A. EVOLUTION OF THE COMMON LAW TO STATUTORY DUTIES
This section explores how common law principles have evolved into statutory duties for real estate licensees in Nevada. Understanding this evolution is essential for comprehending your legal obligations. Please briefly review the corresponding documents to familiarize yourself with the historical context and statutory changes.
Summary:
This section discusses how common law principles have been transformed into statutory duties for real estate licensees in Nevada. Initially, agency law was derived from judicial decisions and established common law duties such as absolute fidelity to the client’s interests, honesty, reasonable skill and care, and full disclosure of material facts. In 1995, many of these common law duties were codified into statutes (NRS 645.252, 645.253, and 645.254), which expressly rejected the common law duties but still used traditional common law terms. Understanding these terms through case law is essential for interpreting the statutory duties.