645.254 - Additional duties of licensee entering into brokerage agreement to represent client in real estate transaction. - Nevada Statutes

645.254  Additional duties of licensee entering into brokerage agreement to represent client in real estate transaction.  A licensee who has entered into a brokerage agreement to represent a client in a real estate transaction:

      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.

      (Added to NRS by 1995, 2073; A 2007, 1788)