Duties of licensee acting as agent in real estate transaction. A licensee who acts as an agent in a real estate transaction:
1. Shall disclose to each party to the real estate transaction as soon as is practicable:
(a) Any material and relevant facts, data or information which he knows, or which by the exercise of reasonable care and diligence he should have known, relating to the property which is the subject of the transaction.
(b) Each source from which he will receive compensation as a result of the transaction.
(c) That he is a principal to the transaction or has an interest in a principal to the transaction.
(d) Except as otherwise provided in NRS 645.253, that he is acting for more than one party to the transaction. If a licensee makes such a disclosure, he must obtain the written consent of each party to the transaction for whom he is acting before he may continue to act in his capacity as an agent. The written consent must include:
(1) A description of the real estate transaction.
(2) A statement that the licensee is acting for two or more parties to the transaction who have adverse interests and that in acting for these parties, the licensee has a conflict of interest.
(3) A statement that the licensee will not disclose any confidential information for 1 year after the revocation or termination of any brokerage agreement entered into with a party to the transaction, unless he is required to do so by a court of competent jurisdiction or he is given written permission to do so by that party.
(4) A statement that a party is not required to consent to the licensee acting on his behalf.
(5) A statement that the party is giving his consent without coercion and understands the terms of the consent given.
(e) Any changes in his relationship to a party to the transaction.
2. Shall exercise reasonable skill and care with respect to all parties to the real estate transaction.
3. Shall provide to each party to the real estate transaction the appropriate form prepared by the Division pursuant to NRS 645.193.
4. Unless otherwise agreed upon in writing, owes no duty to:
(a) Independently verify the accuracy of a statement made by an inspector certified pursuant to chapter 645D of NRS or another appropriate licensed or certified expert.
(b) Conduct an independent inspection of the financial condition of a party to a real estate transaction.
Last modified: February 27, 2006