Nevada licensee Diana is representing a buyer, Tom, in the purchase of a home listed by another broker. The seller's agent is Kevin. At the time of presenting Tom's offer, Kevin realizes that Diana is acting as a buyer's agent. Which disclosure does Kevin's brokerage owe to the seller regarding this transaction structure?
Correct Answer
C) Kevin must provide the seller with the Duties Owed by a Nevada Real Estate Licensee form confirming Kevin's exclusive representation
Under NRS 645.252, the Duties Owed by a Nevada Real Estate Licensee form must be provided to the seller (Kevin's client) to confirm the nature of Kevin's representation. Even in a straightforward seller's agency situation, the form is required to be provided at first substantive contact and should be on file. Presenting the offer is an appropriate moment to confirm that disclosure has been made and that Kevin's duties run exclusively to the seller in this transaction.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
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.
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