Agency
What is the Nevada Agency Disclosure that must be provided to clients, and when must it be given?
AIt must be provided only at closing
BIt must be provided before or at the time the licensee provides substantive real estate services to the client✓ Correct
CIt is optional if the client waives it in writing
DIt is only required for buyers, not sellers
Explanation
Nevada licensees must provide the Agency Disclosure form before entering into an agency relationship or providing substantive real estate services. This ensures clients understand what agency relationship exists and what duties are owed to them.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
State-Specific Concepts
Disclosure Requirements
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