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NEBRASKA REVISED STATUTES


CHAPTER 76. REAL PROPERTY


ARTICLE 24. AGENCY RELATIONSHIPS


Current through End of 1997 Regular Session
Copyright (c) 1998 Jan E. Beran
No claim to original U.S. and Nebraska Govt. works
Compiled by Jan E. Beran, Attorney at Law. The statutes are believed to be accurate as of the date of publication (November 1, 1997). This information should not be used as a substitute for competent legal counsel and reliance on the materials presented is at the risk of the consumer. No warranty or fitness for use is hereby given.


76-2401. Legislative findings.
76-2402. Definitions, where found.
76-2403. Adverse material fact, defined.
76-2404. Affiliated licensee, defined.
76-2405. Brokerage relationship, defined.
76-2406. Confidential information, defined.
76-2407. Client, defined.
76-2408. Commission, defined.
76-2409. Customer, defined.
76-2410. Designated broker, defined.
76-2411. Dual agent, defined.
76-2412. Licensee, defined.
76-2413. Limited agent, defined.
76-2414. Single agent, defined.
76-2415. Single agent, defined.
76-2416. Licensee; act as agent, when; agency relationships authorized; compensation, when.
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; powers and duties; confidentiality; immunity; disclosures required.
76-2419. Dual agent; powers and duties; confidentiality; immunity; imputation of knowledge or information.
76-2420. Designated broker; written policy; relationships.
76-2421. Licensee offering brokerage services; duties.
76-2422. Written agreements for brokerage services; when required.
76-2423. Representation; commencement and termination; when.
76-2424. Compensation; payment.
76-2425. Violation; unfair trade practice; commission; powers.
76-2426. Misrepresentation; liability.
76-2427. Designated broker; appointment of limited agent; effect.
76-2428. Affiliated licensees; powers and duties; immunity.
76-2429. Sections; supersede common law; extent; construction.
76-2430. Commission; rules and regulations.

Other Selected Statutes

81-885.01. Terms, defined. {Ed. note: Sections (1) and (2) only of (12)}
81-885.24. Commission; investigative powers; disciplinary powers; violations of unfair trade practices.{Ed. note: Intoductory paragraph only}


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76-2401. Legislative findings.
The Legislature finds, determines, and declares that:
(1) the application of the common law of agency to the relationships between real estate brokers or salespersons and persons who are sellers, landlords, buyers, or tenants of rights and interests in real property has resulted in misunderstandings and consequences that are contrary to the best interests of the public,
(2) the real estate brokerage industry has a significant impact upon the economy of the State of Nebraska, and
(3) it is in the best interests of the public to codify in statute the relationships between real estate brokers or salespersons and persons who are sellers, landlords, buyers, or tenants of rights and interests in real property.
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76-2402. Definitions, where found.
For purposes of sections 76-2401 to 76-2430, the definitions found in sections 76-2403 to 76-2415 shall be used.
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76-2403. Adverse material fact, defined.
Adverse material fact shall mean a fact not reasonably ascertainable or known to a party which significantly affects the desirability or value of the property to that party or which establishes a reasonable belief that another party will not be able to, or does not intend to, complete that party's obligations under a contract creating an interest in real property.
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76-2404. Affiliated licensee, defined.
Affiliated licensee shall mean an associate broker as defined in section 81-885.01 or a salesperson as defined in such section who is under the supervision of a designated broker.
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76-2405. Brokerage relationship, defined.
Brokerage relationship shall mean the relationship created between a designated broker and a client pursuant to sections 76-2401 to 76-2430 relating to the performance of services of a broker as defined in section 81-885.01 and shall also mean the relationship created between the client and the designated broker's affiliated licensees pursuant to sections 76-2401 to 76-2430.
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76-2406. Confidential information, defined.
Confidential information shall mean information made confidential by statute, rule, regulation, or written instructions from the client unless the information is made public or becomes public by the words or conduct of the client to whom the information pertains or from a source other than the licensee.
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76-2407. Client, defined.
Client shall mean a seller, landlord, buyer, or tenant who has entered into a brokerage relationship with a licensee pursuant to sections 76-2401 to 76-2430.
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76-2408. Commission, defined.
Commission shall mean the State Real Estate Commission.
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76-2409. Customer, defined.
Customer shall mean 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.
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76-2410. Designated broker, defined.
Designated broker shall have the same meaning as in section 81-885.01.
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76-2411. Dual agent, defined.
Dual agent shall mean a limited agent who, with 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 or both the landlord and tenant.
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76-2412. Licensee, defined.
Licensee shall mean a designated broker, an associate broker, and a salesperson all as defined in section 81-885.01.
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76-2413. Limited agent, defined.
Limited agent shall mean a licensee whose duties and obligations to a client are those set forth in sections 76-2417 to [76-2418] 76-2419.
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76-2414. Single agent, defined.
Single agent shall mean a limited agent who has entered into a brokerage relationship with and therefor represents only one party in a real estate transaction. A single agent may be one of the following:
(1) Buyer's agent, which shall mean a licensee who represents the buyer in a real estate transaction;
(2) Landlord's agent, which shall mean a licensee who represents the landlord in a leasing transaction;
(3) Seller's agent, which shall mean a licensee who represents the seller in a real estate transaction; and
(4) Tenant's agent, which shall mean a licensee who represents the tenant in a leasing transaction.
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76-2415. Subagent, defined.
Subagent shall mean a designated broker, together with his or her affiliated licensees, engaged by another designated broker to act as a limited agent for a client. A subagent owes the same obligations and responsibilities to the client pursuant to section 76-2417 or 76-2418 as does the client's primary designated broker.
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76-2416. Licensee; act as agent, when; agency relationships authorized; compensation, when.
(1) When engaged in any of the activities enumerated in subdivision (2) of section 81-885.01, a licensee may act as a limited agent in any transaction as a single agent, subagent, or dual agent. The licensee's general duties and obligations arising from the limited agency relationship shall be disclosed to the seller and the buyer or to the landlord and the tenant pursuant to sections 76-2420 [76-2421] to 76-2422. Alternatively, when engaged in any of the activities enumerated in subdivision (2) of section 81-885.01, a licensee may act as an agent in any transaction in accordance with a written contract as described in subsection (6) of section 76-2422.
(2) A licensee shall be considered a buyer's or tenant's limited agent unless:
(a) The designated broker enters into a written seller's agent or landlord's agent agreement with the party to be represented pursuant to subsection (2) of section 76-2422;
(b) The designated broker enters into a subagency agreement with another designated broker pursuant to subsection (5) of section 76-2422;
(c) The designated broker enters into a written dual agency agreement with the parties to be represented pursuant to subsection (4) of section 76-2422; or
(d) The designated broker enters into a written agency agreement pursuant to subsection (6) of section 76-2422.
(3) Sections 76-2401 to 76-2430 shall not obligate any buyer or tenant to pay compensation to a licensee unless the buyer or tenant has entered into a written agreement with the designated broker specifying the compensation terms in accordance with subsection (3) of section 76-2422.
(4) A licensee may work with a single party in separate transactions pursuant to different relationships, including, but not limited to, selling one property as a seller's agent and working with that seller in buying another property as a buyer's agent or as a subagent if the licensee complies with sections 76-2401 to 76-2430 in establishing the relationships for each transaction.
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76-2417. Seller's agent or landlord's agent; powers and duties; confidentiality; immunity; disclosures required.
(1) A licensee representing a seller or landlord as a seller's agent or a landlord's agent shall be a limited agent with the following duties and obligations:
(a) To perform the terms of the written agreement made with the client;
(b) To exercise reasonable skill and care for the client;
(c) To promote the interests of the client with the utmost good faith, loyalty, and fidelity, including:
(i) Seeking a price and terms which are acceptable to the client, except that the licensee shall not be obligated to seek additional offers to purchase the property while the property is subject to a contract for sale or to seek additional offers to lease the property while the property is subject to a lease or letter of intent to lease;
(ii) Presenting 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;
(iii) Disclosing in writing to the client all adverse material facts actually known by the licensee; and
(iv) Advising the client to obtain expert advice as to material matters about which the licensee knows but the specifics of which are beyond the expertise of the licensee;
(d) To account in a timely manner for all money and property received;
(e) 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
(f) To comply with any applicable federal, state, and local laws, rules, regulations, and ordinances, including fair housing and civil rights statutes and regulations.
(2) A licensee acting as a seller's or landlord's agent shall not disclose any confidential information about the client unless disclosure is required by statute, rule, or regulation or failure to disclose the information would constitute fraudulent misrepresentation. No cause of action for any person shall arise against a licensee acting as a seller's or landlord's agent for making any required or permitted disclosure.
(3) {Ed. note: Does not follow conventional formating rules}
(a) A licensee acting as a seller's or landlord's agent owes no duty or obligation to a customer, except that a licensee shall disclose in writing to any customer all adverse material facts actually known by the licensee. The adverse material facts may include adverse material facts pertaining to:
(i) Any environmental hazards affecting the property which are required by law to be disclosed;
(ii) the physical condition of the property;
(iii) any material defects in the property;
(iv) any material defects in the title to the property; or
(v) any material limitation on the client's ability to perform under the terms of the contract.
(b) A seller's or landlord's agent owes no duty to conduct an independent inspection of the property for the benefit of the customer and owes no duty to independently verify the accuracy or completeness of any statement made by the client or any independent inspector.
(4) A seller's or landlord's agent may show alternative properties not owned by the client to prospective buyers or tenants and may list competing properties for sale or lease without breaching any duty or obligation to the client.
(5) {Ed. note: Does not follow conventional formating rules}
(a) A seller or landlord may agree in writing with a seller's or landlord's agent that other designated brokers may be retained and compensated as subagents.
(b) Any designated broker acting as a subagent on the seller's or landlord's behalf shall be a limited agent with the obligations and responsibilities set forth in subsections 76-2417(1) through [(2)] [(3)] 76-2417(4) of this section.

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76-2418. Buyer's agent or tenant's agent; powers and duties; confidentiality; immunity; disclosures required.
(1) A licensee representing a buyer or tenant as a buyer's or tenant's agent shall be a limited agent with the following duties and obligations:
(a) To perform the terms of any written agreement made with the client;
(b) To exercise reasonable skill and care for the client;
(c) To promote the interests of the client with the utmost good faith, loyalty, and fidelity, including:
(i) Seeking a price and terms which are acceptable to the client, except that the licensee shall not be obligated to seek other properties while the client is a party to a contract to purchase property or to a lease or letter of intent to lease;
(ii) Presenting all written offers to and from the client in a timely manner regardless of whether the client is already a party to a contract to purchase property or is already a party to a contract or a letter of intent to lease;
(iii) Disclosing in writing to the client adverse material facts actually known by the licensee; and
(iv) Advising the client to obtain expert advice as to material matters about which the licensee knows but the specifics of which are beyond the expertise of the licensee;
(d) To account in a timely manner for all money and property received;
(e) 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
(f) To comply with any applicable federal, state, and local laws, rules, regulations, and ordinances, including fair housing and civil rights statutes or regulations.
(2) A licensee acting as a buyer's or tenant's agent shall not disclose any confidential information about the client unless disclosure is required by statute, rule, or regulation or failure to disclose the information would constitute fraudulent misrepresentation. No cause of action for any person shall arise against a licensee acting as a buyer's or tenant's agent for making any required or permitted disclosure.
(3) {Ed. note: Does not follow conventional formating rules}
(a) A licensee acting as a buyer's or tenant's agent owes no duty or obligation to a customer, except that the licensee shall disclose in writing to any customer all adverse material facts actually known by the licensee. The adverse material facts may include adverse material facts concerning the client's financial ability to perform the terms of the transaction.
(b) A buyer's or tenant's agent owes no duty to conduct an independent investigation of the client's financial condition for the benefit of the customer and owes no duty to independently verify the accuracy or completeness of statements made by the client or any independent inspector.
(4) A buyer's or tenant's agent may show properties in which the client is interested to other prospective buyers or tenants without breaching any duty or obligation to the client. This section shall not be construed to prohibit a buyer's or tenant's agent from showing competing buyers or tenants the same property and from assisting competing buyers or tenants in attempting to purchase or lease a particular property.
(5){Ed. note: Does not follow conventional formating rules}
(a) A client may agree in writing with a buyer's or tenant's agent that other designated brokers may be retained and compensated as subagents.
(b) Any designated broker acting as a subagent on the buyer's or tenant's behalf shall be a limited agent with the obligations and responsibilities set forth in subsections (1) through [(2)] [(3)] (4) of this section.

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76-2419. Dual agent; powers and duties; confidentiality; immunity; imputation of knowledge or information.
(1) A licensee may act as a dual agent only with the informed consent of all parties to the transaction. The informed consent shall be evidenced by a written agreement pursuant to section 76-2422.
(2) A dual agent shall be a limited agent for both the seller and buyer or the landlord and tenant and shall have the duties and obligations required by sections 76-2417 and 76-2418 unless otherwise provided for in this section.
(3) Except as provided in subsections 76-2419(4) and (5) of this section, a dual agent may disclose any information to one client that the licensee gains from the other client if the information is relevant to the transaction or client.
(4) The following information shall not be disclosed by a dual agent without the informed written consent of the client to whom the information pertains:
(a) That a buyer or tenant is willing to pay more than the purchase price or lease rate offered for the property;
(b) That a seller or landlord is willing to accept less than the asking price or lease rate for the property;
(c) What the motivating factors are for any client buying, selling, or leasing the property; and
(d) That a client will agree to financing terms other than those offered.
(5) {Ed. note: Does not follow conventional formating rules}
(a) A dual agent shall not disclose to one client any confidential information about the other client unless the disclosure is required by statute, rule, or regulation or failure to disclose the information would constitute fraudulent misrepresentation.
(b) No cause of action for any person shall arise against a dual agent for making any required or permitted disclosure.
(c) A dual agent does not terminate the dual agency relationship by making any required or permitted disclosure.
(6) In a dual-agency relationship there shall be no imputation of knowledge or information between any client and the dual agent or among persons within an entity engaged as a dual agent.
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76-2420. Designated broker; written policy; relationships.
(1) Every designated broker shall adopt a written policy which identifies and describes the relationships in which the designated broker and affiliated licensees may engage with any seller, landlord, buyer, or tenant as part of any real estate brokerage
(2) A designated broker shall not be required to offer or engage in more than one of the brokerage relationships enumerated in section 76-2416.
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76-2421. Licensee offering brokerage services; duties.
(1) At the earliest practicable opportunity during or following the first substantial contact with a seller, landlord, buyer, or tenant who has not entered into a written agreement for brokerage services with a designated broker, offering brokerage services to that person or who is providing brokerage services for that property shall:
(a) Provide that person with a written copy of the current brokerage disclosure pamphlet which has been prepared and approved by the commission; and
(b) Disclose in writing to that person the types of brokerage relationships the designated broker and affiliated licensees are offering to that person or disclose in writing to that person which party the licensee is representing.
(2) When a seller, landlord, buyer, or tenant has already entered into a written agreement for brokerage services with a designated broker, no other licensee shall be required to make the disclosures required by this section.
(3) Before engaging in any of the activities enumerated in subdivision (2) of section 81-885.01, a licensee working as an agent or subagent of the seller or landlord with a buyer or tenant who is not represented by a licensee shall provide a written disc
(a) A statement that the licensee is an agent for the seller or landlord and is not an agent for the customer; and
(b) A list of the tasks that the agent acting as a seller's or landlord's agent or subagent intends to perform with the customer.
(4) Before engaging in any of the activities enumerated in subdivision (2) of section 81-885.01, a licensee working as an agent or subagent of the buyer or tenant with a seller or landlord who is not represented by a licensee shall provide a written disc
(a) A statement that the licensee is an agent for the buyer or tenant and is not an agent for the customer; and
(b) A list of the tasks that the agent acting as a buyer's or tenant's agent or subagent intends to perform with the customer.
(5) The written disclosure required pursuant to subsections (1), (3), and (4) of this section shall contain a signature block for the client or customer to acknowledge receipt of the disclosure. The customer's acknowledgment of disclosure shall not constitute a contract with the licensee. If the customer fails or refuses to sign the disclosure, the licensee shall note that fact on a copy of the disclosure and retain the copy.
(6) Disclosures made in accordance with sections 76-2401 to 76-2430 shall be sufficient to disclose brokerage relationships to the public.
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76-2422. Written agreements for brokerage services; when required.
(1) All written agreements for brokerage services on behalf of a seller, landlord, buyer, or tenant shall be entered into by the designated broker on behalf of that broker and affiliated licensees, except that the designated broker may authorize affiliated licensees in writing to enter into the written agreements on behalf of the designated broker.
(2) Before engaging in any of the activities enumerated in subdivision (2) of section 81-885.01, a designated broker intending to establish a single agency relationship with a seller or landlord shall enter into a written agency agreement with the party to be represented. The agreement shall include a licensee's duties and responsibilities specified in section 76-2417 and the terms of compensation and shall specify whether an offer of subagency may be made to any other designated broker.
(3) Before or while engaging in any of the acts enumerated in subdivision (2) of section 81-885.01, a designated broker acting as a single agent for a buyer or tenant may enter into a written agency agreement with the party to be represented. The agreement shall include a licensee's duties and responsibilities specified in section 76-2418 and the terms of compensation and shall specify whether an offer of subagency may be made to any other designated broker.
(4) Before engaging in any of the activities enumerated in subdivision (2) of section 81-885.01, a designated broker intending to act as a dual agent shall obtain the written agreement of the seller and buyer or landlord and tenant permitting the designated broker to serve as a dual agent in the proposed transaction. The agreement shall include a licensee's duties and responsibilities specified in section 76-2419 and the terms of compensation.
(5) Before engaging in any of the activities enumerated in subdivision (2) of section 81-885.01, a designated broker intending to act as a subagent shall enter into written contract with the primary designated broker for the client. If a designated broker has made a unilateral offer of subagency, another designated broker can enter into the subagency relationship by the act of disclosing to the customer that he or she is a subagent of the client.
(6) Before engaging in any of the activities enumerated in subdivision (2) of section 81-885.01, a designated broker who intends to establish an agency relationship with any party or parties to a transaction in which the designated broker's duties and responsibilities exceed those contained in sections 76-2417 and 76-2418 shall enter into a written agency agreement with a party or parties to the transaction to perform services on their behalf. The agreement shall specify the agent's duties and responsibilities, including any duty of confidentiality, and the terms of compensation. Any agreement under this subsection shall be subject to the common-law requirements of agency applicable to real estate licensees.
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76-2423. Representation; commencement and termination; when.
(1){Ed. note: Does not follow conventional formating rules}
(a) The relationships set forth in sections 76-2401 to 76-2430 shall commence at the time that the licensee begins representing a client and continue until performance or completion of the representation.
(b) If the representation is not performed or completed for any reason, the relationship shall end at the earlier of:
(i) The date of expiration agreed upon by the parties; or
(ii) The termination or relinquishment of the relationship by the parties.
(2) Except as otherwise agreed in writing, a licensee shall owe no further duty or obligation after termination or expiration of the contract or representation or completion of performance except the duties of:
(a) Accounting for all money and property related to and received during the relationship; and
(b) Keeping confidential all information received during the course of the relationship which was made confidential by sections 76-2401 to 76-2430, by instructions from the client, or by the policy of the designated broker unless:
(i) The client to whom the information pertains grants written consent to disclose the information; or
(ii) Disclosure of the information is required by law.
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76-2424. Compensation; payment.
(1) In any real estate transaction, the designated broker's compensation may be paid by the seller, the landlord, the buyer, the tenant, or a third party or by sharing the compensation between designated brokers.
(2) Payment of compensation by itself shall not establish an agency relationship between the party who paid the compensation and the designated broker or any affiliated licensee.
(3) A seller or landlord may agree that a single agent designated broker or subagent may share with another designated broker the compensation paid by the seller or landlord.
(4) A buyer or tenant may agree that a single agent designated broker or subagent may share with another designated broker the compensation paid by the buyer or tenant.
(5) A designated broker may be compensated by more than one party for services in a transaction if the parties consent in writing to the multiple payments at or before the time of entering into a contract to buy, sell, or lease.

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76-2425. Violation; unfair trade practice; commission; powers.
Violation of any provision of sections 76-2401 to 76-2430 by a licensee shall constitute an unfair trade practice pursuant to section 81-885.24 for which the commission may investigate and take administrative action against the licensee pursuant to the Nebraska Real Estate License Act.
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76-2426. Misrepresentation; liability.
(1) A client shall not be liable for a misrepresentation of his or her limited agent arising out of the limited-agency agreement unless the client knew or should have known of the misrepresentation.
(2) A licensee who is serving as a limited agent or subagent of a client shall not be liable for a misrepresentation of his or her client arising out of the brokerage-services agreement unless the licensee knew or should have known of the misrepresentation.
(3) A licensee who is serving as a limited agent of a client shall not be liable for a misrepresentation of any subagent unless the licensee knew or should have known of the misrepresentation. This section shall not limit the liability of a designated broker for a misrepresentation by an affiliated licensee under his or her supervision.
(4) A licensee who is serving as a subagent shall not be liable for a misrepresentation of the primary limited agent unless the subagent knew or should have known of the misrepresentation.

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76-2427. Designated broker; appointment of limited agent; effect.
A designated broker entering into a limited agency agreement with a client for the listing of property or for the purpose of representing that person in the buying, selling, exchanging, renting, or leasing of real estate may appoint in writing those affiliated licensees who will be acting as limited agents of that client to the exclusion of all other affiliated licensees. A designated broker shall not be considered to be a dual agent solely because he or she makes an appointment under this section, except that any licensee who personally represents both the seller and buyer or both the landlord and tenant in a particular transaction shall be a dual agent and shall be required to comply with the provisions of sections 76-2401 to 76-2430 governing dual agents.
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76-2428. Affiliated licensees; powers and duties; immunity.
(1) All affiliated licensees to the extent allowed by their licenses shall have the same duties and responsibilities to the client and customer pursuant to sections 76-2417 to [76-2418] 76-2419 as the designated broker except as provided in section 76-2427.
(2) All affiliated licensees have the same protections from vicarious liability as their designated broker.

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76-2429. Sections; supersede common law; extent; construction.
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. Sections 76-2401 to 76-2430 shall be construed broadly to accomplish their purposes.
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76-2430. Commission; rules and regulations.
The commission shall adopt and promulgate rules and regulations to carry out sections 76-2401 to 76-2430.


Other Statute references

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81-885.01. Terms, defined.
For purposes of the Nebraska Real Estate Licensing Act, unless the context otherwise requires:
(1) Real estate shall mean and include condominiums and leaseholds, as well as any other interest or estate in land, whether corporeal, incorporeal, freehold, or nonfreehold, and whether the real estate is situated in this state or elsewhere;
(2) Broker shall mean any person who, for a fee, a commission, or any other valuable consideration or with the intent or expectation of receiving the same from another, negotiates or attempts to negotiate the listing, sale, purchase, exchange, rent, lease, or option for any real estate or improvements thereon, or assists in procuring prospects or holds himself or herself out as a referral agent for the purpose of securing prospects for the listing, sale, purchase, exchange, renting, leasing, or optioning of any real estate or collects rents or or attempts to collect rents, or holds himself or herself out as engaged in any of the foregoing. Broker shall also include any person: (a) Employed by or on behalf of the owner or owners of lots or other parcels of real estate at a salary, fee, or commission or any other valuable consideration to sell such real estate or any part thereof in lots or parcels or make other disposition thereof; (b) who engages in the business of charging an advance fee in connection with any contract whereby he or she undertakes primarily to promote the sale of real estate either through its listing in a publication issued primarily for such purpose or for referral of information concerning such real estate to brokers or both; (c) who auctions, offers, attempts, or agrees to auction real estate; or (d) who buys or offers to buy or sell or otherwise deals in options to buy real estate;
{Ed. note sections (3) through (12) not reprinted here}
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81-885.24. Commission; investigative powers' disciplinary powers' violations of unfair trade practices.
The commission may, upon its own motion and shall, upon the sworn complaint in writing of any person, investigate the actions of any broker, associate broker, salesperson, or subdivider and may censure the licensee or certificate holder, revoke or suspend any license or certificate issued under the Nebraska Real Estate License Act, or enter into consent decrees, whenever teh license or certificate has been obtained by false or fraudulent representation or the licensee or certificate holder has been found guilty of any of the following unfair trade practices:

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