Agency
What is 'disclosed limited agency' (sometimes called transaction brokerage) in Nevada?
AAn illegal agency form where the agent has no duties to either party
BA limited form of agency in Nevada where the licensee represents both buyer and seller in the same transaction with reduced fiduciary duties, full disclosure to both parties, and written consent✓ Correct
CAn arrangement where only the broker (not their agents) can represent both parties
DA NREC-prohibited form of dual representation
Explanation
Nevada recognizes disclosed limited agency, also known as dual agency, where one agent (or brokerage) represents both buyer and seller. The agent's fiduciary duties are limited — they cannot advocate exclusively for either party and must maintain confidentiality of each party's motivations. Written consent from both parties is mandatory. Nevada also permits designated agency where the broker assigns different agents to each party within the same firm.
Related Nevada Agency Questions
- What is a sub-agent in Nevada real estate?
- What is a transaction broker (also called a facilitator) in Nevada?
- When does a Nevada agency relationship typically terminate?
- What is the principle of 'apparent authority' in Nevada agency law?
- What are a Nevada real estate agent's duties to non-client third parties?
- A Nevada licensee who represents both the buyer and seller in the same transaction without proper disclosure is guilty of:
- What is 'scope of authority' in a Nevada real estate agency relationship?
- What is 'puffing' versus 'misrepresentation' in Nevada real estate and where is the line?
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