§ 76-2417 — Seller's agent or landlord's agent; powers and duties; confidentiality; immunity; disclosures required

Nebraska § 76-2417

• Jurisdiction: Nebraska
• Ch. 76: Real Property

Text

(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) Except as provided in section 76-2422.01 ,
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)(a) A licensee acting as a seller's or landlord's agent owes no duty
or obligation to a buyer, a tenant, or a prospective buyer or tenant, except
that a licensee shall disclose in writing to the buyer, tenant, or prospective
buyer or tenant all adverse material facts actually known by the licensee.
The adverse material facts may include, but are not limited to, 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 buyer, tenant, or prospective
buyer or tenant 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)(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 (1) through (4) of this section.

Legislative History

Source: Laws 1994, LB 883, § 17; Laws 2002, LB 863, § 4; Laws 2011, LB25, § 6. Cross References: Nebraska Real Estate License Act, see section 81-885. Annotations: A brokerage relationship is a limited agency relationship. Professional Mgmt. Midwest v. Lund Co., 284 Neb. 777, 826 N.W.2d 225 (2012). Section 76-2403 and subdivision (3)(a) of this section do not limit a seller's agent's duty to disclose facts only when he or she has actual knowledge of the existence of a material defect or only when he or she has knowledge that a home needs extensive repair. Rather, the statutes contemplate whether the seller's agent knew of any facts which significantly affected the desirability or value of the property and which were not reasonably ascertainable or known by the buyers, pertaining to the physical condition of the property or any material defects in the property. Hinson v. Forehead, 30 Neb. App. 55, 965 N.W.2d 793 (2021).