Real Estate Nebraska
How often does the Commission meet to discuss licensing, education, licensee discipline, and other
policy matters? - Approximately once a month
Explain the difference between statutes and administrative regulations. - Statutory law is written
law enacted by state (or federal) legislative bodies. Most state laws establish broad goals, but not the
methods needed to carry out the goals. Therefore, the state laws are implemented by administrative
regulations promulgated by various state and local agencies. Administrative regulations are written rules
and regulations issued by an administrative agency to enforce or amplify a statute.
If there is a conflict between the U.S. Constitution and the Nebraska State Constitution, which takes
precedence? - State constitutions are subordinate to the federal constitution. If there is a conflict
between the two, the federal constitution controls.
What is the purpose of the Nebraska Real Estate License Act? - The Nebraska Real Estate License
Act (License Act) was enacted in 1935 to regulate the licensing and activities of real estate agents.
Nebraska Real Estate Commission - A state agency that was created by the Nebraska Real Estate
License Act in 1943 to license and regulate real estate salespersons and brokers in the state.
Commission Responsibilities - Article I. Issue real estate licenses
Article II. Regulate and the activities of licensees
Article III. Impose sanctions to protect the public health, safety, or welfare
Article IV. Revoke or suspend licenses issued under the license act
Article V. Censure licensees
Article VI. Enter into consent decrees and issue cease and desist orders
What state agency licenses and regulates real estate salespersons and brokers in the state? -
Nebraska Real Estate Commission
,Currently, the Nebraska Real Estate Commission is comprised of how many members? - Seven.
The seven-member Nebraska Real Estate Commission is comprised of a chair and 6 commissioners.
Who acts as the chair of the Nebraska Real Estate Commission? - The chair is the Secretary of
State, who is an elected official.
List three responsibilities of the Nebraska Real Estate Commission - Issue real estate licenses
Regulate and the activities of licensees
Impose sanctions to protect the public health, safety, or welfare
Revoke or suspend licenses issued under the license act
Censure licensees
Enter into consent decrees and issue cease and desist orders
When necessary, who provides legal opinions to the Commission? - The Attorney General
Administrative regulations - Written rules and regulations issued by an administrative agency to
enforce or amplify a statute.
Civil law. - The body of law imposed by the state or government for its citizens.
Common law - The body of law based on custom and judicial precedent rather than on codified
statutes.
Nebraska Administrative - Code (NAC). Compilation of most of the regulations issued by Nebraska
state agencies.
What type of law is written law enacted by state (or federal) legislative bodies? - Statutory law
At the Commission meeting, members discuss all of the following, EXCEPT: - education.
licensee discipline.
- commission disputes between licensees.
,policy matters.
Real Estate License Exceptions - - A person selling or renting his or her own property
- A corporation that performs any of the specified activities through one of its regular officers, who must
receive no special compensation for doing so
- An attorney in fact under a duly executed power of attorney from the owner to convey real estate
- Any receiver, trustee in bankruptcy or person acting under order of any court
- Resident managers of an apartment building, duplex, apartment complex, or court or their employees
- Any employee of a licensed broker who manages an apartment building, duplex, apartment complex,
or court for the owner
- Any officer or employee of a federal agency in the conduct of his or her official duties
- Any officer or employee of the state government performing his or her official duties for real estate tax
purposes.
- A person who renders an estimate or opinion of value of real estate for the purpose of real estate
taxation.
- Any person who, for himself or herself or for others, purchases or sells oil, gas, or mineral leases or
performs any activities related to the purchase or sale of the leases.
Employees in a brokerage office providing limited functions (admin or clerical) do not need a real estate
license. - True
Activities That Cannot Be Performed by Unlicensed Personal Assistants and Clerical Support Staff -
- Host open houses, kiosks, home show booths or fairs, or hand out materials at such functions.
- Show property.
- Answer any questions on listings, title, financing, closing, etc.
- Discuss or explain a contract, agreement, listing, or other real estate documents with anyone outside
the firm.
- Be paid based on real estate activity, such as a percentage of commission, or any amount based on
listings, sales, etc.
- Negotiate or agree to any commission, commission split, or referral fee on behalf of a licensee.
, real estate salesperson - someone who holds a salesperson license issued by the Nebraska Real
Estate Commission
inactive salesperson - (1) a salesperson whose license has been returned to the commission by
the licensee's broker,
(2) a salesperson who has requested the Commission to place the license on inactive status,
(3) a new licensee who has failed to designate an employing broker, or
(4) a salesperson whose license has been placed on inactive status under statute, rule, or regulation.
real estate broker - someone who holds a broker license issued by the Nebraska Real Estate
Commission. The license legally permits the broker to perform any acts for which a real estate license is
required
broker's license - allows a licensee to engage in all phases of the real estate business
independently, as a self-employed broker, or as an associate broker employed by and under the direct
supervision of an active, licensed broker at all times
broker - - negotiates the listing, sale, purchase, exchange, rent, lease, or option for any real estate
or improvements thereon.
- assists in procuring prospects
- acts as a referral agent for the purpose of securing prospects for the listing, sale, purchase, exchange,
renting, leasing, or optioning of any real estate
- collects rents,
- prepares a broker's price opinion or comparative market analysis.
- sells lots or parcels of real estate, auctions real estate, or who buys, sells, or deals in options to buy real
estate.
associate broker - a person who has a broker's license but who is employed by another broker to
engage in the real estate business.
designated broker - - a person with a broker's license who has full authority to conduct the real
estate activities of a real estate business
