Agency
What is 'dual representation' and when does it become dual agency in Nevada?
AWorking with two buyers at the same time
BWhen the same agent or brokerage represents both the buyer and seller in the same transaction — creating a potential conflict of interest requiring full disclosure and consent✓ Correct
CAn agent representing a client in two transactions simultaneously
DA broker representing two different sellers
Explanation
Dual agency in Nevada arises when the same agent (or brokerage) represents both buyer and seller in the same transaction. The potential conflict of interest requires full written disclosure to and consent from both parties.
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Key Terms to Know
Dual Agency
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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