Agency Disclosure Information for Buyers and Sellers - Nebraska

Agency Disclosure Information for Buyers and Sellers is a legal document that was released by the Nebraska Real Estate Commission - a government authority operating within Nebraska.

FAQ

Q: What is agency disclosure?A: Agency disclosure is a legal requirement for real estate agents to disclose their relationship with buyers and sellers.

Q: Why is agency disclosure important?A: Agency disclosure is important as it helps protect the interests of both buyers and sellers and ensures transparency in real estate transactions.

Q: What does it mean when an agent represents a buyer?A: When an agent represents a buyer, they are working in the buyer's best interest and owe a fiduciary duty to the buyer.

Q: What does it mean when an agent represents a seller?A: When an agent represents a seller, they are working in the seller's best interest and owe a fiduciary duty to the seller.

Q: What is dual agency?A: Dual agency occurs when a real estate agent represents both the buyer and the seller in a transaction. It is important to understand the implications and limitations of dual agency.

Q: Are real estate agents required to disclose their agency relationship?A: Yes, real estate agents are required by law to provide written agency disclosure to both buyers and sellers at the earliest practical opportunity.

Q: Can a buyer or seller choose not to have an agent represent them?A: Yes, buyers and sellers have the right to choose whether or not they want an agent to represent them in a real estate transaction.

Q: What should buyers and sellers do if they have questions about agency disclosure?A: Buyers and sellers should consult with their real estate agent or seek legal advice if they have any questions or concerns about agency disclosure.

Q: Is agency disclosure the same in all states?A: No, agency disclosure requirements can vary from state to state. It is important for buyers and sellers to understand the specific requirements in their state.