Nebraska License Law
Under Nebraska law, the NREC Real Estate Recovery Fund compensates:
ALicensees who are victims of fraud by other licensees
BConsumers who suffer financial losses due to licensee misconduct and cannot collect judgment✓ Correct
CAll parties involved in failed real estate transactions
DLicensees whose licenses are wrongfully suspended
Explanation
The Real Estate Recovery Fund compensates consumers (not licensees) who obtain a judgment against a licensee for misconduct but cannot collect the judgment. There are maximum payment limits per transaction and lifetime limits.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
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