📝 Final Assessment

What must a Nevada real estate licensee do before representing multiple parties in a transaction?

A Nevada real estate licensee must provide the “Duties Owed” form to unrepresented parties in a transaction.

What is the primary purpose of the “Duties Owed” form (Form 525)? 

A licensee in Nevada may act for more than one party in a real estate transaction if they obtain written consent from each party.

What are parties allowed to do if they do not consent to dual representation?

Licensees must act honestly and with integrity in all dealings.

What must licensees avoid unless fully disclosed and agreed upon by all parties? 

The “Supplemental List of Licensees” form should be used when a team or a team’s licensed assistants will be working on a transaction file.

What is one key responsibility of a licensee under the Code of Ethics?

The “Consent to Act” form is required when a licensee represents more than one party in a transaction.

Which form must be signed when a licensee represents both the buyer and the seller?

The latest revision of the “Duties Owed” form was published on October 5, 2023.

What does the term “client” mean as used in the Code of Ethics? 

REALTORS® should avoid making unsolicited comments about other practitioners.

What should licensees do when entering into buyer/tenant agreements? 

The “Duties Owed” form is a disclosure and does not create an agency relationship.

What must a licensee do if they are aware of a latent material defect in a property? 

The Code of Ethics prohibits REALTORS® from using hate speech based on race, color, religion, sex, disability, familial status, national origin, sexual orientation, or gender identity.

When should the “Duties Owed” form be signed?

REALTORS® must disclose the existence of dual or variable rate commission arrangements.