Agency
What is 'reasonable care and diligence' as a duty owed by a Nevada real estate licensee?
AThe duty to perform only tasks explicitly listed in the listing agreement
BThe duty to exercise the level of skill, care, and knowledge that a reasonably competent Nevada real estate licensee would apply in the same circumstances✓ Correct
CThe duty to guarantee the buyer against any future defects
DThe duty to personally inspect all aspects of the property
Explanation
Reasonable care and diligence requires Nevada licensees to apply professional competence — staying current with laws, market conditions, and transaction procedures. It does not require perfection or guarantee results, but it does require the standard of practice of a competent Nevada licensee.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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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