Frequently Asked Questions
|FAQ’s - General Information|
|FAQ’s – Renewing and Maintaining Your Real Estate License|
Renewal of License
|FAQ’s - Reasons for Denial of a Nebraska Real Estate License|
|FAQ’s - Continuing Education|
FAQ’S - Continuing Education – Student
|FAQ’s - Auditing/Trust Account|
|ANSWERS TO FAQ’s - General Information|
A real estate license is required when acting as a broker as defined in Neb. Rev. Stat. §81-885.01(1), which specifically states:
“Broker means any person who, for any form of compensation or consideration or with the intent or expectation of receiving the same from another, negotiates or attempts to negotiate the listing, sale, purchase, exchange, rent, lease, or option for any real estate or improvements thereon, or assists in procuring prospects or holds himself or herself out as a referral agent for the purpose of securing prospects for the listing, sale, purchase, exchange, renting, leasing, or optioning of any real estate or collects rents or attempts to collect rents, gives a broker's price opinion or comparative market analysis, or holds himself or herself out as engaged in any of the foregoing. Broker also includes any person: (a) Employed, by or on behalf of the owner or owners of lots or other parcels of real estate, for any form of compensation or consideration to sell such real estate or any part thereof in lots or parcels or make other disposition thereof; (b) who auctions, offers, attempts, or agrees to auction real estate; or (c) who buys or offers to buy or sell or otherwise deals in options to buy real estate”
Licensees sometimes need verification of their licensed status. You may use the Request for Certification of Licensure Form, and submit it to our office. Follow the instructions either on the form or on our website at http://www.nrec.ne.gov/licensing-forms/licensehistoryrecognition.html. Please allow approximately seven to ten business days for the Commission to process your request.
|ANSWERS TO FAQ’s - Renewing and Maintaining Your Real Estate License|
Yes, you need to renew your license by November 30 of the year it expires. The license expiration date is December 31. For additional information regarding renewing your real estate license please review the Renewal Procedures available on our website.
Please review the Fee Schedule on our website. There is a $25.00 late fee for each month you are late beginning December 1.
-Important note: The option to renew late expires on June 30. If you do not renew your license on or before the June 30 deadline, you will need to apply for relicensure.
A renewal form has been mailed to your contact address for use. If the renewal form has been misplaced or you prefer to renew your license online please choose from the following:
If you have a salesperson’s license please click here for the salesperson renewal information: http://www.nrec.ne.gov/licensing-forms/salesrenewalinfo.html
If you have a broker’s license please click here for the broker renewal information: http://www.nrec.ne.gov/licensing-forms/brokerrenewalinfo.html
If multiple licensees use the same computer to renew their license online, they must exit the browser between users. Each licensee must be prompted to enter a username and password since it is considered their digital signature. If users do not exit the browser after submitting the renewal form, the correct digital signature does not appear, invalidating subsequent renewals.
|ANSWERS TO FAQ’s -Transferring Your Real Estate License|
TRANSFERRING YOUR LICENSE
|ANSWERS TO FAQ’s - Errors and Omissions Insurance|
|ANSWERS TO FAQ’s - Reasons for Denial of a Nebraska Real Estate License|
Criminal convictions, civil judgments, or disciplinary action involving any other professional licenses in Nebraska or any other state may result in license denial. You ought to review the following state laws, also known as Nebraska Revised Statutes (Neb. Rev. Stat.), which may pose problems during the review of an application for a new license or an application for renewal of an existing license.
81-885.12. License; when granted.
(1) Licenses shall be granted only to persons who bear a good reputation for honesty, trustworthiness, integrity, and competence to transact the business of broker or salesperson in such manner as to safeguard the interest of the public and only after satisfactory proof of such qualifications has been presented to the commission. No license shall be granted to an applicant who will be conducting business through a corporation, partnership, or limited liability company unless any stockholder, partner, or member having a controlling interest therein, if any, bears a good reputation for honesty, trustworthiness, and integrity.
(2) When an applicant has been convicted of forgery, embezzlement, obtaining money under false pretenses, larceny, extortion, conspiracy to defraud, or any other similar offense or offenses or has been convicted of a felony or a crime involving moral turpitude in any court of competent jurisdiction of this or any other state, district, or territory of the United States or of a foreign country, such untrustworthiness of the applicant and the conviction may in itself be sufficient ground for refusal of a license.
(3) The commission may in its discretion deny a license to any person who has engaged in the real estate business without a license.
(4) When an applicant has made a false statement of material fact on an application, such false statement may in itself be sufficient ground for refusal of a license.
(5) Grounds for suspension or revocation of a license, as provided for by the Nebraska Real Estate License Act, or the previous revocation of a real estate license shall also be grounds for refusal to grant a license.
81-885.18. Application; refusal; hearing; decision.
(1) If the director of the commission, after an application in proper form has been filed with the commission, accompanied by the proper fee, refuses to accept the application, the director shall give notice of the fact to the applicant within twenty days after his or her ruling, order, or decision.
(2) Upon written request from the applicant, filed within thirty days after receipt of such notice by the applicant, the commission shall set the matter down for a hearing to be conducted within ninety days after receipt of the applicant's request.
(3) The hearing shall be at such time and place as the commission shall prescribe. At least twenty days prior to the date set for the hearing the commission shall notify the applicant and other persons protesting, and the notice shall set forth the reasons why the director refused to accept the application. Such written notice of hearing may be served by delivery personally to the applicant and protesters or by mailing the same by registered or certified mail to the last-known business address of the applicant and protesters.
(4) At the hearing the applicant shall be entitled to examine, either in person or by counsel, any and all persons protesting against him or her, as well as all other witnesses whose testimony is relied upon to substantiate any protest or denial of the application. The applicant shall be entitled to present such evidence, written and oral, as he or she may see fit and as may be pertinent to the inquiry.
(5) At the hearing all witnesses shall be duly sworn by the chairperson of the commission, or any member thereof, and stenographic notes of the proceedings shall be taken. Any party to the proceedings desiring a copy of the stenographic notes shall be furnished with a copy upon the payment to the commission of such fee as the commission shall prescribe, if the request is made within ten days after the date of any order issued by the commission.
(6) The commission shall render a decision on any application within sixty days after the final hearing on such application and shall immediately notify the parties to the proceedings, in writing, of its ruling, order, or decision.
|ANSWERS TO FAQ’s - Real Estate Individuals & Entities|
Real Estate Entities
Licensees Dealing in their Own Property
Contracts & Offers
Doing Business in Another State
|ANSWERS TO FAQ’s - Continuing Education|
When you waived your education it created an education deficiency that you must address before your license can be transferred back to active status. You will have to submit 12 hours of continuing education with six of these in “R” courses taken since the beginning of your most recent deficient period. You will not be required to make up broker-approved training hours because you have not had a broker to direct such training.
All Continuing Education credit required to renew your license must be pre-approved with the Commission to be applicable. There is no provision in the License Law for retroactive approval of a program.
Nebraska will accept continuing education taken in another jurisdiction as long as it is approved by another real estate regulatory body. If the course completion certificate, itself, does not identify the jurisdiction’s approval and the number of hours for which it is approved the licensee will need to submit some documentation of the approval along with the course completion certificate. Such documentation may be obtained from the course provider.
If it is hoped the course will qualify as an “R” course the licensee will need to be able to provide a time-allotted outline to verify that a full three hours (or six to meet the full requirement) was devoted to any ONE of the following subject matter: Fair Housing/ADA, Ethical Decision-making/Code of Ethics, BPOs/CMAs, Environmental Hazards, Agency Relationships, or Contracts. Licensees are encouraged to contact the Commission, prior to taking these courses, if there is any question with regard to recognition of these courses.
The law requires 12 hours of continuing education (CE) credits and 6 hours of broker-approved training be taken DURING each 24 month period of licensure. One cannot "warehouse" credit for a future educaiton period. Each period begins on January 1 and you must supply the required education during the license period and prior to renewal in November of the following year.
|ANSWERS TO FAQ’s - Auditing/Trust Account|
- What is Property Management?
Property management is the management of either residential, commercial of farm accounts. This will include, leasing, collection of rents and security deposits and disbursements to vendors and to owners. The extent of duties will vary from company to company depending on the management agreement or the listing to lease.
- Do I need a Real Estate License to do Property Management?
Under most circumstances, you do need a license to manage real estate for a third party. There are exclusions which can be found in 81-885.04 of the License Act.
The security deposit belongs to the tenant during the term of the lease. If it is being held by the owner, it still belongs to the tenant with the owner accepting the liability for the security deposit.
- What should be done to document a property management agreement?
All management agreements must be in writing with the broker maintaining a copy.
- May the broker list properties without having a signed management agreement?
A broker must have a signed listing contract in order to list property. If the management agreement has a clause allowing you to sell the property, it should still be followed up with a listing contract.
- Must the designated broker review all rental agreements?
The designated broker is responsible for the actions of the licensees' underneath him/her. You may review the agreements or delegate the authority to someone else. This does not relieve the broker of the responsibility.
- What jurisdiction does the Commission exercise over landlord-tenant disputes?
The Commission only regulates the actions of licensed real estate salespersons or brokers. Landlord-tenant disputes are normally handled through the courts.
- Who is responsible for supervising property management employees?
An employing broker is responsible for all acts of associate brokers and salespersons of the entity, and the designated broker must supervise the associate brokers and salespersons. No salesperson or associate broker may conduct property management if the broker does not supervise the activity.
- What name may the property manager operate under?
The property manager must operate under the name that is registered with the Nebraska Real Estate Commission.
The lease and management agreement should dictate how and to whom the rent will be paid.
- What controls must the broker have over a property management trust account?
The designated broker should have the same controls over all of his/her trust accounts. They are ultimately responsible.
- Must the property owner have a license to manage property?
The property owner does not need a license to manage his/her own property. They do need one to manage for a third party. Again the exclusions are in 81-885.04 of the License Act.
- Must the "residential leasing agent or manager" of the owner's property be licensed?
Not as an employee of the property owner when those duties are part of their employment.