
- A Nebraska property manager collects $22,400 in monthly rents across 8 properties. The management fee is 9%. After 3 months, total management fees collected are:
- A Nebraska seller accepts an offer 4% below the $375,000 listing price. The commission is 5.5%. What is the seller's net after commission?
- A Nebraska commercial building leases its 15,000 sq ft at an average rate of $15.60/sq ft/year. The building is valued at $1,800,000. What is the annual GRM based on annual income?
- A Nebraska buyer's agent refers a buyer to an out-of-state agent for a property in Colorado and receives a 25% referral fee on the receiving agent's 3% commission on a $500,000 sale. The referral fee is:
- A Nebraska seller owes $182,500 on their mortgage and the property sells for $325,000 with a 6% commission and $4,800 in closing costs. How much does the seller receive after paying off the mortgage, commission, and closing costs?
- A Nebraska home sells for $445,000. The seller's existing mortgage payoff is $289,000, the commission is 5.5%, the closing costs paid by the seller are $6,200, and there are property tax prorations of $1,850 owed by the seller. How much does the seller net?
- A Nebraska investor buys a duplex for $298,000 with 20% down. The annual NOI is $22,000. What is the cash-on-cash return on equity invested?
- A Nebraska property is assessed at 90% of its $350,000 market value. The mill rate is 21 mills. What is the quarterly tax payment?
- An Omaha commercial lease is 4,500 sq ft at $22/sq ft/year on a gross basis. The landlord pays $8,000/year in property taxes, $3,500 in insurance, and $9,500 in maintenance. What is the annual NOI?
- A Nebraska salesperson on a 70/30 split (agent 70%, broker 30%) earned $52,500 in commissions in a year. The broker received:
- A 1/4 section of Nebraska farmland sells at $8,200/acre. The total sale price is:
- If a Nebraska investment property has a debt service of $36,000/year and an NOI of $48,000, what is the debt service coverage ratio?
- A Nebraska buyer's offer is $318,500. If the appraiser values the property at $310,000, what is the maximum conventional loan (at 80% LTV) the lender will base the loan on?
- Annual interest of $11,400 is due on a mortgage. The interest rate is 6%. What is the outstanding loan balance?
- A Nebraska retail strip center has 6 tenants each leasing 1,800 sq ft for $14.50/sq ft/year NNN. Annual common area maintenance (CAM) charges are $2.25/sq ft/year per tenant. What is the total annual income to the landlord?
- A Nebraska property has a listed gross rent multiplier (GRM) of 95 based on monthly rent. If the property sold for $494,000, what is the implied monthly gross rent?
- A Nebraska buyer closes on a home on May 15. The seller prepaid the annual insurance premium of $1,560 for the full year (January through December). How much is the seller credited for the prepaid insurance from May 15 through December 31?
- A Nebraska apartment complex costs $2,400,000. The land is worth $350,000 and the improvements $2,050,000. Using IRS straight-line depreciation for residential rental property (27.5 years), the annual depreciation deduction is:
- A Nebraska property manager handles a 12-unit complex. Each unit rents for $975/month. Vacancy is 8% and expenses are 40% of EGI. What is the annual NOI?
- A Nebraska investor purchases a property for $575,000 all cash. The annual NOI is $46,000. What is the overall cap rate, and if cap rates in the market improve to 7.5%, what would be the property's new value?
- A Nebraska seller wants to net $165,000. The brokerage commission is 5% and closing costs are $3,800. The minimum sale price is approximately:
- A Nebraska commercial lease calls for $3,200/month base rent with CPI increases annually. If CPI increases by 2.8% in year 2, what is the new monthly rent?
- A Nebraska homeowner has a $220,000 mortgage. Their credit score qualifies them for a refinance at 6.25% (down from 7%). Monthly P&I on the old loan (7%, 25 years remaining) is $1,555. New monthly payment at 6.25% on $220,000 for 25 years would be approximately $1,497. Monthly savings are:
- A Nebraska property has a market value of $512,000 with existing liens of $310,000 (first mortgage) and $45,000 (second mortgage). If it sells at 92% of value with a 5% commission, the net proceeds after paying all liens are:
- A Nebraska investor in a 24% tax bracket owns a rental property with $8,000 in taxable depreciation deductions. The annual tax savings from depreciation are:
- A Nebraska property sells for $520,000. The seller's mortgage balance is $340,000 and they paid $8,200 in seller closing costs plus a 5% commission. How much does the seller receive?
- A Nebraska lender charges 2 points on a $256,000 loan. The total loan origination fees (points) are:
- A rectangular plot in Nebraska measures 330 feet × 660 feet. How many acres is this property?
- A 200-unit apartment complex has an average monthly rent of $875/unit, a 6% vacancy rate, and annual operating expenses of $1,082,000. What is the annual NOI?
- A Nebraska home is listed at $390,000 and sells after a 4.5% price reduction. The final sale price is:
- A Nebraska commercial property has a monthly gross rent of $12,500 and a GRM of 140. What is the estimated value?
- A Nebraska first-time buyer qualifies for a $210,000 mortgage. With 5% down, what is the maximum purchase price the buyer can afford?
- A Nebraska homeowner's annual taxes are $5,760. The property is assessed at 88% of a $375,000 market value. What is the effective tax rate on assessed value?
- A Nebraska investor purchases a 6-unit building for $480,000. Each unit rents for $850/month with 4% vacancy. Annual operating expenses are $28,000. After 5 years, the building appreciates 15%. What is the new value?
- A Nebraska homeowner wants to refinance their $195,000 balance at a lower rate. The new lender charges $3,200 in closing costs. If the monthly payment savings are $85, the break-even point is approximately:
- A Nebraska property sells for $478,000. The buyer finances 80% and pays 1 point of origination and 0.5 discount points. The total points cost is:
- A Nebraska property has a potential gross income of $156,000, a 7% vacancy rate, and operating expenses of 43% of EGI. What is the NOI?
- A Nebraska investment property's price is $875,000. The NOI is $70,000 and the cap rate is 8%. What is the difference between the asking cap rate and the market rate?
- A Nebraska seller closes on March 15. Annual property taxes of $5,400 are paid in arrears. Using a 30-day month, how many days of taxes does the seller owe (Jan 1 – March 15)?
- A Nebraska commercial property generates $245,000 in NOI. At a 7% cap rate, what is the maximum purchase price a buyer should pay?
- A home in Nebraska sells for $288,000. The buyer puts 10% down and pays 1.25 points on the loan amount. What is the loan origination fee?
- A Nebraska property manager handles a building where monthly rental income is $28,500. They charge a 7.5% management fee and also receive a leasing fee of $500 per new lease signed. In a month where 3 new leases are signed, total compensation is:
- A Nebraska buyer is purchasing a $342,000 home with a VA loan (0% down). The VA funding fee is 2.15% of the loan amount. What is the funding fee?
- A 4-unit Nebraska building sold for $520,000. The cap rate is 8.5% and the NOI is $44,200. What is the difference between the implied value at 8.5% and the actual sale price?
- A Nebraska home's assessed value for tax purposes is $298,500. The mill rate is 19.5 mills. The homeowner qualifies for a $40,000 veteran's exemption. Annual taxes are:
- A Nebraska property sells for $275,000. The buyer's agent earns 3% commission. The buyer's agent splits 40% to their broker. The agent keeps:
- A Nebraska agent lists a home at $349,000. It sells for 97% of list price. The total commission is 6%. The listing agent's office receives 50% of the total commission. The listing office earns:
- A Nebraska farm of 640 acres produces $180,000 net income annually. Using a 4.5% cap rate, the farm's value is:
- A Nebraska apartment building has 12 units renting at $875/month each. Annual vacancy is 8%. Annual expenses are $42,000. The NOI is:
- A Nebraska seller nets $215,000 after paying a 6% commission. What was the sale price?
- A Nebraska investor paid $180,000 for a rental property and sells it 5 years later for $225,000. The appreciation rate over the 5 years as a percentage of original cost is:
- A Nebraska home's annual property taxes are $4,200. Closing is October 1. Using a 365-day year, the seller's tax proration debit at closing is approximately:
- A Nebraska property contains 2.5 acres. The owner sells 10,890 square feet to a neighbor. What fraction of the total property was sold?
- A Nebraska property's assessed value is $195,000. The assessment ratio is 100% of market value. The mill rate is 22 mills. Annual property taxes are:
- A Nebraska investor borrows $240,000 at 6.5% annual interest, interest-only. Monthly interest payment is:
- A Nebraska property is listed at $425,000. The seller pays 3% to the listing agent and 3% to the buyer's agent. At closing, the seller also pays $2,500 in other closing costs. The seller's net (before mortgage payoff) is:
- A Nebraska investor buys a $300,000 property with a 25% down payment. The annual return on equity if NOI is $24,000 and annual debt service is $15,000 is:
- A Nebraska home is purchased for $310,000 with 10% down. The loan amount is $279,000. PMI is 0.5% of the loan amount annually. Monthly PMI is:
- A Nebraska property has a front footage of 60 feet on Main Street. The assessor values it at $850 per front foot. The assessed value is:
- A Nebraska rental property has a gross rent multiplier of 125. If the property is worth $250,000, the monthly gross rent is:
- A Nebraska buyer's offer is $285,000. The seller paid $210,000 five years ago. What is the percentage increase in value?
- A Nebraska property has 4 apartment units. Three rent at $900/month and one rents at $1,050/month. Annual gross income at full occupancy is:
- A Nebraska property's legal description is the N½ of the SW¼ of Section 6. How many acres is this parcel?
- A Nebraska commercial lease is $18/sq ft/year for 2,500 sq ft. Monthly rent is:
- A Nebraska property appraised at $340,000. The county assesses at 95% of appraised value. The mill rate is 18.5 mills. Annual taxes are:
- A Nebraska buyer has monthly gross income of $7,200. Using a 28% housing expense ratio, the maximum PITI payment is:
- A Nebraska investor purchases a property for $450,000 with a 30% down payment. The loan-to-value ratio is:
- A Nebraska property sold at auction for $187,500. The buyer paid a 10% buyer's premium. The total cost to the buyer was:
- A Nebraska property is in Township 15 North, Range 5 East. The township is located how many miles north of the baseline?
- A Nebraska buyer qualifies for a maximum monthly payment of $1,900 PITI. Monthly taxes are $350 and insurance is $120. The maximum principal and interest payment is:
- A Nebraska duplex generates $2,400/month in total rent. Operating expenses are $900/month. Annual NOI is:
- A Nebraska broker manages a trust account with the following activity: deposits $12,000, disburses $8,500 in earnest money to closing. The ending balance should be:
- A Nebraska salesperson earns $65,000 in gross commission income in a year. Their broker takes 35%. The salesperson's net commission income is:
- A Nebraska property sold for $385,000. The total commission was 6%, split 50/50 between listing and selling offices. Within the listing office, the listing agent receives 60% of the office's share. The listing agent's commission is:
Nebraska License Law
156 questions- Which state agency regulates real estate licenses in Nebraska?
- How many hours of pre-license education are required to sit for the Nebraska real estate salesperson exam?
- The Nebraska real estate salesperson licensing exam consists of how many questions?
- What is the minimum passing score required on the Nebraska real estate salesperson exam?
- In Nebraska, a real estate salesperson's license must be held under:
- Nebraska real estate salesperson licenses are renewed every:
- How many continuing education hours must a Nebraska real estate salesperson complete per two-year renewal period?
- Under Nebraska law, which of the following is generally exempt from holding a real estate license?
- The Nebraska Real Estate Commission may discipline a licensee for:
- A Nebraska licensee who wishes to open their own brokerage must obtain a:
- A Nebraska real estate licensee must disclose their license status when:
- Which of the following activities requires a Nebraska real estate license?
- Which of the following is TRUE about a Nebraska licensee who is convicted of a felony?
- Nebraska real estate licenses expire on:
- A Nebraska salesperson who has not yet renewed their license but continues to practice real estate is:
- A Nebraska real estate broker who wishes to sell residential property must have their license issued in:
- A licensee who moves to Nebraska from another state and wishes to obtain a Nebraska license without retaking the national portion of the exam may do so through:
- A real estate salesperson may receive compensation directly from:
- A Nebraska licensee who changes their legal name must notify the Nebraska Real Estate Commission within:
- Which of the following would NOT require a Nebraska real estate license?
- In Nebraska, continuing education must be completed by the licensee:
- Which continuing education topic is typically a MANDATORY component in Nebraska's 18-hour requirement?
- How many hours of continuing education must a Nebraska real estate licensee complete per two-year renewal cycle?
- To obtain a Nebraska broker's license, a salesperson must have how many years of active experience as a licensed salesperson?
- How many additional hours of pre-license education must a Nebraska salesperson complete to qualify for a broker's license?
- The Nebraska Real Estate Commission is composed of how many members?
- A Nebraska real estate license that is placed on inactive status may remain inactive for a maximum of:
- What is the primary purpose of the Nebraska Real Estate License Act?
- A licensed Nebraska salesperson who moves to a new brokerage must:
- Which of the following is grounds for the Nebraska Real Estate Commission to revoke or suspend a real estate license?
- A Nebraska real estate salesperson who acts as an independent contractor rather than an employee is still subject to:
- Nebraska law requires that real estate trust accounts (escrow accounts) be maintained:
- The Nebraska Real Estate Commission has the authority to do all of the following EXCEPT:
- If a Nebraska licensee is found guilty of conversion of client funds, the minimum penalty is typically:
- A Nebraska licensee who wishes to operate as an independent broker must obtain:
- A real estate salesperson in Nebraska wants to advertise their personal real estate services. All advertising must:
- Under the Nebraska Real Estate License Act, a salesperson's license must be held by:
- A Nebraska real estate license renewal period is:
- How many hours of continuing education are required for Nebraska license renewal?
- Under Nebraska law, a broker who allows a salesperson's license to lapse may be subject to:
- Which entity administers the Nebraska real estate licensing exam?
- A Nebraska real estate license applicant must be at least:
- Nebraska's real estate license law prohibits 'commingling,' which means:
- If a Nebraska licensee is convicted of a felony, the Commission may:
- A Nebraska real estate broker who operates under a trade name must:
- An inactive Nebraska real estate license means the licensee:
- Nebraska law requires real estate advertisements to include:
- The Nebraska Real Estate License Act defines 'real estate' to include which of the following?
- A Nebraska licensee who engages in 'net listings' should be aware that:
- The Nebraska Real Estate Commission's authority includes the power to:
- Which of the following is NOT exempt from Nebraska's real estate licensing requirements?
- Nebraska's license law requires a broker to maintain records of all real estate transactions for a minimum of:
- A Nebraska real estate licensee who accepts compensation from a party other than their broker must:
- A person who acts as a real estate broker without a Nebraska license is subject to:
- Nebraska requires that a real estate broker's trust account be maintained at:
- A Nebraska real estate salesperson who wants to become a broker must:
- A Nebraska real estate license may be suspended or revoked for all of the following EXCEPT:
- The Nebraska Real Estate License Act requires all listing agreements to:
- Which of the following individuals is EXEMPT from Nebraska real estate licensing requirements?
- Nebraska law requires a listing agreement to be in writing primarily to:
- A Nebraska real estate salesperson may accept compensation ONLY from:
- Which statement about commission rates in Nebraska is correct?
- A Nebraska licensee who is found guilty of fraud in a real estate transaction may face:
- The Nebraska Real Estate License Act defines 'broker' as a person who for compensation:
- When a Nebraska real estate licensee changes employing brokers, they must:
- Nebraska's real estate license law provides disciplinary authority over licensees who:
- A Nebraska salesperson license applicant must submit proof of:
- The Nebraska Real Estate Commission may issue a cease and desist order to:
- A Nebraska real estate broker must maintain an office in Nebraska if they:
- Nebraska's real estate license law prohibits a licensee from practicing with a lapsed license because:
- The NREC may place a Nebraska licensee on probation as a disciplinary measure, which typically includes:
- A real estate team operating under a Nebraska broker's license must:
- An out-of-state broker who wants to refer a client to a Nebraska broker for a Nebraska transaction:
- Which Nebraska licensing authority oversees mortgage lenders and loan originators separately from the NREC?
- Nebraska law classifies real estate licensees as independent contractors for tax purposes when their written agreement with the broker states they are independent contractors and their pay is:
- A Nebraska real estate broker's supervision responsibilities include:
- Which of the following requires a Nebraska real estate license?
- Nebraska's real estate license law requires a written brokerage services disclosure be given to:
- The Nebraska Real Estate License Act was established to:
- A Nebraska licensee who receives a gift from a client in appreciation after a transaction closes:
- Which Nebraska real estate law provision prohibits licensees from making false promises or representations to induce a party to enter a contract?
- A Nebraska licensee who assists in the purchase of property for an undisclosed principal (third party) must:
- Under Nebraska's continuing education requirements for license renewal, which of the following topics is typically REQUIRED?
- A Nebraska broker who misappropriates escrow funds for personal use may face:
- If a Nebraska real estate salesperson receives a complaint from a client, the complaint should first be directed to:
- A Nebraska real estate licensee who is convicted of a drug-related felony offense may:
- The primary purpose of an NREC investigation into a licensee is to:
- Nebraska requires all real estate advertising to be under the direct supervision of a:
- A Nebraska broker who operates as a sole proprietor must obtain a:
- Nebraska law requires a broker to promptly account for and remit to the proper parties all money or property received in a real estate transaction. 'Promptly' typically means:
- A Nebraska real estate franchise (e.g., a national franchise brokerage) must ensure that all of its Nebraska licensees:
- A 'comparative market analysis' (CMA) prepared by a Nebraska real estate agent is:
- Nebraska's license law prohibits 'secret profits,' meaning a licensee may not:
- The NREC may examine a broker's trust account records at any time to:
- Nebraska's Real Estate License Act defines a 'designated broker' as the individual who:
- Under the Nebraska Real Estate License Act, the NREC may initiate disciplinary proceedings on its own motion when:
- Nebraska's real estate license law requires a salesperson to:
- A Nebraska broker may have multiple offices if each office:
- Nebraska real estate continuing education can be completed through all of the following EXCEPT:
- A Nebraska real estate licensee who is also a member of the National Association of REALTORS (NAR) is subject to:
- Nebraska's real estate license law provides a consumer protection fund (sometimes called the Real Estate Guaranty Fund) that:
- A Nebraska real estate licensee's duty to disclose material facts applies when:
- A Nebraska salesperson may NOT do which of the following without specific written authorization from their broker?
- A Nebraska broker-owner who places their own property under listing must:
- A Nebraska real estate licensee who performs licensed activities without a valid Nebraska license is engaging in:
- Nebraska's definition of 'real estate activity' requiring a license includes which of the following?
- Nebraska's license law requires that the NREC be notified of a licensee's change of address within:
- A Nebraska broker who knowingly employs an unlicensed person to perform real estate services may face:
- Blind advertising by a Nebraska licensee occurs when:
- Nebraska's Internet advertising rules require that all online real estate advertising by licensees:
- A Nebraska licensee who offers to give a buyer a portion of their commission as an inducement to use their services (buyer rebate) is:
- A Nebraska broker whose license is revoked may apply for reinstatement after:
- Nebraska requires real estate instructors at pre-license schools to be:
- A Nebraska real estate brokerage organized as a Limited Liability Company (LLC) must:
- A Nebraska associate broker (a broker who works under another broker) differs from a salesperson in that an associate broker:
- Nebraska's Real Estate Recovery Fund compensates consumers for losses caused by a licensee's:
- When the Nebraska Real Estate Commission issues a 'letter of reprimand' to a licensee, it:
- A Nebraska real estate team that markets under a team name (e.g., 'The Smith Team') must ensure that all team advertising:
- Nebraska requires all real estate license applicants to submit to a criminal background check because:
- A Nebraska licensee who receives a license suspension must stop all licensed activities during the suspension period. If they continue to practice, they:
- Nebraska's Real Estate License Act was most recently updated to reflect which significant trend in real estate practice?
- A Nebraska licensee who represents a buyer in a commercial lease transaction is entitled to a commission from:
- Nebraska's Seller's Property Condition Disclosure Statement is required for sales of:
- A Nebraska broker who maintains more than $50,000 of client escrow funds must maintain the account at a financial institution that:
- When a Nebraska licensee changes their employing broker, they must notify NREC within:
- A Nebraska broker's trust account must be reconciled:
- Nebraska requires a real estate licensee to complete how many hours of continuing education per renewal period?
- A Nebraska salesperson operates without an active broker sponsorship for 30 days. Their license status becomes:
- A Nebraska real estate licensee received a $500 referral fee from a title company for referring clients. This is:
- What is the minimum age requirement to obtain a Nebraska real estate salesperson license?
- A Nebraska licensee is found to have commingled trust funds with personal funds. NREC may:
- A Nebraska broker advertises a property without the consent of the seller. This violates NREC regulations because:
- A Nebraska real estate salesperson can accept compensation from:
- A Nebraska real estate broker must keep transaction records for a minimum of:
- A Nebraska broker employs two salespersons. One salesperson is selling a home the other salesperson has listed within the same brokerage. This requires:
- A Nebraska real estate licensee who has their license revoked may reapply after:
- A Nebraska broker opens a branch office. NREC requires that the branch office:
- A Nebraska licensee team uses a team name in advertising. NREC requires that the advertising:
- A Nebraska license applicant has a felony conviction for fraud. NREC will:
- A Nebraska broker discovers that a salesperson in their office is conducting real estate transactions without disclosing they are a licensee. The broker's obligation is to:
- Under Nebraska law, the NREC Real Estate Recovery Fund compensates:
- A Nebraska licensee who performs property management must have which type of license?
- NREC is composed of how many commissioners?
- A Nebraska licensee acts as an agent for a buyer and also earns a fee from the seller. This arrangement:
- A Nebraska licensee who has not completed the required continuing education by the renewal deadline may:
- A Nebraska broker who operates as a corporation must:
- A Nebraska licensee receives an earnest money check for $5,000. The licensee must deposit it into their broker's trust account within:
- A Nebraska broker's license is automatically suspended if the broker:
- A Nebraska licensee assists a client in purchasing a property in which the licensee has an undisclosed personal financial interest. This is:
- A Nebraska REALTOR® is different from a licensed real estate agent in that a REALTOR®:
- A Nebraska licensee is convicted of a misdemeanor involving dishonesty. NREC may:
- A Nebraska salesperson who becomes a broker can:
- NREC's jurisdiction extends to investigating complaints against:
- A Nebraska real estate exam applicant fails the state portion of the exam. They may retake:
- A Nebraska buyer gives an agent their credit card number to hold as 'earnest money.' The agent should:
- The Nebraska Real Estate Commission (NREC) requires salesperson applicants to complete how many hours of pre-license education?
Contracts
152 questions- Which element is NOT required for a valid real estate contract in Nebraska?
- A seller accepts a buyer's offer and both sign the purchase agreement. Before closing, the seller finds a higher offer. Can the seller accept it?
- An option contract in real estate gives the optionee (buyer) the right to:
- What is an 'as-is' clause in a real estate purchase agreement?
- In Nebraska, the statute of frauds requires that a contract for the sale of real estate be:
- A buyer's offer includes a condition that the sale only proceeds if the buyer's current home sells within 60 days. This is a:
- The term 'time is of the essence' in a real estate contract means:
- Specific performance as a remedy for breach of a real estate contract allows the non-breaching party to:
- In Nebraska, the Seller's Property Condition Disclosure Statement must generally be provided to the buyer:
- Novation in a real estate contract is the substitution of:
- A real estate licensee who prepares a purchase agreement is NOT practicing law when they:
- An addendum to a purchase agreement is:
- The equitable title passes to the buyer in a real estate purchase contract when:
- An escalation clause in a purchase offer automatically:
- A bilateral contract is one in which:
- A unilateral contract is one in which:
- In Nebraska, if a buyer fails to close due to no fault of their own (e.g., lender error), the seller is typically entitled to:
- A counteroffer made by the seller legally:
- The right of rescission under the Truth-in-Lending Act (Regulation Z) allows a borrower to cancel:
- A real estate contract that is 'voidable' means it:
- Which clause in a purchase agreement protects the buyer if the property does not appraise at the purchase price?
- Which of the following is an example of 'earnest money' in a real estate transaction?
- A purchase agreement is considered 'executory' when:
- The parol evidence rule prohibits the use of prior oral agreements to:
- In Nebraska, which party typically prepares the deed in a residential real estate transaction?
- A purchase agreement includes a home inspection contingency. The buyer discovers major foundation issues. Which is the buyer's BEST option under this contingency?
- Which of the following is NOT an essential element of a valid real estate contract in Nebraska?
- An option contract in real estate gives the buyer:
- In Nebraska, a real estate purchase agreement must be in writing to be enforceable under:
- A counteroffer made by the seller in response to a buyer's offer:
- Earnest money in a Nebraska real estate transaction is:
- A contingency clause in a purchase agreement allows:
- When a buyer defaults on a purchase agreement, the seller's remedies may include:
- A real estate contract is 'executed' when:
- Nebraska's Seller's Property Condition Disclosure Statement is required for:
- Which of the following is an example of an 'as-is' clause in a purchase agreement?
- A bilateral contract in real estate is one in which:
- A unilateral contract in real estate is exemplified by:
- When a purchase agreement is signed but awaiting closing, it is considered:
- A void contract in Nebraska real estate is:
- A voidable contract in Nebraska is one that:
- Novation in a real estate context means:
- An addendum to a Nebraska purchase agreement:
- The earnest money in a Nebraska real estate transaction is deposited with:
- A 'kick-out clause' (release clause) in a Nebraska purchase agreement allows the seller to:
- Parol evidence rule in contract law prevents:
- A 'subject to' clause in a Nebraska real estate offer means:
- An escrow closing in Nebraska occurs when:
- Nebraska's three-day right of rescission applies to:
- A listing agreement clause providing for automatic renewal is:
- A real estate contract is considered 'accepted' in Nebraska when:
- Mutual assent in a Nebraska real estate contract requires:
- Consideration in a Nebraska real estate purchase agreement is typically:
- A buyer who signs a purchase agreement under duress may have the right to:
- Misrepresentation in a Nebraska real estate transaction means:
- An installment land contract (contract for deed) in Nebraska transfers which rights to the buyer at signing?
- A real estate contract that lacks consideration is:
- A 'time is of the essence' clause in a Nebraska purchase agreement primarily affects:
- A Nebraska purchase agreement's financing contingency protects the buyer if:
- In Nebraska, an inspection contingency gives the buyer the right to:
- An amendment to a Nebraska real estate contract:
- Under Nebraska law, which party normally pays for an owner's title insurance policy?
- A Nebraska land contract (contract for deed) buyer who defaults may face:
- A Nebraska real estate purchase agreement typically becomes binding when:
- Which of the following would make a Nebraska real estate contract voidable?
- An appraisal contingency in a Nebraska purchase agreement protects the buyer by:
- A right of first refusal in a Nebraska real estate contract gives the holder the right to:
- Under Nebraska law, a contract for the sale of real estate requires the party to be charged to:
- A Nebraska purchase agreement provision stating that 'the seller shall not be liable for defects not known to them' is called:
- A 'backup offer' in Nebraska real estate means:
- Nebraska's Seller's Property Condition Disclosure Statement must cover which category of information?
- Nebraska law requires the Seller's Property Condition Disclosure Statement to be provided to the buyer BEFORE the buyer signs an offer, or if provided after the offer is signed:
- Under the doctrine of equitable conversion in Nebraska, once a valid purchase agreement is signed:
- An 'as-is' clause in a Nebraska purchase agreement does NOT eliminate:
- A Nebraska listing agreement that has no expiration date is:
- A tenant who continues to occupy a property after the lease expires without landlord consent is known in Nebraska as a:
- Nebraska requires that earnest money be handled in accordance with the Statute of Frauds and the License Act by:
- A 'liquidated damages clause' in a Nebraska purchase agreement means the parties have pre-agreed that the earnest money:
- A Nebraska listing that expires while an offer is pending:
- An 'implied warranty of habitability' for newly constructed homes in Nebraska means:
- A contract for deed (land contract) in Nebraska that provides for less than 5 years of payments may have different forfeiture rights than longer contracts because:
- A Nebraska purchase agreement with a 'subject to sale of buyer's home' contingency allows the seller to:
- Consideration for an option contract in Nebraska must be:
- A Nebraska seller who accepts a backup offer while the primary offer is still in force must:
- A Nebraska real estate purchase agreement is enforceable against a party who signed under undue influence because:
- In Nebraska, 'time is of the essence' is most commonly stated in a purchase agreement to ensure that:
- In Nebraska, a lease agreement for more than one year must be:
- A Nebraska buyer who performs their obligations under a purchase agreement by fulfilling the due diligence period, obtaining financing, and closing on time has:
- A Nebraska purchase agreement that includes the phrase 'buyer and seller agree that time is of the essence' makes which deadline the most critical?
- A Nebraska seller who changes their mind after signing a purchase agreement but before the buyer has signed would be:
- Under Nebraska law, a listing agent who represents a corporation selling real property must ensure the contract is signed by:
- A Nebraska real estate purchase agreement becomes void (not merely voidable) if:
- A Nebraska home inspection contingency typically requires the buyer to:
- In Nebraska, if a seller refuses to close despite a valid purchase agreement, the buyer's legal remedy of 'specific performance' would:
- Nebraska's real estate purchase agreements typically include a provision that 'this agreement supersedes all prior discussions and representations,' which is known as the:
- A Nebraska contract is discharged (ended) by all of the following EXCEPT:
- In Nebraska, the seller's failure to deliver the Seller's Property Condition Disclosure Statement before the buyer signs the offer entitles the buyer to:
- A Nebraska contract addendum that changes the closing date must be signed by:
- A Nebraska seller who misrepresents the condition of their property on the SPCDS may be liable for:
- A Nebraska purchase agreement signed by one spouse for community property (in a community property state) would be unenforceable, but in Nebraska:
- An earnest money dispute in Nebraska where both buyer and seller claim the earnest money may be resolved by:
- A Nebraska purchase agreement with an 'as-is' clause and no inspection contingency means the buyer:
- Which of the following is a valid way to terminate a listing agreement in Nebraska before its expiration date?
- A Nebraska seller who accepts an offer and then discovers they cannot obtain clear title may:
- A Nebraska real estate contract entered into through fraud by one party is:
- A Nebraska lease 'with option to purchase' gives the tenant-buyer:
- A Nebraska purchase agreement that specifically lists personal property included in the sale (washer, dryer, refrigerator) creates a:
- A Nebraska commercial lease that contains a 'rent escalation clause' provides for:
- A Nebraska seller who provides false information on the SPCDS about a prior insurance claim for flooding:
- An 'acceleration clause' in a Nebraska mortgage means:
- A Nebraska buyer who backs out of a purchase agreement within the inspection contingency period and requests return of earnest money is:
- A Nebraska commercial real estate purchase agreement typically has a longer contingency period than residential agreements because:
- A Nebraska purchase agreement with a financing contingency that specifies 'buyer to obtain a 30-year conventional mortgage at no more than 7% interest' would allow the buyer to cancel if:
- A Nebraska seller's disclosure that a property was the site of a homicide is:
- Nebraska's SPCDS must be updated and provided to a new buyer if the property goes back on the market after a previous contract falls through and the seller:
- A Nebraska contract clause that reads 'seller agrees to leave the property broom-clean at closing' is:
- Nebraska law requires that after the Seller's Property Condition Disclosure Statement is signed and delivered to the buyer, any material change in the property's condition must be:
- A Nebraska purchase agreement that includes a provision allowing the seller to 'accept backup offers' while under contract must also inform the buyer that:
- In Nebraska real estate, 'chain of title' issues that surface during a title search must be resolved:
- A Nebraska 'lease option' agreement differs from a 'lease purchase' agreement in that the lease option:
- Nebraska's Commercial Real Estate Broker Lien Act allows commercial real estate brokers to file a lien for unpaid commissions against:
- A Nebraska purchase agreement includes a financing contingency. If the buyer cannot obtain financing within the stated period, the contract is:
- A Nebraska seller accepts a buyer's offer. Before closing, the seller discovers the buyer misrepresented their income on the contract. The seller may:
- In Nebraska, an option contract requires the optionee to:
- The Nebraska Seller's Property Condition Disclosure Statement (SPCDS) must be delivered to prospective buyers:
- A Nebraska purchase agreement contains a liquidated damages clause stating earnest money is the seller's sole remedy if the buyer defaults. If the buyer defaults, the seller can:
- In Nebraska, if a party to a real estate contract is a minor, the contract is:
- In Nebraska, an earnest money deposit in a real estate transaction is typically held by:
- A Nebraska purchase agreement requires the seller to provide title 'free and clear of all encumbrances.' The title search reveals a utility easement. The buyer may:
- A Nebraska lease with an option to purchase is recorded by the tenant. This protects the tenant because:
- Under Nebraska law, which of the following is NOT required for a valid real estate contract?
- A Nebraska seller accepts a buyer's offer. The seller's agent then receives a higher offer from another buyer. The seller:
- A Nebraska contract contains an 'as-is' clause. This means:
- A Nebraska purchase agreement requires the buyer to provide evidence of financing approval within 14 days. On day 15, the buyer has not provided the evidence. The seller may:
- A Nebraska real estate contract states 'time is of the essence.' This means:
- A Nebraska real estate lease for more than one year must be in writing under:
- A Nebraska seller's counteroffer changes the closing date and increases the price. The original offer is now:
- A Nebraska buyer makes an offer contingent on selling their current home. The seller accepts but includes a 72-hour kick-out clause. This means:
- A Nebraska purchase agreement becomes a binding contract at the moment of:
- A Nebraska buyer submits an offer to purchase that expires at 5:00 PM. At 4:58 PM, the seller signs the acceptance. At 5:02 PM, the seller's agent communicates acceptance to the buyer. Is there a valid contract?
- A Nebraska buyer's inspection reveals significant issues. The buyer may negotiate repairs, a price reduction, or:
- A Nebraska commercial lease specifies that the tenant pays a base rent plus a percentage of their gross sales. This type of lease is called a:
- A Nebraska purchase agreement includes an integration clause. This means:
- A Nebraska lease-purchase agreement differs from a standard lease-option in that:
- A Nebraska purchase agreement is executed and earnest money is deposited. Before closing, the buyer decides they don't want to proceed. If there is no valid contingency, the seller's remedy for specific performance means the seller can:
- A Nebraska purchase agreement provides for attorney review within 3 days. If neither party's attorney objects within 3 days:
- A Nebraska seller signs a listing agreement that includes a net listing. This means the broker earns:
- A Nebraska residential lease includes a 'no subletting without consent' clause. The tenant sublets anyway. The landlord's options include:
- Nebraska's Statute of Frauds requires real estate purchase agreements to be:
- In Nebraska, a real estate purchase agreement for property involving an agent must contain which disclosure?
- A Nebraska land contract seller (vendor) dies before the contract is paid off. The buyer (vendee) should:
- A Nebraska purchase contract is signed electronically using DocuSign. Under the Electronic Signatures in Global and National Commerce (E-SIGN) Act:
Agency
147 questions- In Nebraska, a licensee must provide the 'Disclosure of Brokerage Relationships' form:
- A buyer's agent in Nebraska owes which duty to the buyer client?
- Under Nebraska agency law, when a licensee acts as a transaction broker, the licensee:
- Undisclosed dual agency is illegal because it:
- An agent working under a listing agreement has the authority to:
- An agency relationship can be terminated by:
- A real estate agent who represents the seller has a duty to disclose to ALL parties:
- In Nebraska, a transaction broker provides:
- Ratification of an unauthorized act in agency occurs when:
- A listing agent receives multiple offers on the same day. Their duty to the seller is to:
- A sub-agency relationship arises when:
- A seller who lists their property without using a real estate agent is referred to as:
- A buyer's agent's duty of obedience requires the agent to:
- When a property is listed in the MLS, the listing broker is offering compensation to:
- The duty of care (competence) in agency requires the agent to:
- Nebraska requires informed written consent for a dual agency arrangement because:
- Under Nebraska's agency law, a buyer's agent owes which duty specifically to the buyer?
- What is a 'designated agency' arrangement in Nebraska real estate?
- In Nebraska, the agency disclosure form must be provided to a client:
- A salesperson who receives earnest money from a buyer must:
- Which action would constitute a breach of fiduciary duty by a listing agent?
- Dual agency in Nebraska occurs when:
- An agent who discloses a seller's motivation (e.g., 'The seller must sell quickly due to a job relocation') to the buyer without the seller's permission has violated the duty of:
- Apparent authority in real estate agency arises when:
- The duty of 'accounting' in an agency relationship requires the agent to:
- A buyer who has not signed a buyer's representation agreement is typically considered a:
- In Nebraska, a buyer's agent owes which of the following duties to the buyer?
- A Nebraska listing broker who also represents the buyer in the same transaction without proper disclosure is engaging in:
- Designated agency in Nebraska means:
- Under Nebraska agency law, a seller's agent must disclose to a prospective buyer:
- An agency relationship is most commonly created in Nebraska by:
- A Nebraska real estate agent who represents neither buyer nor seller but helps facilitate a transaction is called a:
- The duty of confidentiality in an agency relationship requires the agent to:
- In Nebraska, 'informed consent' to dual agency requires:
- Which of the following best describes the duty of loyalty in an agency relationship?
- Nebraska law requires a licensee to provide an agency disclosure to a potential client:
- The duty of 'obedience' in a Nebraska agency relationship requires the agent to:
- Apparent authority in an agency relationship arises when:
- A listing agreement is an agency contract that creates which type of agency?
- An agent can be terminated 'at will' in Nebraska under which type of listing agreement?
- The most common type of listing agreement in Nebraska that provides maximum broker protection is:
- A Nebraska buyer's agent who learns the seller is facing foreclosure should:
- An agent's duty of accounting requires:
- Ratification of an unauthorized act by an agent occurs when:
- Under Nebraska law, a transaction broker (facilitator) owes parties in a transaction:
- The Nebraska agency disclosure form must be provided to all parties and signed to acknowledge:
- An exclusive agency listing in Nebraska means the seller:
- A buyer's representation agreement in Nebraska creates:
- A Nebraska listing agent learns that the seller has made unpermitted modifications to the property. The agent should:
- An agent's duty of care requires them to:
- When a Nebraska agent represents both buyer and seller in the same transaction with consent, they must:
- An agent's fiduciary duty of disclosure to a buyer client includes disclosing:
- In Nebraska, an agent must disclose their agency relationship to other parties in a transaction:
- Vicarious liability in Nebraska real estate means a broker may be responsible for:
- A Nebraska agent's duty to their client survives the termination of the agency agreement with respect to:
- A Nebraska cooperating broker who assists a buyer in a sale where the listing is with another brokerage typically receives compensation through:
- In Nebraska, an agent who acquires property listed by their own office without disclosure is engaged in:
- Nebraska's agency law permits a buyer's agent to negotiate the lowest possible price for their client, which is consistent with the duty of:
- An agent who has been terminated by the seller but continues to show the property would be acting as:
- When a Nebraska buyer's agent writes an offer for a buyer on a property listed by the same brokerage, this typically creates:
- The duty a buyer's agent owes to the seller in a transaction is:
- An agent who helps a buyer prepare a strong offer by advising on pricing strategy, contingencies, and negotiation tactics is fulfilling the duty of:
- A real estate licensee in Nebraska who is also the seller of property they are listing must disclose:
- A buyer's agent in Nebraska who learns the seller is desperate to sell should:
- Nebraska listing agents are required to present all offers to the seller:
- A material fact in Nebraska real estate that must be disclosed includes:
- A 'procuring cause' dispute in Nebraska arises when:
- A Nebraska buyer's agent who neglects to advise their buyer about a defect visible during a showing may be liable for:
- In Nebraska, which of the following terminates an agency relationship?
- When a Nebraska buyer's agent writes an offer that will be reviewed by the listing agent of the same brokerage, the disclosure required is:
- A listing broker may advertise a property priced at the seller's direction even if the broker believes the price is too high because the broker's duty of obedience:
- An agent who volunteers information to benefit the client that the client did not ask for is fulfilling the duty of:
- In Nebraska, the term 'fiduciary' in the context of a real estate agency relationship means the agent must:
- If a Nebraska listing agent knows the seller has received a cease and desist order for environmental violations on the listed property, the agent must:
- An agent with 'authority to negotiate' in Nebraska means the agent may:
- Nebraska law allows a salesperson to sign a listing agreement on behalf of their broker if:
- A seller's agent in Nebraska who becomes aware that the buyer is having second thoughts about the purchase should:
- Under Nebraska agency law, which party does a property manager represent in a landlord-tenant relationship?
- An agent's duty to keep client funds separate (accounting duty) means the agent must NOT:
- A buyer's agent who, without authorization, tells the seller the buyer is willing to pay more than the offered price is violating the duty of:
- In Nebraska, when a listing expires and the seller lists with a different broker, the original listing agent's remaining obligation is:
- A Nebraska buyer's agent who discovers that the seller has recently lowered the asking price multiple times should:
- An agency relationship in Nebraska can be created by all of the following EXCEPT:
- A Nebraska buyer who works with a broker without signing a buyer representation agreement is most likely treated as a:
- Nebraska's buyer's agent who negotiates an inspection repair agreement on behalf of the buyer is acting within what type of authority?
- A Nebraska property manager who repairs a broken heating unit in a rental during winter without prior owner approval is acting under what type of authority?
- Under Nebraska law, a listing broker's duty to the seller includes the obligation to:
- A Nebraska listing agent who advises the seller to accept a lower offer from a family member to avoid a higher offer from a minority buyer is committing:
- Nebraska's 'ministerial acts' (acts a licensee may perform for a customer without creating an agency relationship) include:
- A Nebraska buyer's agent who assists their buyer in writing a strong offer for a property listed by the same agency should:
- A Nebraska seller who refuses to allow showings without 24 hours' notice is:
- Nebraska law imposes a duty on all licensees to treat all parties to a transaction with:
- In Nebraska, an agent who represents the seller has what duty regarding a buyer's earnest money?
- A Nebraska listing agent who learns a property has significant foundation issues should:
- Nebraska's 'duty to present all offers' means the listing broker must present all offers to the seller UNLESS:
- A Nebraska buyer's agent who discovers the property has an unpermitted addition should:
- Nebraska law requires that when an agent's interests conflict with those of their client, the agent must:
- A Nebraska buyer's agent who is also a licensed mortgage broker must disclose to the buyer any:
- A seller's agent who learns the buyer's lender has declined the buyer's loan application should:
- Nebraska's agency law recognizes that a listing agreement creates a 'special agency' for the broker, which means the broker:
- Under Nebraska law, when an agent acting for a buyer learns that the seller recently performed undisclosed repairs to the roof, the buyer's agent should:
- A buyer's agent in Nebraska who advises their buyer to make a lower offer based on comparable sales they have researched is:
- Under Nebraska law, what happens to an agency relationship when the principal (seller or buyer) becomes mentally incapacitated?
- A Nebraska agent who represents the buyer in a for-sale-by-owner (FSBO) transaction owes:
- A Nebraska listing agent who receives an offer significantly below list price should:
- Nebraska's agency law requires that an agent who cannot fully represent a client's interests (due to dual agency or conflict) must:
- A Nebraska seller's agent who fails to tell a buyer about a known structural defect violates the agent's duty to the buyer because:
- Nebraska's single agency rule means that in a transaction, each party is best served by having:
- A Nebraska real estate agent who moves from one brokerage to another takes with them:
- A Nebraska buyer's agent has a fiduciary duty to recommend that their buyer:
- A Nebraska agent who represents the seller in a buyer's market should advise the seller to:
- A Nebraska real estate agent who specializes in representing sellers exclusively is practicing what type of agency?
- A Nebraska listing agent's 'for sale' sign on a property is a form of:
- Nebraska's agency law requires that a buyer's agent who is aware their buyer has committed to buying the property (highly motivated) must:
- Under Nebraska law, a Nebraska licensee who receives a referral fee from a home warranty company for recommending their services to clients must:
- A Nebraska buyer's agent who fails to include all relevant terms in a purchase agreement that the buyer requested is breaching the duty of:
- In a Nebraska dual agency situation, which duty is most significantly modified?
- Which of the following BEST describes a Nebraska designated agency arrangement?
- A seller's agent in Nebraska discovers the buyer is paying cash but has told no one. The agent should:
- A Nebraska buyer's agent discovers the seller's property has foundation cracks not mentioned in the SPCDS. The agent should:
- A Nebraska listing agent receives two offers simultaneously. The agent's duty to the seller is to:
- A Nebraska real estate agent acting as a transaction broker owes the parties:
- A Nebraska seller's agent learns that the seller is divorcing and must sell quickly. Sharing this information with the buyer would violate the duty of:
- A Nebraska buyer's agent submits an offer containing false information provided by the buyer without the agent's knowledge. The agent is:
- Under Nebraska law, when must a licensee provide an agency disclosure to a consumer?
- A Nebraska seller's agent represents the seller and the seller decides not to disclose a leaky roof. The agent should:
- A Nebraska buyer's broker agreement creates what type of agency relationship?
- A Nebraska salesperson meets potential buyers at an open house. Before discussing the property in detail, the salesperson must:
- A Nebraska listing agent is working with a buyer customer (non-client). The agent discovers information that benefits the seller. The agent should:
- A Nebraska agent who is also the buyer in a transaction must disclose this to the seller because it is a:
- A Nebraska buyer asks their agent to write a lowball offer to 'test the waters.' The agent should:
- A Nebraska buyer's agent knows their buyer client submitted fraudulent income documentation to the lender. The agent's duty is to:
- A Nebraska listing agent represents the seller but provides comparative market data to an unrepresented buyer. This relationship with the buyer is:
- A Nebraska buyer's agent writes an offer that inadvertently omits the buyer's financing contingency. The agent is potentially liable for:
- A Nebraska seller instructs their agent to conceal a known crack in the foundation. The agent must:
- A Nebraska real estate broker is the agent for the seller. The broker's salesperson represents the buyer. Within the same brokerage, both relationships exist simultaneously. This is called:
- A Nebraska seller's agent presents a low offer to the seller but recommends rejecting it without disclosing the full terms to the seller. This violates the duty of:
- A Nebraska agent who discovers their seller-client is involved in mortgage fraud should:
- A Nebraska buyer's agent accompanies their buyer client to a home inspection. The inspector notes potential issues. The agent should:
- A Nebraska listing agent accidentally discloses their seller's bottom line price to the buyer's agent. The listing agent has violated:
- A Nebraska agent notices the seller has not disclosed that the basement floods during heavy rain. The agent knows about this because they observed it previously. The agent should:
- A Nebraska buyer wants their agent to make a 'clean offer' without contingencies to beat competing buyers. The agent should:
- A Nebraska listing agent is also a licensed mortgage broker. The agent refers the buyer to their mortgage company for financing. This is permissible only if:
- A Nebraska buyer's agent has a duty to perform a 'reasonable visual inspection' of the property for the buyer. This duty requires the agent to:
- A Nebraska buyer's agent is also the listing agent on the same property (solo dual agent). They should:
- A Nebraska listing agent's listing expires but the seller relists with another broker. The original listing agent cannot claim a commission unless:
- A Nebraska buyer's agent submits an offer with a handwritten change to the form contract without initialing the change. This creates a:
Finance
146 questions- A borrower with a conventional loan and less than 20% down payment can request cancellation of PMI when:
- A USDA Rural Development loan is best described as a loan:
- The Real Estate Settlement Procedures Act (RESPA) prohibits:
- A buyer purchases a $200,000 home with an FHA loan requiring a 3.5% down payment. What is the down payment amount?
- An 'amortized loan' means that each monthly payment:
- Mortgage insurance (PMI) primarily protects:
- A balloon mortgage is characterized by:
- A VA loan benefit is available to:
- A seller who 'carries back' financing means the seller:
- What is the maximum loan limit for an FHA conforming loan in a standard-cost area for a single-family home (approximate 2024 baseline)?
- The Federal Housing Administration (FHA) primarily:
- A home equity line of credit (HELOC) is:
- The Community Reinvestment Act (CRA) requires banks to:
- An interest rate 'lock' in a mortgage transaction means:
- A satisfaction of mortgage (release deed) is recorded when:
- The debt-to-income (DTI) ratio used in mortgage underwriting is calculated as:
- An adjustable-rate mortgage (ARM) typically has a lower initial interest rate than a fixed-rate mortgage because:
- Points paid at closing on a mortgage are:
- A conventional loan is best described as:
- A buyer takes out a $250,000 mortgage at 5% annual interest on a 30-year amortized loan. The monthly interest for the FIRST payment is approximately:
- In Nebraska, which entity regulates state-chartered mortgage lenders and consumer finance companies?
- A bridge loan is best described as:
- The annual percentage rate (APR) on a mortgage differs from the stated interest rate because APR:
- A loan-to-value (LTV) ratio of 90% means the borrower is financing:
- Under Regulation Z (Truth in Lending Act), a lender must disclose the APR to a borrower at least how many business days before closing?
- A deed of trust used in Nebraska real estate financing differs from a mortgage in that:
- The loan-to-value (LTV) ratio is calculated as:
- Private mortgage insurance (PMI) is typically required when a conventional loan has an LTV ratio greater than:
- Which federal law requires lenders to provide borrowers with a Loan Estimate within 3 business days of receiving a loan application?
- A USDA Rural Development loan in Nebraska would be appropriate for a buyer purchasing a home in:
- An FHA loan in Nebraska requires a minimum down payment of:
- A VA loan benefit available to eligible Nebraska veterans includes:
- The term 'amortization' in mortgage lending refers to:
- Points paid on a mortgage loan are:
- A 'due-on-sale' clause in a Nebraska mortgage requires:
- A balloon payment mortgage in Nebraska requires:
- An adjustable-rate mortgage (ARM) in Nebraska features:
- The Nebraska Investment Finance Authority (NIFA) provides:
- When a lender 'qualifies' a borrower for a mortgage, they are assessing the borrower's:
- The debt-to-income (DTI) ratio for conventional loan qualification is typically limited to:
- A wraparound mortgage in Nebraska involves:
- The Truth in Lending Act (TILA) requires lenders to disclose:
- Predatory lending practices in Nebraska may include:
- Construction-to-permanent loans in Nebraska allow a builder/buyer to:
- A reverse mortgage in Nebraska allows qualifying homeowners to:
- A 'short sale' in Nebraska occurs when:
- Nebraska's non-judicial (deed of trust) foreclosure process requires the trustee to publish notice of the sale for a period of:
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating in credit decisions based on:
- An assumable mortgage in Nebraska allows:
- Mortgage insurance premium (MIP) on an FHA loan differs from PMI on a conventional loan in that MIP:
- A conforming loan in Nebraska must not exceed the limit set by:
- A hard money loan in real estate is characterized by:
- The Community Reinvestment Act (CRA) requires federally regulated financial institutions to:
- Seller financing (purchase money mortgage) in Nebraska involves:
- Negative amortization on a mortgage loan occurs when:
- A mortgage 'note' in Nebraska is the borrower's:
- Foreclosure in Nebraska by judicial process (mortgage foreclosure) requires:
- A bridge loan in real estate is a short-term loan used to:
- Nebraska's usury laws set limits on:
- The secondary mortgage market in Nebraska primarily involves:
- Mortgage forbearance in Nebraska allows a borrower to:
- A Nebraska lender is required to provide a Loan Estimate to a borrower within how many business days of receiving a completed loan application?
- A home equity line of credit (HELOC) in Nebraska is secured by:
- The Federal Reserve's actions on the federal funds rate most directly affect Nebraska mortgage rates by:
- Nebraska agricultural mortgage lending differs from residential in that lenders typically:
- Nebraska's Homestead Exemption from property taxes for qualified elderly homeowners is administered by:
- A Nebraska lender who violates the Truth in Lending Act's disclosure requirements may face:
- A purchase money mortgage (PMM) in Nebraska differs from a traditional mortgage in that the PMM:
- The Farm Credit System in Nebraska provides financing specifically for:
- Prepayment penalties on Nebraska home loans are regulated because:
- A subprime mortgage in Nebraska typically features which of the following?
- An interest-only mortgage loan in Nebraska means:
- Nebraska's HomeOwnership Assistance programs provided by NIFA (Nebraska Investment Finance Authority) are designed to help:
- A land purchase in Nebraska financed by a seller with an installment sale may have tax benefits for the seller because:
- A lender's recourse in Nebraska against a borrower in a non-judicial (deed of trust) foreclosure is typically limited to:
- A budget mortgage in Nebraska is a type of conventional mortgage that includes in the monthly payment:
- Nebraska USDA Rural Development Direct loans differ from USDA Guaranteed loans in that Direct loans:
- A commercial real estate loan in Nebraska typically has a shorter amortization period than residential loans because:
- A Nebraska borrower with a DTI of 45% for a conventional loan application would typically:
- A Nebraska property investor who uses a 1031 exchange can defer capital gains taxes by:
- A permanent buydown in Nebraska mortgage financing refers to:
- Nebraska's Agricultural Land Valuation Act requires agricultural land to be valued for property tax purposes based on:
- A Nebraska lender who receives a borrower's application for a home loan must provide the Loan Estimate within 3 business days. A 'business day' for this purpose excludes:
- A seller's concession in a Nebraska home sale refers to the seller:
- The debt service coverage ratio (DSCR) for a Nebraska commercial property is calculated as:
- The Federal Home Loan Mortgage Corporation (Freddie Mac) differs from Fannie Mae in Nebraska mortgage lending in that Freddie Mac:
- A home equity loan (second mortgage) in Nebraska differs from a HELOC in that a home equity loan:
- A Nebraska commercial mortgage with a 25-year amortization and a 5-year balloon means:
- Nebraska law requires lenders to provide a good faith estimate of settlement costs under:
- A 'due diligence period' in a Nebraska commercial real estate purchase allows the buyer to:
- Nebraska's mortgage satisfaction (release) process requires the lender to record a satisfaction (discharge) of mortgage after the loan is paid in full:
- A Nebraska borrower who is behind on their mortgage and has received a notice of default has how long, generally, to reinstate the loan before foreclosure proceedings advance?
- A Nebraska lender who makes a 'stated income' loan (accepting income without documentation verification) is taking on:
- Nebraska agricultural lenders consider the 'debt coverage ratio' for farm loans, which measures:
- The Federal Agricultural Mortgage Corporation (Farmer Mac) in Nebraska provides:
- Nebraska has a statutory right of redemption after judicial foreclosure allowing the borrower to:
- A seller who provides owner financing and takes back a first mortgage is in the position of:
- A Nebraska lender's 'escrow impound account' for a residential mortgage holds funds for:
- Nebraska's Banking and Finance Department regulates mortgage brokers, requiring them to:
- The net present value (NPV) concept in real estate investment in Nebraska suggests that:
- Nebraska's homeowners' association (HOA) dues, if unpaid, can create what type of lien on the property?
- In Nebraska commercial real estate, 'recourse' vs. 'non-recourse' lending affects the lender's remedy in that non-recourse loans:
- A Nebraska buyer who wants to purchase a home using a VA loan must first obtain a:
- A 'graduated payment mortgage' in Nebraska is characterized by:
- Nebraska's Farm Service Agency (FSA) makes direct farm ownership loans to:
- Nebraska mortgage servicers are responsible for all of the following EXCEPT:
- A Nebraska property seller who receives $300,000 in proceeds from the sale of their primary residence (lived there 2+ years) may exclude from federal capital gains tax:
- An interest rate 'cap' on an adjustable-rate mortgage (ARM) in Nebraska limits:
- Nebraska's 'ability to repay' (ATR) rule for residential mortgages requires lenders to:
- A 'teaser rate' on a Nebraska ARM mortgage refers to:
- Nebraska's 'deed in lieu of foreclosure' transaction requires the lender's cooperation because:
- A 'piggyback loan' structure in Nebraska (e.g., 80/10/10) allows a buyer to:
- Nebraska's 'Truth in Lending Rescission' right applies to which transactions?
- A 'hard inquiries' on a buyer's credit report in Nebraska occurs when:
- A Nebraska FHA loan's 'minimum property requirements' (MPRs) ensure that:
- NIFA's Nebraska Homebuyer Assistance Program provides down payment help as a:
- A Nebraska FHA loan requires an upfront mortgage insurance premium (UFMIP) of:
- A Nebraska buyer qualifies for a VA loan. Which statement about the VA funding fee is CORRECT?
- A Nebraska lender provides a Loan Estimate (LE) within how many business days of receiving a complete loan application?
- A Nebraska borrower's mortgage payment includes principal, interest, taxes, and insurance (PITI). The taxes and insurance portions are held in:
- A Nebraska home appraises for $320,000. The buyer is borrowing $272,000. The LTV ratio is:
- A Nebraska adjustable-rate mortgage (ARM) has a 2/6 cap. This means:
- A Nebraska USDA Rural Development loan has which advantage over conventional loans?
- A Nebraska borrower applies for a $200,000 mortgage. The lender charges 2 discount points. The cost of the discount points is:
- A Nebraska conventional loan conforming to Fannie Mae/Freddie Mac guidelines has a maximum loan limit called the:
- A Nebraska homebuyer applies for an FHA loan. The maximum seller concessions allowed are:
- Under RESPA, which of the following is NOT considered a 'kickback' or prohibited practice?
- A Nebraska commercial lender requires a debt service coverage ratio (DSCR) of 1.25. A property has an NOI of $100,000. The maximum annual debt service the lender will approve is:
- A Nebraska borrower's front-end debt-to-income ratio should not exceed what percentage for conventional loans?
- A Nebraska VA-eligible veteran wants to purchase a second home using VA loan benefits. The veteran:
- A Nebraska first-time homebuyer participates in NIFA's First Home Program. A key benefit is:
- A Nebraska lender provides a Closing Disclosure (CD) to a borrower at least how many business days before closing?
- A Nebraska borrower obtains a 30-year, $250,000 mortgage at 7%. The monthly principal and interest payment is approximately:
- Farm Credit Services of the Midlands serves Nebraska agricultural borrowers. This institution is part of the:
- A Nebraska homeowner's adjustable-rate mortgage has a 5/1 ARM structure. This means:
- A Nebraska homeowner has a home equity line of credit (HELOC). This is a:
- Under the Equal Credit Opportunity Act (ECOA), a Nebraska lender must notify an applicant of a credit decision within:
- A Nebraska borrower's loan has a due-on-sale clause. If the borrower transfers the property without lender approval, the lender can:
- A Nebraska reverse mortgage allows seniors 62+ to receive payments from their home equity. Repayment is required when:
- A Nebraska lender offers a loan with negative amortization. This means:
- A Nebraska homeowner refinances their mortgage to a lower interest rate. Under federal law, they have a right of rescission for:
- A Nebraska buyer's Good Faith Estimate was replaced by which TRID disclosure document?
- A Nebraska agricultural borrower secures a loan with their crop and equipment. This is called a:
- A Nebraska buyer assumes an existing FHA mortgage. For loans originated before December 1, 1986:
- A Nebraska conventional loan applicant has a debt-to-income ratio of 50%. Most conventional lenders will:
- A Nebraska investor buys a property for all cash, then obtains a mortgage after closing. This is called:
Escrow & Title
122 questions- A special warranty deed differs from a general warranty deed in that the grantor:
- An abstract of title is:
- A buyer's lender requires title insurance to protect:
- The process of transferring title at closing requires delivery and acceptance of:
- Recording a deed in the county register of deeds office provides:
- A seller's closing costs in Nebraska typically include all of the following EXCEPT:
- Proration of property taxes at closing means:
- A mechanic's lien in Nebraska must be filed within how many days of last providing labor or materials to the project?
- A RESPA Section 8 violation occurs when a settlement service provider:
- Title insurance premiums in Nebraska are typically paid:
- The purpose of an escrow in a real estate transaction is to:
- A title search reveals an unsatisfied judgment lien against the seller. At closing, this lien would typically be:
- Which document in a loan transaction is the borrower's personal promise to repay the debt?
- In Nebraska, which instrument is typically used as the security document pledging real property as collateral for a mortgage loan?
- A quitclaim deed conveys:
- In a Nebraska real estate closing, who typically holds the escrow funds?
- The chain of title refers to:
- ALTA (American Land Title Association) title insurance provides coverage for:
- A deed must be acknowledged before a notary public primarily to:
- Nebraska does not impose a state transfer tax on real estate transactions. This means:
- A title search in Nebraska is conducted to:
- An owner's title insurance policy in Nebraska protects:
- A general warranty deed in Nebraska provides the greatest protection to the buyer because the grantor:
- A quitclaim deed in Nebraska conveys:
- In Nebraska, escrow funds held by a real estate broker must be:
- Which document conveys title from the seller to the buyer at closing in Nebraska?
- Recording a deed in Nebraska's county recorder's office:
- A mechanic's lien in Nebraska may be filed by:
- RESPA (Real Estate Settlement Procedures Act) prohibits:
- A special warranty deed in Nebraska provides a warranty that the grantor:
- A title abstract in Nebraska is a:
- In Nebraska, a lender's (mortgagee's) title insurance policy protects:
- A judgment lien in Nebraska attaches to:
- In Nebraska, a deed must be delivered to and accepted by the grantee to be effective because:
- A Closing Disclosure (CD) in a Nebraska residential mortgage transaction must be provided to the buyer at least how many business days before closing?
- In Nebraska, property taxes are typically paid in:
- An IRS tax lien on a Nebraska property is:
- Chain of title in Nebraska refers to:
- Nebraska's recording acts provide a 'race notice' protection meaning:
- A subordination agreement in Nebraska real estate financing allows:
- An abstract attorney in Nebraska reviews the title abstract to:
- A 'cloud on title' in Nebraska refers to:
- Nebraska's 'marketable title' standard means that a title must be:
- In Nebraska, proration of property taxes at closing typically:
- In Nebraska, the priority between a mortgage and a mechanic's lien is generally determined by:
- A Nebraska deed of trust names three parties. They are:
- A buyer in Nebraska who purchases property 'subject to' an existing mortgage is:
- An Estoppel Certificate in commercial real estate is a document in which a tenant certifies:
- Nebraska's Torrens system (certificate of title) for recording property ownership, if available, differs from the traditional recording system in that:
- In a Nebraska real estate closing, the HUD-1 Settlement Statement has been largely replaced by the:
- A Nebraska seller who is delinquent on property taxes at closing will typically have the tax obligation:
- A Nebraska title insurance commitment is issued by the title company to:
- In Nebraska real estate, 'actual notice' differs from 'constructive notice' in that actual notice means:
- A Nebraska broker who receives earnest money must deposit it in their trust account no later than:
- Nebraska's doctrine of after-acquired title means that if a grantor conveys property they don't yet own but later acquires it:
- A Nebraska property that has a 'tax deed' issued against it means:
- Nebraska's short-form (or statutory) warranty deed typically contains:
- At a Nebraska residential closing, the buyer will typically receive a:
- A Nebraska survey performed to establish property boundaries is called a:
- When Nebraska property is co-owned by two joint tenants and one dies, the surviving joint tenant must:
- Nebraska's Uniform Real Property Transfer on Death Act allows:
- A Nebraska real estate closing agent (escrow officer) acts as:
- Nebraska's property tax lien is a:
- In Nebraska real estate, 'abstract of title' and 'title insurance' both serve to:
- A Nebraska seller conveys property using a 'deed in lieu of foreclosure' to the lender. This means the seller:
- Nebraska's race-notice recording statute means that to obtain priority, a subsequent buyer must:
- A title company in Nebraska that discovers a forged deed in the chain of title would typically:
- In Nebraska, property that passes through a deceased person's estate and is subject to estate taxes will have any tax liens:
- Nebraska's filing of a 'notice of settlement' (or similar pending transaction notice) in the public record serves to:
- A Nebraska buyer who purchases property at a tax sale receives a:
- A Nebraska lender who advances money on a construction loan that is disbursed in draws as work is completed needs to be aware that:
- In Nebraska, the amount of real estate transfer tax due at closing is:
- A Commitment for Title Insurance in Nebraska is issued by the title company BEFORE closing to:
- Which of the following liens in Nebraska is typically given the highest priority regardless of recording date?
- A 'quiet title action' in Nebraska is a court proceeding used to:
- In Nebraska, a deed must be notarized before recording because:
- An 'encroachment' on a Nebraska property means:
- In Nebraska, the county treasurer issues a 'tax lien certificate' to a buyer at a tax sale. The original owner may redeem the property by:
- A Nebraska property subject to a 'right of entry' for condition broken differs from a fee simple defeasible in that:
- Nebraska's grantor-grantee index in the county recorder's office is used to:
- A Nebraska buyer who purchases at auction and receives a 'sheriff's deed' should be aware that this deed:
- A Nebraska title company performing due diligence on an agricultural property must check for:
- Nebraska's county register of deeds office maintains which types of records relevant to real estate transactions?
- A 'split closing' in Nebraska occurs when:
- A Nebraska property owner who discovers an error in a recorded deed should correct it through a:
- A 'satisfaction of judgment' in Nebraska clears a judgment lien from a property when:
- Nebraska's 'agricultural exemption' from certain real estate licensing activities may allow an agricultural landowner to:
- A Nebraska mortgage executed by a party who lacks legal capacity (e.g., a legally incapacitated person) is:
- A Nebraska property title examination may reveal 'outstanding interests' such as undivided mineral rights previously severed. This means:
- Nebraska's requirement that all deed transfers be witnessed (acknowledged) before a notary before recording serves to:
- In Nebraska, a commercial real estate closing often involves an 'ALTA Survey,' which provides:
- A 'gap' in the chain of title in Nebraska means:
- Nebraska's doctrine of 'after-acquired title by estoppel' holds that when a grantor conveys property with a warranty but doesn't own it yet:
- A Nebraska '1031 exchange escrow' (Qualified Intermediary) holds the proceeds from the sale of a relinquished property in a segregated account to:
- A general warranty deed in Nebraska contains which covenant not found in a special warranty deed?
- In Nebraska, who typically orders the title search and title insurance commitment?
- A Nebraska property is subject to a mechanics' lien filed after a general warranty deed was recorded. Under Nebraska's recording act, the grantee:
- A Nebraska property has an easement by prescription. This means the easement was created by:
- In Nebraska, a deed must be delivered and accepted to be effective. If a deed is signed but held in escrow, title passes when:
- A Nebraska title company issues a commitment for title insurance. Schedule B lists exceptions. These exceptions represent:
- A Nebraska property is subject to a special assessment for new sidewalks. At closing, the special assessment is typically:
- A Nebraska seller agrees to carry back a purchase money mortgage. This means:
- A Nebraska deed of trust has three parties. Who are they?
- A Nebraska title company charges a 'gap premium' for title insurance. This covers:
- Nebraska uses which system to give notice of recorded documents affecting title to real property?
- A Nebraska property closing involves prorating the property taxes that have not yet been billed for the current year. This is an example of:
- A Nebraska title search reveals a lis pendens filed against the property. This indicates:
- In a Nebraska deed of trust foreclosure, the property is sold at a trustee's sale. The sale proceeds are applied in which order?
- A Nebraska closing statement shows a $3,000 credit to the buyer from the seller for closing costs. This appears on the closing statement as:
- A Nebraska property has a tax lien from unpaid property taxes. At closing, this lien is:
- A Nebraska title insurance policy has two components. They are:
- A Nebraska seller offers to pay 'up to $5,000 in buyer's closing costs.' This provision in the purchase agreement is:
- In a Nebraska non-judicial foreclosure under a deed of trust, the trustee may sell the property without:
- A Nebraska property owner wants to give their neighbor the right to park in their driveway permanently, running with the land. The correct instrument is:
- A Nebraska property has a deed restriction prohibiting buildings taller than 35 feet. The restriction was placed by a developer in 1990. This restriction:
- A Nebraska property owner's deed is lost in a fire. The owner's title is:
- A Nebraska property owner uses a land contract (contract for deed) to sell property. Under this arrangement, the seller retains:
- At a Nebraska closing, which party typically provides the survey of the property?
- A Nebraska seller at closing receives a 'seller's net sheet.' This document shows:
- In a Nebraska transaction, 'proration' at closing ensures that:
- A Nebraska property is sold subject to an existing first mortgage. This means the buyer:
- A Nebraska property owner discovers an easement on their title that was not disclosed before purchase. The owner's recourse may include:
Property Ownership
103 questions- Tenancy in common differs from joint tenancy in that:
- A mechanic's lien may be filed against a property by:
- A life estate grants the life tenant the right to:
- Eminent domain gives the government the power to:
- A covenant running with the land means the restriction:
- Tenancy by the entirety is a form of co-ownership available:
- The government's power to levy real property taxes is known as:
- Escheat is the process by which:
- Personal property becomes real property (a fixture) when it is:
- A deed restriction that prohibits a property from being used for commercial purposes is an example of a:
- A license in real property law is:
- An encroachment occurs when:
- In Nebraska, property taxes are assessed and collected by:
- A leasehold estate gives the tenant the right to:
- Which type of legal description is most commonly used in Nebraska for describing agricultural land in rural areas?
- Which type of deed provides the GREATEST protection to the buyer/grantee?
- Adverse possession in Nebraska requires that the possessor's use be:
- An easement appurtenant benefits:
- In Nebraska, property transferred through intestate succession (without a will) is distributed according to:
- A lis pendens recorded against a property notifies potential buyers that:
- In Nebraska, when two unmarried individuals purchase property with equal shares and the right of survivorship, they hold title as:
- Nebraska does NOT recognize which of the following forms of concurrent ownership?
- A homestead exemption in Nebraska primarily provides:
- A life estate in Nebraska gives the life tenant the right to:
- Fee simple absolute ownership in Nebraska means:
- An easement appurtenant in Nebraska benefits:
- The Nebraska Condominium Act governs:
- Under Nebraska law, a property tax exemption for disabled veterans may apply to:
- A deed restriction (restrictive covenant) in Nebraska:
- In Nebraska, adverse possession requires the claimant to occupy the property openly, continuously, and hostilely for a period of:
- A deed must contain which of the following to be valid in Nebraska?
- In Nebraska, the legal description of a property in a deed must be:
- The government rectangular survey system divides land in Nebraska into townships of:
- Section 16 in a township in the government rectangular survey system was traditionally reserved for:
- Tenancy by the entirety in Nebraska is available only to:
- A license (as an interest in real property, not a real estate license) differs from an easement in that:
- In Nebraska, a lis pendens notice filed against a property means:
- A condominium owner in Nebraska owns:
- A cooperative (co-op) housing arrangement differs from a condominium in that co-op residents:
- Nebraska law on water rights uses the doctrine of 'prior appropriation,' which means:
- Nebraska's Uniform Residential Landlord and Tenant Act applies to leases for:
- Mineral rights in Nebraska can be:
- A Nebraska farm lease that runs from year to year and includes automatic renewal unless notice is given is an example of a:
- A Nebraska farmer with irrigation rights holds what kind of property interest?
- An encumbrance on a Nebraska property title is best defined as:
- Nebraska's Uniform Disposition of Unclaimed Property Act applies to real estate escrow funds when:
- A leasehold estate (tenant's interest) in Nebraska is considered:
- Air rights in Nebraska refer to the right to:
- Surface rights in Nebraska farmland may be separately owned from mineral rights, meaning the surface owner:
- A dominant tenement in an easement appurtenant relationship is:
- A Nebraska property owner who grants a conservation easement to a land trust is typically allowed to:
- A tenancy in common (TIC) in Nebraska differs from joint tenancy in that TIC:
- Nebraska's agricultural homestead law provides that the homestead exemption for a farm homestead may include:
- An appurtenant easement in Nebraska is said to 'run with the land,' meaning:
- A Nebraska property subject to a deed restriction prohibiting commercial use may still be used for a home-based business if:
- Nebraska's Uniform Partition of Heirs Property Act was enacted to:
- Nebraska's Homestead Exemption protects the homestead from forced sale to satisfy which types of debts?
- A Nebraska property described as 'the North Half of the Northeast Quarter of Section 20, T4N, R10W' contains how many acres?
- In Nebraska, when property passes to heirs through intestacy (without a will), it is governed by:
- A fixture in Nebraska real estate is personal property that has become:
- Nebraska's 'notice filing' system for agricultural equipment liens (UCC filings) differs from the real property recording system in that UCC filings:
- A Nebraska property owner who donates their property to a charity and retains a life estate will have:
- Nebraska's Land Bank program allows municipalities to:
- In Nebraska, a property held in a revocable living trust is:
- Nebraska recognizes the 'bundle of rights' concept in real property ownership, which includes all of the following EXCEPT:
- Nebraska's Electronic Recording Act allows:
- A Nebraska real property owner who grants an easement by 'implication' does so because:
- A property in Nebraska that is held in joint tenancy can be converted to tenancy in common by:
- A Nebraska property that is subject to a covenant running with the land requires future owners to:
- Nebraska's laws on riparian rights (water rights for land adjacent to streams) differ from prior appropriation rights in that riparian rights:
- Nebraska's Uniform Probate Code allows property to pass to heirs more efficiently than the old formal probate process through:
- A Nebraska property held in an irrevocable trust is owned by:
- Nebraska's agricultural land foreign ownership restrictions limit purchases by non-U.S. entities or individuals because:
- In Nebraska, property acquired by a married couple during the marriage (in a community property state) would be community property, but since Nebraska is a common law state, property acquired during marriage is:
- A 'prescriptive easement' in Nebraska is similar to adverse possession in that it requires:
- Nebraska's homestead exemption protects up to how much of a home's value from creditor claims?
- Two Nebraska business partners own commercial property as joint tenants. If one partner dies, the surviving partner:
- A Nebraska property owner holds title in fee simple defeasible. This means:
- A Nebraska married couple holds title as tenants by the entirety. Which statement is CORRECT?
- A Nebraska property is conveyed 'to John for life, then to Mary.' Mary's interest is a:
- A Nebraska landowner grants an easement to the city for a water pipeline across their property. This is a(n):
- A Nebraska property owner dies intestate (without a will) leaving a spouse and two adult children. Under Nebraska intestacy law, the estate generally passes:
- A Nebraska property is subject to a restrictive covenant prohibiting commercial use. The covenant was created in 1985. It can be enforced by:
- Nebraska recognizes which form of concurrent ownership that requires four unities: time, title, interest, and possession?
- A Nebraska property owner wants to ensure their property passes directly to their spouse upon death without probate. The best ownership strategy is:
- A Nebraska property owner has a deed that was recorded by a previous owner with an incorrect legal description. When the error is discovered, the remedy is to:
- A Nebraska landowner along the Platte River has riparian rights. These rights allow the owner to:
- A Nebraska property was abandoned by its owner and the owner died without heirs. The property passes to the state under the doctrine of:
- A Nebraska condominium owner owns their unit and has a:
- A Nebraska property deed states 'to John Smith and his heirs.' This conveys:
- A Nebraska landowner uses the northeast quarter of the northeast quarter of Section 12. How many acres is this?
- A Nebraska property is held in a living trust. For real estate purposes, the legal owner is:
- A Nebraska property deed is signed and delivered to the buyer. The buyer does not record the deed. The buyer's title is:
- A Nebraska property owner installs a new HVAC system. Under real property law, the HVAC system becomes:
- A Nebraska real property deed must include which essential element to be valid?
- A Nebraska property owner conveys a parcel using a quitclaim deed. The grantee receives:
- A Nebraska property owner dedicates a strip of land along the front of their property to the city for sidewalk purposes. After dedication, the city owns:
- A Nebraska condo association has the power to impose special assessments on unit owners. This power comes from:
- A Nebraska property owner wants to ensure that only their specific heir inherits the property. The best estate planning tool is:
- A Nebraska property owner conveys property to themselves and their spouse after marriage. They should use which type of deed to establish a new form of co-ownership?
- A Nebraska property owner wants to preserve their farmland from development permanently while retaining ownership. The best option is:
- A Nebraska property owner purchases an adjacent vacant lot. The two parcels are combined for tax purposes through:
- A Nebraska property owner's spouse has homestead rights. If the owner wants to mortgage the property, the spouse must:
Environmental
98 questions- Mold in a residential property is primarily a concern because it:
- The term 'brownfield' refers to:
- Carbon monoxide detectors are important in homes because carbon monoxide is:
- In Nebraska, a seller of a home with a private well should disclose:
- Polychlorinated biphenyls (PCBs) are most likely to be found in:
- Radon is a hazardous gas that enters buildings primarily through:
- The EPA action level for radon in residential buildings is:
- Lead-based paint disclosure is federally required for homes built before:
- In Nebraska, disclosure of a private well's condition or water quality test results is important because:
- Asbestos in a home built before 1980 is most dangerous when:
- CERCLA (the Superfund law) is primarily concerned with:
- Underground storage tanks (USTs) are an environmental concern in real estate primarily because:
- Urea-formaldehyde foam insulation (UFFI) is a concern in older homes because it can:
- A Phase I Environmental Site Assessment (ESA) is used to:
- In Nebraska, agricultural properties should be evaluated for potential:
- The Nebraska Department of Environment and Energy (NDEE) is responsible for:
- Lead-based paint disclosure requirements apply to the sale of residential properties built before:
- Radon is a significant concern in Nebraska because:
- CERCLA (Superfund) imposes cleanup liability for hazardous waste contamination on:
- A Phase I Environmental Site Assessment (ESA) involves:
- Asbestos-containing materials (ACM) found in a building are most dangerous when:
- Underground storage tanks (USTs) on Nebraska commercial or agricultural property are regulated by:
- A real estate licensee's obligation regarding environmental hazards is to:
- Mold in a residential property is primarily a concern because:
- The Clean Water Act regulates the discharge of pollutants into Nebraska's navigable waters and requires:
- Wetlands in Nebraska are significant because they:
- The Superfund (CERCLA) 'innocent landowner' defense in Nebraska allows a property owner to avoid liability if they can prove:
- Carbon monoxide (CO) in a home is most often produced by:
- Nebraska's Chemigation Act regulates:
- A seller discovers a buried fuel oil tank on a Nebraska residential property. The proper action is to:
- Nebraska's Groundwater Quality Standards are enforced to protect the state's primary source of drinking water, which is:
- A property located in a FEMA-designated Special Flood Hazard Area (SFHA) in Nebraska requires:
- Formaldehyde off-gassing in newer homes is most commonly associated with:
- Environmental due diligence for a Nebraska commercial real estate transaction typically begins with:
- The Toxic Substances Control Act (TSCA) gives the EPA authority to:
- Nebraska's Natural Resources Districts (NRDs) manage:
- An irrigation well permit in Nebraska is generally required from:
- Prior appropriation water rights in Nebraska are characterized as 'first in time, first in right,' meaning:
- The Nebraska Oil and Gas Conservation Commission regulates petroleum exploration and production because:
- A property with documented soil contamination from a former gas station in Nebraska would most likely require:
- The Resource Conservation and Recovery Act (RCRA) governs the disposal of:
- A voluntary cleanup program in Nebraska (like the NDEE's Voluntary Cleanup Program) allows:
- A property in a Nebraska Brownfield redevelopment area is typically:
- Nebraska's Petroleum Release Remediation Fund provides:
- An environmental lien can be placed on a Nebraska property when:
- Nebraska's Lower Loup Natural Resources District manages the irrigation water rights in central Nebraska's Loup River Basin primarily through:
- A Nebraska property with a history of agricultural pesticide use should be evaluated for:
- Nebraska's Groundwater Management and Protection Act requires:
- If a Nebraska property contains a wetland, a developer planning to fill it must obtain a permit under:
- The Endangered Species Act can affect Nebraska real estate development by:
- Nebraska's Litter Reduction and Recycling Act relates to real estate in that:
- A Nebraska property that was historically used as a dry cleaning facility should be tested for:
- Nebraska's Environmental Protection Act (NEPA) allows state courts to:
- When selling Nebraska farmland, a licensee should inquire about all of the following environmental issues EXCEPT:
- Nebraska's ground-level ozone standards are primarily enforced to protect:
- A Nebraska real estate agent listing a home that was previously used as a methamphetamine laboratory has what duty?
- Nebraska's Sanitary Improvement Districts (SIDs) are governmental entities that:
- Nebraska requires home sellers to disclose if the property has been treated for termites or other wood-destroying insects. This disclosure is included in the:
- The 'all appropriate inquiry' standard under CERCLA requires a property buyer to:
- Nebraska's Integrated Solid Waste Management Act promotes:
- Nebraska's Hazardous Waste Management Act requires generators of hazardous waste to:
- Nebraska's response to agricultural nonpoint source pollution focuses on:
- A Nebraska industrial property with asbestos-containing roofing materials must address the asbestos when:
- Nebraska's Surface Water Quality Standards protect waters designated for which uses?
- A seller's duty regarding environmental disclosures in Nebraska extends to conditions they:
- A property in Nebraska with a history of commercial chemical manufacturing should be evaluated for which of the following under CERCLA?
- Nebraska's 'air quality permit' requirements affect real estate development when:
- Nebraska's 'Wellhead Protection Program' regulates land use near:
- A Nebraska developer who discovers Native American cultural artifacts during excavation must:
- Nebraska's Department of Environment and Energy (NDEE) may issue a 'no further action' (NFA) letter for a cleaned-up contaminated site, which means:
- The Nebraska Department of Environment and Energy (NDEE) requires reporting of underground storage tank releases within:
- A Nebraska farmstead with an old fuel storage tank is being sold. The buyer's primary environmental concern should be:
- A Nebraska property near an agricultural area shows elevated nitrate levels in well water. The primary source is likely:
- Nebraska Natural Resources Districts (NRDs) have authority over groundwater because Nebraska follows:
- A Nebraska homebuyer discovers the home was built in 1972. Under federal law, the seller must:
- A Phase I Environmental Site Assessment for a Nebraska property does NOT include:
- A Nebraska property's well water tests positive for coliform bacteria. The recommended immediate action is:
- Radon enters a Nebraska home primarily through:
- The Ogallala Aquifer underlies much of Nebraska and is the primary water source for agriculture. Nebraska manages this resource primarily through:
- A Nebraska property was previously used as a dry-cleaning facility. The most likely environmental contamination is:
- A Nebraska home inspector notices white chalky staining on the basement walls. This most likely indicates:
- A Nebraska property owner discovers a buried 55-gallon drum on their agricultural land. The appropriate first step is:
- Nebraska has significant wetland areas. Federal protection of wetlands is primarily administered through:
- A Nebraska property is found to have asbestos-containing materials (ACM) in floor tiles and insulation. The BEST course of action is usually:
- Nebraska's voluntary cleanup program for contaminated properties is designed to:
- A Nebraska property near a gas station shows petroleum odors. The ASTM standard for environmental due diligence (Phase I ESA) was designed to qualify a buyer for:
- A Nebraska property owner drills a new water well. Nebraska law requires the well to be:
- A Nebraska real estate agent lists a property with a septic system. The agent's disclosure obligation includes:
- A Nebraska property owner finds their drinking water has high arsenic levels. The most likely source in Nebraska is:
- A Nebraska real estate licensee should recommend a radon test for homes that have:
- A Nebraska homebuyer asks about electromagnetic fields (EMF) from nearby power lines. The agent should:
- A Nebraska property has a private septic system. During an inspection, a failed leach field is discovered. This is significant because a failed septic system:
- A Nebraska property agent discloses a former underground fuel tank that has been removed and the site 'cleaned up.' The buyer's best protection is to:
- A Nebraska homebuyer is concerned about mold in the house they are purchasing. The seller's disclosure reveals no known mold issues. The buyer's best protection is to:
- Nebraska's prior appropriation water rights doctrine means irrigation rights are based on:
- Nebraska requires sellers of residential property to disclose:
- Under CERCLA (Superfund), which party bears cleanup liability for a contaminated Nebraska property?
- A Nebraska property is found to have naturally occurring asbestos (NOA) in the underlying rock. This differs from manufactured asbestos products because:
Land Use & Zoning
98 questions- A plat map is a:
- The rectangular (government) survey system divides land using:
- How many acres are in a section of land under the rectangular survey system?
- A quarter section of land contains how many acres?
- Inclusionary zoning ordinances require developers to:
- A variance is a permission granted to a property owner to:
- A nonconforming use is best described as:
- Deed restrictions (restrictive covenants) differ from zoning regulations in that deed restrictions:
- A special use permit (conditional use permit) allows:
- Buffer zones in land use planning are used to:
- A building setback requirement specifies:
- Spot zoning is generally considered illegal because it:
- The purpose of a master plan (comprehensive plan) in Nebraska municipalities is to:
- A flood plain disclosure is important in Nebraska real estate transactions because:
- Subdivision regulations in Nebraska are designed to ensure that developers:
- Zoning regulations in Nebraska are primarily enacted and enforced by:
- A nonconforming use in zoning law refers to:
- A variance in zoning allows a property owner to:
- A special use permit (conditional use permit) in Nebraska allows:
- Eminent domain is the government's power to:
- A buffer zone in land use planning is used to:
- Spot zoning in Nebraska refers to:
- A comprehensive plan (master plan) in Nebraska serves as:
- Subdivision regulations in Nebraska typically require a developer to:
- An agricultural-zoned parcel in Nebraska used for corn and soybean production would most likely be subject to:
- Annexation in Nebraska refers to:
- A plat map in Nebraska is a recorded document that:
- The police power of Nebraska's government allows it to:
- Inclusionary zoning requires developers to:
- A deed of trust foreclosure in Nebraska (non-judicial foreclosure) proceeds without:
- An agricultural preservation easement in Nebraska allows a landowner to:
- Building codes in Nebraska are primarily enforced by:
- A billboard located in an area newly rezoned as residential would most likely be treated as a:
- In Nebraska, a floodplain development permit may be required for construction in a 100-year floodplain because:
- A 'highest and best use' analysis in real estate determines:
- A conservation easement in Nebraska differs from agricultural zoning because it:
- In Nebraska, a subdivision with privately maintained streets and common areas is typically governed by:
- Mixed-use zoning in Nebraska allows:
- A developer in Omaha wants to build a higher-density project than the current zoning allows. The proper application would be for a:
- A 'taking' under Nebraska constitutional law occurs when:
- An agricultural land preservation district in Nebraska protects farmland by:
- A Transfer of Development Rights (TDR) program in Nebraska allows:
- Impact fees in Nebraska are charged to developers to:
- A Lincoln, Nebraska development seeking to build mixed-income housing would most benefit from which local incentive?
- Nebraska's Community Development Law authorizes municipalities to:
- Urban growth boundaries in Nebraska cities are established to:
- A conditional use permit for a group home in a residential zone in Nebraska cannot be denied solely because:
- Nebraska's Subdivision Act requires that subdivision plats be approved by:
- A PUD (Planned Unit Development) in Nebraska allows:
- Inverse condemnation in Nebraska occurs when:
- A Nebraska commercial property in a 'C-1 Neighborhood Commercial' zone would most likely permit:
- Nebraska's intermodal transportation development areas around Omaha and major railroad corridors are supported by zoning that typically encourages:
- A flood hazard area designated as 'Zone AE' on a FEMA flood map indicates:
- Nebraska's Interlocal Cooperation Act allows neighboring jurisdictions to:
- A Nebraska municipality that wants to downzone property from commercial to residential may owe the affected owner compensation if:
- A Nebraska farmer who wishes to build a wind energy turbine on their farmland would typically need:
- Omaha's historic Dundee and Benson neighborhoods may have properties subject to:
- A Nebraska county's extraterritorial jurisdiction (ETJ) allows it to:
- The Lincoln, Nebraska Comprehensive Plan designates areas for infill development to:
- A Nebraska city's zoning board of adjustment (ZBA) has authority to:
- Nebraska's Loup Public Power District and other public power entities may use eminent domain to acquire:
- A Lincoln 'Havelock' neighborhood historic preservation ordinance might restrict a property owner from:
- Nebraska's Platte River Corridor zoning and land use controls near the Platte River may restrict development to protect:
- A Nebraska 'conditional use permit' (CUP) for a group home in a residential zone typically requires the applicant to demonstrate:
- The 'Agricultural Land Use Mapping' maintained by Nebraska counties serves to:
- Nebraska's Intermodal Connections Improvement Act supports transportation and development by:
- A 'Transfer of Development Rights' (TDR) transaction in Nebraska is recorded as:
- Nebraska's 'Right to Farm' Act protects agricultural operations from nuisance claims by:
- Nebraska's 'Riparian Buffer' zones near waterways serve what purpose in land use planning?
- A Nebraska municipality that wants to require all new commercial buildings over 10,000 sq ft to meet LEED green building standards would do so through:
- A Nebraska municipality enacts an ordinance requiring all new construction in a flood zone to be elevated two feet above the base flood elevation. This is an example of:
- A Nebraska landowner's property is taken for a highway expansion but the owner believes the compensation offered is inadequate. The owner's remedy is:
- A Nebraska property owner wants to operate a bed and breakfast in a residentially-zoned area. They should apply for a:
- A Nebraska city rezones a neighborhood from commercial to residential, making existing businesses nonconforming uses. These businesses:
- A Nebraska agricultural property is in a floodway, not just a flood zone. Development restrictions in a floodway are:
- A Nebraska municipality requires new subdivisions to dedicate land for parks and public facilities. This requirement is called:
- In Nebraska, agricultural land is generally protected from urban sprawl through:
- A Nebraska municipality denies a variance request. The property owner believes the denial was arbitrary. Their legal remedy is to:
- A Nebraska developer wants to build homes on land zoned agricultural. The developer must apply for:
- Nebraska's state enabling legislation allows municipalities to exercise zoning authority under which power?
- A Nebraska city wants to acquire private property for a new public library. The legal process is:
- A Nebraska property owner's land is rezoned, significantly reducing its value. The owner claims a taking and seeks compensation. This is called:
- A Nebraska city's comprehensive plan recommends commercial development along a corridor. The plan is:
- A Nebraska subdivision plat must be approved by which entity before lots can be legally sold?
- A Nebraska property owner builds a fence that encroaches 2 feet onto a neighbor's property. The neighbor wants to remove the encroachment. The legal remedy is:
- A Nebraska county has a right-to-farm ordinance. This protects:
- A Nebraska property is in an area designated as a Wellhead Protection Area. Development restrictions exist to protect:
- A Nebraska city enacts a Planned Unit Development (PUD) ordinance. PUDs typically allow:
- Nebraska's Environmental Protection Act (NEPA equivalent) requires environmental impact assessments for:
- A Nebraska farmer wants to build a grain storage facility on their property. In an agricultural zone, this use is:
- A Nebraska county adopts a floodplain management ordinance. Properties in the 100-year floodplain are:
- A Nebraska city's historic district designation affects a property owner's ability to:
- A Nebraska property developer wants to build 50 homes in a township that has no zoning. The developer's flexibility regarding lot sizes, setbacks, and uses is:
- In Nebraska, a property used for both agricultural and residential purposes is often classified for tax purposes as:
- A Nebraska property owner challenges a zoning regulation claiming it has eliminated all economically viable use of their land without compensation. This constitutional challenge is based on:
- A Nebraska property owner wants to operate a home daycare for 8 children in a single-family residential zone. This typically requires:
- A Nebraska city's zoning code requires a minimum lot size of 10,000 sq ft. A developer proposes lots of 8,000 sq ft. The developer needs:
- Nebraska's Agricultural Land Valuation Act requires that farmland be assessed for property tax purposes based on:
Fair Housing
97 questions- Redlining is an illegal practice that involves:
- Under the Fair Housing Act, 'familial status' protection covers:
- A landlord refuses to rent to a prospective tenant because the tenant uses a wheelchair. This is a violation of:
- Under fair housing law, a real estate advertisement that states 'Perfect for young professionals' may be problematic because it could be seen as discrimination based on:
- A landlord's refusal to make reasonable modifications for a tenant with a disability (at the tenant's expense) violates:
- A housing complex that restricts residency to persons 55 years of age or older must meet HUD requirements including that:
- Which federal agency investigates complaints of fair housing violations?
- Under the Fair Housing Act, a complaint must be filed with HUD within how many days of the alleged discriminatory act?
- Under the Fair Housing Act, 'national origin' discrimination includes discrimination based on:
- A landlord's policy of refusing to rent to anyone with a prior arrest record (regardless of conviction) may be considered discriminatory because:
- In Nebraska, which additional entity may investigate fair housing complaints at the state level?
- The concept of 'reasonable accommodation' in fair housing for persons with disabilities means:
- Disparate impact in fair housing occurs when:
- Under the Fair Housing Act, 'sex' as a protected class has been interpreted by courts and HUD to include:
- The Nebraska Fair Housing Act adds which protected class NOT covered by the federal Fair Housing Act?
- Steering in real estate refers to the illegal practice of:
- A real estate agent who tells a white buyer 'you probably wouldn't want to live in that neighborhood' based on racial composition is engaging in:
- Under the Fair Housing Act, which exemption allows an owner-occupied building with no more than 4 units to refuse certain tenants?
- Blockbusting is an illegal practice in which a real estate agent:
- The federal Fair Housing Act prohibits discrimination in housing based on which protected classes?
- Nebraska's Fair Housing Act provides additional protections beyond the federal law, including:
- Steering in real estate means:
- Blockbusting (panic selling) is the illegal practice of:
- Redlining is illegal and refers to:
- Under the Fair Housing Act, a landlord may refuse to rent to a person with a disability who has a service animal because the building has a 'no pets' policy:
- Familial status as a protected class under the Fair Housing Act protects:
- A Nebraska licensee who witnesses fair housing violations by their client should:
- The Equal Housing Opportunity logo must be included in:
- A fair housing complaint in Nebraska may be filed with:
- The Americans with Disabilities Act (ADA) requires that commercial properties open to the public provide:
- Under the Fair Housing Act, a landlord who refuses to make reasonable modifications for a person with a disability in housing covered by the Act:
- Discriminatory advertising under Nebraska's Fair Housing Act includes which of the following?
- The Fair Housing Act exempts an owner-occupied building with how many or fewer units from the prohibition on discrimination based on race?
- Which federal act prohibits all racial discrimination in the sale or rental of real property with no exceptions?
- Housing for Older Persons (HOPA) allows age-based restrictions in 55+ communities only if:
- A Nebraska real estate agent who uses coded language in conversations with clients to steer them toward or away from neighborhoods based on racial composition is engaged in:
- The Nebraska Equal Opportunity Commission (NEOC) enforces:
- A seller instructs their listing agent to not show the property to buyers of a certain national origin. The agent should:
- Familial status protections under the Fair Housing Act apply to advertising that:
- A lender who charges a higher interest rate to borrowers in minority-dominated neighborhoods without objective justification is engaging in:
- Under Nebraska's fair housing law, disability protections cover individuals who:
- A Nebraska property manager who screens tenants must use:
- Which statement about the Fair Housing Act and sexual orientation is correct?
- Disparate impact liability under the Fair Housing Act means that a policy may be discriminatory even if:
- Under the Nebraska Fair Housing Act, which of the following is considered an additional protected class beyond the federal Fair Housing Act?
- A Nebraska property manager who refuses to accept Housing Choice Vouchers (Section 8) as a matter of policy may be in violation of:
- A real estate agent who advises a buyer that 'this neighborhood might not be the right fit for your family' based on the buyer's national origin is committing:
- The federal Fair Housing Act requires that all residential real estate advertising must NOT express any preference, limitation, or discrimination based on:
- Under the Fair Housing Act, a housing provider's failure to provide a reasonable accommodation for a person with a disability is discriminatory unless:
- A Nebraska landlord may legally refuse to rent to a tenant based on:
- A Nebraska city ordinance prohibiting group homes in residential zones would likely be challenged as:
- Under fair housing law, 'source of income' as a protected class (in jurisdictions that recognize it) protects housing applicants who:
- A Nebraska real estate agent who consistently fails to return calls from prospective buyers of a certain national origin group while promptly serving others is:
- The Fair Housing Act requires that reasonable modifications made by a tenant with a disability:
- Under the Fair Housing Act, advertising that uses words like 'master bedroom' or 'good Christian neighborhood' may raise fair housing concerns related to:
- A Nebraska landlord who charges a higher security deposit to tenants with children than to tenants without children is:
- Nebraska's fair housing complaint process allows a complainant to file with HUD within how many days of the alleged discriminatory act?
- The Violence Against Women Act (VAWA) in housing requires that:
- Nebraska's fair housing laws provide that a person who aids, abets, incites, compels, or coerces another to violate fair housing law is:
- Under the Fair Housing Act, a property owner who lives in a single-family home and sells it themselves (FSBO) is exempt from the prohibition on discrimination ONLY if they:
- Nebraska's Fair Housing Act covers which types of housing transactions?
- A Nebraska mortgage lender who requires different application documentation from minority applicants than from non-minority applicants of similar financial profile is likely committing:
- In Nebraska, the defense of a housing provider against a fair housing complaint based on disability accommodation is:
- A Nebraska real estate board's practice of maintaining separate MLS books for minority buyers would constitute:
- A Nebraska REALTOR® who is found by a local Board of REALTORS to have violated the NAR Code of Ethics regarding fair housing may face:
- Nebraska's Human Rights Act protects against housing discrimination and is enforced by the:
- A fair housing test or 'paired testing' is a method used by fair housing organizations to:
- A Nebraska apartment complex that requires a substantially higher income-to-rent ratio from Hispanic applicants than from non-Hispanic applicants of similar credit profiles is committing:
- Nebraska real estate licensees are required to complete fair housing education as part of their continuing education because:
- A Nebraska landlord refuses to rent to a family because they have young children. This violates fair housing law based on which protected class?
- A Nebraska real estate agent shows minority buyers homes only in certain neighborhoods while showing white buyers homes throughout the city. This practice is called:
- Under Nebraska fair housing law, which class is protected by state law but NOT federal law?
- A Nebraska mortgage lender charges higher interest rates in predominantly minority neighborhoods than in comparable predominantly white neighborhoods. This practice is called:
- A Nebraska property owner asks their listing agent to not advertise the property in Spanish-language media to avoid attracting Hispanic buyers. The agent should:
- Under the Fair Housing Act, a disability accommodation request by a tenant must be:
- A Nebraska apartment complex advertises 'Perfect for Young Professionals.' This could be construed as discriminatory based on:
- A Nebraska landlord requires all tenants to have a credit score of 680+. An applicant with a disability has a lower credit score due to medical bills. The landlord should:
- A Nebraska senior housing community wants to restrict occupancy to residents 55 and older. To qualify for the Housing for Older Persons Act (HOPA) exemption, what percentage of units must be occupied by persons 55+?
- A Nebraska property manager always requires larger security deposits from applicants of a particular national origin. This is an example of:
- A Nebraska agent tells an African American buyer that a certain neighborhood 'might not be comfortable' for them. This is an example of:
- A Nebraska real estate company has a policy of never advertising in certain zip codes that coincide with minority neighborhoods. This is an example of:
- The Nebraska Equal Opportunity Commission (NEOC) handles complaints under Nebraska's fair housing law. The federal equivalent enforcement agency is:
- A Nebraska lender denies a mortgage to an applicant because the property is located in a predominantly minority neighborhood, not because of the applicant's creditworthiness. This is:
- A Nebraska property management company refuses to make reasonable modifications to a unit for a wheelchair user, stating it would be 'too expensive.' Under fair housing law:
- A Nebraska landlord refuses to rent to an applicant because they receive housing assistance (Section 8/HCV). Under Nebraska state law:
- A Nebraska real estate agent's advertising shows only white families in photos of homes in a predominantly white neighborhood. This practice:
- Under the Nebraska Fair Housing Act, a complaint must be filed within how many days of the discriminatory act?
- A Nebraska tenant with HIV/AIDS requests that the landlord not share their medical information with other tenants or neighbors. The landlord must:
- A Nebraska apartment complex prohibits all pets. A tenant who is deaf requests an exception for a hearing-alert dog. The landlord must:
- A Nebraska landlord requires applicants to have a rental history free of evictions. An applicant who was evicted due to their disability (hoarding disorder) applies. The landlord should:
- A Nebraska property manager posts a 'No Section 8' sign in their rental office window. Under Nebraska's fair housing law, this is:
- A Nebraska seller instructs their listing agent to 'find a nice family buyer.' This instruction is problematic because:
- A Nebraska landlord adds a criminal background check requirement after a tenant of a particular race applies. This practice is potentially illegal because:
- A Nebraska real estate agent uses the phrase 'exclusive gated community' in advertising. This phrase:
- A Nebraska apartment manager requires a credit score of 700+ for all applicants. An applicant with a score of 680 is denied. This policy:
- A Nebraska seller tells their listing agent they prefer not to sell to same-sex couples. The agent should:
- Under the Americans with Disabilities Act (ADA), which Nebraska properties must be accessible to individuals with disabilities?
Property Management
93 questions- The capitalization rate used in property management decisions helps the owner to:
- A property manager who is hired by an owner to manage a rental property is best classified as:
- Under Nebraska law, a landlord who retaliates against a tenant for reporting housing code violations may:
- A percentage lease, often used in retail real estate, requires the tenant to pay:
- The purpose of a move-in and move-out inspection checklist is to:
- A property manager's primary duty to the property owner is to:
- In Nebraska, a security deposit for a residential unit may generally not exceed:
- Under the Nebraska Residential Landlord and Tenant Act, a landlord must return the security deposit within how many days after the tenant vacates?
- A management agreement between a property manager and an owner should include all of the following EXCEPT:
- Which type of lease provides the most stability for both landlord and tenant?
- Habitability standards under the Nebraska Residential Landlord and Tenant Act require landlords to maintain:
- When a Nebraska tenant abandons a rental unit leaving personal property behind, the landlord should:
- A gross lease is one in which the tenant pays:
- A triple-net (NNN) lease requires the commercial tenant to pay:
- A property manager who collects rent, pays bills, and retains the remainder as the owner's net income is operating under which accounting method?
- A property manager in Nebraska who manages property for others for compensation must be:
- A property management agreement is a contract between:
- Nebraska's landlord-tenant law (Residential Landlord and Tenant Act) requires a landlord to:
- In Nebraska, a landlord must return a tenant's security deposit within how many days after the lease ends and the tenant vacates?
- A gross lease structure requires the tenant to pay:
- A net lease in commercial property management requires the tenant to pay:
- The proper notice period for a Nebraska landlord to terminate a month-to-month residential tenancy without cause is typically:
- A property manager's fiduciary duty to the property owner includes:
- Deferred maintenance in property management refers to:
- A percentage lease, common in retail settings, calculates rent as:
- Nebraska's Residential Landlord and Tenant Act applies to:
- A Nebraska landlord's right to enter a rented dwelling for non-emergency repairs requires:
- The maximum security deposit a Nebraska landlord may collect for an unfurnished residential unit is:
- A property manager who collects rents and makes maintenance decisions is acting as a:
- Operating expenses in a property management income analysis include:
- In Nebraska, which of the following is a legitimate reason for a landlord to retain a tenant's security deposit?
- A Nebraska landlord who fails to return a security deposit or provide an itemized deduction statement within the required timeframe may be liable for:
- A notice to quit in Nebraska is a document that:
- A net operating income (NOI) statement for a rental property subtracts from effective gross income:
- A property manager's management fee is typically calculated as:
- An eviction proceeding in Nebraska begins with the landlord serving the tenant with a:
- Under Nebraska law, a tenant may withhold rent if the landlord fails to maintain the property in a habitable condition, provided the tenant:
- The Americans with Disabilities Act (ADA) accessibility requirements for commercial properties are enforced by:
- A triple net (NNN) lease in Nebraska requires the tenant to pay:
- Reserves for replacement in a property management budget are funds set aside for:
- Nebraska's Landlord-Tenant Act requires landlords to provide a habitable premises. 'Habitable' means the dwelling must have:
- A month-to-month lease in Nebraska is characterized by:
- A Nebraska property manager who discovers a serious structural defect in a managed property during a routine inspection should:
- A tenant's obligation to pay rent in Nebraska continues even if the landlord fails to make repairs, UNLESS:
- A Nebraska property owner who wants to convert an apartment building to condominiums must comply with:
- Discrimination against a tenant who has complained about substandard housing conditions is known as:
- A Nebraska tenant who stops paying rent because the landlord has failed to maintain heating in winter may have a claim for:
- A property manager who signs leases on behalf of the property owner is acting under what kind of authority?
- Capital expenditure reserves in a property management budget are funded to pay for:
- A Nebraska tenant who sublets their apartment without the landlord's required approval is in:
- A Nebraska property manager handling rural farmland leases must understand that Nebraska farm lease law often includes:
- In a Nebraska crop share lease arrangement, the landlord receives:
- Nebraska's Landlord-Tenant Act requires a landlord who wants to terminate a rental agreement for nonpayment of rent to provide the tenant with:
- A commercial tenant who operates a restaurant in a Nebraska shopping center under a net lease would be responsible for paying:
- A Nebraska property manager who provides false financial reports to the property owner is:
- A Nebraska commercial tenant who 'holds over' after a commercial lease expires may be treated by the landlord as:
- A property manager's annual management report to a Nebraska property owner should typically include:
- Under Nebraska's Uniform Residential Landlord and Tenant Act, a tenant who damages a rental unit beyond normal wear and tear is responsible for:
- A property manager in Nebraska who collects first and last month's rent plus a security deposit from a new tenant must:
- A Nebraska property manager who suspects tenant fraud on an application (false income or references) should:
- A Nebraska commercial property manager who receives a tenant's request to sublease must first:
- A Nebraska property manager's 'statement of condition' form completed before a tenant moves in serves to:
- A Nebraska commercial landlord who wants to repossess space due to tenant default must follow:
- A Nebraska property manager responsible for a homeowners association (HOA) community must ensure:
- Nebraska's residential lease renewal statute generally provides that if a landlord intends to increase rent at the renewal of an annual lease, they must:
- Under Nebraska's URLTA, a landlord must provide a written receipt for a cash security deposit within:
- A Nebraska tenant gives proper notice to vacate and moves out. The landlord must return the security deposit within:
- Under Nebraska URLTA, what is the maximum security deposit a landlord may collect for an unfurnished rental?
- A Nebraska tenant fails to pay rent. Under URLTA, the landlord must serve a written notice giving the tenant how many days to pay or vacate?
- A Nebraska property manager collects rent and security deposits on behalf of the owner. These funds must be kept in:
- A Nebraska landlord enters a tenant's apartment without notice for a non-emergency repair. This violates URLTA, which generally requires:
- A Nebraska tenant causes $3,000 in damages beyond normal wear and tear. The security deposit is $1,500. The landlord can:
- A Nebraska property manager is hired under a property management agreement. This agreement is:
- A Nebraska commercial lease includes a CAM (Common Area Maintenance) clause. This means the tenant pays:
- A Nebraska property manager discovers a tenant is subletting the unit without permission in violation of the lease. The manager's first step should be to:
- A Nebraska property manager charges a management fee of 8% of collected rents. If monthly rent is $1,850 and the unit was vacant for 2 months out of 12, the annual management fee is:
- Under Nebraska URLTA, which of the following is a landlord's obligation regarding habitability?
- A Nebraska tenant pays rent on the 1st. Rent is 5 days late. Under URLTA, the landlord can:
- A Nebraska lease provides that the tenant pays all utilities. After move-in, the tenant discovers the heating system is inadequate. Under URLTA, the landlord must:
- Under Nebraska URLTA, when a tenant abandons a rental unit, the landlord may:
- A Nebraska tenant wants to install a satellite dish. Under federal law (FCC OTARD Rule):
- A Nebraska property manager wants to convert apartment units to condominiums. This requires:
- A Nebraska property management company manages 200 units across multiple properties. Nebraska law requires the broker to:
- A Nebraska residential property management agreement typically grants the manager authority to:
- A Nebraska lease includes a rent escalation clause tied to the CPI. If CPI increases 3% and monthly rent is $1,200, the new rent is:
- A Nebraska tenant exercises their right to withhold rent due to habitability conditions. Under URLTA, the tenant may withhold rent only if they have:
- A Nebraska tenant has lived in a unit for 3 years on a month-to-month tenancy. The landlord wants to terminate the tenancy without cause. Under URLTA, the landlord must provide:
- A Nebraska commercial tenant's lease expires and they continue to occupy and pay rent, which the landlord accepts. The resulting tenancy is:
- A Nebraska property manager receives a tenant's security deposit. Nebraska URLTA requires this money to be:
- A Nebraska residential property manager handles security deposit deductions for normal wear and tear at move-out. This is:
- A Nebraska tenant gives notice to vacate. After move-out, the landlord discovers the tenant left personal belongings. Nebraska law requires the landlord to:
- A Nebraska property management company charges different application fees to different applicants based on their national origin. This violates:
- A Nebraska commercial lease's 'triple net' (NNN) structure means the tenant pays:
Property Valuation
92 questions- The income approach to value is most often used for:
- Capitalization rate (cap rate) is calculated as:
- External (economic) obsolescence is a form of depreciation caused by:
- Highest and best use of a property is defined as the use that is:
- Appraisal reconciliation is the process of:
- The principle of substitution in real estate valuation states that:
- Effective gross income (EGI) in the income approach is calculated as:
- The principle of progression in real estate states that:
- An appraiser notes that a home has only one bathroom while most comparable homes have two. This would likely be treated as:
- A competitive market analysis (CMA) performed by a real estate agent differs from a formal appraisal because a CMA:
- The principle of conformity holds that a property achieves maximum value when:
- Accrued depreciation in the cost approach is:
- Market value is best defined as:
- An appraiser comparing a subject property to a comparable that sold 18 months ago would need to make a time (market conditions) adjustment because:
- In the sales comparison approach, 'adjustments' are made to comparable sales to account for:
- The cost approach to value is most reliable when:
- Functional obsolescence in a property refers to:
- An appraiser using the gross rent multiplier (GRM) approach needs to know:
- A property with a GRM of 120 generates $1,500 per month in rent. What is the estimated value?
- The sales comparison approach to property valuation is most appropriate for:
- The income approach to valuation capitalizes a property's net operating income using the formula:
- Functional obsolescence in a property appraisal refers to:
- Gross Rent Multiplier (GRM) is calculated as:
- When an appraiser makes adjustments in the sales comparison approach, adjustments are made to:
- The cost approach to appraisal is most reliable for:
- Accrued depreciation in the cost approach refers to:
- In Nebraska farmland valuation, which factor has the greatest impact on per-acre value?
- An appraisal report prepared for a federally related transaction must be performed by:
- The principle of substitution in appraisal theory states that:
- External obsolescence (economic obsolescence) in an appraisal is caused by:
- Reproduction cost in the cost approach is the cost to:
- An appraisal is defined as:
- The market value of a property is best defined as:
- Paired sales analysis in appraising is used to:
- Depreciation in the cost approach to appraisal is divided into three categories. Which of the following is an example of 'physical deterioration'?
- When using the sales comparison approach, an appraiser finds a comparable sale that is superior to the subject in terms of lot size. The appraiser should:
- A capitalization rate (cap rate) in income property analysis represents:
- An economic life estimate in the cost approach refers to:
- Nebraska farmland productivity ratings (PI ratings) are used by appraisers to:
- The effective age of a building differs from its actual (chronological) age in that effective age:
- A value-in-use estimate differs from market value in that value-in-use:
- When appraising a Nebraska property in a rapidly appreciating market, the appraiser should:
- An over-improvement in real estate refers to:
- In the income approach, potential gross income (PGI) represents:
- A Nebraska appraiser valuing a 640-acre irrigated corn farm would place the highest weight on which approach?
- Reconciliation in the appraisal process is the step where the appraiser:
- The Uniform Standards of Professional Appraisal Practice (USPAP) applies to Nebraska appraisers because:
- An automated valuation model (AVM) used by Nebraska lenders differs from a full appraisal in that an AVM:
- When appraising a new Nebraska subdivision, an appraiser establishing land values might use the:
- An appraisal for a federally related mortgage transaction in Nebraska requires the appraiser to include a:
- The 'principle of progression' in real estate valuation states that a lower-value property is:
- In Nebraska, the assessment ratio for property tax purposes is the relationship between:
- An appraisal that uses only one approach (e.g., sales comparison) without considering others may be:
- The term 'Desk Review' in Nebraska appraisal practice refers to:
- When a Nebraska appraiser develops a 'restricted use report,' they must include a statement that the report:
- Nebraska county assessors use the 'income approach' to value large commercial properties for tax purposes because:
- An appraiser who is asked to value a property for an estate sale must be careful that the value is as of:
- The principle of contribution in real estate valuation states that:
- A Nebraska property with 5 acres zoned for light industrial use that has contaminated soil would most likely be appraised using which method to estimate the value impact of contamination?
- Nebraska's property tax appeal process allows property owners who believe their assessed value is too high to:
- Nebraska county assessors must visit and inspect all real property at least once every how many years?
- Functional utility in property valuation refers to a property's:
- The 'sales ratio study' conducted by the Nebraska Property Tax Administrator compares:
- An appraiser's 'market conditions adjustment' (time adjustment) in the sales comparison approach accounts for:
- A Nebraska commercial property has a NOI of $85,000 and similar properties sell at a 7.5% cap rate. The indicated value is:
- The gross rent multiplier (GRM) for a Nebraska residential rental is 142. The property rents for $1,400/month. The estimated value is:
- Which appraisal approach is most appropriate for a special-use property like a Nebraska grain elevator?
- When using the sales comparison approach in Nebraska, an appraiser adds $8,000 to the comparable sale because the comparable LACKS a feature the subject has. This is called a:
- A Nebraska appraiser is determining the depreciation on a 20-year-old building with an economic life of 50 years. Using the straight-line method, the depreciation percentage is:
- A Nebraska appraiser uses the cost approach. The replacement cost of a building is $450,000. Total depreciation is $90,000. Land value is $75,000. The indicated value is:
- A Nebraska appraiser reconciles three approaches: Sales Comparison = $285,000; Cost = $290,000; Income = $278,000. For a single-family home, the appraiser will give MOST weight to:
- A Nebraska commercial property's capitalization rate decreases from 7% to 6%. With the same NOI, the property value:
- A Nebraska appraiser inspects a property and notes that the neighborhood shows signs of transition from residential to commercial use. This is an example of which force affecting value?
- A Nebraska appraiser notes a comparable sale occurred 8 months ago. Current market conditions have appreciated 3% since then. The appraiser should apply a:
- The principle of conformity states that property values are maximized when:
- A Nebraska appraiser determines functional obsolescence in an older home because it has only one bathroom for a 4-bedroom home. This is:
- An appraiser in Nebraska uses paired sales analysis to isolate the value of a two-car garage. This is a technique used in which approach?
- A Nebraska appraiser identifies an external obsolescence affecting a residential property near a newly constructed highway. External obsolescence is:
- A Nebraska farm sold for $3,200 per acre. The farm contains one section. The total sale price was:
- The principle of substitution states that:
- A Nebraska appraiser determines the economic life of a commercial building is 40 years. The building is 10 years old. The effective age is also 10 years. The remaining economic life is:
- A Nebraska industrial property's highest and best use has changed from manufacturing to commercial retail. The appraiser should value the property based on:
- A Nebraska property has a front porch that needs repair (cost = $2,000 to repair, adds $2,000 in value). The depreciation is:
- A Nebraska appraiser uses a 'before and after' method. This is commonly used for:
- The income approach to valuation is LEAST appropriate for which type of Nebraska property?
- A Nebraska appraiser uses the economic age-life method to estimate depreciation. The building cost new was $400,000. Effective age is 15 years; economic life is 60 years. Depreciation is:
- Which Nebraska appraisal approach is best for vacant land without income-producing improvements?
- An appraiser working on a Nebraska subdivision notes that smaller homes near the subdivision entrance sell for more per square foot than larger homes at the back. This illustrates the principle of:
- A Nebraska appraiser determines a property's gross annual income is $60,000 with a 5% vacancy. The effective gross income is:
- A Nebraska appraiser is hired to estimate the value of a farm with irrigation rights. The irrigation rights:
- A Nebraska home has 3 bedrooms and one bathroom. The appraiser notes most comparable 3-bedroom homes have 2 bathrooms. The one-bathroom home likely suffers from:
- A Nebraska appraiser is asked to determine a property's 'insurable value' for insurance purposes. This is closest to which appraisal concept?
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