Nebraska Agency Relationships
Nebr. R.R.S. 76-2401 et. seq. 
(Real Property)

Jan E. Beran
Attorney at Law
The Law
•	Nebraska Revised Statutes
•	Chapter 76, REAL Property
•	Article 24. Agency Relationships 
•	Cite as: Neb. R.R.S. Sections 76-2401 to 76-2430
•	Effect on Common law (§76-2429)
•	Sections 76-2401 to 76-2430 shall supersede the duties and responsibilities of the parties under the common law, including fiduciary responsibilities of an agent to a principal, except as provided in subsection (6) of section 76-2422.
The Common Law Fiduciary Responsibility Exception
•	Any [written] agreement, which exceeds the broker's duties and responsibilities contained in sections 76-2417 and 76-2418  shall be subject to the common-law requirements of agency applicable to real estate licensees. 
•	76-2417. Seller's agent or landlord's agent; powers and duties; confidentiality; immunity; disclosures required 
•	76-2418 Buyer’s agent or tenant’s agent…
Duties of a Seller’s Agent
Neb. R.R.S. §76-2417
•	To perform the terms of any written agreement made with the client; 
•	To exercise reasonable skill and care for the client; 
•	To promote the interests of the client with the utmost good faith, loyalty, and fidelity
•	To account in a timely manner for all money and property received; 
•	To comply with all requirements of sections 76-2401 to 76-2430, the Nebraska Real Estate License Act, and any rules and regulations promulgated pursuant to such sections or act; and 
•	To comply with any applicable federal, state, and local laws, rules, regulations, and ordinances, including fair housing and civil rights statutes or regulations

Duties of a Buyer’s Agent
Neb. R.R.S. §76-2418
•	To perform the terms of any written agreement made with the client; 
•	To exercise reasonable skill and care for the client; 
•	To promote the interests of the client with the utmost good faith, loyalty, and fidelity
•	To account in a timely manner for all money and property received; 
•	To comply with all requirements of sections 76-2401 to 76-2430, the Nebraska Real Estate License Act, and any rules and regulations promulgated pursuant to such sections or act; and 
•	To comply with any applicable federal, state, and local laws, rules, regulations, and ordinances, including fair housing and civil rights statutes or regulations.

Legislative Findings
Neb. R.R.S. §76-2401
•	the application of the common law of agency to the relationships between real estate brokers … and persons who are sellers, landlords, buyers, or tenants … has resulted in misunderstandings and consequences that are contrary to the best interests of the public, 
•	the real estate brokerage industry has a significant impact upon the economy of the State of Nebraska, and 
•	it is in the best interests of the public to codify … the relationships between real estate brokers … and persons who are sellers, landlords, buyers, or tenants….
The Heart of the Law
Neb. R.R.S. §76-2416(2)
•	A licensee shall be considered a buyer's or tenant's limited agent unless: 
•	The designated broker enters into a written seller's agent agreement (a listing) 
•	The designated broker enters into a subagency agreement with another designated broker 
•	The designated broker enters into a written dual agency agreement with the parties 
•	enters into a written agency agreement pursuant to subsection (6) of section 76-2422. (Common Law Agent)
Definitions of
Client and Customer

•	Client: a seller, landlord, buyer, or tenant who has entered into a brokerage relationship with a licensee 

•	Customer: a seller, landlord, buyer, or tenant in a real estate transaction in which a licensee is involved but who has not entered into a brokerage relationship with a licensee. 
Seller’s Agent’s 
Obligations to Customer
•	No duty or obligation to a customer 
•	Not disclose any confidential information about the client including:
•	That a seller or landlord is willing to accept less than the asking price or lease rate for the property; 
•	What the motivating factors are for any client buying, selling, or leasing the property; and 
•	That a client will agree to financing terms other than those offered.
•	Disclose in writing to any customer all adverse material facts actually known by the licensee 
Adverse Material Facts
Neb. R.R.S. §76-2417(3)(a)
•	Any environmental hazards affecting the property which are required by law to be disclosed; 
•	The physical condition of the property; 
•	Any material defects in the property; 
•	Any material defects in the title to the property; or 
•	Any material limitation on the client's ability to perform under the terms of the contract.

Duties of Seller’s Agent
Neb. R.R.S. §76-2417(1)(c)
•	Promote the interests of the client with the utmost good faith, loyalty, and fidelity 
•	Seek a price and terms which are acceptable to the client… 
•	Present all written offers to and from the client in a timely manner regardless of whether the property is subject to a contract for sale or lease or a letter of intent to lease; 
•	Disclose in writing to the client all adverse material facts… 
•	Advise the client to obtain expert advice…
Written Agreement 
With Seller Required
•	(In addition to typical contractual requirements)
•	A licensee's duties and responsibilities specified in section 76-2417  
•	The terms of compensation 
•	Specify whether an offer of subagency may be made to any other designated broker. 
Dual Agency
•	Neb. R.R.S. §76-2411 Dual agent has “the written informed consent of all parties to a contemplated real estate transaction, has entered into a brokerage relationship with and therefor represents both the seller and buyer”
•	 Neb. R.R.S. §76-2422(4) “…The agreement shall include a licensee's duties and responsibilities specified in section 76-2419 and the terms of compensation.”

Dual Agent Responsibilities
Neb. R.R.S. §76-2419
•	Dual Agent may disclose any information about one client to the other, except
•	That buyer is willing to pay more
•	That the seller is willing to pay less
•	What the motivating factors are regarding the purchase/sale
•	What financing terms either client is willing to accept
•	Dual Agents may not disclose to the a client confidential information about the other client
Disclosure of Agency Relationships
Neb. R.R.S. §76-2421
•	At the earliest practicable opportunity during or following the first substantial contact
•	Provide that person with a written copy of the current brokerage disclosure pamphlet 
•	Disclose in writing to that person the types of brokerage relationships the designated broker and affiliated licensees are offering 
•	Disclose in writing to that person which party the licensee is representing 

Disclosure Includes
•	General Information about agency law
•	Information about Buyer agency including the definition, responsibilities and obligations of agent to client/buyer and to customer/seller
•	Information about Seller agency including the definition, responsibilities and obligations of agent to client/seller and to customer/buyer
•	Information about Dual agency, and
•	Information about Common law agency
Compensation of Agents Under
Neb. R.R.S. §76-2401 - §76-2430
•	May be paid by the seller, the buyer, or a third party or by sharing the compensation between designated brokers 
•	Payment of compensation shall not establish an agency relationship
•	Single agent designated broker or subagent may share with another designated broker (by agreement of clients)
•	A designated broker may be compensated by more than one party if the parties consent in writing at or before the time of entering into a contract to buy, sell, or lease.