Approved Nevada Real Estate Division 525
Replaces all previous versions Revised 11/7/16
DUTIES OWED BY A NEVADA REAL ESTATE LICENSEE
This form does not constitute a contract for services nor an agreement to pay compensation.
In Nevada, a real estate licensee is required to provide a form setting forth the duties owed by the licensee to:
a) Each party for whom the licensee is acting as an agent in the real estate transaction, and
b) Each unrepresented party to the real estate transaction, if any.
Licensee: The licensee in the real estate transaction is
The licensee is acting for [client’s name(s)]:
who is/are the Seller/Landlord Buyer/Tenant.
Are there additional licensees involved in this transaction?
If yes, Supplemental form 525A is required.
Licensee’s Duties Owed to All Parties:
A Nevada real estate licensee shall:
1. Not deal with any party to a real estate transaction in a manner which is deceitful, fraudulent or dishonest.
2. Exercise reasonable skill and care with respect to all parties to the real estate transaction.
3. Disclose to each party to the real estate transaction as soon as practicable:
a. Any material and relevant facts, data or information which licensee knows, or with reasonable care and diligence the
licensee should know, about the property.
b. Each source from which licensee will receive compensation.
4. Abide by all other duties, responsibilities and obligations required of the licensee in law or regulations.
Licensee’s Duties Owed to the Client:
A Nevada real estate licensee shall:
1. Exercise reasonable skill and care to carry out the terms of the brokerage agreement and the licensee’s duties in the brokerage
agreement;
2. Not disclose, except to the licensee’s broker, confidential information relating to a client for 1 year after the revocation or
termination of the brokerage agreement, unless licensee is required to do so by court order or the client gives written
permission;
3. 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. Present all offers made to, or by the client as soon as 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. Disclose to the client material facts of which the licensee has knowledge concerning the real estate transaction;
6. Advise the client to obtain advice from an expert relating to matters which are beyond the expertise of the licensee; and
7. Account to the client for all money and property the licensee receives in which the client may have an interest.
Duties Owed By a broker who assigns different licensees affiliated with the brokerage to separate parties.
Each licensee shall not disclose, except to the real estate broker, confidential information relating to client.
Licensee Acting for Both Parties:
The Licensee
MAY [_________________/_________________] OR MAY NOT [_________________/_________________]
in the future act for two or more parties who have interests adverse to each other. In acting for these parties, the licensee has a conflict of
interest. Before a licensee may act for two or more parties, the licensee must give you a “Consent to Act” form to sign.
I/We acknowledge receipt of a copy of this list of licensee duties, and have read and understand this disclosure.
