Key Takeaways
- Nebraska licensees have specific statutory duties to their clients under the License Act
- All licensees must present all written offers in a timely manner to all parties
- Confidential information must be kept confidential unless disclosure is required or authorized
- Licensees must disclose personal interests in transactions to all parties in writing
- Compensation from multiple parties requires written disclosure to all parties
Agent Duties in Nebraska
Nebraska law defines specific duties that licensees owe to their clients and to all parties in real estate transactions.
Duties to Clients
Fiduciary Duties
| Duty | Description |
|---|---|
| Loyalty | Act in the client's best interest |
| Confidentiality | Protect confidential information |
| Disclosure | Disclose all material facts |
| Obedience | Follow lawful instructions |
| Accounting | Account for all funds |
| Care | Exercise reasonable skill and care |
Confidentiality
The duty of confidentiality includes:
- Motivation for selling or buying
- Financial information (unless disclosure authorized)
- Negotiating positions and strategies
- Other information gained in confidence
Confidentiality Exceptions
Confidential information may be disclosed if:
- Disclosure required by law or duty to client
- Information becomes public knowledge
- Disclosure authorized in writing by the party
Duties to ALL Parties
Nebraska law imposes certain duties on all licensees to all parties in a transaction, regardless of who they represent:
Universal Duties
| Duty | Description |
|---|---|
| Honesty | Deal honestly with all parties |
| Timely presentation | Present all written offers promptly |
| Material facts | Disclose known material facts |
| No misrepresentation | Avoid false statements |
| Personal interest | Disclose licensee's personal interest |
Timely Presentation of Offers
All Nebraska licensees must:
- Present all written offers in a timely manner
- Present offers even after acceptance of another offer (unless instructed otherwise)
- Present offers truthfully and accurately
Personal Interest Disclosure
A licensee must provide timely written disclosure when acting on behalf of:
- The licensee themselves
- The licensee's immediate family
- Any organization or entity in which the licensee has a personal interest
Key Rule: This disclosure must be provided to ALL parties to the transaction.
Compensation Disclosure
Single Source of Compensation
When receiving compensation from only one party:
- No special disclosure required
- Follow normal agency disclosure procedures
Multiple Sources of Compensation
A licensee shall not accept compensation from more than one party without full written disclosure to all parties.
| Situation | Requirement |
|---|---|
| Receiving fee from one party | Standard--no special disclosure needed |
| Receiving fee from multiple parties | Must disclose to ALL parties in writing |
Dual Agency Duties
When acting as a dual agent, the licensee:
| Can Do | Cannot Do |
|---|---|
| Facilitate the transaction | Disclose confidential information |
| Provide factual information | Advocate for one party over another |
| Prepare documents | Share negotiating positions |
| Present offers | Recommend pricing strategies |
Dual Agent Limitations
- Cannot share what price buyer will pay
- Cannot share what price seller will accept
- Must remain neutral
- Cannot advocate for either party
Warning: Dual agency significantly limits the services an agent can provide. Written consent from both parties is required.
Which duty does a Nebraska licensee owe to ALL parties in a transaction?
When must a Nebraska licensee disclose a personal interest in a transaction?
What is required if a Nebraska licensee receives compensation from both the buyer and seller?