Rice Real Estate & Property Management is the premier management company in Seven Hills. We use technology to increase efficiencies, reduce risk and drive profitability. We are experts in our field and selective when it comes to accepting new properties. Our company voice reflects the high standards we demand of ourselves and we deliver these high standards to investors by offering high-quality seven hills property management.
Does a Seven Hills Property Manager represent the Owner or the Tenant or Both?
Rice Real Estate represents the property Owner as the Client and the Tenant as the customer.
Licensee’s 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.
3. Disclose to each party to the real estate transaction as soon as practicable:
a. Any material and relevant facts, data or information which licensee knows, or with reasonable care and diligence the
licensee should know, about the property.
b. Each source from which licensee will receive compensation.
4. Abide by all other duties, responsibilities and obligations required of the licensee in law or regulations.
Licensee’s Duties Owed to the Client:
A Nevada real estate licensee shall:
1. Exercise reasonable skill and care to carry out the terms of the brokerage agreement and the licensee’s duties in the brokerage agreement;
2. Not disclose, except to the licensee’s broker, confidential information relating to a client for 1 year after the revocation or termination of the brokerage agreement, unless licensee is required to do so by court order or the client gives written
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 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.
Duties Owed by a Nevada Real Estate Licensee (Form 525)
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. The Supplemental List of Licensees (Form 525A): This additional page was added with the 11/07/16 revision. It should be used when a team or a team’s licensed assistants will be working on a transaction file.
Who should sign the Duties Owed form?
The Real Estate Division suggests that a single “Duties Owed” form be signed by each party to the transaction. The intent is to provide and assure that each of the parties has been provided the Duties. It is not necessary to provide two or more duplicates of the same disclosure. This means that the listing agent should have the seller’s signed disclosure form in the listing and transaction files and the buyer’s agent should have the buyer’s signed form in the buyer transaction files. However, if there is an unrepresented party to the transaction, the sole agent in the transaction should have a disclosure form signed by both the client and unrepresented party to the transaction as evidence of the disclosure to both parties. (See unrepresented parties below.)
Is the licensee responsible for providing the Duties Owed form to unrepresented parties? Yes. If you are acting as an agent in a real estate transaction in Nevada, even if you are a Nevada licensed real estate agent representing yourself as a principal in the transaction, you are required to provide the other party in the transaction with the form when the other party is not represented by a Nevada real estate licensee. It is required that you include a signed copy of the form in the broker transaction file. When must I have the Duties Owed form signed? Regulation (NAC 645.637) clearly states that the “Duties” must be disclosed “as soon as practicable but no later than the date and time on which any written document is signed by the client or any party not represented by the licensee, or both”. “Any written document” would include a listing agreement, purchase agreement, lease agreement, property management agreement, letter of intent, and buyer brokerage agreements.
What about confirmation of representation? NAC 645.637 also requires the disclosure to be “….confirmed in a separate provision incorporated in or attached to that document”. Some written agreements, i.e., purchase agreements, listing agreements, lease agreements, buyer brokerage agreements, etc. contain the confirmation of representation. When the confirmation is not contained in a written agreement, then you will need to include a separate document for the confirmation of representation disclosure.
What if there is a possibility of an agent representing both parties in the transaction?
The acknowledgement of possibly acting as an agent representing both parties in the transaction is located in the last paragraph above the client/customer’s signature block on the Duties Owed form. If the agent will be representing both parties, then a Consent to Act form (Form 524) would have to be completed and signed by the parties prior to representing both parties in the real estate transaction. Where do I get the current revision of the Duties Owed form? All Division forms are available online at http://red.nv.gov. Position your mouse onto Forms to open the drop-down menu, and then click on Disclosure. Select the Duties Owed form. For further information please contact the Division’s Real Estate Enforcement Section in Carson City at 775- 684-1900 or Las Vegas at 702-486-4324 or e-mail [email protected]
Say Hello to Rice Real Estate
100% rent collection during the pandemic & we have *never* evicted a Tenant screened by us.
5 Step Process of Hiring A Property Manager
Let Us Help You Rent Your Home.
We know your time should be spent enjoying life rather than self managing an investment property from another state.