LAS VEGAS AGENT DUTIES OWED BY A REAL ESTATE LICENSEE
In Nevada, a real estate licensee can (1) act for only one party to a real estate transaction, (2) act for more than one party to a real estate transaction with written consent of each party, or (3) if licensed as a broker, assign different licensees affiliated with the broker's company to separate parties to a real estate transaction. A licensee, acting as an agent, must act in one of the above capacities in every real estate transaction. If this form is used for the lease, the term Seller shall mean Landlord/Lessor and the term Buyer means Tenant/Lessee.
A NEVADA REAL ESTATE LICENSEE IN A REAL ESTATE TRANSACTION SHALL:
1. Disclose to each party to the real estate transaction as soon as is practicable:
(a) Any material and relevant facts, data or information which Licensee knows, or which by the exercise of reasonable care and diligence licensee should have known, relating to the property which is the subject of the real estate transaction.
(b) Each source from which Licensee will receive compensation as a result of the transaction.
(c) That Licensee is a principal to the transaction or has an interest in a principal to the transaction.
(d) Any changes in Licensee's relationship to a party to the real estate transaction.
2. Disclose, if applicable, that Licensee is acting for more than one party to the transaction. Upon making such a disclosure the Licensee must obtain the written consent of each party to the transaction for whom Licensee is acting before Licensee may continue to act in Licensee's capacity as an agent.
3. Exercise reasonable skill and care with respect to all parties to the real estate transaction.
4. Provide to each party to the real estate transaction this form.
5. Not disclose, except to the Broker, confidential information relating to a client.
6. Exercise reasonable skill and care to carry out the terms of the brokerage agreement and to carry out Licensee's duties pursuant to the terms of the brokerage agreement.
7. Not disclose 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 order of the court. Confidential information includes, but is not limited to the client's motivation to purchase, sell or trade and other information of a personal nature.
8. Promote the interest of his 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 is practicable.
(c) Disclosing to the client material facts of which the Licensee has knowledge concerning the transaction.
(d) Advising the client to obtain advice from an expert relating to matters which are beyond the expertise of the licensee.
(e) Accounting for all money and property Licensee receives in which the client may have an interest as soon as is practicable.
9. Not deal with any party to a real estate transaction in a manner which is deceitful, fraudulent or dishonest.
10. Abide by all duties, responsibilities and obligations required of Licensee in chapters 119, 119A, 119B, 645, 645A and 645C of the NRS.
In event any party to the real estate transaction is also represented by a licensee who is affiliated with the same Company, the Broker may assign another licensee to act for that party. The above Licensee will continue to act for you. As set forth above, no confidential information will be disclosed.
An agent representing both parties in a real estate sale is "double-dipping" since the agent is trying to earn both commissions... selling and buying. I never have and never will double-dip.