Agency
What is a 'buyer's agent' and what duties do they owe under Nevada law?
AA buyer's agent represents the seller at a reduced commission rate
BA buyer's agent represents the buyer's interests exclusively, owning full fiduciary duties of loyalty, confidentiality, disclosure, obedience, reasonable care, and accounting to the buyer✓ Correct
CA buyer's agent in Nevada is always paid by the buyer directly
DBuyer's agents in Nevada can only represent buyers in residential transactions
Explanation
A buyer's agent in Nevada represents the buyer exclusively. They owe all fiduciary duties to the buyer: loyalty (prioritize buyer's interests), confidentiality (protect buyer's negotiating position, budget, and urgency), disclosure (inform buyer of all material facts), obedience (follow buyer's lawful instructions), accounting (handle buyer's funds properly), and reasonable care.
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Key Terms to Know
Buyer's Agent
A 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.
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.
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