This text of Nevada § 645B.0147 (Fiduciary obligation of licensee to client) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1. In addition to any other duties set forth in this chapter, any person licensed pursuant to this chapter has a fiduciary obligation to a client.
2. For the purposes of this section, a person’s fiduciary obligation does not impose a requirement to offer or obtain access to loan products or services for a client other than those that are offered by the person at the time of the transaction.
3. As used in this section, “fiduciary obligation” means a duty of good faith and fair dealing, including, without limitation, the duty to:
(a)Act in the client’s best interest;
(b)Conduct only those mortgage transactions which are suitable for the client’s needs;
(c)Disclose any financial, business, professional or personal interest the person has in conducting a mortgage transaction for the client;
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1. In addition to any other duties set forth in this chapter, any person licensed pursuant to this chapter has a fiduciary obligation to a client.
2. For the purposes of this section, a person’s fiduciary obligation does not impose a requirement to offer or obtain access to loan products or services for a client other than those that are offered by the person at the time of the transaction.
3. As used in this section, “fiduciary obligation” means a duty of good faith and fair dealing, including, without limitation, the duty to:
(a) Act in the client’s best interest;
(b) Conduct only those mortgage transactions which are suitable for the client’s needs;
(c) Disclose any financial, business, professional or personal interest the person has in conducting a mortgage transaction for the client;
(d) Disclose any material fact that the person knows or should know may affect the client’s rights or interests or the ability to obtain the intended benefit from the mortgage transaction;
(e) Provide an accounting to the client that lists all money and property received from the client;
(f) Not accept or collect any fee for services rendered unless the fee was disclosed to the client before the service is provided; and
(g) Exercise reasonable care in performing any other duty relating to a mortgage transaction.