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What is the maximum fine by NREC per Nevada licensee?

The Commission conducts administrative hearings to determine whether an accused broker or salesperson committed misconduct. Potential penalties include: a $10,000 fine, and/or. a suspension, revocation, or limitation the scope of the brokers license.

What are the three types of agency recognized in Nevada?

What are three types of agency recognized in Nevada? A: Single agency, dual agency, and assigned agency.

Whats true about the duties owed by a Nevada real estate licensee form?

Licensees 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.

What is a transactional brokerage?

A transaction broker is a licensed real estate agent who acts as an impartial third party in a real estate deal. Although they provide assistance during the buying process, a transaction brokerage does not represent either the buyer or the seller. Their only role is to help buyers and sellers complete processes.

What is a duties owed form in Nevada?

The Duties Owed form (Form 525) REVISED 11/07/16: The purpose of this form is the disclosure of the licensees duties to both the clients and the public. Providing the form is a requirement under NRS 645.252 3. THE FORM IS A DISCLOSURE AND DOES NOT CREATE AN AGENCY RELATIONSHIP.

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