In Nevada, a licensee who represents both the buyer and the seller in the same real estate transaction is known as a:
Correct Answer
A) Limited dual agent with the written consent of both parties
Under NRS 645.255, when a Nevada licensee represents both buyer and seller in the same transaction, this is called a 'limited dual agency.' It is only permissible with the prior written informed consent of both parties. The licensee's fiduciary duties are limited because of the inherent conflict of representing both sides.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
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