The Nebraska Real Estate License Act
Nebraska real estate practice is governed by the Nebraska Real Estate License Act (beginning at Section 81-885 of the Nebraska Revised Statutes) and administered by the Nebraska Real Estate Commission. This chapter covers the Commission's authority and the broker's role.
The Commission and the License Act
The Nebraska Real Estate Commission licenses and regulates brokers and salespersons under the Nebraska Real Estate License Act, which begins at Section 81-885 of the Nebraska Revised Statutes. The Commission issues licenses, adopts rules, investigates complaints, and disciplines licensees. A broker license is the higher tier that may operate a firm and supervise affiliated licensees.
Broker vs. Salesperson
A Nebraska broker may operate independently and be the designated broker for a firm, while a salesperson must be affiliated with and supervised by a designated broker and be paid through that broker. To become a broker, a Nebraska salesperson must meet additional experience and education requirements. The designated broker is accountable to the Commission for the firm.
Discipline and Renewal
Grounds for discipline under the Act include misrepresentation, mishandling trust funds, and violating the agency-disclosure or supervision requirements. Licenses are renewed on the Commission's schedule with required continuing education. The Commission may deny, suspend, or revoke a license or impose other sanctions for violations.