Neb.Rev.Stat. § 81-885.21 contains the rules regarding real estate broker trust accounts. Each broker, other than an inactive broker, must maintain a separate insured non-interest-bearing checking account in Nebraska in his or her name or the name under which he or she does business, which shall be designated a trust account. The account may be maintained in a bank, savings bank, building and loan association or savings and loan association. All down payments, earnest money deposits, or other trust funds received by him or her, his or her associate brokers, or his or her salesperson on behalf of his or her principal or any other person shall be deposited and remain in such account until the transaction is closed or otherwise terminated unless all parties having an interest in the funds have agreed otherwise in writing.
A broker must notify the Nebraska Real Estate commission of the name of the bank, savings bank building and loan association or savings and loan association in which the trust account is maintained and also the name of the account on forms provided by the commission.
Each broker must authorize the commission to examine such trust account by a duly authorized representative of the commission. Such examination shall be made annually or at such time as the commission may direct.
A broker may maintain more than one trust account in his or her name or the name under which he or she does business if the commission is advised of such account.
In the event a branch office maintains a separate trust account, a separate bookkeeping system shall be maintained in the branch office.
A broker shall not be entitled to any part of the earnest money or other money paid to him or her or the entity under which he or she does business in connection with any real estate transaction as part or all of his or her commission or fee until the transaction has been consummated or terminated.
NOTE: With the passage of LB 347 by the Nebraska Legislature in 2011, real estate brokers are authorized to establish interest-bearing real estate broker trust accounts, provided that the interest earned may only be distributed or otherwise accrued to non-profit organizations that are exempt from the payment of federal income taxes. As a result, banks electing to do so, may pay interest on real estate broker trust accounts commencing August 27, 2011. The authorization to provide payment of interest on real estate broker trust accounts terminates on July 1, 2017.