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NE State

NE Housing Part 1

Definition
license the permission granted by competent authority to exercise a certain privilege
trespass unauthorized entry upon land; Tort Law originated in England
license laws qualifications, licensing and oversight on RE or other professional w/in the state
what are license laws ensure minimal levels of expertise; promulgate enforceable standards to protect consumers against fraud, abuse or negligence; provide mechanisms for self-policing of the industry
ARELLO International Organization of Real Estate License Law Officials; exchange of info and cooperation among regulators and policy makers; 1930
NREC The Real Estate Commission for the State Of Nebraska; state rules and legislation, Neb RE License Manual, and issues license
NAR National Association of Realtors (www.realtor.com), largest trade association, a strict code of ethics all members adhere by
NRA The State Realtors Association for Nebraska; code of ethics; 1917
RE Testing National 150 mins with 80 questions and State 90 mins with 50 multiple choice and 10 min break
Chairperson of NREC Secretary of State, an elected official
Who interprets ARELLO Attorney General
Brokers License max fee $250; serve 2 years, 180 hrs or 6 more courses
Administration Fee Usage for enforcing maintenance and operation of the commission
Appraisal process of estimating and supporting an opinion of value, performed by a licensed appraiser
Brokers Price Opinion (BPO) brokers estimate of probable selling price, rather than the estimate of value
Comparative Market Analysis (CMA) simple version of the sale comparison approach, helps determine the value of RE
Rejected RE Application process Days - 20 notice of refusal, 30 request hearing, 20 written notice of hearing, 90 hearings, 10 request hearing notes, 60 commission decision
3 Administration Bodies ARELLO, NREC, & NEOC (Neb Equal Opportunity Commission)
3 Regulatory Bodies Constitution & Fed Rules, RESPA, TILA, Federal Fair Housing; State Statues & License Laws, NE License Law Act; Admin Rules/Reg's, Policies & Interpretations (Title 299, 301, 302, 305 & Act 24)
if conflict amongst local and state local and state laws supersede
Administrative Bodies interpret, narrow down and further clarify statues passed by the state
Fair Housing Act Protects (FReSHCoRN) Familial Statues, Race, (Equality), Sex, Handicap, Color, (Opportunity), Religion, National Origin
Acts 1968 Race, Color, Religion, National Origin
Acts 1974 Sex; created section 8 housing programs
Acts 1988 Handicap, Familial Status
Civil rights of 1866 1st law to be written by congress to prohibit discrimination based on a persons race
6 commissioners of NREC Appointed by Governresidential purchase agreementor; 3 members are licensed active brokers or associate brokers for 5+ yrs; 1 public rep; 1 RE salespersons 3+ yrs, 1 active broker 5+ yrs
Vote requirement for commission action for NREC 4 votes
Director of NREC keeps records
Annual LATE fee to NREC renewal by June 30 or it gets canceled
license issuance run to Dec 1st each licensing yr
Renewal license issuance due by Nov 30th every 2 yrs with courses; broker $500, salesperson $400
Non resident license issuance provided certified copy of resident state history, criminal background check, non resident license fee & 3 hrs of approved NE license law and reg's
Lead Based paint/hazards warning statement, seller's disclosure, purchasers acknowledgement, agents acknowledgement, certification of accuracy
residential purchase agreement brokers name or firm and address, legal description, all cash, conditional upon loan, assume existing loan, seller financing, other provisions, etc.
residential purchase agreement taxes provision A, provision B, acceptance, receipts for fully purchase agreement, amendment to uniform purchase agreement, VA escape clause, FHA escape clause, buyer/seller please note
Created by: SevitaM
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