- DUTIES OWED BY A NEVADA REAL ESTATE LICENSEE -
In Nevada, a real estate license
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. A licensee,
acting as an agent, must act in one of the above capacities in every real estate
transaction. If this form is used for a lease, the term Seller shall mean
Landlord/Lessor and the term Buyer means Tenant/Lessee.
LICENSEE: The licensee in the real estate transaction is
__________________________________________________ (“Licensee”)
whose license number is _______________ . The Licensee is acting for:
Seller __________________________________________________ Date_________________
Seller __________________________________________________ Date_________________
Buyer __________________________________________________ Date_________________
Buyer __________________________________________________ Date_________________
BROKER: The broker in the real estate transaction is
__________________________________________________ (“Broker),
whose company is __________________________________________________
(“Company”).
A Nevada Real Estate licensee in a real estate transaction shall:
1. Disclose to each party to the real estate transaction as
soon as is practicable:
a) Any
material and relevant facts, data or information which Licensee knows, or which
by the exercise of reasonable care and diligence licensee should have know,
relating to the property which is the subject of the real estate transaction.
b) Each source from which Licensee will receive compensation as a result of the
transaction.
c) That Licensee is a principal to the transaction or has an interest in a
principal to the transaction.
d) Any changes in Licensee's relationship to a party to the real estate
transaction.
2. Disclose, if applicable, that Licensee is acting for more
than one party to the transaction. Upon making such a disclosure the Licensee
must obtain the written consent of each party to the transaction for whom
Licensee is acting before Licensee may continue to act in Licensee’s capacity.
3. Exercise reasonable skill and care with respect to all parties to the real
estate transaction.
4. Provide to each party to the real estate transaction this form.
5. No disclose, except to the Broker, confidential information relating to a
client.
6. Exercise reasonable skill and care to carry out the terms of the brokerage
agreement and to carry out Licensee’s duties pursuant to the terms of the
brokerage agreement.
7. Not disclose confidential information relating to a client for 1 year after
the revocation or termination of the brokerage agreement, unless Licensee is
required to do so by order of the court. Confidential information includes, but
is not limited to the client’s motivation to purchase, sell or trade and other
information of a personal nature.
8. Promote the interest of his client by:
a) Seeking a
sale, lease or property at the price and terms stated in the brokerage agreement
or at a price acceptable to the client.
b) Presenting all offers made to or by the client as soon as is practicable.
c) Disclosing to the client material facts of which the licensee has knowledge
concerning the transaction.
d) Advising the client to obtain advice from an expert relating to matters which
are beyond the expertise of the licensee.
e) Accounting for all money and property Licensee receives in which the client
may have an interest as soon as is practicable.
9. Not deal
with any party to a real estate transaction in a manner which is deceitful,
fraudulent or dishonest.
10. Abide by all duties, responsibilities and obligations required of Licensee
in chapters 119, 119A, 119B, 645, 645A, and 645C of the NRS.
I/We acknowledge receipt of a copy of this list of licensee
duties, and have read and understand this disclosure.
Seller __________________________________________________ Date_________________
am/pm
Seller __________________________________________________ Date_________________
am/pm
Buyer __________________________________________________ Date_________________
am/pm
Buyer __________________________________________________ Date_________________
am/pm
CONFIRMATION REGARDING REAL ESTATE AGENT RELATIONSHIP
Property Address: __________________________________________________
________________________________________
In the event any party to the real estate transaction is also represented by a
licensee who is affiliated with the same Company, the Broker may assign another
licensee to act for that party. The above Licensee will continue to act for you.
As set forth above, no confidential information will be disclosed.
__________________________________________________ is the AGENT of:
_____ Buyer Exclusively
_____ Seller Exclusively
_____ Both Buyer & Seller
__________________________________________________ is the AGENT of:
_____ Buyer Exclusively
_____ Seller Exclusively
_____ Both Buyer & Seller
I/We confirm the duties of a real estate licensee of which has been presented
and explained to me/us.
My/our representative’s relationship is
__________________________________________________.
IF LICENSEE IS ACTING FOR MORE THAN ONE PARTY IN THIS TRANSACTION, you
will be provided a Consent to Act form for your review, consideration and
approval or rejection. A licensee can legally represent both the Seller and
Buyer in a transaction, but ONLY with the knowledge and written consent of BOTH
the Seller and Buyer.
*A licensee who is acting for the Seller exclusively, is not representing the
Buyer and has no duty to advocate or negotiate for the Buyer.
*A licensee who is acting for the Buyer exclusively, is not representing the
Seller and has no duty to advocate or negotiate for the Seller.
Listing Company: ____________________________________________________________
Buyer’s Company: ____________________________________________________________
By ____________________________________________________, Licensed Real Estate
Agent, Date _________________.
By ____________________________________________________, Licensed Real Estate
Agent, Date _________________.
Seller __________________________________________________ Date_________________
am/pm
Seller __________________________________________________ Date_________________
am/pm
Buyer __________________________________________________ Date_________________
am/pm
Buyer __________________________________________________ Date_________________
am/pm