FREQUENTLY ASKED QUESTIONS ABOUT NEVADA REAL ESTATE ISSUES
Does a real estate licensee have to comply with common law principles if the actions are covered by NRS 645?
A licensee is not required to comply with any principles of common law that may otherwise apply to any of the duties of the licensee as set forth in NRS 645.252, 645.253 and 645.254 and the regulations adopted to carry out those sections.
Does the seller’s real estate agent have a duty to disclose to the buyer?
A licensee who acts as an agent in a real estate transaction shall disclose to each party to the real estate transaction as soon as is practicable, any material and relevant facts, data or information which the licensee knows, or which by the exercise of reasonable care and diligence should have known, relating to the property which is the subject of the transaction.
Does my real estate agent have a duty not to disclose confidential information indefinitely?
A licensee who has entered into a brokerage agreement to represent a client in a real estate transaction may not disclose confidential information relating to a client for one (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.
Can a real estate licensee be held responsible for the misrepresentation of a client?
A licensee may not be held liable for a misrepresentation made by his or her client unless the licensee: (a) knew the client made the misrepresentation; and (b) failed to inform the person to whom the client made the misrepresentation that the statement was false.
Is there something that must always be included in any action for compensation by an agent?
A person, limited-liability company, partnership, association or corporation engaged in the business or acting in the capacity of a real estate broker or a real estate salesperson in Nevada may not commence or maintain any action in the courts of this State for the collection of compensation for the performance of any of the acts mentioned in NRS 645.030 without alleging and proving that the person, limited-liability company, partnership, association or corporation was a licensed real estate broker or real estate salesperson at the time the alleged cause of action arose.
Will I lose my license if I am called into military service?
Any licensee who shall be called into the military service of the United States shall, at his or her request, be placed on inactive status for the period of such military service and for a period of six months after discharge thereafter.
Is there a way to transfer real property to a beneficiary without using a trust?
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