Agency
In Nevada, which party typically pays the real estate commission?
AAlways the buyer
BTypically the seller, under the terms of the listing agreement, though this is negotiable✓ Correct
CAlways the lender
DThe Nevada Real Estate Division from the Recovery Fund
Explanation
Traditionally, the seller pays the real estate commission as specified in the listing agreement. However, following NAR settlement changes effective 2024, commission structures are increasingly negotiable and buyer compensation may be handled separately.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Math Concepts
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