Nebraska License Law
Nebraska's real estate license law requires a written brokerage services disclosure be given to:
AOnly buyers represented by buyer's agents
BAll parties to a transaction at the first substantial contact✓ Correct
CSellers only at the time the listing agreement is signed
DOnly unrepresented parties (customers)
Explanation
Nebraska's agency disclosure requirements mandate that all parties to a real estate transaction be informed of the licensee's agency status (who they represent) at first substantial contact.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
State-Specific Concepts
Disclosure RequirementsLicense Law
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