Duties Owed by a Nevada Real Estate Licensee
- ⇒ Purpose of Disclosure
The purpose of the Duties Owed form is to make the buyer or seller aware of obligations owed by a real estate licensee to all parties involved in the transaction.
- ⇒ Who must provide the disclosure?
A licensee who acts as an agent in a real estate transaction must disclose to each party for whom the licensee is acting as an agent and any unrepresented party all duties owed to the parties and the licensee’s relationship as an agent to each party in the transaction.
- ⇒ When is it due?
The disclosure form must be presented to the client before any documents are signed by the client.
- ⇒ Additional Information
A Nevada licensee who has entered into a brokerage agreement to represent a client in a real estate transaction shall:
- Exercise reasonable skill and care to carry out the terms of the brokerage agreement and the licensee’s duties in the brokerage agreement;
- Not disclose, except to the licensee’s broker, 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 court order or the client gives written permission;
- Seek a sale, purchase, option, rental or lease of real property at the price and terms stated in the brokerage agreement or at a price acceptable to the client;
- Present all offers made to or by the client as soon as practicable, unless the client chooses to waive the duty of the licensee to present all offers and signs a waiver of the duty on a form prescribed by the Division;
- Disclose to the client material facts of which the licensee has knowledge concerning the real estate transaction;
- Advise the client to obtain advice from an expert relating to matters which are beyond the expertise of the licensee; and
- Account to the client for all money and property the licensee receives in which the client may have an interest.
- ⇒ Waiver of Duty to Present All Offers Authorization to Negotiate Directly with Seller
A client may choose to waive the broker’s duty to present all offers by signing a waiver on a form, the “Waiver Form,” prescribed by the Division. Concurrent with the option of a client to waive the duty of his/her broker to present all offers is the form “Authorization to Negotiate Directly with Seller,” which gives permission in writing to authorize a licensee to negotiate a sale or lease directly with a seller. Both forms must be utilized and signed by a client who waives the duty to present all offers.
Otherwise, a licensee for a buyer does not have the permission of the seller’s broker to present offers or negotiate with the sellers directly.
For more information:
Form: Duties Owed By a Nevada Real Estate Licensee
Website: http: //red.nv.gov/uploadedFiles/rednvgov/Content/Forms/525.pdf NRS: 645.193; 645.252-645.254
The Duties Owed form is used to inform buyers and sellers of the obligations a Nevada real estate licensee has to all parties involved in a transaction. Licensees must present this form to their clients before any documents are signed. The form outlines the licensee’s duties, such as exercising reasonable skill, maintaining confidentiality, seeking transactions at agreed upon terms, presenting offers, disclosing material facts, advising the client to obtain advise on matters beyond their expertise, and accounting for money and property licensee receives.
Additionally, clients can choose to waive the duty of the licensee to present all offers by signing a waiver form. The Duties Owed form ensures transparency and protects the interests of all parties in a real estate transaction.