Under Nevada law, which of the following is NOT a required element for a valid limited dual agency arrangement to exist in a Nevada real estate transaction?
Correct Answer
C) Approval from the Nevada Real Estate Division prior to entering the dual agency
Under NRS 645.255, a valid limited dual agency requires written informed consent from both parties, disclosure of the limitations on duties, and consent obtained before the licensee begins acting dually. There is NO requirement to obtain prior approval from the Nevada Real Estate Division. Limited dual agency is a matter of private agreement between the licensee and the parties, not a regulatory pre-approval process.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
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