Important Changes to Record Keeping Requirements - Please click on the link for information relating to record keeping requirements - Amendments to Title 299 Chapter 3 and the Trust Account Manual - Updates to Trust Accuont Manual are available at: http://www.nrec.ne.gov/legal/trustaccountmanualupdates.html
On January 19, 2017, the Commission will be holding public hearing on changes to Nebraska Administrative Code, Title 299, Chapter 1, 2, and 7, relating to real estate teams and team and affilaite licensee advertising rules. You may review the specific language of the amendments and comment on the changes by visiting our website at the link below: http://www.nrec.ne.gov/legal/2017proposedruleamend.html
The Nebraska Real Estate Commission has adopted amendments to the Seller Property Condition Disclosure Statement (“SPCD”), a question has been added about carbon monoxide alarms, an additional question has also been added about noxious weeds. Although the form is not much different, it is important that the new form be provided for all transactions entered into on or after January 1, 2017. LB34 specifically provides that the requirement is effective for all existing property “offered for sale” on or after January 1, 2017. A property under contract is no longer offered for sale, so pending contracts entered into prior to 2017 would not require the new form. The new form can be found here: http://www.nrec.ne.gov/pdf/forms/SPCD117.pdf
November 17, 2016 - Proposed Rule Amendments—Title 299, Chapter 3 On November 17, 2016, the Commission will be holding public hearing on changes to Nebraska Administrative Code, Title 299, Chapter 3, relating to records retention requirements for designated brokers. You may review the specific language of the amendments and comment on the changes by visiting our website at the link below: http://www.nrec.ne.gov/legal/2016proposedruleamend.html
LB678 “Teams Bill,” Advertising Changes, Effective October 1, 2016
Effective October 1, 2016, real estate teams will be officially recognized under the Nebraska Real Estate License Act for the first time. There are a number of things that designated brokers specifically and licensees and real estate team members in general, should be aware of relating to compliance with the new act.
1. Definition of Team: “Two or more persons licensed by the commission who (a) work under the supervision of the same broker, (b) work together on real estate transactions to provide real estate brokerage services, (c) represent themselves to the public as being part of a team, and (d) are designated by a team name”
Please note that this is an “and” definition, all of the prerequisites above must be met in order for two or more affiliated licensees to qualify as a team under the new law. For example, a married couple who does co-listings, even on a regular basis, would not be considered a team unless they adopt and use a team name, holding themselves out to the public and clients as a team.
2. All teams must appoint a team leader, who will have supervisory responsibility (under supervision of the designated broker) over the team members. The team leader may be subject to disciplinary action for violations of the License Act by team members under his or her supervision, depending on the facts and circumstances of the complaint.
3. Effective October 1, 2016, team leaders must provide, and designated brokers must maintain, a current list of all team members and the name of the team leader. This list is to be made available to the Commission upon request.
All designated brokers should have their list including team name, team members and team leaders on an internal file on or before October 1, 2016. The records should note the dates team members are added or dropped from the team and enable the broker or Commission to determine team membership at any point in time.
4. Effective October 1, 2016, all advertising (team or otherwise) must “prominently” display the name under which the designated broker does business. While we anticipate further definition of prominence through Commission interpretation or regulation in the near future, a review of all current and proposed advertising by designated brokers would be prudent to determine if the brokerage name is readily apparent from a quick review of the advertisement.
5. Effective October 1, 2016, Team names or team advertising must not suggest that the team is an independent real estate brokerage. Further guidelines are expected to follow, but once again, designated brokers should review all current and proposed team advertising for compliance with the law. In order to avoid potential confusion or violation of the new team advertising laws just remember the “Two Ps”: the name the designated broker does business under should be both “prominent” (plainly visible) and in “proximity to” (near) the team name.
Sharon "Sheri" Kay Bourne Appointed to the Commission
Governor Pete Ricketts has announced the appointment of Sharon "Sheri" Kay Bourne as the third district broker member of the Nebraska Real Estate Commission.
Ms. Bourne is the designated broker for Gateway Realty of North Platte, Inc., and has been licensed as a broker since 1978. In addition Bourne has been active with the Nebraska Realtor’s Association and Served on the Board of Directors of the North Platte Chamber of Commerce.
She will serve a six year term and replaces Al Avery of Grand Island.
June 2016 - Commission Prevails in Unlicensed Practice Appeal
The Nebraska Real Estate Commission has received a favorable opinion regarding the enforceability and constitutionality of its unlicensed practice statutes. The United States Court of Appeals affirmed the trial court’s opinion dismissing the Leslie Rae Young v. The Nebraska Real Estate Commission case. In 2010 the Commission issued a cease and desist order against Young after discovering Nebraska properties listed by Young on Realtor.com and other websites. Young challenged the order by filing suit in federal court, challenging the validity and enforceability of the order on various constitutional claims. The complete opinion can be found here: http://www.nrec.ne.gov/pdf/misc/LRYAppealOp.pdf
May 19, 2016 - Proposed Rule Amendments—Title 299, Chapter 1, Title 299, Chapter 7, Title 302 Chapter 1
On May 19, 2016, the Commission will be holding public hearings on changes to Nebraska Administrative Code, Title 299, Chapter 1, allowing the Commission to certify pre-license real estate education offered in correspondence format; Title 299, Chapter 7, requiring a 3 hour continuing education class in property management for licensees engaged in that activity; and, Title 302, Chapter 1, adding questions about carbon monoxide alarms and noxious weeds to the Seller Property Conditions Disclosure Statement.
You may review the specific language of the amendments and comment on the changes by visiting our website at the link below: http://www.nrec.ne.gov/legal/2016proposedruleamend.html
February- 2016 - TRID the TILA-RESPA Integrated Disclosure Rule "TRID" and License Number Disclosure - UPDATE
In order to make compliance with the new TRID requirements regarding agent license numbers on the new financial disclosure forms easier, the Commission is now including license numbers on the information provided on our website for individual licensee searches. Click on the “Licensee & Applicant Information Search” on the left side of the Commission homepage to access the licensee search function. The license numbers are displayed on the lower right of on the individual licensee information pages.
The TRID requirements from the Consumer Finance Protection Bureau regarding the paperwork required for closing most consumer credit transactions secured by real property, such as a traditional residential mortgage require real estate licensees acting as agents in the transaction to provide their individual salesperson’s or broker’s license number. In the past we have generally advised licensees to keep their license numbers private, however, they will need to provide them to the lending institutions under the new law. The forms also ask for a “State License ID”. This has been interpreted or referred to shorthand as a company ID or broker ID or license number. The Commission does not issue a “State License ID” to brokerage companies, and some lenders do not ask for it on the form. However some lenders do request a company or broker ID, in those instances the designated broker’s individual license number should be provided. The designated broker’s license number is also available on our website through the individual licensee search function.
September - 2015 - Jim Titus Appointed to the Commission
Governor Ricketts has announced the appointment of Lincoln attorney Jim R. Titus to the as the public member of the Nebraska Real Estate Commission. Mr. Titus’s experience includes serving as a prehearing conference officer as well as providing general legal counsel services for the Commission in the past. Titus has been appointed to a six year term and replaces public member David Ptak.
September - 2015 - TILA-RESPA Changes Effective October 3rd
Effective October 3, 2015, the new Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act of 1974 (RESPA) Integrated Disclosure Rule goes into effect. The TILA/RESPA rules changes, which apply to applies to most closed-end consumer credit transactions secured by real property (such as a traditional mortgage) change the requirements and terminology for the financial disclosure estimates that lenders must provide to the buyer/borrower. The rules, primarily aimed at lenders, will have a significant effect on real estate lending and closings. Information on how this will impact real estate licensees can be found at: http://www.consumerfinance.gov/regulatory-implementation/tila-respa/
September - 2015 - New Commission Policy and Interpretation on Coming Soon Listings
At the September 17th, 2015, meeting of the Nebraska Real Estate Commission a new policy was adopted on the use of “coming soon” advertising for real estate listings, the full text of the policy can be found at: http://www.nrec.ne.gov/legal/policyinterpretation.html
August - 2015 - 2015 Legislative Changes
The Nebraska legislature passed a number of bills in 2015 that may affect your licensed practice:
LB34 Carbon Monoxide Safety Act Requires working carbon monoxide alarms in residential property “that has a fuel-fired heater or appliance, a fireplace, or an attached garage” Also requires information about compliance with the Carbon Monoxide Safety Act on the Seller Property Condition Disclosure Statement. Effective Date: January 1, 2017
LB253 Acknowledgment of Purchase Agreements Eliminates the requirement that the signature of both spouses on purchase agreement for homestead properties acknowledged before a notary. Effective Date: August 30, 2015
LB375 BPOs and CMAs for Property Tax Appeals Expands the allowable use of broker price opinions and comparative market analyses to include such opinions rendered for property tax valuation appeal purposes. Such opinions, if performed for a fee, would require the statutory disclosure language found in §81-885-16(2). Effective Date: August 30, 2015
LB324 Require Acknowledgements from Purchasers of Property in Sanitary Improvement Districts Requires the salesperson or broker in listed properties or the owners where there is no agent involved, to get an acknowledgment from the purchaser of property located within a sanitary improvement district that they understand that the property is located in the sanitary improvement district; sanitary and improvement districts are located outside the corporate limits of any municipality; residents of sanitary and improvement districts are not eligible to vote in municipal elections; and owners of property located within sanitary and improvement districts have limited access to services provided by nearby municipalities. The Commission has developed a SID Acknowledgment form which may be used for the acknowledgement, the acknowledgment may also be incorporated into the purchase agreement. Effective Date: August 30, 2015
Full text of the above legislation can be found on the Legislature’s website: http://www.nebraskalegislature.gov/ simply search on the bill number in the upper left hand corner.
June - 2015 - The Nebraska Real Estate Commission Office is Moving
The Nebraska Real Estate Commission Office will be moving from the
current location in The Atrium in Downtown Lincoln to the State Office
Building at 301 Centennial Mall South. The move is anticipated to be completed by mid-June 2015. The specific date of the move will be posted here when it becomes available.
May - 2015 - New Agency Disclosure Forms Approved
The Nebraska Real Estate Commission has approved new agency disclosure forms for use effective May 1, 2015.
The new forms can be found here:
Instructions for filling out the Agency Disclosure forms - including option broker information on reverse side of form.
Please note that the laws regarding agency disclosure have not changed, and the agency disclosure form should still be presented at first substantial contact.
January - 2015 - Unlicensed Practice Challenge Dismissed
The Nebraska Real Estate Commission prevailed in its motion to dismiss the federal lawsuit challenging the Commission’s authority to regulate unlicensed brokerage practices. In 2010 the Nebraska Real Estate Commission sent a cease and desist order to Leslie Rae Young, a California Licensed Broker listing Nebraska Real Estate on Realtor.com. Young challenged the constitutionality of the unlicensed practice enforcement statutes, including newly adopted provisions allowing the Commission to impose a civil penalty of up to $1000 per day for unlicensed practice, in Federal District Court. On January 29, 2015, the court issued an opinion upholding the statutes and granting the Commission’s motion to dismiss the lawsuit. The case is still subject to appeal.
The full opinion can be found here: http://www.nrec.ne.gov/pdf/misc/LRY%20Memorandum%20and%20Order.pdf
August 2014 - Ann Dover Appointed as New Commissioner
Governor Dave Heineman has announced the appointment of Ann Dover as the Salesperson Member at Large representative on the Nebraska Real Estate Commission.
Dover lives in Norfolk where she works for Coldwell Banker Dover Realtors, she has had over 25 years experience as a salesperson.
Dover has served as a Commissioner on the Nebraska Equal Opportunity Commission and has worked with the Realtors Association at the national, state and local levels.
Dover’s six year appointment is effective on August 29th, 2014. She replaces Kathryn Rouch, whose term expires this year.
Review the "Directions for Efficiently Proceeding Through the Application Process" located on our website at: http://www.nrec.ne.gov/pdf/applicationprocess.pdf
The Commission will be holding a public hearing on changes to the Title 299, Chapters 7 & 9 on September 27, 2013. The proposed amendments will provide that both the broker-approved training recognition and time-share exchange agent filings expire after 3 years.
Please review the changes located on our website at:
Late renewal option expires July 1, 2013. Please review the late renewal procedures on our website at: http://www.nrec.ne.gov/licensing-forms/laterenewalprocedures.html
The Nebraska Real Estate Commission Meeting originally scheduled for Thursday February 21, 2013 has been cancelled due to weather conditions. The Agenda items for the February Meeting will be taken up at the March Meeting.
First Substantial Contact Policy and Interpretation- Adopted January 17, 2013
PLEASE REMEMBER THAT ALL LICENSEES SHOULD CHECK THE EXPIRATION DATE OF THEIR ERRORS AND OMISSIONS INSURANCE WHETHER OR NOT THEIR REAL ESTATE LICENSE EXPIRES THIS YEAR. LICENSES MAY NOT BE HELD ON ACTIVE STATUS WITHOUT PROOF OF CURRENT INSURANCE COVERAGE IN THE COMMISSION OFFICE.
- Information relative to the Commission-offered Errors and Omissions Insurance from RISC is available at: http://www.risceo.com/Nebraska/ne_home.htm.
BRANCH OFFICE LICENSES EXPIRE EVERY YEAR
- Designated Brokers: If you received a blue renewal postcard but you are not due to renew your broker license this year, it was sent to remind you to renew your branch office. Unfortunately, it did not contain any mention of branch renewal, all branches you intend to use in 2013 need to be renewed by December 31st, 2012, whether your license renewal is due this year or not.
Follow us on Facebook and Twitter
The Nebraska Real Estate Commission is pleased to announce that we now have accounts on both Facebook and Twitter, follow us for all the latest NREC news, Nebraskarealestatecommission on Facebook, and Nerealestatecom on Twitter, click on the icons here to get started.
June 2012 -Seller Property Condition Disclosure Statement Effective July 1
The newly adopted Seller Property Condition Disclosure Statement (“SPCD”) has been approved by the Commission and adopted through the rule and regulation process. It goes into effect on July 1, 2012.
The form is of course to be filled out by the Seller, but licensees frequently provide the form so they need to be aware of the changes.
Seller’s filling out the form on or before June 30, 2012 should use the old form, seller’s filling out the form on or after July 1, 2012 should use the new form. If the seller becomes aware that information contained on the old form is no longer accurate after July 1, 2012, and they need to amend the statement, they should be advised to use the new form and fill it out so that it is complete and accurate to the best of the seller’s knowledge. A seller may provide the old form on a closing after July 1, as long as the form was filled out before July 1, and the information is still complete and accurate at the time of closing.
June 2012 - No BPOs and CMAs for Property Tax Appeals
Licensees are often asked to do Broker Price Opinions (“BPOs”) or Comparative Market Analysis (“CMAs”) for property tax assessment appeal purposes. BPOs and CMAs are for the assistance of buyers and sellers in marketing properties, and licensees should not complete them for tax protest purposes. The exemptions in the Real Property Appraiser Act for valuations for real estate tax purposes does not apply to real estate licensees.
May 2012 - Herbert Freeman Appointed as New Commissioner
Governor Dave Heineman has announced the appointment of Herbert Freeman as the Second Congressional District Broker Representative on the Nebraska Real Estate Commission. Mr. Freeman worked as an English instructor both at the high school and college levels before receiving his salesperson’s license in 1972 and his broker’s license in 1973. Mr. Freeman has his Masters degree in business administration from the University of Nebraska and currently works as Chief Operations Officer for NP Dodge Real Estate Sales, Inc., and he is Director of Builder Services and the designated broker for NP Dodge VII, L.L.C. in Omaha.
Freeman’s six year appointment is effective on August 29th, 2012. He replaces Vince Leisey, whose term expires this year.
February 2012 - Proposed Amendments to the Nebraska Real Estate Commission Rules and Regulations
Information on the proposed amendments and notice of Rule and Regulation Hearing is located on our website at: http://www.nrec.ne.gov/legal/2012proposedruleamend.html
January 2012 - Broker-Approved Training
Please see information for all licensees as well as information for those considering becoming Providers of broker-approved training activities on our website at: http://www.nrec.ne.gov/licensing-forms/educationinfo.html
Don't miss the questions most frequently asked on this subject and their answers, also found on the website at: http://www.nrec.ne.gov/additional-links/faqbrokertraining.html
August 26 - Asset Management Changes Effective August 27
LB25 changes provisions regarding obligations of licensees when dealing with asset management companies effective August 27, 2011. For more information see the last page of the Summer 2011 Commission Comment.
You may also read the legislation at: http://www.unicam.state.ne.us/FloorDocs/Current/PDF/Slip/LB25.pdf
August 25, 2011 - Commissioner Rita Griess Retires
Commissioner Rita Griess has completed her six year term on the Nebraska Real Estate Commission. Commissioner Griess was the broker representative from the First Congressional District, and put her 25 years of real estate experience to good use on the Commission. Griess will continue her practice of real estate in Lincoln.
August 4, 2011 - Drew Stange Appointed as New Commissioner
Governor Dave Heineman has announced the appointment of Drew Stange as the First Congressional District Broker Representative on the Nebraska Real Estate Commission. Mr. Stange received his salesperson’s license in 1992 and his broker’s license in 1996. He is the designated broker for NAI FMA Realty in Lincoln. Mr. Stange is a lifelong Lincoln resident, where he lives with his wife Holly and has two children, he is also active in many charitable and philanthropic organizations in the community.
His six year appointment is effective on August 29th, he replaces Rita Griess, whose term expires this year.
June 2011 - Proposed Amendments to the Nebraska Real Estate Commission Rules and Regulations
Information on the proposed amendments and notice of Rule and Regulation Hearing is located on our website at: http://www.nrec.ne.gov/legal/2011proposedruleamend.html
May 2011 -
January 2011 -
Commission Legislation 2011
LB23 - Change renewal and fee provisions of the Nebraska Real Estate License Act
LB24 - Provide training requirements under the Nebraska Real Estate License Act
LB25 - Provide exemptions relating to real property for asset management companies
September 29, 2010 -
FORGOT YOUR PASSWORD?
Many filings with the Commission can be filed online using the licensee's username and password. If you lost your password or want to change your password, please review the Password and Username Information .
September 15, 2010 -
License Manual Update - A paper copy has been sent to all designated brokers and branch managers. Affiliated licensees have been notified via postcard that the updates are available on the website at: www.nrec.ne.gov/legal/2010licensemanualupdate.html
or they may request a paper copy, free of charge, by contacting our office either by phone at (402) 471-2004 or E-mail your request to firstname.lastname@example.org
Please provide your Name, Address, City, State, and Zip code.
August 27, 2010 -
Governor Heineman has appointed Alvin A. Avery to be the broker representative from the Third Congressional District on the Nebraska Real Estate Commission. Avery is a branch manager for Woods Brothers Realty in Grand Island, and has had his real estate license since 1987. Avery has been appointed to a six year term on the seven member Commission, and will be sworn in and offcially begin his duties at the September 30th Commission meeting.
August 25, 2010 -
Commissioner Wes Grady has completed his six year term on the Nebraska Real Estate Commission. Commissioner Grady was the broker representative from the Third Congressional District, and put his 40 years of real estate experience to good use on the Commission. Grady will continue his practice of real estate as a broker in North Platte.
August 2, 2010 -
The Commission's new website design was revealed. Please note that the new website address is www.nrec.ne.gov
August 2, 2010 -
The Commission began taking Discover credit card payments in addition to the Visa and MasterCard payments already accepted.
Help Stop Mortgage Fraud:
Please review the information located at: http://www.stopfraud.gov/protect-mortgage.html
You can sign up for the latest news and alerts from the Commission by clicking here. The Electronic Notification Service will provide notices of statutory changes and regulatory hearings, scam alerts and other information of importance to the Commission, licensees and public.