Randall-School-of-Real-Estate
Effective July 1st, 2017, the new “Teams” legislation will go into effect. If you’re operating as a Team or you are considering creating a Team, it is important to understand you obligations. Here is an overview of the new requirements:

Definition of a “Team” – A team consists of 2 or more persons licensed by the commission who:

(a) Work under the supervision of the same Broker, AND

(b) Work together on real estate transactions to provide real estate brokerage services, AND

(c) Represent themselves to the public as being part of a Team, AND

(d) Are designated by a Team Name

Definition of a “Team Leader” – Any person licensed by the commission and appointed or recognized by his or her Broker as the Leader for his or her Team. They are responsible for supervising the real estate activities (Nebraska Real Estate License Act) of their Team. The Designated Broker is responsible for overall supervision. The Team Leader MUST provide a current list of all team members to his or her Designated Broker. The Designated Broker MUST keep a record of all Team Leaders and Team Members for 5 years

TEAM ADVERTISING – When advertising a Team or Team Name it is required to PROMINENTLY display the Broker’s Name and not to suggest the Team is an Independent real estate brokerage. The Team Name and the Brokers Name MUST be PROMINENT and in PROXIMITY (near) each other… Note: this provision applies to ALL licensee’s and not just Teams!

In addition:

(1) All advertising MUST be under the direct supervision of the Broker

(2) All advertising MUST display the Brokers Name in a way that is conspicuous, discernible, and easily identifiable by the public

(3) Team Advertising MUST include the Team Name as recorded with the Designated Broker

(4) Team Advertising MUST prominently display the Brokers Name adjacent to the Team Name AND the Brokers Name MUST be similar or greater size than the Team Name

(5) When an Associate Broker or Salesperson is advertising, the Brokers Name MUST be PROMINENT an in PROXIMITY to each other and the Broker Name must be MUST prominently display the Brokers Name in similar size or greater.

TEAM NAMES

The new legislation is very specific about how Team Names are structured:

(1) Team Names MUST always include the word “Team” or “Group” as part of the Team Name.

(2) Team Names shall NOT include the words: “Realtors”, “Company”, “Corporation”, “Corp.”, “Inc.”, “LLC”, “LP” or “LLP,” or similar words suggesting the Team is a separate real estate brokerage or company

(3) Team Names can include the words “Real Estate” or “Realty” only if such terms are immediately followed by the word “Team” or “Group”

TEAM LEADER Each Team MUST have a designated Team Leader. If a Team Leader’s license is suspended or revoked, the Team must designate a new leader and provide the name of the new Team Leader to the Designated Broker. If a Team Member for whom the Team or Group is named after, has their license suspended or revoked, the Team must designate a new name for the Team or Group – This provision does not apply if the member for whom the team or group is named, is serving their suspension on probation.

PART 5. CONTINUING EDUCATION REQUIREMENTS

The new legislation requires continuing education for Teams and their Designated Brokers.

(1) ALL Team Members, Team Leaders, and Designated Brokers supervising Teams, must complete 3 hours of approved “TEAMS specific” continuing education within 180 days of the creation of a Team, becoming a member of a Team, or being designated a Team Leader

(2) The “Team” continuing education course content must be approved by the commission

(3) The “Teams” designated continuing education course may be used towards the state mandated 18 hours every 2 years

(4) Team Members, Team Leaders, and Designated Brokers must complete a “Teams” continuing education course every 4 years.

randallschool
Latest posts by randallschool (see all)

randallschool