81-885.01 Terms, defined.
81-885.01. Terms, defined.For purposes of the Nebraska Real Estate License Act, unlessthe context otherwise requires:(1) Real estate means and includes condominiums and leaseholds,as well as any other interest or estate in land, whether corporeal, incorporeal,freehold, or nonfreehold, and whether the real estate is situated in thisstate or elsewhere;(2) Broker means any person who, for any form of compensationor consideration or with the intent or expectation of receiving the same fromanother, negotiates or attempts to negotiate the listing, sale, purchase,exchange, rent, lease, or option for any real estate or improvements thereon,or assists in procuring prospects or holds himself or herself out as a referralagent for the purpose of securing prospects for the listing, sale, purchase,exchange, renting, leasing, or optioning of any real estate or collects rentsor attempts to collect rents, gives a broker's price opinion or comparativemarket analysis, or holds himself or herself out as engaged in any of theforegoing. Broker also includes any person: (a) Employed, by or on behalfof the owner or owners of lots or other parcels of real estate, for any formof compensation or consideration to sell such real estate or any part thereofin lots or parcels or make other disposition thereof; (b) who auctions, offers,attempts, or agrees to auction real estate; or (c) who buys or offers to buyor sell or otherwise deals in options to buy real estate;(3) Associate broker means a person who has a broker's licenseand who is employed by another broker to participate in any activity describedin subdivision (2) of this section;(4) Designated broker means an individual holding a broker'slicense who has full authority to conduct the real estate activities of areal estate business. In a sole proprietorship, the owner, or broker identifiedby the owner, shall be the designated broker. In the event the owner identifiesthe designated broker, the owner shall file a statement with the commissionsubordinating to the designated broker full authority to conduct the realestate activities of the sole proprietorship. In a partnership, limited liabilitycompany, or corporation, the partners, limited liability company members,or board of directors shall identify the designated broker for its real estatebusiness by filing a statement with the commission subordinating to the designatedbroker full authority to conduct the real estate activities of the partnership,limited liability company, or corporation. The designated broker shall alsobe responsible for supervising the real estate activities of any associatebrokers or salespersons;(5) Inactive broker means an associate broker whose licensehas been returned to the commission by the licensee's broker, a broker whohas requested the commission to place the license on inactive status, a newlicensee who has failed to designate an employing broker or have the licenseissued as an individual broker, or a broker whose license has been placedon inactive status under statute, rule, or regulation;(6) Salesperson means any person, other than an associatebroker, who is employed by a broker to participate in any activity describedin subdivision (2) of this section;(7) Inactive salesperson means a salesperson whose licensehas been returned to the commission by the licensee's broker, a salespersonwho has requested the commission to place the license on inactive status,a new licensee who has failed to designate an employing broker, or a salespersonwhose license has been placed on inactive status under statute, rule, or regulation;(8) Person means and includes individuals, corporations,partnerships, and limited liability companies, except that when referringto a person licensed under the act, it means an individual;(9) Subdivision or subdivided land means any real estateoffered for sale and which has been registered under the Interstate Land SalesFull Disclosure Act, 82 Stat. 590 and following, 15 U.S.C. 1701 and following,as such act existed on January 1, 1973, or real estate located out of thisstate which is divided or proposed to be divided into twenty-five or morelots, parcels, or units;(10) Subdivider means any person who causes land to be subdividedinto a subdivision for himself, herself, or others or who undertakes to developa subdivision but does not include a public agency or officer authorized bylaw to create subdivisions;(11) Purchaser means a person who acquires or attempts toacquire or succeeds to an interest in land;(12) Commission means the State Real Estate Commission;(13) Broker's price opinion means an analysis, opinion, orconclusion prepared by a person licensed under the Nebraska Real Estate LicenseAct in the ordinary course of his or her business relating to the price ofspecified interests in or aspects of identified real estate or identifiedreal property for the purpose of (a) listing,purchase, or sale or (b) originating,extending, renewing, or modifying a loan in a transaction other than a federallyrelated transaction;(14) Comparative market analysis means an analysis, opinion,or conclusion prepared by a person licensed under the act in the ordinarycourse of his or her business relating to the price of specified interestsin or aspects of identified real estate or identified real property by comparisonto other real property currently or recently in the marketplace for the purposeof (a) listing,purchase, or sale or (b) originating,extending, renewing, or modifying a loan in a transaction other than a federallyrelated transaction;(15) Distance education means courses in which instructiondoes not take place in a traditional classroom setting, but rather throughother media by which instructor and student are separated by distance andsometimes by time;(16) Regulatory jurisdiction means a state, district, orterritory of the United States, a province of Canada or a foreign country,or a political subdivision of a foreign country, which has implemented andadministers laws regulating the activities of a broker;(17) Federal financialinstitution regulatory agency means (a) the Board of Governors of the FederalReserve System, (b) the Federal Deposit Insurance Corporation, (c) the Officeof the Comptroller of the Currency, (d) the Office of Thrift Supervision,(e) the National Credit Union Administration, or (f) the successors of anyof those agencies; and(18)Federally related transaction means a real-estate-related transaction that(a) requires the services of an appraiser and (b) is engaged in, contractedfor, or regulated by a federal financial institution regulatory agency. SourceLaws 1973, LB 68, § 1; Laws 1979, LB 68, § 1; Laws 1983, LB 182, § 1; Laws 1990, LB 350, § 1; Laws 1991, LB 118, § 2; Laws 1993, LB 121, § 529; Laws 1999, LB 618, § 6; Laws 2002, LB 863, § 10; Laws 2007, LB26, § 1; Laws 2010, LB931, § 27.Effective Date: April 15, 2010AnnotationsPursuant to the Nebraska Real Estate License Act, any person collecting a fee or commission on the sale of real estate must be a licensed real estate broker or salesperson unless they meet one of the exceptions provided in the act. In re Estate of Ronan, 277 Neb. 516, 763 N.W.2d 704 (2009)."Business brokers" are real estate brokers, as defined by this section, if the attempted sale or lease involves the transfer of any interest in real estate. Ford v. American Medical International, 228 Neb. 226, 422 N.W.2d 67 (1988).