The NREC is reviewing a situation where a Nebraska-licensed broker, operating as a sole proprietor, has died. The broker's surviving spouse wants to continue operating the brokerage for 90 days to wind down the business and complete pending transactions. The surviving spouse does not hold a Nebraska real estate license. What is the most accurate statement about this situation under Nebraska law?
Correct Answer
D) The surviving spouse must immediately cease all brokerage operations because unlicensed real estate activity is prohibited without exception
Nebraska's Real Estate License Act does not contain a statutory succession provision that allows an unlicensed surviving spouse to operate a deceased broker's sole proprietorship. Because the broker's license was personal and non-transferable, the death of the sole proprietor broker terminates the authority to operate the brokerage. The surviving spouse, if unlicensed, must immediately cease brokerage operations. Pending transactions would need to be transferred to a licensed broker.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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