At Rice Real Estate & Property Management, we don’t just manage properties in Seven Hills—we elevate them. As the leading property management company in the area, our team of seasoned experts takes pride in being selective about the properties we accept, ensuring we maintain the highest standards for both our clients and their investments.

With our commitment to excellence, we deliver top-notch management services tailored specifically for the Seven Hills community. Let us take your property to new heights.

Does a Seven Hills Property Management Company represent the Owner or the Tenant or Both?

In October 2023, the Nevada Real Estate Division (NRED) revised its Duties Owed form (Form 525) to include property managers as licensees. This revision was made in response to SB 355, which became effective on October 1, 2023. The form is now required to be used by licensees who are involved in property management when executing property management agreements in Nevada, including the Seven Hills area.

Rice Real Estate & Property Management: Your Trusted Partner in Property Management

At Rice Real Estate & Property Management, we bridge the gap between property owners and tenants, ensuring a seamless experience for everyone involved. Here’s how we serve both parties effectively:

Licensee Responsibilities: Upholding Integrity in Every Transaction

As a licensed real estate professional in Nevada, we adhere to a strict code of conduct that prioritizes honesty and transparency. Our commitment to ethical practices includes:

No Deception: We guarantee truthful interactions, avoiding any fraudulent or dishonest behavior.
Skillful Management: We employ reasonable skill and care in every transaction, safeguarding the interests of all parties.
Transparent Communication:
- We disclose any significant facts about the property promptly.
- We inform you about compensation sources to maintain clarity.
Legal Compliance: We fulfill all duties required by law and industry regulations, ensuring you’re always covered.

Our Commitment to Clients: Protecting Your Interests

When you partner with us, we dedicate ourselves to acting in your best interest. Our obligations include:

Expert Execution: We apply reasonable skill and care to execute the terms outlined in our brokerage agreement.
Confidentiality Assurance: Your information remains confidential for one year after our agreement ends, except where legal requirements dictate otherwise.
Targeted Solutions: We strive to find sales, rentals, or leases that align with your specific price and terms.
Prompt Offer Management: All offers are presented to you as quickly as possible unless you choose to waive this requirement in writing.
Informed Decision-Making: We disclose all known material facts about the transaction, empowering you to make informed choices.
Expert Guidance: For matters outside our expertise, we encourage you to seek advice from specialized professionals.
Financial Accountability: We provide full transparency regarding all money and property transactions involving your interests.

Understanding the Duties Owed Form: Your Essential Guide to Real Estate Transparency

Purpose: The Duties Owed (form525) is crucial for clarifying the responsibilities of real estate licensees to both clients and the public. Mandated by NRS 645.252 3, this form serves as a key disclosure tool but does not establish an agency relationship.

Supplemental List of Licensees (Form 525A)

Added in the November 7, 2016 revision, this supplemental page should be utilized when a licensed team or their assistants are engaged in a transaction. This ensures all parties involved are properly documented.

Who Should Sign the Duties Owed Form?

To ensure transparency and clarity, the Real Estate Division recommends that every party involved in the transaction signs a single Duties Owed form. This guarantees that all participants are aware of their rights and responsibilities.

Single Form Use:
- Only one Duties Owed form is required for the transaction.
- The listing agent keeps the seller’s signed disclosure in their transaction files.
- The buyer’s agent retains the buyer’s signed form in their own transaction files.

If an unrepresented party is part of the transaction, the sole agent must obtain a disclosure form signed by both the client and the unrepresented party, documenting that both have received this important information.

Licensee Responsibilities for Unrepresented Parties

Yes, as an agent in a Nevada real estate transaction, you are obligated to provide the Duties Owed form to any unrepresented parties involved. This requirement applies even if you are a licensed agent representing yourself as a principal in the transaction.

Documentation:
- Ensure that a signed copy of the form is included in the broker’s transaction file.

When Should the Duties Owed Form Be Signed?

In accordance with NAC 645.637, the Duties Owed must be disclosed “as soon as practicable” and no later than the signing of any written document by the client or an unrepresented party. This includes various agreements such as:

Listing agreements
Purchase agreements
Lease agreements
Property management agreements
Letters of intent
Buyer brokerage agreements

Confirmation of Representation

The regulation NAC 645.637 also requires that the disclosure be confirmed in a separate provision attached to or incorporated into the document. While many written agreements already include this confirmation, a separate document must be prepared if it is not included.

Dual Representation: Key Considerations

If an agent represents both parties in a transaction, this potential is noted in the last paragraph above the signature block on the Duties Owed form. To proceed with representing both clients, the agent must complete and secure signatures on a Consent to Act form (Form 524) from both parties prior to any actions in the transaction.

Where to Get the Current Revision of the Duties Owed Form:

All Division forms are available online at http://red.nv.gov. Hover over “Forms” to open the drop-down menu, then click on “Disclosure” and select the Duties Owed form.

For further information, contact the Division’s Real Estate Enforcement Section in Carson City at 775-684-1900 or Las Vegas at 702-486-4324, or email [email protected].