Real Estate Principals and Practices

Instructor: Jan E. Beran, Esq.

Modern relationship Neb. R.R.S. 76-2401 et. seq.

(1) Agents: see 76-2414

(a) Seller agents

(b) Buyer agents

(c) Dual agent 76-2411

(i) May represent both parties

(ii) Informed consent

(iii) Disclosure of "relevant information"

(d) Limited agent 76-2413

(e) Single agent 76-2414

(2) Principal

(a) Client 76-2407

(b) Customer 76-2409

(3) Presumption of representation: 76-2416(2)

(4) Agreements. Required to be in writing

(a) Seller required 76-2422(2)

(b) Buyer optional 76-2422(3)

(c) DUAL Agent required 76-2422(4)

(d) Common law agent 76-2422(6)

(i) Agreement to specify duties

(ii) Compensation

(iii) Confidential information

(5) Compensation 76-2424

(6) Fiduciary relationship to seller: 76-2417(1)

(a) Promote the interests in utmost good faith, loyalty, and fidelity

(b) price

(c) offers

(d) Adverse material facts to client

(i) Environmental

(ii) Physical condition of property

(iii) Material defects

(iv) Title problems

(v) Seller's ability to perform

(e) Accounting

(f) Abide by the law

(g) Not disclose Confidential information 76-2406

(h) To customers (while representing seller) Disclose known adverse material facts

(7) Fiduciary relationship to Buyer: 76-2418(1)

(a) utmost good faith, loyalty, and fidelity

(i) Price

(ii) Offers

(iii) Disclosure of adverse material facts

(iv) Advice to gain expert opinions

(b) Not to disclose confidential information

(c) Disclose adverse material facts mainly buyer's financial ability to perform

(8) Notice to customer 76-2421

(a) first "substantial contact"

(b) Provide pamphlet

(c) provide disclosure

(9) Misrepresentation: (note "should have known" standard) 76-2426

(a) Client not responsible for agent

(b) Agent not responsible for client

(c) Agent not responsible for sub-agent

(d) Agent not responsible for primary agent