A Nevada real estate listing agreement grants a real estate licensee the right to sell and market residential property on behalf of the owner. Exclusive selling rights transfer the selling duties to the licensee until the period of agreement expires, whereas exclusive agency and open listing rights allow the licensee to represent the owner only if the licensee procures a prospective buyer.
In the event of the licensee producing a sale under an exclusive agency or open listing, they will receive a percentage of the sale or a fixed-rate commission fee. In contrast, exclusive selling rights allow the licensee to receive commission whether or not a transaction was made through the agency.
- Dual Agency – § 645.252 (1)(d) – A licensee may provide representation for the buyer and seller of a transaction after both parties sign the consent form provided by the Nevada Real Estate.
- Purchase Agreement – A purchase agreement is used to make an initial offer on an available home, outline the conditions of a real estate transaction, and transfer ownership of the property.
Nevada Exclusive Authorization Listing Agreement – The Nevada Association of Realtors® provides this legal contract for licensees to exclusively lease or transfer ownership of a residential property on behalf of the property owner.
Duties Owed by Nevada Licensee (Form 525) (§ 645.252 (1)) – A form disclosing a real estate licensee’s duties must be provided to and signed by a potential client upon their first scheduled appointment with the licensee. The disclosure does not bind the individual to any arrangement and is only intended to inform them of the agency options available.
| Consent to Act (Form 524) (§ 645.252 (1)(d)) – Real estate licensees in the state of Nevada may represent more than one party involved in a real estate transaction if they receive mutual consent from the individuals appointing the licensee as their agent. The licensee must inform both parties that:|
Property Disclosure Statement (§ 113.130) – It is required for the seller of a residential property or their agent to provide a written statement disclosing all adverse material facts that may negatively affect the property’s price or desirability. The disclosure form must be given at least ten (10) days before the property is conveyed to the buyer and should be updated as practically possible if new defects are discovered or if current conditions worsen after the disclosure is made.
Supplemental List of Licensees (Form 525A) (§ 645.252 (1)(c)) – If additional licensees are involved in a real estate transaction, the buyer or seller who has entered into a listing agreement must receive and sign a list disclosing the names and license numbers of all the participating licensees.