This bill amends the Nebraska Real Estate License Act to modernize regulations concerning written agency agreements, licensing requirements, and unfair trade practices within the real estate sector. A significant change is the requirement for designated brokers to establish written agency agreements with clients prior to engaging in real estate activities, particularly for single agency relationships with buyers or tenants. These agreements must detail the licensee's responsibilities, compensation terms, and expiration dates, while also specifying the types of properties covered, particularly residential properties with one to four dwelling units.

In addition to the agency agreement requirements, the bill modifies the licensing process by increasing the number of real estate courses for salesperson applicants from two to three and raising the total class hours from sixty to ninety. It mandates that all licensees complete twelve hours of continuing education within 180 days of license issuance, with completion evidence valid for four years. The bill also enhances the commission's authority to investigate and discipline licensees for unfair trade practices, including the imposition of civil fines. Furthermore, it introduces new provisions regarding compensation for unlicensed individuals, limiting it to referral fees under specific conditions. Overall, the bill represents a comprehensive update to the regulatory framework governing real estate practices in Nebraska, with some provisions set to take effect in 2025 and 2026.

Statutes affected:
Introduced: 76-2422, 81-885.02, 81-885.13, 81-885.24