Nevada License Law
What is the 'National Association of Realtors' Code of Ethics Article 1 and its application in Nevada?
AArticle 1 requires Realtors to pay dues to NAR promptly
BArticle 1 requires Realtors to protect and promote the interests of their clients while treating all parties honestly — it is the foundational duty of client representation that underlies Nevada Realtor professional practice✓ Correct
CArticle 1 prohibits Realtors from representing both buyers and sellers
DArticle 1 sets minimum commission rates for Nevada Realtors
Explanation
NAR Code of Ethics Article 1 states: 'Realtors shall protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve Realtors of their obligation to treat all parties honestly.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Math Concepts
State-Specific Concepts
License Law
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