Under Nevada law, the Duties Owed by a Nevada Real Estate Licensee form establishes certain duties that a licensee owes to ALL parties in a transaction, regardless of agency status. Which of the following is NOT one of the duties owed to all parties under NRS 645.252?
Correct Answer
C) Negotiating the best possible price and terms exclusively on behalf of the party being served
Under NRS 645.252, the duties owed to ALL parties (both clients and customers) include: presenting offers timely, disclosing known material facts, and maintaining reasonable skill and care. However, negotiating exclusively on behalf of one party is a fiduciary duty owed only to the licensee's own client — it is NOT a duty owed to all parties. A listing agent, for example, negotiates exclusively for the seller, not for the buyer. Exclusive advocacy is a client-specific duty, not a universal duty owed to everyone in the transaction.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
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