Nebraska Real Estate License Law
Nebraska real estate practice is governed by the Nebraska Real Estate License Act and administered by the Nebraska Real Estate Commission. This chapter covers the Commission's authority, the roles of broker and salesperson, and the grounds for discipline.
The Nebraska Real Estate Commission
The Nebraska Real Estate Commission administers and enforces the Nebraska Real Estate License Act, which requires a license for anyone who, for another and for compensation, sells, buys, lists, leases, or negotiates real estate. The Commission licenses brokers and salespersons, adopts rules, investigates complaints, and may deny, suspend, or revoke a license and impose penalties. A person practicing without a required license is subject to enforcement action.
Broker, Salesperson, and Designated Broker
A salesperson holds an entry-level license and must be employed by and act under the supervision of a licensed broker; a salesperson may not operate independently. Each brokerage firm operates under a designated broker who is responsible for the firm's licensees, advertising, and trust funds. The broker is accountable for supervising the activities of affiliated salespersons.
Compensation and Grounds for Discipline
A salesperson may accept compensation for brokerage services only from the employing broker, not directly from a buyer, seller, or another broker. Grounds for discipline under the Act include misrepresentation, dishonest or fraudulent dealing, commingling or converting trust funds, and failing to make required disclosures. Serious violations can lead to suspension or revocation of the license.