§ 76-2423 — Representation; commencement and termination; when

Nebraska § 76-2423

• Jurisdiction: Nebraska
• Ch. 76: Real Property

Text

(1)(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.

Legislative History

Source: Laws 1994, LB 883, § 23; Laws 2011, LB25, § 11. Annotations: A brokerage relationship is a limited agency relationship. Professional Mgmt. Midwest v. Lund Co., 284 Neb. 777, 826 N.W.2d 225 (2012). A real estate broker retained to represent a client in a leasing transaction does not owe a continuing duty to that client for the duration of the lease. Professional Mgmt. Midwest v. Lund Co., 284 Neb. 777, 826 N.W.2d 225 (2012). Once a brokerage relationship is terminated, the real estate broker ceases to owe duties to the client except for limited duties of confidentiality and accounting for money and property received during the relationship. Professional Mgmt. Midwest v. Lund Co., 284 Neb. 777, 826 N.W.2d 225 (2012). Under the circumstances of this case, it was not necessary to determine the exact point at which a leasing transaction terminated, but it was completed no later than the date of payment of the real estate broker's commission. Professional Mgmt. Midwest v. Lund Co., 284 Neb. 777, 826 N.W.2d 225 (2012).