Competition and Real Estate by State

Nevada

	Allows choice of brokerage services
	Allows brokers to offer rebates to consumers

In 2006, a minimum service task force established by the Nevada Real Estate Commission proposed a series of regulatory and legislative measures to establish minimum services in Nevada, and, at the same time, to preserve consumer choice by allowing consumers to waive those services.

In early 2007, the Nevada Real Estate Commission enacted a regulation establishing minimum services by defining the term “presenting all offers” as used in Nev. Rev. Stat. § 645.254 to mandate that brokers provide certain services.

The regulation, T645-02, specifically requires brokers to:

• Accept delivery of and convey offers and counteroffers.
• Answer a client’s questions regarding offers and counteroffers.
• Assist a client in preparing, communicating, and negotiating offers and counteroffers.

In May 2007, Governor Gibbons signed Senate Bill 69 into law, which embodies the waiver as recommended by the minimum service task force. Specifically, Senate Bill 69 permits consumers to waive the requirement that brokers present all offers as long as the consumer signs a proper waiver form. As a result, Nevada continues to allow consumer choice in brokerage services.

Learn more about:

Brokerage services: Discount Brokers Can Make Selling a Home Less Costly

Rebates: Rebates Make Buying a Home Less Expensive

Related documents on the Internet:

Nevada Real Estate Commission regulation T645-02 requiring brokers to perform minimum services

Nevada Senate Bill 69 restores consumer choice in brokerage services