Real Estate Practice in Nebraska
Nebraska practice includes handling client funds through broker trust accounts and giving buyers a statutory seller property condition disclosure. This chapter covers trust money and seller disclosure duties.
Trust Accounts and Client Funds
Earnest money and other client funds must be handled through the broker's trust (escrow) account and kept separate from the broker's personal and business funds. A salesperson who receives client money must promptly deliver it to the employing broker for deposit. Commingling or converting trust funds is one of the most serious violations of the license act.
Seller Property Condition Disclosure
Nebraska law requires the seller of residential real property to give the buyer a completed Seller Property Condition Disclosure Statement on the form the Commission provides, disclosing known conditions of the property. The statement reflects the seller's actual knowledge and is not a warranty or a substitute for an inspection. Licensees must not help a seller conceal known material defects.
Advertising and Honest Dealing
Advertising must be truthful and must identify the broker; a salesperson may not advertise listed property independently of the employing broker. Licensees must avoid misrepresentation and must disclose known material adverse facts about a property. Honest, broker-supervised advertising protects consumers and limits the licensee's exposure to complaints.