halloween.jpg Happy Halloween

There is a New Duties Owed Form.  As you know the pursuant to NRS 645.193 our Nevada Real Estate Division prepares the form known as the “DUTIES OWED BY A NEVADA REAL ESTATE LICENSEE.”  This form is not a contract for services nor an agreement to pay compensation, it is a consumer notice setting forth certain duties owed by Nevada real estate licensees. 

The changes are very slight but the new form is required as of October 25, 2007.  If you have a transaction/listing/sale that began prior to October 25, 2007 it is not necessary to go back and have a new form signed.  The new form is located on Prudential, Americana Group, REALTORS®’s website on Ameriforms at Duties Owed and on the Nevada Real Estate Divisions site at http://www.red.state.nv.us/Forms/525.pdf or for you convenience right here  Duties Owed.

For those that just can’t take the suspense the old version declared:

A Nevada real estate licensee shall:

….

3. Promote the interest of the client by:

a. Seeking a sale, lease or property at the price and terms stated in the brokerage agreement or at a price acceptable to the client.

b. Presenting all offers made to, or by the client as soon as practicable.

c. Disclosing to the client material facts of which the licensee has knowledge concerning the real estate transaction.

d. Advising the client to obtain advice from an expert relating to matters which are beyond the expertise of the licensee.

e. Accounting to the client for all money and property the licensee receives in which the client may have an interest.

The NEW version states:

A Nevada real estate licensee shall:

….

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 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.

Advertisements