The bill amends the Nebraska Real Estate License Act to strengthen regulations for real estate professionals, including brokers, associate brokers, salespersons, and subdividers. Key provisions require designated brokers to establish written agency agreements with clients prior to engaging in real estate activities, detailing the types of properties involved and clarifying the responsibilities of licensees. The bill also introduces new guidelines for dual agency relationships and subagency agreements, ensuring informed consent from all parties. Additionally, it modifies educational requirements for obtaining broker and salesperson licenses, increasing the number of required courses and class hours, and mandates fingerprinting and criminal background checks for applicants.

Furthermore, the bill empowers the commission to investigate complaints and impose disciplinary actions, including censure, revocation, or suspension of licenses, as well as civil fines for unfair trade practices. It outlines prohibited actions such as discrimination, misleading advertising, and mishandling of funds. The bill also specifies conditions under which unlicensed individuals may receive compensation, limited to referral fees. It includes insertions and deletions to clarify compensation for non-resident and foreign individuals, establishes different operative dates for various sections, and repeals several original sections of the Reissue Revised Statutes of Nebraska to streamline the legal framework. The act is set to take effect immediately due to an emergency declaration.

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