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Amendments to Title 299 Chapter 3 and the
Trust Account Manual

On January 27, the Governor approved amendment to Nebraska Administrative Code Title 299, Chapter 3, relating to record keeping requirements for brokers and filed those amendments with the Secretary of State, by law these changes will go into effect on February 2, 2017.  All designated brokers should review their records retention policies for compliance with these new regulations.

The prior language required that records relating to a real estate transaction be kept “five years after its consummation.”   The new language retains that provision, but also defines how long records must be retained in more specific instances, such as when there is a listing contract, but no transaction is consummated.  The general rule that the Commission has followed regarding records retention for five years is retained, it is just stated with more specificity.  The specific provisions are explained below:

Section 001- Is amended from being the general rule to a reference to the specific retention provisions that follow.  

Section 001.01- New Section, essentially a restatement of former section 001, require records to be kept five years after a real estate transaction is consummated

Section 001.02- New Section, requires records to be retained for five years in instances where a written agency agreement is created, but no real estate transaction occurs.

Section 001.03- New Section, requires records to be retained for five years in instances where a real estate transaction is entered into, but not consummated or completed.

Section 001.04- New Section, requires records to be retained for five years in instances where a broker’s price opinion is rendered for a separate fee.

Section 001-05- New Section, requires records related to team membership and leadership be retained for five years.

The revised regulation is can be accessed here - Title 299 Chapter 3 Amendment

Changes to the trust account manual require records to be retained of the chain of custody of funds when funds come into a licensee’s possession even if they bypass the trust account, for example a receipt for earnest deposit that bypasses the broker trust account for closing.  The new page can be accessed here - Trust Account Manual Amendments