LICENSEE ACTING FOR MORE THAN ONE PARTY IN A REAL ESTATE TRANSACTION
In Nevada, a real estate licensee can (1) act for only one party to a real estate transaction, (2) act for more than one party to a real estate transaction with written consent of each party, or (3) if licensed as a broker, assign different licensees affiliated with the broker's company to separate parties to a real estate transaction.
LICENSEE: The Licensee in this real estate transaction is _______________________________________ ("Licensee") whose license number is __________ and who is affiliated with Precious Properties Real Estate ("Company").
LIMITATIONS AND CONFLICT OF INTEREST:
[ ] Seller
[ ] Buyer
understands that the licensee
[ ] is presently acting for
[ ] may, in the future, elect to
act for
two or more parties in this
transaction. When acting for more than one party in the transaction, a
limitation of the licensee's level of representation to all parties is created
because the parties have adverse interests. In acting for these parties, the
licensee has a conflict of interest. The licensee cannot represent the interests
of one party to the exclusion or detriment of the interest of the other party.DISCLOSURE OF CONFIDENTIAL INFORMATION:
Licensee will not disclose any
confidential information for 1 year after the revocation or termination of any
brokerage agreement entered into with a party to this transaction, unless
Licensee is required to do so by a court of competent jurisdiction or is given
written permission to do so by that party. Confidential information includes,
but is not limited to, the client's motivation to purchase, trade or sell, which
if disclosed, could harm one party's bargaining position or benefit the other.DUTIES OF LICENSEE:
Licensee shall provide you a "Duties
Owed by a Nevada Real Estate Licensee" disclosure form which lists and
explains the duties owed to all parties of a real estate transaction. When
representing both parties, the licensee owes the same duties to both Seller and
Buyer. Licensee shall disclose to both Seller and Buyer all known latent defects
in the property, any matter that must be disclosed by law, and, any information
that the licensee believes may be material or might affect Seller's or Buyer's
decisions with respect to this transaction. The licensee shall not
disclose: (1) To Buyer, price or terms the Seller will accept, other than the
listed price or terms, without the express written permission of the Seller
and/or (2) To Seller, information about price or terms Buyer will offer, other
than Buyer's written offer.