Disclosure
General Information
Nebraska licensed real estate brokers and their associate brokers and salespersons are required by law to disclose the type of brokerage relationship they have with the buyers, tenants, sellers or landlords to whom they are providing services In a real estate transaction, The buyers, either tenants, sellers or landlords may be either clients or customers of a licensee. A client of a licensee is a person or entity who has a brokerage relationship with that licensee. A customer of a licensee is a person or entity who does not have a brokerage relationship with that licensee although the licensee is involved in the real estate transaction.
There are several types of brokerage relationships that are possible and you, whether a client or a customer, should understand them at the time a licensee begins to provide brokerage servIces to you in a real estate transaction. They are: 1) Buyer Limited Agency; 2) Tenant Limited Agency: 3) Seller Limited Agency: 4) Landlord Limited Agency: 5) Dual Limited Agency: and 6) Common Law Agency
The licensee who is offering brokerage services to you, or who is providing brokerage services for a particular property, must make certain disclosures regarding his/her brokerage relationship in the transaction. These disclosures must be made at the earliest practicable opportunity during or following the first substantial contact with a buyer, tenant, seller or landlord who does not have a written agreement for brokerage services with another licensee.
All real estate licensees providing brokerage services are buyer's or tenant's limited agents (NO WRITTEN AGREEMENT IS NECESSARY) unless:
1) the licensee has entered into a written agreement with a seller (a listing agreement) or a landlord (a management or leasing agreement) to represent the seller or landlord as their limited agent; 2) the licensee is providing brokerage services as a subagent of another broker who has an agency relationship with a client; 3) the licensee is providing brokerage services under a written dual agency agreement: or 4) the licensee is operating under a written common law agency agreement with a client. It should be noted that at the end of each of the four sections in this document brokers were given space to include information specifying those brokerage relation- ships their firms offer and identifying the services they can provide within each relationship. Broker supplements to this brochure are distinguished by print type and are in addition to the language prepared and approved by the Nebraska Real Estate Commission.
Buyer or Tenant Agency
A buyer's or tenant's limited agent is an agent who represents a buyer or tenant. A real estate licensee is a buyer's or tenant's limited agent unless one of the previously referred to written agreements is in place. A buyer's agency or tenant's agency may also be created by written agreement between you and a real estate broker. A buyer's or tenant's limited agent, in addition to performing under the terms of any written agreement made with the buyer or tenant, exercises reasonable skill and care for the buyer or tenant and promotes the interests of the buyer or tenant with the utmost good faith, loyalty and fidelity. A buyer's or tenant's limited agent seeks a price and terms which are acceptable to the buyer or tenant; presents all written offers to and from the buyer or tenant in a timely manner; discloses, in writing, to the buyer or tenant all adverse material facts actually known by the limited agent and advises the buyer or tenant to obtain expert advice on known matters beyond the limited agent's expertise. A buyer's or tenant's limited agent must account for all money and property received and must comply with all applicable federal, state and local statutes, rules and ordinances.
A buyer's or tenant's limited agent shall not disclose any confidential information about the buyer or tenant unless required by statute, rule or if failure to disclose would constitute fraudulent misrepresentation.
A buyer's or tenant's limited agent may retain and compensate other brokers as subagents only with the written agreement of the buyer or tenant. (Subagents have the same duties and obligations as the buyer's or tenant's limited agents.)
A buyer's or tenant's limited agent may show the same property to competing buyers and tenants, and assist competing buyers and tenants in attempting to purchase or lease said property without breaching any duly or obligation to their client.
A buyer's or tenant's limited agent owes no duty or obligation to a customer (seller or landlord) except to disclose, in writing, all adverse material facts actually known by the licensee. Adverse material facts may include adverse material facts concerning the buyer's or tenant's financial ability to perform the terms of the transaction.
A buyer's or tenant's limited agent must also act honestly and fairly in their dealings with a seller or landlord.
A buyer's or tenant's limited agent owes no duty to conduct an independent investigation of the buyer's or tenant's financial condition for the benefit of the seller or landlord or to independently verify the accuracy or completeness of statements made by the buyer or tenant or any independent inspector.
A buyer's or tenant's limited agent must, if the seller or landlord is not represented by another licensee, provide a list of tasks that the buyer's or tenant's limited agent intends to perform for the seller or landlord (customer).
Buyers Choice Real Estate Offers Buyer Agency
1. Explain buying process from buyers & sellers position
2. Review purchase agreement & explain clauses
3. Provide an estimate of closing costs based on contract
4. Assist in the transaction until closing
5. Assist in determining your financial ability to purchase
6. Provide background information you wish provided to seller
Seller or Landlord Agency
A seller's or landlord's limited agent is an agent who has entered Into a written agreement to represent a seller or landlord. A seller's or landlord's limited agent performs under the terms of the written agreement; exercises reasonable skill and care for the seller or landlord; and promotes the interests of the seller or landlord with the utmost good faith, loyalty and fidelity. A seller's or landlord's limited agent seeks a price and terms which are acceptable to the seller or landlord; presents all written offers to and from the seller or landlord in a timely manner; discloses, in writing, to the seller or landlord all adverse material facts actually known by the limited agent and advises the seller or landlord to obtain any necessary expert advice on known matters beyond the limited agent's expertise. A seller's or landlord's limited agent must account for all money and property received and must comply with all applicable federal, state and local statutes, rules and ordinances.
A seller's or landlord's limited agent shall not disclose any confIdential information about the seller or landlord unless required to do so by statute, rule or if failure to disclose would constitute fraudulent misrepresentation.
A seller's or landlord's limited agent may retain and compensate other brokers as subagents only with the written agreement of the seller or landlord. (Subagents have the same duties and obligations as the seller's or landlord's limited agent.)
A seller's or landlord's limited agent may show and list alternative or competing properties without breaching any duty or obligation to the seller or landlord.
A seller's or landlord's limited agent owes no duty or obligation to a customer (buyer or tenant) except to disclose, in writing, all adverse material facts actually known by the seller's or landlord's limited agent. An adverse material fact includes:
1) environmental hazards affecting the property required by law to be disclosed:
2) physical condition of the property:
3) material defects in the property:
4) material defects in the title to the property: and 5) material limitations on the seller's or landlord's ability to perform under a contract.
A seller's or landlord's limited agent must also act honestly and fairly in their dealings with a buyer or tenant.
A seller's or landlord's limited agent owes no duty to conduct an independent inspection of the property for the benefit of the buyer or tenant or to independently verify the accuracy or completeness of any statement made by the seller or landlord or an independent inspector.
A seller's or landlord's limited agent must, if the buyer or tenant is not represented by another licensee, provide a list of tasks that the seller's or landlord's limited agent intends to perform for the buyer or tenant (customer).
Buyers Choice Real Estate
Offers Sellers Agency
1. Explain buying process from buyers & sellers position
2. Review purchase agreement & explain clauses
3. Provide an estimate of closing costs based on contract
4. Assist in the transaction until closing
5. Perform the terms of the listing agreement
6. Present all offers to seller
Limited Dual Agency
A limited dual agent is an agent who, with the written, informed consent of all parties to a contemplated real estate transaction, represents both the seller and the buyer or both the landlord and the tenant. Both parties are clients of the licensee.
A limited dual agent has the same duties and obligations of a limited agent to a seller or a landlord and the same duties and responsibilities of a limited agent to a buyer or a tenant as has been set out in this document except as set out below.
A limited dual agent may disclose any information to one client that is gained from the other, if the information is relevant to the transaction or the client, except, a limited dual agent cannot disclose the following without the informed written consent of the client to whom the information pertains:
1) the buyer or tenant is willing to pay more than the purchase price or lease rate offered;
2) the seller or landlord is willing to accept less than the asking price or lease rate;
3) the motivating factors for any client buying, selling or leasing; or
4) a client will agree to financing terms other than those offered. The limited dual agent cannot disclose to one client any confidential information about the other unless required by statute or rule or if failure to disclose would constitute fraudulent misrepresentation.
Buyers Choice Real Estate Offers Dual Agency
Common Law Agency
The duties and obligations of an agent under a common law agency agreement exceed the duties and obligations of a limited agent as described in this document and in Nebraska Statutes, Neb. Rev. Stat. 76-2401 through 76-2430. For example, a licensee who is authorized by the principal to bind the principal to terms or conditions in a real estate transaction would be a common law agent. A buyer, tenant, seller or landlord and the real estate broker must enter into this type of agency through a written agreement which specifies the agent's duties and responsibilities, including the duty of confidentiality and the terms of compensation. An agreement such as this will be subject to the common law requirements of agency applicable to real estate licensees.
Buyers Choice Real Estate Does Not Offer Common Law Agency
