- An out-of-state licensee is prohibited from performing any licensed services on a Nebraska transaction without a Nebraska license.
- An out-of-state licensee may not be paid as a referral fee without a Nebraska real estate license.
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QUASI - BIZ BROKER STATE* |
ReciprocityLicense Recognition: Any State* * Any State licensee must complete a 3 hr course on Agency/License Law from an approved provider. |
Specific to Nebraska- This state requires Mandatory E&O Insurance (see RISC) https://www.risceo.com/states/nebraska/ - This state requires a Trust Account at a financial institution in Nebraska. |
Reverse ReciprocityThese states specifically mention Nebraska in their Reciprocity: Arkansas, Connecticut, Florida, Illinois, Massachusetts, Minnesota, Montana, Ohio, Oklahoma, Oregon, West Virginia These States recognize any other State licenses but may have additional requirements: Alaska, Alabama, Colorado, Georgia, Idaho, Indiana, Kansas, Kentucky, Maine, North Carolina, Rhode Island, South Dakota, Tennesee, Vermont, Washington CustomsTitle companies, lenders, real estate agents, and attorneys all conduct closings. Conveyance is by warranty deed. Mortgages and deeds of trust are the security instruments. Nebraska uses ALTA policies and endorsements. Buyers and sellers split escrow and closing costs; sellers pay the state’s documentary taxes. |
Links*QUASI - BIZ BROKER STATEIf a business brokerage commission is contingent on "the transfer of an interest in real estate", (this includes a lease transfer) then the business broker must possess a real estate license to be paid.
- "Business brokers" are real estate brokers, as defined in the code, if the attempted sale or lease involves the transfer of any interest in real estate. Nebraska State Legislature Page (Bottom) |
