Unit 1 - Nebraska Statutes 81-885.02 - 81-885.14

81-885.02?

License Required

What is 81-885.02?

In the state of NE no may act like a real estate agent without becoming licensed

What meaning does September 2, 1973 have?

Since that date it has been unlawful for one to perform real estate activities, advertise services, or hold themselves to the public as broker, associate broker or salesperson

What is 81-885.02 purpose?

Protect public by ensuring that anyone in relation to estate transactions is trained, supervised, and held to professional standards

81-885.03?

When a person is considered a broker, associate broker, or salesperson (and what happens if they act w/o license)

What is 81-885.03?

If a person performs any single act of real estate, NE considers them brokers, associate brokers, or salesperson

What happens if they act without a license?

Whoever they are is immediately in violation of the law. One single act is enough.

What can happen in 81-885.03?

Director may issue cease and desist order requiring person to stop right away but if person continues then penalties increase.

81-885.04?

Exceptions

What is 81-885.04?

This is who does NOT need a real estate license under NE law

What is the owner/regular employee exemption?

Owners and regular employees may handle the owner’s property without a license

What does NOT quality you as the owner

Only having an equitable interest in the property

What can an owner do without a real estate license?

Sell, lease, or manage their own property

When can a regular employee use the owner exemption?

When handling property as part of their normal employment duties

What is the attorney exemption?

Licensed attorneys may perform real estate services as part of their job

Who may act without a license under court authority?

Court appointed or court authorized persons, such as receivers or trustees

Who qualifies as a resident manager exemption?

A manager who lives on-site and handles leasing as part of the job

Which family members of an owner may be exempt?

Owner’s employee, parent, child, brother or sister helping manage/lease

When is an employee of a licensed broker exempt?

When managing rental property for the property owner

Which government employees are exempt?

Federal, Nebraska state, and local government employees acting within official duties

What does equitable interest mean?

Having financial interest in property

What is the tax value exemption?

Someone giving a property value estimate solely for property-tax purposes needs no license

Are oil, gas, and mineral activities exempt?

Yes, no license is required for buying, selling or handling those leases

What can an unlicensed person do with potential clients?

Provide potential-client lists or make the initial contact with broker/salesperson

What information can an unlicensed person pass along?

Information created by broker/salesperson such as through email, mail, or a website

What must an unlicensed person identify?

Who they are, their employer, the broker/salesperson, and the business they represent

What can an unlicensed person NOT do?

Discuss real estate services, motivation, or confidential information, or represent the broker.

What is the main idea behind the unlicensed-contact exemption?

They make an initial connection, but cannot perform actual real estate activities

81-885.05?

Railroads and Public Utilities

What is 81-885.05?

NRELA doesn’t apply to railroads or other public utilities that are regulated by state of NE

81-885.06?

Getting paid for real estate work

What is 81-885.06?

In NE, ONLY licensed real estate agents are allowed to sue for or recover payment for real estate services

When could a unlicensed person get paid?

If a broker operates their business as a partnership, limited liability company or corporate. broker may bring a lawsuit for compensation

81-885.07?

State real estate commission

What is 81-885.07?

What the real estate commission is and who is on the commission

81-885.08?

Official seal of commission

What is 81-886.08?

It is the official seal that NE is required to have. It officially authenticates documents by commission

81-885.09?

Role of Attorney General

What is 81-885.09?

NE attorney general serves s the legal advisor and attorney for NREC and provides legal opinions. It represents commission as its attorney

81-885.10?

Powers of the real estate commission

What is 81-885.10?

NREC has broad authority to regulate licensing and conduct licensees to protect public’s health, safety and welfare

What can the NRELA do if a licensee violates them.

Revoke license, suspend license, censure license, negotiated settlement agreement, issue cease and desist order, and or impose civil fine for each violation proven in a complaint

81-885.11?

Applying for a broker or salesperson license

what is 81-885.11?

Anyone who wants to work as a real estate broker or agent must submit license application to NREC

How good is your license application good for?

1 year and if not approved in time must reapply

81-885.12?

When a license may be granted

what is 81-885.12?

Commission must be satisfied that applicant can conduct real estate business. Must be honest, trustworthy, competent and fit to work with public

When can commission refuse to grant license?

Convicted of serious crimes, work in real estate w/o a license, false/misleading statement on application, suspended or revoked license

81-885.13?

License requirement, education, examination, background checks

What is 81-885.13?

Conditions that must be met before NREC can give a license

81-885.14?

Fees, licenses, renewals, and procedures

How much is application and examination fee?

Up to $250

How much is salesperson license?

$200

When must renewal application and fee be submitted?

On or before November 30

When do licenses renew?

2 year periods

How much is re-exam fee?

up to $250 per retake

How much is renewal fee?

$400 or $25 per moth if late