Nevada Law Part 1 2 Flashcards

Nevada Law Part 1 & 2 Flashcards **As a real estate agent, understand that you are not a professional home inspector, tax adviser, accountant, appraiser, property manager, etc. If you give advice in any of these areas you can be held liable for the statements you make which could effect the decisions of others.** PART IIAn agent has the obligation to disclose any material and relevant facts that they are aware of or should be aware of through reasonable care (material facts - any fact that would affect the value and/or desirability of the property). However, in Nevada, it is not material if the

property was:1 - the site of a homicide, suicide, or death

(unless the property caused the death)2 - occupied by a person with AIDS or any other disease3 - the site of a felony (unless the property was used to make methamphetamine and the property wasn't rehabilitated)4 - If a sex offender lives, or is expected to live, in the community5 - located near a licensed facility for transitional living for released offenders (unless it's a halfway house for recovering alcohol and drug abusers) ***40 multiple choice questions on State portion of the exam"Nevada's main Real Estate Laws and Real Estate Division Rules are found in the Nevada Revised Statutes (NRS) Chapter 645 and Nevada Administrative Codes (NAC) Chapter 645 which deal exclusively with real estate.Knowledge of Nevada legislation and rules governing fair housing, subdivisions and time shares is also required.These issues are addressed in NRS and NAC 113, 116, 119, and 119A."The breakdown of the questions is as

follows:(S = Salesperson's Exam B=Broker's

Exam)Commission Duties and Powers: 2S/2B

ItemsLicensing: 4S/6B ItemsProperty Disclosures: 8S/8B ItemsRecord Keeping: 2S/7B ItemsContracts: 9S/7B ItemsAdvertising: 4S/5B ItemsAgency/Brokerage: 10S/12B

ItemsSpecial Topics: 1S/1B Item

Agency:Nevada recognizes 2 types of agency:General

Agency:-agent is authorized under a general power of

attorney-CAN bind client to a contract-broad scope of

authoritySpecial Agency:-agent is given limited authority to

act-CANNOT bind client to a contract A real estate licensee is required to provide a "Duties Owed By a Nevada Real Estate Licensee" form. Even when the licensee is the principal (buyer or seller) in the transaction

Nevada recognizesSingle Agency (Sole Agency):-most

common-least likely to create liability for the broker-broker represents only one party in a given transactionA broker may represent both sides of the transaction under certain circumstances, but this is generally not practiced as it is not in the best interests of either the buyer or seller NRS 645 defines "agency", as the relationship between a principal (client) and an agent (broker)-agent agrees to do certain acts on behalf of the principal in dealings with a third party-broker is an independent contractor and not an employee **Nevada does NOT recognize "transactional" agency or "limited" agency representation**

When can you disclose confidential client information?

When:-a court of competent jurisdiction orders

disclosure-client authorizes you to-licensee discloses information to the broker-the information is required to be disclosed by law **You can be deceitful by being silent**