76-2423. Representation; commencement and termination; when.
(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.
Source
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).
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.