[NEW] "Learn About the Types of Las Vegas Brokerage Agreements" by Las Vegas Real Estate Attorneys
by
Mitchell Reed Sussman on Feb. 01, 2024
Summary: A Brokerage Agreement In Las Vegas expresses the type of representation the broker will have with the client.
In Las Vegas, a client can hire a broker for two types of representation, Open and Exclusive.
In an Open agreement the client may hire additional brokers if they so choose.
If a different broker fulfills the transaction for the client, that broker alone receives a commission and all other brokers the client may have hired do not receive any commission.
This is determined by which broker is the “procuring cause” of the transaction, being defined as the broker which finds a buyer who is ready, willing, and able to purchase on the seller’s terms which can be either the price the seller asked or the price the seller agreed to if the seller accepted an offer lower than the asking price.
Once a broker satisfies the procuring cause all other brokerage agreements for the property are automatically terminated. An Open agreement can be oral or written. The default position under Nevada law is all oral brokerage agreements are Open. A written agreement must contain specific terms or state in the title it is an Exclusive agreement otherwise state law considers it an Open agreement.
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https://www.youtube.com/watch?v=fWcfxyWgrdM
Source: Las Vegas Brokerage Agreements – Types of Representation
