The bill amends the Nebraska Real Estate License Act to enhance the regulatory framework for real estate professionals, including brokers, associate brokers, salespersons, and subdividers. Key provisions require designated brokers to enter into written agency agreements with clients prior to engaging in real estate activities, with specific guidelines for single agency relationships and dual agency consent. The bill also updates educational requirements for obtaining a broker's or salesperson's license, increasing the number of required courses and class hours, and introduces new rules for continuing education. Additionally, it clarifies that acting as a real estate broker or salesperson includes publicly marketing an equitable interest in a contract for the purchase of real property, excluding vacant lots.

Furthermore, the bill empowers the Nebraska Real Estate Commission to investigate complaints against licensees and impose disciplinary actions, including censure, revocation, or suspension of licenses, as well as civil fines for unfair trade practices. It specifies that compensation for unlicensed individuals can only be a referral fee under certain conditions, and outlines a comprehensive list of unfair trade practices that may lead to disciplinary action, such as discrimination and misrepresentation. The bill also establishes new operational dates for various sections, with some provisions effective on July 1, 2025, and others on January 1, 2026, while repealing several original sections of the Nebraska Revised Statutes to modernize the legal framework governing real estate practices in the state.

Statutes affected:
Introduced: 76-2422, 81-885.02, 81-885.13, 81-885.24
Final Reading: 76-2422, 81-885.02, 81-885.13, 81-885.24
Slip Law: 76-2422, 81-885.02, 81-885.13, 81-885.24