Agency
Under Nevada law, when does an agency relationship with a buyer begin?
AWhen the buyer signs a purchase agreement
BWhen a licensee agrees to represent a buyer and a buyer representation agreement is signed, or alternatively when the licensee engages in specific acts of representation on behalf of the buyer✓ Correct
COnly when the broker authorizes it in writing
DWhen the buyer makes an offer on a property
Explanation
In Nevada, a buyer agency relationship ideally begins with a signed Buyer Representation Agreement, establishing the scope of representation, compensation, and duties. However, agency can also be implied through the licensee's conduct. Nevada licensees are required to disclose their agency relationship (or lack thereof) to buyers at first substantial contact.
Related Nevada Agency Questions
- What is the duty of a Nevada agent when presenting multiple offers to a seller?
- Under Nevada law, what is the minimum content required in a written buyer's representation agreement?
- In Nevada, a real estate licensee acting as a transaction broker (non-agent) owes which level of duty to each party?
- What is the law of agency's 'equal dignity rule' in Nevada and how does it apply to real estate?
- What is the 'Realtor Code of Ethics' and how does it relate to Nevada license law?
- What is the difference between an exclusive right to sell listing and an exclusive agency listing in Nevada?
- What is a transaction broker (also called a facilitator) in Nevada?
- What is the fiduciary duty of 'loyalty' in Nevada real estate agency?
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