Real Estate Principals and Practices

Instructor: Jan E. Beran, Esq.

Licensing Laws and Professional Affiliation
Ch. 19 Jacobus

1.   Need for licensing
     a.   Early license laws required: Good reputation for loyalty, honesty and
          truthfulness
     b.   Modern license laws requre:
          i.   Competency examination
          ii.  Continuing education
2.   License required
     a.   A person who, for compensation or the promise of compensation, lists
          . . . sells . . . buys . . . negotiates . . . a sale, purchase, exchange,
          auction, lease, or rental of real estate . . . is required to hold a
          valid real estate license.
     b.   Others affected: property managers, mortgage bankers, apartment
          locaters, rent collectors.
     c.   Exemptions: Attorneys, trustees and receivers, guardians,
          administrators, executors and persons holding power of attorney.
          (NOTE: an unlicensed person cannot take a listing under the guise of
          a power of attorney and operate as a real estate broker)
3.   Licenses available
     a.   Broker
     b.   Sales Person.
4.   Qualifications
     a.   Examination
     b.   Education
     c.   Continuing Education
     d.   Renewal
5.   The business firm
     a.   Sole proprietorship
     b.   Entity
6.   Regulation
     a.   Real Estate commission
     b.   Private Damages
7.   Employment
     a.   Employer considerations
     b.   Employment contract
8.   Nebraska
     a.   Governing body: Nebraska Real Estate Commission
     b.   Salesperson license requirements
          (1)  High school graduate or GED certificate
	  (2)  19 years of age
          (3)  two real estate courses of 30 class hours each
          (4)  pass exam
     c.   Broker license requirements
          (1)  High school graduate or GED certificate
	  (2)  19 years of age
          (3)  Education and experience options
               (a) serve 2 years as sales person (full time) and
                   two additional real estate courses of 30 class hours each
               (b) obtain 18 credit hours or 180 class hours (6 courses)
                   of approved courses
          (4)  pass exam
     d.   Trust account requirement for brokers
     e.   Renewal by November 30
     f.   Continuing education requirement
     g.   Errors and omissions insurance