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NE State
NE State Housing Part 2
| Term | Definition |
|---|---|
| how to file complaints w/NEOC | 1) must file w/in 12 months of alleged act 2) must be in writing 3) commission may also investigate all under oath |
| how to file complaints w/NEOC cont | 4) NEOC will notify person of acknowledgment of complaint, no later than 100 days afterwards can add additional respondent (each respondent filed w/in 10 days) 5) NEOC has 100 days to investigate complaint and take further action |
| Advertising | HUD makes the guidelines and applies to all media since 1989 and additional added in 1995 |
| Fair Housing (FH) Logo | must be on all RE for sale or rent |
| Title 299, Ch 2, Sec 3 | All advertising shall be in the direct supervision of the broker and in the name of the broker conducting business recorded w/commission |
| New construction and open houses | put FH logo in a 8" x 10" frame and display it |
| Fed/State laws basic principles | principle of jurisdiction, principle of equity (law), statue of limitations, doctrine of laches (legal ambush), estoppel (contradicts an established truth), doctrine of clean hands (acting in good faith) |
| Law and Regulations in US | 1) Fed and state constitutions: create general framework and procedures 2) Statues: power to enact such laws 3) Regulations: further defining terms and procedures established in statue |
| Principle of Jurisdiction | a legal doctrine which permits domestic courts to exercise their authority over parties to a case |
| principle of equity | cases based on principles of law shaped and developed in preceding cases |
| statues of limitations | sets out the maximum amount of time the parties have to initiate legal proceedings |
| doctrine of laches | legal right or claim will not be enforced to allowed if a long delay in asserting the right or claim has prejudiced the adverse party |
| estoppel | stops someone from asserting truth that is defined as contradicting to an already established truth |
| Unicameral | Single legislative body, NE only state with one |
| Serve on NREC | Licensed for 5 years |
| Broker with 1 or more trust acct | must notify commission |
| Commission fine | not to exceed $1000 each day |
| Exclusive right to sell listing agreement | purpose of agreement, effect of this agreement, the listing period, price and terms, price to include, title, evidence of title, possession, property condition disclosure statement: indemnification, compensation of broker, etc. |
| exclusive right to sell listing agreement | limitation on brokers compensation, cooperating with other brokers, forfeiture of earnest money, cost of services, maintenance of the property, nondiscrimination, escrow closing, smoke and carbon monoxide detectors, lead base paint, etc. |
| Exclusive right to sell listing agreement | sanitary improvement district, new construction, lock box, duties and responsibilities of seller's limited agent, confidential info, adverse material facts, modification of this listing contract, etc. |
| Exclusive right to sell listing agreement | brokerage services only, release of info, entire agreement, copies of agreement, IF: Limited Dual Agency; duties and responsibilities of sellers limited agent as a limited dual agent |
Created by:
SevitaM
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