Broker Chen owns Nevada Homes Realty. His salesperson, David, represents the seller, and another salesperson in the same office, Sandra, represents the buyer in the same transaction. Under Nevada law, Broker Chen is best described as a:
Correct Answer
A) Limited dual agent, with David and Sandra acting as designated agents
Under NRS 645.255(4), when two salespersons in the same brokerage represent opposite parties in a transaction, the broker becomes a limited dual agent. The individual salespersons (David and Sandra) may be designated as 'designated agents' — each exclusively representing their respective client — provided both parties give written informed consent to this arrangement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
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