The bill amends the Nebraska Real Estate License Act to strengthen the regulatory framework for real estate professionals, including brokers, associate brokers, salespersons, and subdividers. Key provisions include the requirement for designated brokers to establish written agency agreements with clients prior to engaging in real estate activities, which must specify compensation terms and include a fixed expiration date. The bill also clarifies the conditions for single and dual agency relationships, mandating written consent from all parties involved in dual agency situations. Additionally, it enhances educational requirements for obtaining broker and salesperson licenses, introduces criminal background checks for applicants, and outlines penalties for failing to complete mandatory continuing education.

Moreover, the bill empowers the 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 prohibited actions such as discrimination, misleading advertising, and mishandling of funds. New provisions allow for referral fees for unlicensed individuals under certain conditions, and it requires designated brokers to maintain records of team members and ensure advertising displays the broker's registered business name. The bill includes a timeline for implementation, with certain sections becoming operative on July 1, 2025, and others on January 1, 2026, while also repealing several existing statutes to streamline the regulatory process. 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