Bill > LB187

This bill modifies several provisions of the Nebraska Real Estate License Act to update requirements for real estate professionals. The bill makes changes to written agency agreements, license issuance, and unfair trade practices. Specifically, it adjusts the requirements for written agency agreements for residential and non-residential property transactions, with different rules for single-agent relationships for buyers depending on the type of property. The bill increases educational requirements for real estate licensees, expanding the number of required course hours from two to three for salesperson licenses and adding more detailed provisions about course content. It also clarifies licensing requirements, including new provisions about criminal background checks and post-licensing education. The bill modifies the list of unfair trade practices, including slight changes to compensation rules for unlicensed individuals and adding specific prohibitions about team advertising. The changes will be implemented in stages, with some provisions becoming operative in July 2025 and January 2026. The bill appears designed to modernize and clarify regulations surrounding real estate licensing and professional practices in Nebraska, with the goal of protecting consumers and maintaining professional standards in the real estate industry.

Business and Industry

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=58904