ADRE LAW BOOK 2025

accessible by the commissioner or the commissioner’s representatives. F. Sales transaction folders shall include:

1. Confirmation that the earnest monies or other monies handled by or through the broker were handled according to instructions given by or agreed to by the parties to the transac tion. 2. A complete copy of the sales contract, any escrow account receipt, any closing or set tlement statement and, if applicable, a copy of the escrow instructions, listing agreement, employment agreement and release of escrow monies. G. The designated broker shall review each listing agreement, purchase or nonresidential lease agreement or similar instrument within ten business days after the date of execution by placing the broker’s initials and the date of review on the instrument on the same page as the signatures of the parties. A designated broker may authorize in writing an associate broker who the designated broker employs to review and initial these instruments on the designated broker’s behalf. H. The broker shall retain all real estate purchase and nonresidential lease contracts and employ ment agreements, or copies of these documents, in the employing broker’s principal office or li censed branch office or at an off-site storage location in this state if the broker provides prior writ ten notification of the street address of the off-site storage location to the department. I. The broker shall retain an original or a copy original or a copy of any document evidencing a rejected offer to purchase real property as a matter of record for at least one year. In instances that result in binding contracts, the broker shall retain prior rejected offers for at least five years. J. If real property in a development is sold or leased by a developer without the services of a listing or selling broker, the developer shall keep all records required by subsections A and C of this sec tion. K. For the purposes of this section, “business day” means a day that is not a Saturday, a Sunday or any other legal holiday in this state. 32-2151.02. Real estate employment agreements; definition A. All real estate employment agreements shall: 1. Be written in clear and unambiguous language. 2. Fully set forth all material terms, including the terms of broker compensation. 3. Have a definite duration or expiration date, showing dates of inception and expiration. 4. Be signed by all parties to the agreement. B. An employing broker shall not assign a real estate employment agreement to another broker without the express written consent of all parties to the agreement at the time of the assignment. C. A licensee shall not procure, or attempt to procure, a real estate employment agreement from a party who is already subject to an existing exclusive real estate employment agreement unless the licensee has received written acknowledgment from the party that the execution of additional real estate employment agreements could expose the party to liability for substantial additional com missions. Nothing in this subsection shall be construed to abrogate any civil liability of a licensee arising out of this conduct. D. A real estate employment agreement is not required for a licensee to represent a party in a trans action. E. For the purposes of this section, “real estate employment agreement” means a written agreement by which a real estate broker is entitled to compensation for services rendered pursuant to section 44-101, paragraph 7.

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