Contracts
In Nebraska, an earnest money deposit in a real estate transaction is typically held by:
AThe seller's bank
BThe listing broker in a trust account✓ Correct
CThe buyer's attorney
DThe title company only
Explanation
Earnest money is typically held by the listing broker in a separate trust account until closing or the contract terminates. The broker is responsible for proper handling per NREC regulations.
Related Nebraska Contracts Questions
- A Nebraska seller who changes their mind after signing a purchase agreement but before the buyer has signed would be:
- A Nebraska contract is discharged (ended) by all of the following EXCEPT:
- A Nebraska seller who provides false information on the SPCDS about a prior insurance claim for flooding:
- The parol evidence rule prohibits the use of prior oral agreements to:
- 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 purchase agreement provision stating that 'the seller shall not be liable for defects not known to them' is called:
- Nebraska's Seller's Property Condition Disclosure Statement must cover which category of information?
- The equitable title passes to the buyer in a real estate purchase contract when:
Practice More Nebraska Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nebraska Quiz →