Sarah is a Nevada licensed salesperson working under Broker Martinez. She meets a prospective seller, Mr. Chen, at an open house and begins discussing the approximate value of Mr. Chen's home and his motivation for selling. Under Nevada law, what must Sarah do at this point?
Correct Answer
B) Provide Mr. Chen with the Duties Owed by a Nevada Real Estate Licensee disclosure form
Under NRS 645.252 and NAC 645.637, once Sarah begins discussing Mr. Chen's property value and selling motivation, she has initiated 'first substantive contact.' At this moment, Nevada law requires her to provide the Duties Owed by a Nevada Real Estate Licensee disclosure form, which outlines the duties she owes regardless of whether an agency relationship is established.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
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