Agency
What is a 'seller's agent' sometimes called in Nevada, and what are their primary duties?
AA listing agent who owes fiduciary duties only to the buyer
BA listing agent who owes fiduciary duties to the seller, including loyalty, confidentiality, obedience, disclosure, reasonable care, and accounting✓ Correct
CA transaction broker who owes no fiduciary duties to either party
DAn agent who exclusively handles vacant land sales
Explanation
A seller's agent (listing agent) in Nevada owes fiduciary duties exclusively to the seller: loyalty (prioritizing seller's interests), confidentiality (protecting seller's information), obedience (following lawful instructions), full disclosure (informing the seller of all material facts), reasonable care and diligence, and accounting (handling funds properly). The listing agent must not disclose the seller's minimum price or motivation to the buyer.
Related Nevada Agency Questions
- A Nevada licensee who represents both the buyer and seller in the same transaction without proper disclosure is guilty of:
- What is an implied agency in Nevada real estate?
- Under Nevada law, what must a licensee do when representing a buyer in an in-house transaction (where the same brokerage also holds the listing)?
- What is a Nevada seller's net sheet and what role does the listing agent play in preparing it?
- Which of the following is NOT a fiduciary duty owed by a real estate agent to their client in Nevada?
- What is a listing agreement in Nevada and what type of agency does it typically create?
- What is a broker's liability for an agent's fraudulent acts in Nevada?
- What is 'obedience' as a fiduciary duty of a Nevada real estate agent?
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