B. Duties - Sources
This topic will cover the various sources from which a real estate licensee’s duties are derived, including statutory duties, common law, and contractual agreements. Understanding these sources will help you navigate your responsibilities more effectively. Please briefly review the corresponding documents to get a comprehensive overview of these duties.
Summary:
The duties of a real estate licensee are derived from various sources including statutory duties, common law, and contractual agreements. Statutory duties are defined by the Nevada Revised Statutes (NRS) and Nevada Administrative Code (NAC). Common law provides additional guidance on interpreting these statutory terms. Contracts between the licensee and the client may also extend the licensee’s duties beyond statutory requirements, outlining specific obligations and expectations.