A licensee who has entered into a brokerage agreement to represent a client in a real estate transaction:

Terms Used In Nevada Revised Statutes 645.254

  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • real estate: means every interest or estate in real property including but not limited to freeholds, leaseholds and interests in condominiums, town houses or planned unit developments, whether corporeal or incorporeal, and whether the real property is situated in this State or elsewhere. See Nevada Revised Statutes 645.020
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

1.  Shall exercise reasonable skill and care to carry out the terms of the brokerage agreement and to carry out his or her duties pursuant to the terms of the brokerage agreement;

2.  Shall not disclose confidential information relating to a client for 1 year after the revocation or termination of the brokerage agreement, unless he or she is required to do so pursuant to an order of a court of competent jurisdiction or is given written permission to do so by the client;

3.  Shall seek a sale, purchase, option, rental or lease of real property at the price and terms stated in the brokerage agreement or at a price acceptable to the client;

4.  Shall present all offers made to or by the client as soon as is practicable, unless the client chooses to waive the duty of the licensee to present all offers and signs a waiver of the duty on a form prescribed by the Division;

5.  Shall disclose to the client material facts of which the licensee has knowledge concerning the transaction;

6.  Shall advise the client to obtain advice from an expert relating to matters which are beyond the expertise of the licensee; and

7.  Shall account for all money and property the licensee receives in which the client may have an interest as soon as is practicable.

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