In Nevada, a Real Estate Licensee is required to provide a form setting forth the
duties specified by The Nevada Real Estate Division, and owed by the licensee to:
A.) Each party for whom the licensee is acting as an agent in the transaction,
And to:
B.) Each unrepresented party to the real estate transaction, if any.
While there are numerous ‘duties’ and ‘responsibilities’ set forth by Nevada Real
Estate regulations, this form sets forth the most common and pertinent ones.
Licensee’s Duties Owed to All Parties:
1. Not deal with any party to a real estate transaction in a manner which is, or
may be deemed, deceitful, fraudulent, or dishonest.
2. Exercise reasonable skill and care with respect to all parties to the transaction.
3. Disclose to each party to the real estate transaction as soon as practicable:
A) Any material and relevant facts, data or information which licensee knows, or with
reasonable care and diligence, what the licensee should know, about the subject property.
B.) Each source from which licensee will receive compensation.
4. Abide by all other duties, responsibilities, and obligations required by law, or by Real
Estate Division regulations.
Licensee’s Duties Owed to the Client:
1. Exercise reasonable skill and care in carring out the term’s of the brokerage
agreement, and the licensee’s duties in the brokerage agreement.
2. Not disclose, except to the licensee’s broker, any confidential information about a
client for a period of 1 year after the revocation or termination of the brokerage
agreement, unless licensee is required to do so by a court order, or unless the client
gives written permission.
3. Promote the interest of the 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 practicable.
C.) Disclosing to the client material facts of which the licensee has knowledge
concerning the real estate transaction.
D.) Advising the client to obtain advice from an expert relating to matters
which are beyond the expertise of the licensee.
E.) Accounting to the client for all money and property the licensee receives
in which the client may have an interest.
F.) Informing the client that, in the future, the licensee may be in position to act as
agent for two or more parties who have conflicting interests in the same transaction.
NOTE : This situation can create a conflict of interest for the licensee, and the
licensee must obtain their client's written understanding and consent to do so
must be obtained. But before a licensee may actually act as agent for two or
more parties to the same transaction, the licensee must have each party sign
a ‘Consent to Act’ form.
Broker’s Duties in the Situation of a Licensee Acting for Both Parties in a
Transaction:
A.) With a ‘Consent to Act’ form signed by all parties, the broker may permit the
licensee to act, using extreme caution to avoid any conflict of interest.
B.) The broker may assign different licensees affiliated with his brokerage to each
of the parties. Each of the licensees shall not disclose, except to the real estate
broker, any confidential information relating to their clients.
