Agency
Under Nevada law, what is the minimum content required in a written buyer's representation agreement?
AOnly the buyer's signature and the agent's name
BThe parties' identities, the scope of the agent's duties, the compensation arrangement, the duration of the agreement, and the property description or geographic area✓ Correct
COnly the commission rate and expiration date
DA complete list of all properties the buyer will consider
Explanation
A valid Nevada buyer's representation agreement must include: (1) Identification of the parties (buyer and brokerage), (2) Description of the agent's duties and services, (3) Compensation arrangement (how and when the agent is paid), (4) Duration (start and end date), and (5) Description of the type/area of properties sought. Nevada post-NAR settlement regulations require upfront written compensation disclosure in buyer agreements before touring homes. The agreement should also address agency type (exclusive vs. non-exclusive) and termination conditions.
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