USA Statutes : nevada
Title : Title 54 - PROFESSIONS, OCCUPATIONS AND BUSINESSES
Chapter : CHAPTER 645 - REAL ESTATE BROKERS AND SALESMEN; QUALIFIED INTERMEDIARIES
As used in this chapter, unless the
context otherwise requires, the words and terms defined in NRS 645.001
to 645.042 , inclusive, have the meanings ascribed to them
in those sections.
(Added to NRS by 1985, 1260; A 1995, 2074; 1997, 956; 2003, 931
, 1290 ; 2005, 648 , 665 )
As used in this chapter,
“Administrator” means the Real Estate Administrator.
(Added to NRS by 1963, 663)
“Advance fee” means a fee
contracted for, claimed, demanded, charged, received or collected for an
advance fee listing, advertisement or offer to sell or lease property,
issued for the purpose of promoting the sale or lease of a business or
real estate or for referral to a business or real estate brokers or
salesmen, or both, before the last printing or other last issuance
thereof, other than by a newspaper of general circulation.
(Added to NRS by 1957, 210; A 1985, 1260)
1. “Advance fee listing” includes, but is not limited to:
(a) The name or a list of the names of the owners, landlords,
exchangers or lessors, or the location of property or a business, or of
an interest therein, offered for rent, sale, lease or exchange.
(b) The name, or a list of the names, or the location at which
prospective or potential purchasers, buyers, lessees, tenants or
exchangers of property may be communicated with or found.
(c) A brokerage agreement by which a person who is engaged in the
business of promoting the sale or lease of businesses or real estate
agrees to render to an owner or lessee of the property any services, to
promote the sale or lease of the property, for an advance fee.
(d) A brokerage agreement by which a person agrees to locate or
promote the sale or lease of a business or real estate for an advance fee.
2. The term does not include publications intended for general
circulation.
(Added to NRS by 1957, 210; A 1971, 681; 1979, 1534; 1985, 1260;
1987, 731; 1995, 2074)
“Brokerage agreement”
means an oral or written contract between a client and a broker in which
the broker agrees to accept valuable consideration from the client or
another person for assisting, soliciting or negotiating the sale,
purchase, option, rental or lease of real property, or the sale,
exchange, option or purchase of a business. The term does not include a
property management agreement.
(Added to NRS by 1995, 2072; A 2003, 932 ; 2005, 648 )
“Business” means the tangible
assets and goodwill of an existing enterprise.
(Added to NRS by 1985, 1260)
“Business broker” means a
person who, while acting as a real estate broker, real estate
broker-salesman or real estate salesman for another and for compensation
or with the intention or expectation of receiving compensation:
1. Sells, exchanges, options or purchases a business;
2. Negotiates or offers, attempts or agrees to negotiate the sale,
exchange, option or purchase of a business; or
3. Lists or solicits prospective purchasers of a business.
(Added to NRS by 2005, 646 )
“Client” means a person who has
entered into a brokerage agreement with a broker or a property management
agreement with a broker.
(Added to NRS by 1995, 2072; A 2003, 932 )
As used in this chapter,
“Commission” means the Real Estate Commission.
[Part 6:150:1947; A 1949, 433; 1955, 131]—(NRS A 1963, 663; 1981,
1605)
“Designated
property manager” means a person who has the qualifications required by
NRS 645.6055 to be a designated
property manager and who is appointed as the designated property manager
for an office pursuant to NRS 645.6055 .
(Added to NRS by 2003, 1287 )
As used in this chapter,
“Director” means the Director of the Department of Business and Industry.
(Added to NRS by 1963, 663; A 1993, 1891)
As used in this chapter,
“owner-developer” means a person who owns five or more lots within a
recorded subdivision, shown on an approved parcel map, or the parceling
of which has been approved by the county, on each of which there is a
single-family residence not previously sold.
(Added to NRS by 1975, 1639; A 1979, 1535)
“Property management”
means the physical, administrative or financial maintenance and
management of real property, or the supervision of such activities for a
fee, commission or other compensation or valuable consideration, pursuant
to a property management agreement.
(Added to NRS by 1997, 954; A 2003, 932 )
“Property
management agreement” means a written contract between a client and a
broker in which the broker agrees to accept valuable consideration from
the client or another person for providing property management for the
client.
(Added to NRS by 2003, 931 )
“Property manager” means
a person engaged in property management who, as an employee or
independent contractor, is associated with a licensed real estate broker,
whether or not for compensation.
(Added to NRS by 1997, 954)
As used in this chapter, “real
estate” means every interest or estate in real property including but not
limited to freeholds, leaseholds and interests in condominiums, town
houses or planned unit developments, whether corporeal or incorporeal,
and whether the real property is situated in this State or elsewhere.
[Part 2:150:1947; 1943 NCL § 6396.02]—(NRS A 1973, 1097; 1975, 1541)
1. “Real estate broker” means a person who, for another and for
compensation or with the intention or expectation of receiving
compensation:
(a) Sells, exchanges, options, purchases, rents or leases, or
negotiates or offers, attempts or agrees to negotiate the sale, exchange,
option, purchase, rental or lease of, or lists or solicits prospective
purchasers, lessees or renters of, any real estate or the improvements
thereon or any modular homes, used manufactured homes, used mobile homes
or other housing offered or conveyed with any interest in real estate;
(b) Engages in or offers to engage in the business of claiming,
demanding, charging, receiving, collecting or contracting for the
collection of an advance fee in connection with any employment undertaken
to promote the sale or lease of business opportunities or real estate by
advance fee listing advertising or other offerings to sell, lease,
exchange or rent property;
(c) Engages in or offers to engage in the business of property
management; or
(d) Engages in or offers to engage in the business of business
brokerage.
2. Any person who, for another and for compensation, aids,
assists, solicits or negotiates the procurement, sale, purchase, rental
or lease of public lands is a real estate broker within the meaning of
this chapter.
3. The term does not include a person who is employed by a
licensed real estate broker to accept reservations on behalf of a person
engaged in the business of the rental of lodging for 31 days or less, if
the employee does not perform any tasks related to the sale or other
transfer of an interest in real estate.
[Part 2:150:1947; 1943 NCL § 6396.02] + [2.5:150:1947; added 1955,
615]—(NRS A 1957, 337; 1959, 393; 1963, 330; 1973, 1097; 1975, 1383;
1977, 928; 1979, 1535; 1981, 1327; 1985, 312, 1261; 1997, 505, 956; 2005,
648 , 665 )
1. Within the meaning of this chapter, a “real estate
broker-salesman” is any person who holds a real estate broker’s license,
or who has passed the real estate broker’s examination, but who, as an
employee or as an independent contractor, for compensation or otherwise,
is associated with:
(a) A licensed real estate broker in the capacity of a salesman, to
do or to deal in any act, acts or transactions included within the
definition of a real estate broker in NRS 645.030 ; or
(b) A registered owner-developer in the capacity of a sales manager
in accordance with NRS 645.283 and
645.289 .
2. In this chapter, the term “real estate salesman” includes “real
estate broker-salesman” when applicable.
(Added to NRS by 1957, 337; A 1975, 793, 1541; 1977, 928; 1981,
1605; 1985, 312; 2005, 1286 )
As
used in this chapter, “Real Estate Division” and “Division” means the
Real Estate Division of the Department of Business and Industry.
(Added to NRS by 1963, 663; A 1973, 1098; 1993, 1891)
Within the meaning of
this chapter, a “real estate salesman” is any person who, as an employee
or as an independent contractor, is associated with a licensed real
estate broker or registered owner-developer to do or to deal in any act,
acts or transactions set out or comprehended by the definition of a real
estate broker in NRS 645.030 , for a
compensation or otherwise.
[3:150:1947; 1943 NCL § 6396.03]—(NRS A 1971, 1410; 1973, 1763;
1975, 1541, 1639; 1977, 929; 1985, 313)
“Used manufactured home” or “used mobile home” means a
manufactured home or mobile home, respectively, which has been:
1. Sold, rented or leased, and which was occupied before or after
the sale, rental or lease; or
2. Registered with or been the subject of a certificate of title
issued by the appropriate agency of authority of this State, any other
state, the District of Columbia, any territory or possession of the
United States, or any foreign state, province or country.
(Added to NRS by 2005, 664 )
1. A person licensed as a real estate salesman may use the term
“real estate salesman,” “real estate saleswoman” or “real estate
salesperson” in the course of doing business.
2. A person licensed as a real estate broker-salesman may use the
term “real estate broker-salesman,” “real estate broker-saleswoman” or
“real estate broker-salesperson” in the course of doing business.
(Added to NRS by 1999, 92 )
ADMINISTRATION
The
provisions of this chapter shall be administered by the Real Estate
Division, subject to administrative supervision by the Director.
(Added to NRS by 1963, 663)
1. The Real Estate Commission is hereby created. The Commission
consists of five members appointed by the Governor.
2. The Commission shall act in an advisory capacity to the Real
Estate Division, adopt regulations and conduct hearings as provided in
this chapter. The Commission shall adopt regulations establishing
standards for the operation of licensees’ offices and for their business
conduct and ethics.
3. The Commission may by regulation delegate any authority
conferred upon it by this chapter to the Administrator to be exercised
pursuant to the regulations of the Commission.
4. Service of process and other communications upon the Commission
may be made at the principal office of the Real Estate Division.
[Part 6:150:1947; A 1949, 433; 1955, 131]—(NRS A 1963, 663; 1973,
1098; 1979, 1536; 1981, 1605)
Members are eligible for reappointment, but shall not
serve for a period greater than 6 years consecutively, after which time
they are not eligible for appointment or reappointment until 3 years have
elapsed from any period of previous service. If a successor is appointed
to fill the balance of any unexpired term of a member, the time served by
the successor shall not apply in computing the 6 years’ consecutive
service unless the balance of the unexpired term exceeds 18 months.
[Part 6:150:1947; A 1949, 433; 1955, 131]—(NRS A 1977, 1259)
Each member
of the Commission shall, before entering upon the duties of his office:
1. Take the constitutional oath of office; and
2. In addition, make oath that he is legally qualified under the
provisions of this chapter to serve as a member of the Commission.
[Part 6:150:1947; A 1949, 433; 1955, 131]
Each member of the Commission must:
1. Be a citizen of the United States.
2. Have been a resident of the State of Nevada for not less than 5
years.
3. Have been actively engaged in business as:
(a) A real estate broker within the State of Nevada for at least 3
years immediately preceding the date of his appointment; or
(b) A real estate broker-salesman within the State of Nevada for at
least 5 years immediately preceding the date of his appointment.
[Part 6:150:1947; A 1949, 433; 1955, 131]—(NRS A 1981, 1605; 1987,
912)
1. At least two members of the Commission must be residents of the
southern district of Nevada, and at least two members of the Commission
must be residents of the northern district of Nevada.
2. Not more than two members may be appointed from any one county.
3. The southern district consists of all that portion of the State
lying within the boundaries of the counties of Clark, Esmeralda, Lincoln
and Nye.
4. The northern district consists of all that portion of the State
lying within the boundaries of Carson City and the counties of Churchill,
Douglas, Elko, Eureka, Humboldt, Lander, Lyon, Mineral, Pershing, Storey,
Washoe and White Pine.
[Part 6:150:1947; A 1949, 433; 1955, 131]—(NRS A 1959, 393; 1969,
343, 893; 1981, 1328)
The Commission, at
the first meeting of each fiscal year, shall elect a President, a Vice
President and a Secretary to serve for the ensuing year.
[Part 6:150:1947; A 1949, 433; 1955, 131]—(NRS A 1963, 161, 663;
1981, 1606)
The
Administrator shall:
1. Possess a broad knowledge of generally accepted real estate
practice and be reasonably well informed on laws governing real estate
agency contracts.
2. Not be interested in any real estate firm or brokerage firm,
nor shall he act as a broker or salesman or agent therefor.
[Part 6:150:1947; A 1949, 433; 1955, 131]—(NRS A 1957, 337; 1959,
394; 1963, 664; 1967, 931; 1975, 351; 1985, 1261)
1. The Real Estate Division may employ:
(a) Legal counsel, investigators and other professional consultants
without regard to the provisions of chapter 284 of NRS.
(b) Such other employees as are necessary to the discharge of its
duties.
2. No employee of the Real Estate Division may be interested in
any real estate firm or brokerage firm, nor may any employee act as a
broker or salesman or agent therefor.
[Part 6:150:1947; A 1949, 433; 1955, 131]—(NRS A 1963, 162, 664;
1967, 1503; 1971, 1442; 1981, 1285; 1985, 445, 1261)
1. Except as otherwise provided in this section, all fees,
penalties and charges received by the Division pursuant to NRS 645.410
, 645.660 and 645.830
must be deposited with the State Treasurer for credit to the State
General Fund. The fees received by the Division:
(a) From the sale of publications, must be retained by the Division
to pay the costs of printing and distributing publications.
(b) For examinations, must be retained by the Division to pay the
costs of the administration of examinations.
Ê Any surplus of the fees retained by the Division must be deposited with
the State Treasurer for credit to the State General Fund.
2. Money for the support of the Division must be provided by
direct legislative appropriation, and be paid out on claims as other
claims against the State are paid.
3. Each member of the Commission is entitled to receive:
(a) A salary of not more than $80 per day, as fixed by the
Commission, while engaged in the business of the Commission; and
(b) A per diem allowance and travel expenses at a rate fixed by the
Commission, while engaged in the business of the Commission. The rate
must not exceed the rate provided for state officers and employees
generally.
4. While engaged in the business of the Commission, each employee
of the Commission is entitled to receive a per diem allowance and travel
expenses at a rate fixed by the Commission. The rate must not exceed the
rate provided for state officers and employees generally.
[Part 6:150:1947; A 1949, 433; 1955, 131]—(NRS A 1957, 547; 1960,
305; 1963, 162, 664; 1965, 1140; 1967, 931; 1973, 1098; 1975, 307; 1979,
1536; 1981, 1995; 1983, 332, 1544, 1546; 1985, 445; 1989, 1705; 1995,
161; 1997, 847)
The Commission
shall operate on the basis of a fiscal year commencing on July 1 and
terminating on June 30.
(Added to NRS by 1963, 161)
1. The Commission may hold at least two regular meetings annually,
one of which must be held in the southern part of the State, and one of
which must be held in the northern part of the State, at such place or
places as the Commission designates for that purpose.
2. Additional meetings of the Commission may be held at the call
of the President when there is sufficient business to come before the
Commission to warrant such action, at any place convenient to the
Commission, or upon written request of two members of the Commission.
Written notice of the time, place and purpose of all meetings must be
given to each member at least 3 working days before the meeting.
[Part 6:150:1947; A 1949, 433; 1955, 131]—(NRS A 1959, 394; 1981,
1606; 1983, 1448)
1. A majority of the Commission shall constitute a quorum for the
transaction of business, for the performance of any duty, or for the
exercise of any power or authority of the Commission.
2. A vacancy on the Commission shall not impair the right of the
remaining members to perform all of the duties and exercise all of the
power and authority of the Commission.
3. The act of the majority of the Commission when in session as a
Commission shall constitute the act of the Commission.
[Part 6:150:1947; A 1949, 433; 1955, 131]
1. The Director shall designate the location of the principal
office of the Real Estate Division. The Administrator shall conduct
business primarily in the principal office of the Real Estate Division.
2. If the principal office of the Real Estate Division is located
in:
(a) The southern district of Nevada created pursuant to subsection
3 of NRS 645.100 , the Real Estate
Division shall establish at least one branch office in the northern
district of Nevada created pursuant to subsection 4 of NRS 645.100 .
(b) The northern district of Nevada, the Real Estate Division shall
establish at least one branch office in the southern district of Nevada.
3. The Real Estate Division may designate other convenient places
within the State for the establishment of branch offices.
[Part 6:150:1947; A 1949, 433; 1955, 131]—(NRS A 1963, 664; 1995,
993)
1. The Division shall adopt a seal by which it shall authenticate
its proceedings.
2. Except as otherwise provided in NRS 645.625 , records kept in the office of the Division
under authority of this chapter are open to public inspection under
regulations adopted by the Division, except that the Division may refuse
to make public, unless ordered to do so by a court:
(a) Real estate brokers’ and real estate salesmen’s examinations;
and
(b) The criminal and financial records of licensees, applicants for
licenses and owner-developers.
3. Copies of all records and papers in the office of the Division,
certified and authenticated by the seal of the Division, must be received
in evidence in all courts equally and with like effect as the originals.
[Part 6:150:1947; A 1949, 433; 1955, 131]—(NRS A 1963, 665; 1975,
1541; 1979, 1537; 2003, 3464 )
1. The Division may do all things necessary and convenient for
carrying into effect the provisions of this chapter.
2. The Commission or the Administrator, with the approval of the
Commission, may from time to time adopt reasonable regulations for the
administration of this chapter. When regulations are proposed by the
Administrator, in addition to other notices required by law, he shall
provide copies of the proposed regulations to the Commission no later
than 30 days before the next Commission meeting. The Commission shall
approve, amend or disapprove any proposed regulations at that meeting.
3. All regulations adopted by the Commission, or adopted by the
Administrator with the approval of the Commission, must be published by
the Division and offered for sale at a reasonable fee.
4. The Division may publish or supply a reference manual or study
guide for licensees or applicants for licenses, and may offer it for sale
at a reasonable fee.
[Part 6:150:1947; A 1949, 433; 1955, 131]—(NRS A 1963, 1073; 1973,
1099; 1975, 1542; 1977, 91; 1979, 1537)
1. The Administrator may adopt regulations which establish
procedures for the Division to conduct business electronically pursuant
to title 59 of NRS with persons who are regulated pursuant to this
chapter and with any other persons with whom the Division conducts
business. The regulations may include, without limitation, the
establishment of fees to pay the costs of conducting business
electronically with the Division.
2. In addition to the process authorized by NRS 719.280 , if the Division is conducting business
electronically with a person and a law requires a signature or record to
be notarized, acknowledged, verified or made under oath, the Division may
allow the person to substitute a declaration that complies with the
provisions of NRS 53.045 to satisfy the
legal requirement.
3. The Division may refuse to conduct business electronically with
a person who has failed to pay money which the person owes to the
Division or the Commission.
(Added to NRS by 2003, 1288 )
The Division shall
prepare and distribute to licensees:
1. A form which sets forth the duties owed by a licensee who is
acting for only one party to a real estate transaction.
2. A form which sets forth the duties owed by a licensee who is
acting for more than one party to a real estate transaction.
3. A form which sets forth the duties owed by a real estate broker
who assigns different licensees affiliated with his brokerage to separate
parties to a real estate transaction.
(Added to NRS by 1995, 2073)
1. The Division shall prepare a booklet that provides relevant
information concerning the disclosures that are required by federal,
state and local laws and regulations by a buyer and a seller in a
transaction involving the sale of residential property.
2. The Division shall make copies of the booklet prepared pursuant
to subsection 1 available to licensees which the licensee must distribute
to prospective buyers and sellers in the sale of residential property in
accordance with the regulations adopted by the Commission.
3. The Commission shall approve the format and content of the
information that must be included in the booklet.
4. As used in this section, “residential property” has the meaning
ascribed to it in NRS 113.100 .
(Added to NRS by 2005, 1285 )
1. The Division shall regularly inspect the transaction files,
trust records and pertinent real estate business accounts of all real
estate brokers and owner-developers to ensure compliance with the
provisions of this chapter.
2. The Commission shall adopt regulations pertaining to those
inspections.
(Added to NRS by 1973, 989; A 1975, 1542; 1979, 1537)
1. The Attorney General shall render to the Division opinions upon
all questions of law relating to the construction or interpretation of
this chapter, or arising in the administration thereof, that may be
submitted to him by the Division or the Commission.
2. The Attorney General shall act as the attorney for the Division
in all actions and proceedings brought against or by the Division
pursuant to any of the provisions of this chapter.
[7:150:1947; 1943 NCL § 6396.07]—(NRS A 1963, 665; 1979, 1537)
1. Whenever the Real Estate Division believes from evidence
satisfactory to it that any person has violated or is about to violate
any of the provisions of this chapter, or any order, license, permit,
decision, demand or requirement, or any part or provision thereof, it may
bring an action, in the name of the Real Estate Division, in the district
court of the State of Nevada in and for the county wherein such person
resides, or, if such person resides outside the State of Nevada, in any
court of competent jurisdiction within or outside the State of Nevada,
against such person to enjoin such person from continuing such violation
or engaging therein or doing any act or acts in furtherance thereof.
2. If this action is in a district court of the State of Nevada,
an order or judgment may be entered awarding such preliminary or final
injunction as may be proper, but no preliminary injunction or temporary
restraining order shall be granted without at least 5 days’ notice to the
opposite party.
[31:150:1947; 1943 NCL § 6396.31]—(NRS A 1963, 665; 1973, 1099)
1. If the Real Estate Division has reason to believe that fraud,
deceit or false advertising is being, has been or is to be perpetrated in
connection with the proposed or completed sale, purchase, rental, lease
or exchange of any vacant or unimproved land or subdivision outside the
corporate limits of any city, it may investigate the circumstances of
such sale, purchase, rental, lease or exchange.
2. If such investigation reveals any evidence of fraud, deceit or
false advertising which has influenced or induced or may influence or
induce the sale, purchase, rental, lease or exchange, the Real Estate
Division shall advise the Attorney General or the district attorney of
the county in which the land or subdivision is located. The district
attorney or, upon the request of the Administrator, the Attorney General
shall cause appropriate legal action to be taken to enjoin any further
sale, purchase, rental, lease or exchange until the fraud, deceit or
false advertising is eliminated and restitution has been made for any
loss.
3. Nothing in this section shall prevent prosecution of any person
in a criminal action under the provisions of any other law.
(Added to NRS by 1961, 75; A 1963, 666; 1973, 1099)
REGULATION OF PRACTICES
1. It is unlawful for any person, limited-liability company,
partnership, association or corporation to engage in the business of, act
in the capacity of, advertise or assume to act as, a:
(a) Real estate broker, real estate broker-salesman or real estate
salesman within the State of Nevada without first obtaining the
appropriate license from the Real Estate Division as provided for in this
chapter;
(b) Property manager within the State of Nevada without first
obtaining from the Real Estate Division as provided for in this chapter a
license as a real estate broker, real estate broker-salesman or real
estate salesman and a permit to engage in property management;
(c) Designated property manager within the State of Nevada without
complying with the provisions of NRS 645.6055 ;
(d) Business broker within the State of Nevada without first
obtaining from the Real Estate Division as provided for in this chapter a
license as a real estate broker, real estate broker-salesman or real
estate salesman and a permit to engage in business as a business broker
issued pursuant to the provisions of NRS 645.863 ; or
(e) Designated business broker within the State of Nevada without
complying with the provisions of NRS 645.867 .
2. The Real Estate Division may prefer a complaint for a violation
of this section before any court of competent jurisdiction and may assist
in presenting the law or facts upon any trial for a violation of this
section.
3. The district attorney of each county shall prosecute all
violations of this section in their respective counties in which
violations occur, unless prosecuted by the Attorney General. Upon the
request of the Administrator, the Attorney General shall prosecute any
violation of this section in lieu of the district attorney.
[1:150:1947; 1943 NCL § 6396.01]—(NRS A 1963, 666; 1973, 1100;
1981, 514; 1985, 1262; 1997, 166, 957; 2003, 1290 ; 2005, 649 )
1. In addition to any other remedy or penalty, the Commission may
impose an administrative fine against any person who knowingly:
(a) Engages or offers to engage in any activity for which a
license, permit, certificate or registration or any type of authorization
is required pursuant to this chapter, or any regulation adopted pursuant
thereto, if the person does not hold the required license, permit,
certificate or registration or has not been given the required
authorization; or
(b) Assists or offers to assist another person to commit a
violation described in paragraph (a).
2. If the Commission imposes an administrative fine against a
person pursuant to this section, the amount of the administrative fine
may not exceed the amount of any gain or economic benefit that the person
derived from the violation or $5,000, whichever amount is greater.
3. In determining the appropriate amount of the administrative
fine, the Commission shall consider:
(a) The severity of the violation and the degree of any harm that
the violation caused to other persons;
(b) The nature and amount of any gain or economic benefit that the
person derived from the violation;
(c) The person’s history or record of other violations; and
(d) Any other facts or circumstances that the Commission deems to
be relevant.
4. Before the Commission may impose the administrative fine, the
Commission must provide the person with notice and an opportunity to be
heard.
5. The person is entitled to judicial review of the decision of
the Commission in the manner provided by chapter 233B of NRS.
6. The provisions of this section do not apply to a person who
engages or offers to engage in activities within the purview of this
chapter if:
(a) A specific statute exempts the person from complying with the
provisions of this chapter with regard to those activities; and
(b) The person is acting in accordance with the exemption while
engaging or offering to engage in those activities.
(Added to NRS by 2003, 1289 )
1. The provisions of this chapter do not apply to, and the terms
“real estate broker” and “real estate salesman” do not include, any:
(a) Owner or lessor of property, or any regular employee of such a
person, who performs any of the acts mentioned in NRS 645.030 , 645.040 ,
645.230 and 645.260 , with respect to the property in the regular
course of or as an incident to the management of or investment in the
property. For the purposes of this paragraph, “management” means
activities which tend to preserve or increase the income from the
property by preserving the physical desirability of the property or
maintaining high standards of service to tenants. The term does not
include sales activities.
(b) Employee of a real estate broker while engaged in the
collection of rent for or on behalf of the broker.
(c) Person while performing the duties of a property manager for a
property, if the person maintains an office on the property and does not
engage in property management with regard to any other property.
(d) Person while performing the duties of a property manager for a
common-interest community governed by the provisions of chapter 116
of NRS, a condominium project governed by the
provisions of chapter 117 of NRS, a time
share governed by the provisions of chapter 119A of NRS, or a planned unit development governed by
the provisions of chapter 278A of NRS, if
the person is a member in good standing of, and, if applicable, holds a
current certificate, registration or other similar form of recognition
from, a nationally recognized organization or association for persons
managing such properties that has been approved by the Real Estate
Division by regulation.
(e) Person while performing the duties of a property manager for
property used for residential housing that is subsidized either directly
or indirectly by this State, an agency or political subdivision of this
State, or the Federal Government or an agency of the Federal Government.
2. Except as otherwise provided in NRS 645.606 to 645.6085 , inclusive, the provisions of this chapter do
not apply to:
(a) Any bank, thrift company, credit union, trust company, savings
and loan association or any mortgage or farm loan association licensed
under the laws of this State or of the United States, with reference to
property it has acquired for development, for the convenient transaction
of its business, or as a result of foreclosure of property encumbered in
good faith as security for a loan or other obligation it has originated
or holds.
(b) A corporation which, through its regular officers who receive
no special compensation for it, performs any of those acts with reference
to the property of the corporation.
(c) The services rendered by an attorney at law in the performance
of his duties as an attorney at law.
(d) A receiver, trustee in bankruptcy, administrator or executor,
or any other person doing any of the acts specified in NRS 645.030 under the jurisdiction of any court.
(e) A trustee acting under a trust agreement, deed of trust or
will, or the regular salaried employees thereof.
(f ) The purchase, sale or locating of mining claims or options
thereon or interests therein.
(g) The State of Nevada or a political subdivision thereof.
[5:150:1947; A 1955, 457]—(NRS A 1973, 1100; 1979, 1538; 1981,
1328; 1983, 151; 1985, 1262, 1507; 1987, 517; 1993, 2021; 1997, 957;
1999, 938 )
Nothing contained in this chapter
shall affect the power of cities and towns to tax, license and regulate
real estate brokers or real estate salesmen. The requirements of this
chapter shall be in addition to the requirements of any existing or
future ordinance of any city or town so taxing, licensing or regulating
real estate brokers or real estate salesmen.
[32:150:1947; 1943 NCL § 6396.32]
A licensee is not required to comply with any
principles of common law that may otherwise apply to any of the duties of
the licensee as set forth in NRS 645.252 , 645.253 and
645.254 and the regulations adopted to
carry out those sections.
(Added to NRS by 1995, 2072)
A licensee who acts as an agent in a real estate
transaction:
1. Shall disclose to each party to the real estate transaction as
soon as is practicable:
(a) Any material and relevant facts, data or information which he
knows, or which by the exercise of reasonable care and diligence he
should have known, relating to the property which is the subject of the
transaction.
(b) Each source from which he will receive compensation as a result
of the transaction.
(c) That he is a principal to the transaction or has an interest in
a principal to the transaction.
(d) Except as otherwise provided in NRS 645.253 , that he is acting for more than one party to
the transaction. If a licensee makes such a disclosure, he must obtain
the written consent of each party to the transaction for whom he is
acting before he may continue to act in his capacity as an agent. The
written consent must include:
(1) A description of the real estate transaction.
(2) A statement that the licensee is acting for two or more
parties to the transaction who have adverse interests and that in acting
for these parties, the licensee has a conflict of interest.
(3) A statement that the licensee will not disclose any
confidential information for 1 year after the revocation or termination
of any brokerage agreement entered into with a party to the transaction,
unless he is required to do so by a court of competent jurisdiction or he
is given written permission to do so by that party.
(4) A statement that a party is not required to consent to
the licensee acting on his behalf.
(5) A statement that the party is giving his consent without
coercion and understands the terms of the consent given.
(e) Any changes in his relationship to a party to the transaction.
2. Shall exercise reasonable skill and care with respect to all
parties to the real estate transaction.
3. Shall provide the appropriate form prepared by the Division
pursuant to NRS 645.193 to:
(a) Each party for whom the licensee is acting as an agent in the
real estate transaction; and
(b) Each unrepresented party to the real estate transaction, if any.
4. Unless otherwise agreed upon in writing, owes no duty to:
(a) Independently verify the accuracy of a statement made by an
inspector certified pursuant to chapter 645D of NRS or another appropriate licensed or
certified expert.
(b) Conduct an independent inspection of the financial condition of
a party to a real estate transaction.
(Added to NRS by 1995, 2072; A 2001, 2892 ; 2005, 649 )
If
a real estate broker assigns different licensees affiliated with his
brokerage to separate parties to a real estate transaction, the licensees
are not required to obtain the written consent required pursuant to
paragraph (d) of subsection 1 of NRS 645.252 . Each licensee shall not disclose, except to
the real estate broker, confidential information relating to a client in
violation of NRS 645.254 .
(Added to NRS by 1995, 2073)
A licensee who
has entered into a brokerage agreement to represent a client in a real
estate transaction:
1. Shall exercise reasonable skill and care to carry out the terms
of the brokerage agreement and to carry out his duties pursuant to the
terms of the brokerage agreement;
2. Shall not disclose confidential information relating to a
client for 1 year after the revocation or termination of the brokerage
agreement, unless he is required to do so pursuant to an order of a court
of competent jurisdiction or he is given written permission to do so by
the client; and
3. Shall promote the interests of his client by:
(a) Seeking a sale, lease or property at the price and terms stated
in the brokerage agreement or at a price acceptable to the client.
(b) Presenting all offers made to or by the client as soon as is
practicable.
(c) Disclosing to the client material facts of which the licensee
has knowledge concerning the transaction.
(d) Advising the client to obtain advice from an expert relating to
matters which are beyond the expertise of the licensee.
(e) Accounting for all money and property he receives in which the
client may have an interest as soon as is practicable.
(Added to NRS by 1995, 2073)
1. A person who has suffered damages as the proximate result of a
licensee’s failure to perform any duties required by NRS 645.252 , 645.253 or
645.254 or the regulations adopted to
carry out those sections may bring an action against the licensee for the
recovery of his actual damages.
2. In such an action, any knowledge of the client of the licensee
of material facts, data or information relating to the real property
which is the subject of the real estate transaction may not be imputed to
the licensee.
3. In an action brought by a person against a licensee pursuant to
subsection 1, the standard of care owed by a licensee is the degree of
care that a reasonably prudent real estate licensee would exercise and is
measured by the degree of knowledge required to be obtained by a real
estate licensee pursuant to NRS 645.343
and 645.345 .
(Added to NRS by 1995, 2073; A 2001, 2893 )
1. In any transaction involving a used manufactured home or used
mobile home that has not been converted to real property pursuant to NRS
361.244 , a licensee shall provide to
the purchaser, on a form prepared by the Real Estate Division, the
following disclosures:
(a) The year, serial number and manufacturer of the used
manufactured home or used mobile home;
(b) A statement that the used manufactured home or used mobile home
is personal property subject to personal property taxes;
(c) A statement of the requirements of NRS 489.521 and 489.531 ;
and
(d) Such other disclosures as may be required by the Real Estate
Division.
2. The disclosures required pursuant to subsection 1 do not
constitute a warranty as to the title or condition of the used
manufactured home or used mobile home.
3. A real estate broker who represents a client in such a
transaction shall take such actions as necessary to ensure that the
client complies with the requirements of NRS 489.521 and 489.531 .
(Added to NRS by 2005, 665 )
A licensee may not be held liable for:
1. A misrepresentation made by his client unless the licensee:
(a) Knew his client made the misrepresentation; and
(b) Failed to inform the person to whom the client made the
misrepresentation that the statement was false.
2. Except as otherwise provided in this subsection, the failure of
the seller to make the disclosures required by NRS 113.130 and 113.135
if the information that would have been disclosed pursuant to NRS 113.130
and 113.135 is a public record which is readily available
to the client. Notwithstanding the provisions of this subsection, a
licensee is not relieved of the duties imposed by paragraph (a) of
subsection 1 of NRS 645.252 .
(Added to NRS by 1995, 2074; A 2001, 2893 )
Any person, limited-liability company, partnership,
association or corporation who, for another, in consideration of
compensation by fee, commission, salary or otherwise, or with the
intention or expectation of receiving compensation, does, offers or
attempts or agrees to do, engages in, or offers or attempts or agrees to
engage in, either directly or indirectly, any single act or transaction
contained in the definition of a real estate broker in NRS 645.030 , whether the act is an incidental part of a
transaction, or the entire transaction, is acting in the capacity of a
real estate broker or real estate salesman within the meaning of this
chapter.
[4:150:1947; 1943 NCL § 6396.04]—(NRS A 1985, 1263; 1997, 166)
A person, limited-liability company, partnership,
association or corporation engaged in the business or acting in the
capacity of a real estate broker or a real estate salesman within this
State may not commence or maintain any action in the courts of this State
for the collection of compensation for the performance of any of the acts
mentioned in NRS 645.030 without
alleging and proving that the person, limited-liability company,
partnership, association or corporation was a licensed real estate broker
or real estate salesman at the time the alleged cause of action arose.
[30:150:1947; 1943 NCL § 6396.30]—(NRS A 1985, 1263; 1997, 166)
1. It is unlawful for any licensed real estate broker, or
broker-salesman or salesman to offer, promise, allow, give or pay,
directly or indirectly, any part or share of his commission, compensation
or finder’s fee arising or accruing from any real estate transaction to
any person who is not a licensed real estate broker, broker-salesman or
salesman, in consideration of services performed or to be performed by
the unlicensed person. A licensed real estate broker may pay a commission
to a licensed broker of another state.
2. A real estate broker-salesman or salesman shall not be
associated with or accept compensation from any person other than the
broker or owner-developer under whom he is licensed at the time of the
real estate transaction.
3. It is unlawful for any licensed real estate broker-salesman or
salesman to pay a commission to any person except through the broker or
owner-developer under whom he is licensed at the time of the real estate
transaction.
[26:150:1947; 1943 NCL § 6396.26]—(NRS A 1959, 394; 1975, 1542;
1979, 1538; 1985, 1263; 2005, 1286 )
1. Except as otherwise provided in subsection 2, an
owner-developer who is registered with the Real Estate Division may
employ one or more licensed real estate salesmen to sell any
single-family residence, owned by the owner-developer and not previously
sold, which is within the area covered by his current registration.
2. An owner-developer may not employ a licensed real estate
salesman pursuant to subsection 1 unless a licensed real estate
broker-salesman who is qualified pursuant to NRS 645.289 is associated with the owner-developer as a
sales manager to oversee the activities of the real estate salesman.
3. The area covered by an owner-developer’s registration may be
enlarged from time to time upon application and payment of the required
fee.
4. Registration may be kept in force by annual renewal.
(Added to NRS by 1975, 1639; A 2005, 1287 )
1. Application for original registration as an owner-developer
shall be made on a form provided by the Division, and shall set forth:
(a) The limits of the area within which the applicant owns the
residences proposed to be sold;
(b) The location of the applicant’s principal place of business; and
(c) Any further information required by regulations of the
Commission.
2. An application to enlarge the area covered by a registration
shall set forth the limits of the area to be added.
(Added to NRS by 1975, 1639)
1. Regulations adopted by the Real Estate Commission shall not
establish any educational qualification or require any examination of an
owner-developer, but shall provide appropriate standards of good moral
character and financial stability.
2. Each owner-developer shall maintain a principal place of
business and keep there the records concerning salesmen employed by him.
(Added to NRS by 1975, 1639)
1. To qualify as a sales manager for the purposes of NRS 645.283
, a licensed real estate broker-salesman
must have at least 2 years of experience during the immediately preceding
4 years as a real estate broker-salesman or salesman licensed in this
State or any other state or territory of the United States, or the
District of Columbia.
2. A real estate broker-salesman shall:
(a) Before becoming associated with an owner-developer as a sales
manager, notify the Division on a form prescribed by the Division that he
will be acting in that capacity; and
(b) Upon the termination of his association with an owner-developer
as a sales manager, notify the Division of that fact.
(Added to NRS by 2005, 1286 )
When a licensee prepares or has prepared a written brokerage
agreement authorizing or employing him to purchase or sell real estate
for compensation or commission, he shall deliver a copy of the written
brokerage agreement to the client signing it at the time the signature is
obtained, if possible, or otherwise within a reasonable time thereafter.
Receipt for the copy may be made on the face of the written brokerage
agreement.
[28:150:1947; 1943 NCL § 6396.28]—(NRS A 1979, 1539; 1995, 2074)
1. All deposits accepted by every real estate broker or person
registered as an owner-developer pursuant to this chapter, which are
retained by him pending consummation or termination of the transaction
involved, must be accounted for in the full amount at the time of the
consummation or termination.
2. Every real estate salesman or broker-salesman who receives any
money on behalf of a broker or owner-developer shall pay over the money
promptly to the real estate broker or owner-developer.
3. A real estate broker shall not commingle the money or other
property of his client with his own.
4. If a real estate broker receives money, as a broker, which
belongs to others, he shall promptly deposit the money in a separate
checking account located in a bank or credit union in this State which
must be designated a trust account. All down payments, earnest money
deposits, rents, or other money which he receives, on behalf of his
client or any other person, must be deposited in the account unless all
persons who have any interest in the money have agreed otherwise in
writing. A real estate broker may pay to any seller or the seller’s
authorized agent the whole or any portion of such special deposit. The
real estate broker is personally responsible and liable for such deposit
at all times. A real estate broker shall not permit any advance payment
of money belonging to others to be deposited in the real estate broker’s
business or personal account or to be commingled with any money he may
have on deposit.
5. Every real estate broker required to maintain a separate trust
account shall keep records of all money deposited therein. The records
must clearly indicate the date and from whom he received money, the date
deposited, the dates of withdrawals, and other pertinent information
concerning the transaction, and must show clearly for whose account the
money is deposited and to whom the money belongs. The real estate broker
shall balance each separate trust account at least monthly. The real
estate broker shall provide to the Division, on a form provided by the
Division, an annual accounting which shows an annual reconciliation of
each separate trust account. All such records and money are subject to
inspection and audit by the Division and its authorized representatives.
All such separate trust accounts must designate the real estate broker as
trustee and provide for withdrawal of money without previous notice.
6. Each real estate broker shall notify the Division of the names
of the banks and credit unions in which he maintains trust accounts and
specify the names of the accounts on forms provided by the Division.
7. If a real estate broker who has money in a trust account dies
or becomes mentally disabled, the Division, upon application to the
district court, may have a trustee appointed to administer and distribute
the money in the account with the approval of the court. The trustee may
serve without posting a bond.
[27.5:150:1947; added 1955, 76]—(NRS A 1963, 1073; 1975, 1543;
1979, 1539; 1981, 1606; 1983, 152; 1995, 2074; 1997, 958; 1999, 1538
)
1. The Division may investigate and audit all financial accounts
related to the business of a real estate broker, regardless of whether it
is a trust account, if the Division has reasonable cause to believe that
the broker is using or has used the account to operate or carry on the
broker’s business and the Division:
(a) Has reasonable cause to believe or has received a credible
complaint that the real estate broker is insolvent or is in any financial
condition or has engaged in any financial practice which creates a
substantial risk of insolvency; or
(b) Determines that the investigation and audit are reasonably
necessary to assist the Division in administering or enforcing any other
provision of this chapter or any other statute that the Division is
charged with administering or enforcing.
2. The Commission shall adopt regulations prescribing the scope of
an audit conducted pursuant to this section.
3. The Commission may take action pursuant to NRS 645.630 against:
(a) Any real estate broker or other licensee who knowingly fails to
cooperate or comply with or knowingly impedes or interferes with any
investigation or audit conducted by the Division pursuant to this
section; or
(b) Any real estate broker who is insolvent or who is in any
financial condition or has engaged in any financial practice which
creates a substantial risk of insolvency.
4. As used in this section, “insolvent” or “insolvency” means a
condition in which a real estate broker is unable to meet the liabilities
of the broker’s business as those liabilities become due in the regular
course of the broker’s business and which creates a substantial risk of
harm to the public or a consumer.
(Added to NRS by 2003, 1288 )
1. The Administrator may charge and collect from a real estate
broker an amount equal to the amount of the actual costs and fees
incurred by the Division to conduct an audit of the financial accounts of
the real estate broker pursuant to this chapter or any regulations
adopted pursuant thereto if:
(a) The Division makes a request during the course of the audit for
the real estate broker to produce, provide access to or grant
authorization to the Division to inspect or obtain any documentation
related to the business of a real estate broker which the broker is
required to maintain pursuant to NRS 645.310 and any regulations adopted pursuant to this
chapter;
(b) The real estate broker fails to comply with the request within
a reasonable time established by the Division; and
(c) The Division has reasonable cause to believe that the requested
documentation will assist it in investigating whether the real estate
broker has committed any act or offense that would be grounds for taking
disciplinary action against the real estate broker.
2. If the Administrator charges a real estate broker for the costs
and fees of an audit pursuant to subsection 1, the Administrator shall
bill the real estate broker upon the completion of the audit. The costs
and fees must be paid within 90 days after the date the real estate
broker receives the bill. Except as otherwise provided in this
subsection, any payment received after the due date must include a
penalty in the amount of 10 percent of the amount specified in the bill
plus an additional penalty in the amount of 1 percent of the amount for
each month, or portion of a month, that the bill is not paid. The
Administrator may waive the penalty for good cause.
3. The failure of a real estate broker to pay any costs and fees
as required by this section constitutes grounds for disciplinary action
against the real estate broker.
4. Money received by the Division pursuant to this section must be:
(a) Deposited with the State Treasurer for credit to the
appropriate account of the Division.
(b) Used by the Division only to offset the fees and costs incurred
by the Division in carrying out the provisions of NRS 645.313 .
(Added to NRS by 2005, 1285 )
1. In any advertisement through which a licensee offers to perform
services for which a license is required pursuant to this chapter, the
licensee shall:
(a) If the licensee is a real estate broker, disclose the name of
any brokerage under which the licensee does business; or
(b) If the licensee is a real estate broker-salesman or real estate
salesman, disclose the name of the brokerage with whom the licensee is
associated.
2. If a licensee is a real estate broker-salesman or real estate
salesman, the licensee shall not advertise solely under the licensee’s
own name when acting in the capacity as a broker-salesman or salesman.
All such advertising must be done under the direct supervision of and in
the name of the brokerage with whom the licensee is associated.
(Added to NRS by 1999, 92 ; A 2003, 932 )
Every brokerage agreement which includes a provision for an exclusive
agency representation must:
1. Be in writing.
2. Have set forth in its terms a definite, specified and complete
termination.
3. Contain no provision which requires the client who signs the
brokerage agreement to notify the real estate broker of his intention to
cancel the exclusive features of the brokerage agreement after the
termination of the brokerage agreement.
4. Be signed by both the client or his authorized representative
and the broker or his authorized representative in order to be
enforceable.
[28.5:150:1947; added 1955, 18]—(NRS A 1995, 2075; 2003, 932 )
A
licensee shall not deal with any party to a real estate transaction in a
manner which is deceitful, fraudulent or dishonest.
(Added to NRS by 1995, 2074)
1. It is unlawful, on account of race, religious creed, color,
national origin, disability, ancestry, familial status or sex, to:
(a) Discriminate against any person:
(1) By denying the person access to or membership or
participation in any multiple-listing service, real estate brokers’
organization or other service or facility relating to the sale or rental
of dwellings; or
(2) In the terms or conditions of such access, membership or
participation.
(b) Discriminate against any person:
(1) By denying the person access to any opportunity to
engage in a transaction regarding residential real estate; or
(2) In the terms or conditions of such a transaction.
2. Any person violating the provisions of subsection 1 shall be
punished by a fine of $500 for the first offense and for the second
offense shall show cause why his license should not be revoked by the
Commission.
3. As used in this section:
(a) “Disability” means, with respect to a person:
(1) A physical or mental impairment that substantially
limits one or more of the major life activities of the person;
(2) A record of such an impairment; or
(3) Being regarded as having such an impairment.
(b) “Familial status” means the fact that a person:
(1) Lives with a child under the age of 18 and has:
(I) Lawful custody of the child; or
(II) Written permission to live with the child from
the person who has lawful custody of the child;
(2) Is pregnant; or
(3) Has begun a proceeding to adopt or otherwise obtain
lawful custody of a child.
(Added to NRS by 1971, 733; A 1991, 1983; 1995, 1994)
ADVANCE FEES
Any person or entity who charges or
collects an advance fee shall, within 3 months after the charge or
collection, furnish to his client an accounting of the use of that money.
The Real Estate Division may also demand an accounting by such person or
entity of advance fees so collected.
(Added to NRS by 1957, 211; A 1963, 667; 1995, 2075)
A person shall not accept an advance fee listing unless he is
licensed as a real estate broker, broker-salesman or salesman pursuant to
this chapter.
(Added to NRS by 1985, 1260)
1. The Commission may require such forms of brokerage agreements
which include provisions for the payment of advance fees to be used, and
such reports and forms of accounting to be kept, made and submitted, and
may adopt such rules and regulations as the Commission may determine to
be necessary to carry out the purposes and intent of NRS 645.322 .
2. A licensee shall maintain, for review and audit by the
Division, each brokerage agreement that is entered into by the licensee.
3. Any violation of the rules, regulations, orders or requirements
of the Commission constitutes grounds for disciplinary action against a
licensee.
(Added to NRS by 1957, 211; A 1995, 2075; 1997, 959)
LICENSES
1. Except as otherwise provided by a specific statute, the
Division may approve an application for a license for a person who meets
all the following requirements:
(a) Has a good reputation for honesty, trustworthiness and
integrity and who offers proof of those qualifications satisfactory to
the Division.
(b) Has not made a false statement of material fact on his
application.
(c) Is competent to transact the business of a real estate broker,
broker-salesman or salesman in a manner which will safeguard the
interests of the public.
(d) Has passed the examination.
(e) Has submitted all information required to complete the
application.
2. The Division:
(a) May deny a license to any person who has been convicted of, or
entered a plea of guilty or nolo contendere to, forgery, embezzlement,
obtaining money under false pretenses, larceny, extortion, conspiracy to
defraud, engaging in a real estate business without a license, possessing
for the purpose of sale any controlled substance or any crime involving
moral turpitude, in any court of competent jurisdiction in the United
States or elsewhere; and
(b) Shall not issue a license to such a person until at least 3
years after:
(1) The person pays any fine or restitution ordered by the
court; or
(2) The expiration of the period of the person’s parole,
probation or sentence,
Ê whichever is later.
3. Suspension or revocation of a license pursuant to this chapter
or any prior revocation or current suspension in this or any other state,
district or territory of the United States or any foreign country within
10 years before the date of the application is grounds for refusal to
grant a license.
4. Except as otherwise provided in NRS 645.332 , a person may not be licensed as a real estate
broker unless he has been actively engaged as a full-time licensed real
estate broker-salesman or salesman in this State, or actively engaged as
a full-time licensed real estate broker, broker-salesman or salesman in
another state or the District of Columbia, for at least 2 of the 4 years
immediately preceding the issuance of a broker’s license.
[Part 8:150:1947; A 1949, 433; 1955, 424]—(NRS A 1973, 1101; 1975,
794; 1979, 1540; 1981, 1607; 1983, 163; 1985, 1263; 1993, 2805; 1995,
993, 2477; 1997, 2165; 2003, 1499 ; 2005, 1287 , 1288 , 2773 , 2807 )
1. An applicant for a license as a real estate salesman is not
required to pass the uniform portion of a national real estate
examination otherwise required by NRS 645.330 and 645.460
if:
(a) He holds a license in good standing as a real estate broker,
broker-salesman or salesman issued by another state or territory of the
United States, or the District of Columbia;
(b) The requirements for licensure as a real estate salesman issued
in that state or territory of the United States, or the District of
Columbia, are substantially equivalent to the requirements in this State
for licensure as a real estate salesman; and
(c) The applicant has passed the examination in that state or
territory of the United States, or the District of Columbia.
2. The Division may issue a license as a real estate broker or
broker-salesman to a person who holds a license as a real estate broker
or broker-salesman, or an equivalent license, issued by a state or
territory of the United States, or the District of Columbia, if that
state or territory, or the District of Columbia, has entered into a
reciprocal agreement with the Commission for the issuance of licenses
pursuant to this chapter and the person submits proof to the Division
that:
(a) He has been issued a license as a real estate broker or
broker-salesman, or an equivalent license, by that state or territory of
the United States, or the District of Columbia; and
(b) At the time he files his application with the Division, the
license is in good standing.
3. The Division may refuse to issue a license as a real estate
broker or broker-salesman pursuant to subsection 2 to a person who has
committed any act or offense that would be grounds for denying a license
to an applicant or taking disciplinary action against a licensee pursuant
to this chapter.
4. The Commission shall not enter into a reciprocal agreement
pursuant to subsection 2 unless the provisions relating to the practice
of real estate, including the requirements for the licensing of real
estate brokers and real estate broker-salesmen in the other state or
territory of the United States, or the District of Columbia, are
substantially similar to the provisions relating to the practice of real
estate in this State.
(Added to NRS by 2005, 1284 )
1. For the purposes of this section, “depository financial
institution” means any bank, savings and loan association, savings bank,
thrift company, credit union or other institution which:
(a) Holds or receives deposits, savings or share accounts;
(b) Issues certificates of deposit; or
(c) Provides to its customers other depository accounts which are
subject to withdrawal by checks, drafts or other instruments or by
electronic means to effect payment to a third party.
2. The purposes of this section are to help maintain the
separation between depository financial institutions and the business of
real estate and to minimize the possibility of unfair competitive
activities by depository financial institutions against real estate
brokers and salesmen.
3. No depository financial institution or its holding company,
parent, subsidiary or affiliate may directly or indirectly be licensed to
sell real estate in this State.
(Added to NRS by 1985, 1507)
1. In addition to the other requirements contained in this
chapter, an applicant for an original real estate salesman’s license must
furnish proof satisfactory to the Real Estate Division that he has
successfully completed a course of instruction in the principles,
practices, procedures, law and ethics of real estate, which course may be
an extension or correspondence course offered by the Nevada System of
Higher Education, by any other accredited college or university or by any
other college or school approved by the Commission. The course of
instruction must include the subject of disclosure of required
information in real estate transactions, including instruction on methods
a seller may use to obtain the required information.
2. An applicant for an original real estate broker’s or
broker-salesman’s license must furnish proof satisfactory to the Real
Estate Division that he has successfully completed 45 semester units or
the equivalent in quarter units of college level courses which include:
(a) Three semester units or an equivalent number of quarter units
in real estate law, including at least 18 classroom hours of the real
estate law of Nevada and another course of equal length in the principles
of real estate;
(b) Nine semester units or the equivalent in quarter units of
college level courses in real estate appraisal and business or economics;
(c) Nine semester units or the equivalent in quarter units of
college level courses in real estate, business or economics; and
(d) Three semester units or an equivalent number of quarter units
in broker management.
3. On and after January 1, 1986, in addition to other requirements
contained in this chapter, an applicant for an original real estate
broker’s or broker-salesman’s license must furnish proof satisfactory to
the Real Estate Division that he has completed 64 semester units or the
equivalent in quarter units of college level courses. This educational
requirement includes and is not in addition to the requirements listed in
subsection 2.
4. For the purposes of this section, each person who holds a
license as a real estate broker, broker-salesman or salesman, or an
equivalent license, issued by a state or territory of the United States,
or the District of Columbia, is entitled to receive credit for the
equivalent of 16 semester units of college level courses for each 2 years
of active experience that, during the immediately preceding 10 years, he
has obtained while he has held such a license, not to exceed 8 years of
active experience. This credit may not be applied against the requirement
in subsection 2 for three semester units or an equivalent number of
quarter units in broker management or 18 classroom hours of the real
estate law of Nevada.
5. An applicant for a broker’s license pursuant to NRS 645.350
must meet the educational prerequisites
applicable on the date his application is received by the Real Estate
Division.
6. As used in this section, “college level courses” are courses
offered by any accredited college or university or by any other
institution which meet the standards of education established by the
Commission. The Commission may adopt regulations setting forth standards
of education which are equivalent to the college level courses outlined
in this subsection. The regulations may take into account the standard of
instructors, the scope and content of the instruction, hours of
instruction and such other criteria as the Commission requires.
(Added to NRS by 1960, 155; A 1963, 667; 1969, 1448; 1973, 987,
1591; 1975, 794, 1544, 1639; 1977, 610; 1981, 1032; 1983, 228; 1993, 419;
1995, 505; 1999, 180 ; 2005, 1288 )
The Division, with the approval of the Commission, shall:
1. Adopt reasonable regulations defining what constitutes:
(a) A course of instruction in real estate principles, practices,
procedures, law and ethics, which course of instruction must include the
subjects upon which an applicant is examined in determining his fitness
to receive an original real estate salesman’s license.
(b) A school offering such a course.
2. Adopt regulations providing for the establishment and
maintenance of a uniform and reasonable standard of instruction to be
observed in and by such schools.
(Added to NRS by 1960, 155; A 1969, 1448; 1975, 1545; 1981, 1034)
1. An application for a license as a real estate broker,
broker-salesman or salesman must be submitted in writing to the Division
upon blanks prepared or furnished by the Division.
2. Every application for a real estate broker’s, broker-salesman’s
or salesman’s license must set forth the following information:
(a) The name, age and address of the applicant. If the applicant is
a partnership or an association which is applying to do business as a
real estate broker, the application must contain the name and address of
each member thereof. If the application is for a corporation which is
applying to do business as a real estate salesman, real estate
broker-salesman or real estate broker, the application must contain the
name and address of each officer and director thereof. If the applicant
is a limited-liability company which is applying to do business as a real
estate broker, the company’s articles of organization must designate a
manager, and the name and address of the manager and each member must be
listed in the application.
(b) In the case of a broker, the name under which the business is
to be conducted. The name is a fictitious name if it does not contain the
name of the applicant or the names of the members of the applicant’s
company, firm, partnership or association. Except as otherwise provided
in NRS 645.387 , a license must not be
issued under a fictitious name which includes the name of a real estate
salesman or broker-salesman. A license must not be issued under the same
fictitious name to more than one licensee within the State. All licensees
doing business under a fictitious name shall comply with other pertinent
statutory regulations regarding the use of fictitious names.
(c) In the case of a broker, the place or places, including the
street number, city and county, where the business is to be conducted.
(d) The business or occupation engaged in by the applicant for at
least 2 years immediately preceding the date of the application, and the
location thereof.
(e) The time and place of the applicant’s previous experience in
the real estate business as a broker or salesman.
(f) Whether the applicant has ever been convicted of or is under
indictment for a felony or has entered a plea of guilty or nolo
contendere to a charge of felony and, if so, the nature of the felony.
(g) Whether the applicant has been convicted of or entered a plea
of nolo contendere to forgery, embezzlement, obtaining money under false
pretenses, larceny, extortion, conspiracy to defraud, engaging in the
business of selling real estate without a license or any crime involving
moral turpitude.
(h) Whether the applicant has been refused a real estate broker’s,
broker-salesman’s or salesman’s license in any state, or whether his
license as a broker or salesman has been revoked or suspended by any
other state, district or territory of the United States or any other
country.
(i) If the applicant is a member of a limited-liability company,
partnership or association, or an officer of a corporation, the name and
address of the office of the limited-liability company, partnership,
association or corporation of which the applicant is a member or officer.
(j) All information required to complete the application.
3. An applicant for a license as a broker-salesman or salesman
shall provide a verified statement from the broker with whom he will be
associated, expressing the intent of that broker to associate the
applicant with him and to be responsible for the applicant’s activities
as a licensee.
4. If a limited-liability company, partnership or association is
to do business as a real estate broker, the application for a broker’s
license must be verified by at least two members thereof. If a
corporation is to do business as a real estate broker, the application
must be verified by the president and the secretary thereof.
[Part 9:150:1947; 1943 NCL § 6396.09]—(NRS A 1963, 668; 1967, 932;
1975, 1545; 1979, 1541; 1981, 514, 1608; 1983, 164; 1985, 1264; 1995,
2478; 1997, 167, 2166; 2003, 1500 ; 2005, 2774 , 2807 , 2815 )
1. Each applicant for a license as a real estate broker,
broker-salesman or salesman must pay a fee for the costs of an
investigation of the applicant’s background.
2. Each applicant must, as part of his application and at his own
expense:
(a) Arrange to have a complete set of his fingerprints taken by a
law enforcement agency or other authorized entity acceptable to the
Division; and
(b) Submit to the Division:
(1) A completed fingerprint card and written permission
authorizing the Division to submit the applicant’s fingerprints to the
Central Repository for Nevada Records of Criminal History for submission
to the Federal Bureau of Investigation for a report on the applicant’s
background and to such other law enforcement agencies as the Division
deems necessary; or
(2) Written verification, on a form prescribed by the
Division, stating that the fingerprints of the applicant were taken and
directly forwarded electronically or by another means to the Central
Repository and that the applicant has given written permission to the law
enforcement agency or other authorized entity taking the fingerprints to
submit the fingerprints to the Central Repository for submission to the
Federal Bureau of Investigation for a report on the applicant’s
background and to such other law enforcement agencies as the Division
deems necessary.
3. The Division may:
(a) Unless the applicant’s fingerprints are directly forwarded
pursuant to subparagraph (2) of paragraph (b) of subsection 2, submit
those fingerprints to the Central Repository for submission to the
Federal Bureau of Investigation and to such other law enforcement
agencies as the Division deems necessary; and
(b) Request from each such agency any information regarding the
applicant’s background as the Division deems necessary.
(Added to NRS by 1981, 1616; A 1983, 165; 2003, 1290 , 2862 ; 2005, 1289 )
[Effective until the date of the repeal of the federal law
requiring each state to establish procedures for withholding, suspending
and restricting the professional, occupational and recreational licenses
for child support arrearages and for noncompliance with certain processes
relating to paternity or child support proceedings.]
1. In addition to any other requirements set forth in this chapter:
(a) A natural person who applies for the issuance of a license as a
real estate broker, broker-salesman or salesman shall include the social
security number of the applicant in the application submitted to the
Division.
(b) A natural person who applies for the issuance or renewal of a
license as a real estate broker, broker-salesman or salesman shall submit
to the Division the statement prescribed by the Division of Welfare and
Supportive Services of the Department of Health and Human Services
pursuant to NRS 425.520 . The statement
must be completed and signed by the applicant.
2. The Division shall include the statement required pursuant to
subsection 1 in:
(a) The application or any other forms that must be submitted for
the issuance or renewal of the license; or
(b) A separate form prescribed by the Division.
3. A license as a real estate broker, broker-salesman or salesman
may not be issued or renewed by the Division if the applicant is a
natural person who:
(a) Fails to submit the statement required pursuant to subsection
1; or
(b) Indicates on the statement submitted pursuant to subsection 1
that he is subject to a court order for the support of a child and is not
in compliance with the order or a plan approved by the district attorney
or other public agency enforcing the order for the repayment of the
amount owed pursuant to the order.
4. If an applicant indicates on the statement submitted pursuant
to subsection 1 that he is subject to a court order for the support of a
child and is not in compliance with the order or a plan approved by the
district attorney or other public agency enforcing the order for the
repayment of the amount owed pursuant to the order, the Division shall
advise the applicant to contact the district attorney or other public
agency enforcing the order to determine the actions that the applicant
may take to satisfy the arrearage.
(Added to NRS by 1997, 2163; A 2005, 2775 , 2807 )
[Effective on the date of the repeal of the federal law
requiring each state to establish procedures for withholding, suspending
and restricting the professional, occupational and recreational licenses
for child support arrearages and for noncompliance with certain processes
relating to paternity or child support proceedings and expires by
limitation 2 years after that date.]
1. In addition to any other requirements set forth in this
chapter, a natural person who applies for the issuance or renewal of a
license as a real estate broker, broker-salesman or salesman shall submit
to the Division the statement prescribed by the Division of Welfare and
Supportive Services of the Department of Health and Human Services
pursuant to NRS 425.520 . The statement
must be completed and signed by the applicant.
2. The Division shall include the statement required pursuant to
subsection 1 in:
(a) The application or any other forms that must be submitted for
the issuance or renewal of the license; or
(b) A separate form prescribed by the Division.
3. A license as a real estate broker, broker-salesman or salesman
may not be issued or renewed by the Division if the applicant is a
natural person who:
(a) Fails to submit the statement required pursuant to subsection
1; or
(b) Indicates on the statement submitted pursuant to subsection 1
that he is subject to a court order for the support of a child and is not
in compliance with the order or a plan approved by the district attorney
or other public agency enforcing the order for the repayment of the
amount owed pursuant to the order.
4. If an applicant indicates on the statement submitted pursuant
to subsection 1 that he is subject to a court order for the support of a
child and is not in compliance with the order or a plan approved by the
district attorney or other public agency enforcing the order for the
repayment of the amount owed pursuant to the order, the Division shall
advise the applicant to contact the district attorney or other public
agency enforcing the order to determine the actions that the applicant
may take to satisfy the arrearage.
(Added to NRS by 1997, 2163; A 2005, 2775 , 2776 , 2807 , effective on the date of the repeal of
the federal law requiring each state to establish procedures for
withholding, suspending and restricting the professional, occupational
and recreational licenses for child support arrearages and for
noncompliance with certain processes relating to paternity or child
support proceedings)
1. Each limited-liability company doing business as a real estate
broker must designate its manager, each partnership doing business as a
real estate broker must designate one of its members, and each
corporation doing business as a real estate broker must designate one of
its officers, to submit an application for a broker’s license.
2. Upon such manager’s, member’s or officer’s successfully passing
the examination, and upon compliance with all other requirements of law
by the limited-liability company, partnership or corporation, as well as
by the designated manager, member or officer, the Division shall issue a
broker’s license to the manager, member or officer on behalf of the
limited-liability company, corporation or partnership, and thereupon the
manager, member or officer so designated is entitled to perform all the
acts of a real estate broker contemplated by this chapter; except:
(a) That the license entitles the manager, member or officer so
designated to act as a real estate broker only as officer or agent of the
limited-liability company, partnership or corporation, and not on his own
behalf, except as otherwise provided in NRS 645.385 ; and
(b) That if in any case the person so designated is refused a
license by the Real Estate Division, or in case he ceases to be connected
with the limited-liability company, partnership or corporation, the
limited-liability company, partnership or corporation may designate
another person who must apply and qualify as in the first instance.
[Part 9:150:1947; 1943 NCL § 6396.09]—(NRS A 1963, 669; 1975, 1547;
1979, 1543; 1985, 1265; 1997, 168)
Each member or officer of
a limited-liability company, partnership or corporation who will perform
or engage in any of the acts specified in NRS 645.030 , other than the manager, member or officer
designated for such purpose by the limited-liability company, partnership
or corporation in the manner provided in NRS 645.370 , must apply for and take out a separate
broker’s license in his own name individually. The license issued to any
such member or officer of a limited-liability company, partnership or
corporation entitles the member or officer to act as a real estate broker
only as an officer or agent of the limited-liability company, partnership
or corporation and not on his own behalf except as otherwise provided in
NRS 645.385 .
[Part 9:150:1947; 1943 NCL § 6396.09]—(NRS A 1983, 165; 1985, 1266;
1997, 168)
370 and 645.380 .
The Division may waive the requirements of NRS 645.370 and 645.380
by adopting regulations authorizing real estate brokers to act on their
own behalf as well as on the behalf of a limited-liability company,
corporation or partnership.
(Added to NRS by 1973, 1105; A 1975, 1547; 1985, 1266; 1997, 168)
1. Any natural person who meets the qualifications of a real
estate broker-salesman or salesman and:
(a) Except as otherwise provided in subsection 2, is the sole
shareholder of a corporation organized pursuant to the provisions of
chapter 89 of NRS; or
(b) Is the manager of a limited-liability company organized
pursuant to the provisions of chapter 86 of
NRS,
Ê may be licensed on behalf of the corporation or limited-liability
company for the purpose of associating with a licensed real estate broker
in the capacity of a broker-salesman or salesman.
2. The spouse of the owner of the corporation who has a community
interest in any shares of the corporation shall not be deemed a second
shareholder of the corporation for the purposes of paragraph (a) of
subsection 1, if the spouse does not vote any of those shares.
3. A license issued pursuant to this section entitles only the
sole shareholder of the corporation or the manager of the
limited-liability company to act as a broker-salesman or salesman, and
only as an officer or agent of the corporation or limited-liability
company and not on his own behalf. The licensee shall not do or deal in
any act, acts or transactions included within the definition of a real
estate broker in NRS 645.030 , except as
that activity is permitted pursuant to this chapter to licensed
broker-salesmen and salesmen.
4. The corporation or limited-liability company shall, within 30
days after a license is issued on its behalf pursuant to this section and
within 30 days after any change in its ownership, file an affidavit with
the Division stating:
(a) For a corporation, the number of issued and outstanding shares
of the corporation and the names of all persons to whom the shares have
been issued.
(b) For a limited-liability company, the names of members who have
an interest in the company.
5. A license issued pursuant to this section automatically expires
upon:
(a) The death of the licensed shareholder in the corporation or the
manager of the limited-liability company.
(b) The issuance of shares in the corporation to more than one
person other than the spouse.
6. Nothing in this section alters any of the rights, duties or
liabilities which otherwise arise in the legal relationship between a
real estate broker, broker-salesman or salesman and a person who deals
with him.
(Added to NRS by 1981, 513; A 1997, 169)
1. In addition to the information required by this chapter,
applications for brokers’ or salesmen’s licenses must contain such other
information pertaining to the applicants as the Division may require.
2. The Division may require such other proof through the
application or otherwise, with due regard to the paramount interests of
the public as to the honesty, truthfulness, integrity and competency of
the applicant.
3. The Commission may adopt regulations connected with the
application for any examination and license.
[Part 13:150:1947; A 1949, 433; 1943 NCL § 6396.13]—(NRS A 1979,
1543; 1981, 1609)
1. The Commission shall adopt regulations establishing the fee for
an examination for a license as a real estate broker, broker-salesman or
salesman and all other fees necessary for the administration of the
examination.
2. Every application for examination for a license as a real
estate broker, broker-salesman or salesman under the provisions of this
chapter must be accompanied by the applicable fees established pursuant
to subsection 1. The applicant must pay the original license fee and the
fee for the Real Estate Education, Research and Recovery Fund at the time
he files his application for a license.
[11:150:1947; 1943 NCL § 6396.11]—(NRS A 1963, 670; 1973, 1102;
1975, 795; 1979, 1543; 1981, 1609; 1985, 1266; 1995, 162)
1. The Division shall notify each applicant in writing whether he
passed or failed the examination.
2. The Division shall act upon all applications for licenses as
real estate brokers, broker-salesmen or real estate salesmen within 60
days from the date of receiving the completed application for a license.
3. If in the opinion of the Real Estate Division additional
investigation of the applicant appears necessary, the Real Estate
Division may extend the 60-day period and may make such additional
investigation as is necessary or desirable before acting on the
applicant’s application.
4. The burden of proof is on the applicant to establish to the
satisfaction of the Real Estate Division that he is qualified to receive
a license.
5. Passing the examination creates no vested right in the
applicant to hold a license pending his appeal of a denial of his
licensing by the Division.
6. The Division, upon the discovery of any error in the issuance
of a license which is related to the qualification or fitness of the
licensee, may invalidate the license. The Division shall promptly notify
the licensee, in writing, of the invalidation and the licensee shall
surrender the license to the Division within 20 days after notice is sent
by the Division. A licensee whose license is invalidated under this
subsection and is surrendered within the time specified is entitled to a
hearing as for a denial of application in accordance with the provisions
of NRS 645.440 .
[Part 13:150:1947; A 1949, 433; 1943 NCL § 6396.13]—(NRS A 1963,
670; 1973, 1102; 1975, 796; 1977, 611; 1981, 1329, 1609)
If an applicant
shall have been denied a license except for failure to pass an
examination, he shall not be permitted to reapply until the Real Estate
Division shall, in its discretion, upon petition of the applicant, grant
leave to file such reapplication.
[Part 13:150:1947; A 1949, 433; 1943 NCL § 6396.13]—(NRS A 1963,
670)
1. If the Division, after an application for a license in proper
form has been filed with it, accompanied by the proper fee, denies an
application, the Division shall give notice of the fact to the applicant
within 15 days after its ruling, order or decision.
2. Upon written request from the applicant, filed within 30 days
after receipt of that notice by the applicant, the President of the
Commission shall set the matter for a hearing to be conducted within 90
days after receipt of the applicant’s request if the request contains
allegations which, if true, qualify the applicant for a license.
3. The hearing must be held at such time and place as the
Commission prescribes. At least 15 days before the date set for the
hearing, the Division shall notify the applicant and shall accompany the
notification with an exact copy of any protest filed, together with
copies of all communications, reports, affidavits or depositions in the
possession of the Division relevant to the matter in question. Written
notice of the hearing may be served by delivery personally to the
applicant, or by mailing it by certified mail to the last known address
of the applicant.
4. The hearing may be held by the Commission or by a majority of
its members, and a hearing must be held, if the applicant so desires. A
record of the proceedings, or any part thereof, must be made available to
each party upon the payment to the Division of the reasonable cost of
transcription.
5. The Commission shall render a written decision on any appeal
within 60 days after the final hearing and shall notify the parties to
the proceedings, in writing, of its ruling, order or decision within 15
days after it is made.
6. If an applicant has made a false statement of material fact on
his application, the false statement may in itself be sufficient ground
for refusal of a license.
[Part 15:150:1947; A 1955, 80]—(NRS A 1959, 395; 1963, 670; 1969,
95; 1971, 452; 1975, 1548; 1977, 92; 1979, 1544; 1981, 1610; 1985, 1267;
1999, 181 )
Examination for licenses shall
be held by the Real Estate Division at least bimonthly.
[Part 14:150:1947; A 1949, 433; 1943 NCL § 6396.14]—(NRS A 1963,
1074; 1973, 1102; 1975, 1549)
1. The Division shall ascertain by written examination that the
applicant has an appropriate knowledge and understanding of those
subjects which commonly and customarily apply to the real estate business.
2. The Division may hire a professional testing organization to
create, administer or score the written examination or perform all of
those functions.
3. The Division may accept successful completion of the uniform
portion of a national real estate examination in partial satisfaction of
the requirements of the examination in Nevada.
[Part 14:150:1947; A 1949, 433; 1943 NCL § 6396.14]—(NRS A 1963,
1074; 1973, 1103; 1979, 1545; 1981, 1611)
1. An applicant for a real estate broker’s license may take the
written examination before he has complied with the experience
requirements of subsection 4 of NRS 645.330 , but the Division shall not approve the
issuance of a broker’s license until all the requirements of this chapter
are met.
2. An applicant, pursuant to subsection 1, who passes the broker’s
examination must be issued a broker-salesman’s license. The applicant may
be issued a broker’s license upon:
(a) Making proper application to the Division; and
(b) Satisfying the experience requirements of subsection 4 of NRS
645.330 .
(Added to NRS by 1975, 793; A 1979, 1545; 1981, 1611; 1995, 994)
1. Upon satisfactorily passing the written examination and upon
complying with all other provisions of law and conditions of this
chapter, a license shall thereupon be granted by the Division to the
successful applicant therefor as a real estate broker, broker-salesman or
salesman, and the applicant, upon receiving the license, may conduct the
business of a real estate broker, broker-salesman or salesman in this
State.
2. The Division shall issue licenses as a real estate broker,
broker-salesman or salesman to all applicants who qualify and comply with
all provisions of law and all requirements of this chapter.
3. Except as otherwise provided in NRS 645.785 :
(a) An original license as a real estate broker, broker-salesman or
salesman must be renewed with the Division before the expiration of the
initial license period of 12 consecutive months as prescribed in NRS
645.780 ; and
(b) Thereafter, the license must be renewed with the Division
before the expiration of each subsequent license period of 24 consecutive
months as prescribed in NRS 645.780 .
[Part 14:150:1947; A 1949, 433; 1943 NCL § 6396.14] + [Part
15:150:1947; A 1955, 80]—(NRS A 1963, 672; 1979, 1545; 2001, 2893 ; 2003, 1291 )
1. No license may be issued pursuant to NRS 645.490 to a resident of a state other than Nevada
until the applicant has appointed in writing the Administrator to be his
agent, upon whom all process, in any action or proceeding against him,
may be served. In this writing he must agree that any process against him
which is served on the Administrator is of the same legal validity as if
it had been served on him and state that the appointment continues in
force as long as any liability remains outstanding against him in this
State. It must contain a stipulation agreeing to venue in any judicial or
administrative district in this State without regard to the location of
the licensee’s principal place of business. The written appointment must
be acknowledged before an officer authorized to take acknowledgments of
deeds and must be filed in the office of the Administrator. A copy of the
appointment which is certified by the Administrator is sufficient
evidence of the appointment and agreement.
2. When any process is served upon the Administrator under this
section, the Administrator shall mail the process by certified mail to
the last known address of the licensee. Service is complete upon such
mailing. The manner of serving process described in this subsection does
not affect the validity of any other service authorized by law.
(Added to NRS by 1987, 516)
No real estate license issued under the provisions of
this chapter shall give authority to do or perform any act specified in
this chapter to any person other than the person to whom the license is
issued, or from any place of business other than that specified therein.
[16:150:1947; 1943 NCL § 6396.16]
1. The Division shall issue to each licensee a license in such
form and size as is prescribed by the Division.
2. Each license must:
(a) Show the name and address of the licensee, and in case of a
real estate broker-salesman’s or salesman’s license show the name of the
real estate broker with whom he will be associated.
(b) Have imprinted thereon the seal of the Division.
(c) Contain any additional matter prescribed by the Division.
3. No real estate broker-salesman or salesman may be associated
with or employed by more than one broker or owner-developer at the same
time.
[Part 17:150:1947; A 1949, 433; 1955, 77]—(NRS A 1963, 673; 1975,
1549; 1979, 1546)
1. The license of each real estate broker-salesman or salesman
must be delivered or mailed to the real estate broker with whom the
licensee is associated or to the owner-developer by whom he is employed
and must be kept in the custody and control of the broker or
owner-developer.
2. Each real estate broker shall:
(a) Display his license conspicuously in his place of business. If
a real estate broker maintains more than one place of business within the
State, an additional license must be issued to the broker for each branch
office so maintained by him, and the additional license must be displayed
conspicuously in each branch office.
(b) Prominently display in his place of business the licenses of
all real estate broker-salesmen and salesmen associated with him therein
or in connection therewith.
3. Each owner-developer shall prominently display in his place of
business the license of each real estate broker-salesman and salesman
employed by him.
[Part 17:150:1947; A 1949, 433; 1955, 77]—(NRS A 1975, 1549, 1641;
1979, 1546; 1981, 1034)
1. Every real estate broker shall have and maintain a definite
place of business within the State, which must be a room or rooms used
for the transaction of real estate business, or such business and any
allied businesses, and which must serve as the office for the transaction
of business under the authority of the license, and where the license
must be prominently displayed.
2. The place of business must be specified in the application for
license and designated in the license.
3. No license authorizes the licensee to transact business from
any office other than that designated in the license.
4. Each city, town or county may require a license for revenue
purposes for a licensed real estate broker or owner-developer who
maintains an office within the city or town, or within the county outside
the cities and towns of the county, respectively.
[Part 17:150:1947; A 1949, 433; 1955, 77]—(NRS A 1969, 893; 1973,
84; 1979, 1547)
1. Each licensed real estate broker shall erect and maintain a
sign in a conspicuous place upon the premises of his place of business.
The name of the broker or the name under which he conducts his business
set forth in his license must be clearly shown thereon.
2. The size and place of the sign must conform to regulations
adopted by the Commission.
3. Similar signs must also be erected and maintained in a
conspicuous place at all branch offices.
[18:150:1947; 1943 NCL § 6396.18]—(NRS A 1979, 1547; 1989, 1610)
1. Notice in writing must be given by the broker or a corporate
officer to the Division within 10 days of any change of name or business
location of any licensee or of a change of association of any
broker-salesman or salesman licensee. Upon the surrender of the license
previously issued and the payment of the fee required by law the Division
shall issue the license for the unexpired term.
2. Upon the transfer of association of any broker-salesman or
salesman licensee, application accompanied by the fee required by law
must be made to the division for the reissuance of the license to the
broker-salesman or salesman for the unexpired term. Such a transfer may
only be into an association with a licensed broker or registered
owner-developer who must certify to the honesty, truthfulness and good
reputation of the transferee.
3. Failure to give notice as required by this section constitutes
cause for the revocation of any outstanding license or involuntary
inactivation of the license.
[Part 17:150:1947; A 1949, 433; 1955, 77]—(NRS A 1963, 673; 1975,
1550, 1641; 1979, 1547; 1983, 166)
1. The Commission shall adopt regulations that prescribe the
standards for the continuing education of persons licensed pursuant to
this chapter. Until the Commission adopts such regulations, the standards
for continuing education are as follows:
(a) For renewal of a license which is on active status, a
requirement for the hours of attendance at any approved educational
course, seminar or conference of:
(1) Thirty hours within the first year immediately after
initial licensing; and
(2) Fifteen hours within each subsequent 2-year period
before renewal.
Ê For each period, at least 6 of the hours must be devoted to ethics,
professional conduct or the legal aspects of real estate.
(b) For reinstatement of a license which has been placed on
inactive status, a requirement for total attendance at any approved
educational course, seminar or conference of:
(1) Thirty hours if the license was on inactive status for 2
years or less during the initial license period;
(2) Fifteen hours if the license was on inactive status for
a period of 2 years or less, no part of which was during the initial
license period;
(3) Forty-five hours if the license was on inactive status
for a period of more than 2 years, part of which was during the initial
license period; or
(4) Thirty hours if the license was on inactive status for a
period of more than 2 years, no part of which was during the initial
license period.
Ê For each period, at least 6 of the hours must be devoted to ethics,
professional conduct or the legal aspects of real estate.
(c) A basis and method of qualifying educational programs and
certifying attendance which will satisfy the requirements of this section.
(d) A procedure for the evaluation of petitions based on a claim of
equivalency with the requirements of paragraph (a) or (b).
(e) A system of controlling and reporting qualifying attendance.
(f) A statement of the conditions for which an extension of time
may be granted to comply with the continuing education requirements as
well as a method of applying and qualifying for an extension.
2. The standards prescribed in subsection 1 must permit
alternatives of subject material, taking cognizance of specialized areas
of practice and alternatives in sources of programs considering
availability in area and time. The standards must include, where
qualified, generally accredited educational institutions, private
vocational schools, educational programs and seminars of professional
societies and organizations, other organized educational programs on
technical subjects, or equivalent offerings. The Commission shall qualify
only those educational courses that it determines address the appropriate
subject matter and are given by an accredited university or community
college. Subject to the provisions of this section, the Commission has
exclusive authority to determine what is an appropriate subject matter
for qualification as a continuing education course.
3. In addition to any other standards for continuing education
that the Commission adopts by regulation pursuant to this section, the
Commission may, without limitation, adopt by regulation standards for
continuing education that:
(a) Establish a postlicensing curriculum of continuing education
which must be completed by a person within the first year immediately
after initial licensing of the person.
(b) Require a person whose license as a real estate broker or real
estate broker-salesman has been placed on inactive status for any reason
for 1 year or more or has been suspended or revoked to complete a course
of instruction in broker management that is designed to fulfill the
educational requirements for issuance of a license which are described in
paragraph (d) of subsection 2 of NRS 645.343 , before the person’s license is reissued or
reinstated.
4. Except as otherwise provided in this subsection, the license of
a real estate broker, broker-salesman or salesman must not be renewed or
reinstated unless the Administrator finds that the applicant for the
renewal license or for reinstatement to active status has completed the
continuing education required by this chapter. Any amendment or repeal of
a regulation does not operate to prevent an applicant from complying with
this section for the next licensing period following the amendment or
repeal.
(Added to NRS by 1977, 1315; A 1979, 662; 1985, 1508; 1989, 1610;
1995, 162; 1997, 219; 2001, 2894 ; 2003, 1291 )
1. The Division may place a license on inactive status for any of
the following reasons:
(a) At the request of the licensee.
(b) If a broker’s license or a corporate officer’s license, for
failure to immediately notify the Division in writing of any change in
the name of his firm or its business location.
(c) If a broker-salesman’s license or a salesman’s license, for
failure to notify the Division of a change in the broker or
owner-developer with whom he will be associated within 30 days after his
previous association was terminated.
(d) For failure to apply and pay the fee for renewal before the
license expired.
(e) If inactivated upon the placing of the broker under whose
supervision the licensee worked in an inactive status.
(f) As a result of a formal disciplinary proceeding.
2. Any licensee whose license has been placed on inactive status
may not engage in the business of a real estate broker, broker-salesman
or salesman until he has met all of the requirements for reinstatement of
his license to active status.
(Added to NRS by 1979, 1532; A 1985, 1267)
1. When any real estate broker-salesman or salesman terminates,
for any reason, his association with the real estate broker with whom he
was associated, or his employment with the owner-developer by whom he was
employed, the real estate broker or owner-developer shall:
(a) Deliver or mail by certified mail to the Division the real
estate broker-salesman’s or salesman’s license, together with a written
statement of the circumstances surrounding the termination of the
association or the employment, within 10 days after the termination
occurs.
(b) At the time of delivering or mailing the license to the
Division, address a communication to the last known residence address of
the broker-salesman or salesman, advising him that his license has been
delivered or mailed to the Division. A copy of the communication must
accompany the license when delivered or mailed to the Division.
2. A broker-salesman or salesman must, within 30 days after
termination of that association, become associated with or employed by
another broker or owner-developer or request that his license be placed
on inactive status.
3. It is unlawful for any real estate salesman to perform any of
the acts contemplated by this chapter, either directly or indirectly,
under authority of the license on or after the date of receipt of the
license from the broker or owner-developer by the Division and until the
license is transferred or reissued or a new license is issued.
[Part 17:150:1947; A 1949, 433; 1955, 77]—(NRS A 1963, 674; 1969,
95; 1975, 1550, 1641; 1979, 1548; 1981, 1034; 1989, 1611)
If
any real estate broker licensed pursuant to the provisions of this
chapter as a manager of a limited-liability company, member of a
partnership, or as an officer of a corporation, discontinues his
connections with the limited-liability company, partnership or
corporation, and thereafter desires to act as an individual real estate
broker, or become associated with any other limited-liability company,
partnership or corporation, the broker must file an application and pay a
transfer fee of $20 for a new license as an individual broker, as the
manager of the new limited-liability company, or as a member of the new
partnership or association, or as an officer of the new corporation. The
payment of such a fee does not extend or otherwise alter the original
license period.
[Part 17:150:1947; A 1949, 433; 1955, 77]—(NRS A 1973, 1103; 1985,
1268; 1997, 169)
1. Any licensee under the provisions of this chapter who shall be
called into the military service of the United States shall, at his
request, be relieved from compliance with the provisions of this chapter
and placed on inactive status for the period of such military service and
for a period of 6 months after discharge therefrom.
2. At any time within 6 months after termination of such service,
providing the provisions of subsection 1 are complied with, the licensee
may be reinstated, without examination, to active status in the
appropriate classification which the licensee left upon entry into the
military service, without having to meet any qualification or requirement
other than the payment of the reinstatement fee, as provided in NRS
645.830 , and the licensee shall not be
required to make payment of the license fee for the current year.
3. Any licensee seeking to qualify for reinstatement, as provided
in subsections 1 and 2, shall present a certified copy of his honorable
discharge or certificate of satisfactory service to the Real Estate
Division.
[33.5:150:1947; added 1955, 18]—(NRS A 1963, 674)
The
Administrator shall have authority to issue certificates authorizing
out-of-state licensed brokers to cooperate with Nevada brokers, and the
Commission shall have authority to promulgate rules and regulations
establishing the conditions under which such certificates shall be issued
and cancelled, all subject to the provisions and penalties of this
chapter. The Real Estate Division shall charge a fee for the issuance of
such certificate as provided in NRS 645.830 .
(Added to NRS by 1965, 1407)
PROPERTY MANAGERS
1. A person who is licensed pursuant to this chapter as a real
estate broker, real estate broker-salesman or real estate salesman may
apply to the Real Estate Division for a permit to engage in property
management.
2. An applicant for a permit must:
(a) Furnish proof satisfactory to the Division that he has
successfully completed at least 24 classroom hours of instruction in
property management; and
(b) Comply with all other requirements established by the
Commission for the issuance of a permit.
3. A permit expires, and may be renewed, at the same time as the
license of the holder of the permit.
4. An applicant for the renewal of a permit must:
(a) Furnish proof satisfactory to the Division that he has
successfully completed at least 3 of the hours of the continuing
education required for the renewal of his license pursuant to NRS 645.575
in an approved educational course,
seminar or conference concerning property management; and
(b) Comply with all other requirements established by the
Commission for the renewal of a permit.
5. The Commission may adopt such regulations as it determines are
necessary to carry out the provisions of this section. The regulations
may, without limitation:
(a) Establish additional requirements for the issuance or renewal
of a permit.
(b) Establish fees for the issuance and renewal of a permit and
fees to pay the costs of:
(1) Any examination for a permit, including any costs which
are necessary for the administration of such an examination.
(2) Any investigation of an applicant’s background.
(c) Set forth standards of education for the approval of a course
of instruction to qualify an applicant for a permit.
(Added to NRS by 1997, 954; A 2003, 1292 )
1. To engage in the business of property management in this State:
(a) A partnership shall designate one of its members;
(b) A corporation shall designate one of its officers or employees;
(c) A limited-liability company shall designate its manager; and
(d) A broker who conducts business as a sole proprietor shall
designate a person who is licensed under the broker,
Ê to submit an application for a permit to engage in property management.
The partnership, corporation, limited-liability company or sole
proprietor shall not engage in the business of property management unless
the person so designated has been issued a permit to engage in property
management by the Real Estate Division.
2. If the person designated to apply for a permit pursuant to
subsection 1 meets the qualifications for a permit set forth in NRS
645.6052 , the Division shall issue to
that person a permit to engage in property management on behalf of the
partnership, corporation, limited-liability company or sole proprietor,
and thereupon he may perform all the acts of a property manager
contemplated by this chapter.
3. A person to whom a permit has been issued pursuant to this
section may act as a property manager pursuant to the permit only on
behalf of the partnership, corporation, limited-liability company or sole
proprietor, and not on his own behalf. If that person ceases to be
connected or associated with the partnership, corporation,
limited-liability company or sole proprietor, the partnership,
corporation, limited-liability company or sole proprietor shall designate
another person who meets the qualifications for a permit set forth in NRS
645.6052 to hold the permit on behalf
of the partnership, corporation, limited-liability company or sole
proprietor.
4. Any member, officer or employee of a partnership, corporation
or limited-liability company, other than the person designated as the
property manager pursuant to subsection 1, who wishes to engage in the
business of property management must apply in his own name individually
for a separate permit to engage in property management. Pursuant to such
a permit, the member, officer or employee of a partnership, corporation
or limited-liability company may act as a property manager only as an
officer or agent of the partnership, corporation or limited-liability
company, and not on his own behalf.
(Added to NRS by 1997, 955)
1. If a real estate broker does not hold a permit to engage in
property management but intends to have property management activities
conducted at an office, the real estate broker must:
(a) Appoint a person, who has the qualifications required by this
section, as the designated property manager for the office to supervise
the property management activities conducted at the office; and
(b) Submit notice of the appointment to the Division.
2. The designated property manager for an office must be a natural
person who:
(a) Holds a license as a real estate broker or real estate
broker-salesman;
(b) Holds a permit to engage in property management; and
(c) Has 2 years active experience, within the 4 years immediately
preceding the date of the appointment, in conducting property management
activities in the United States as a licensed real estate broker, real
estate broker-salesman or real estate salesman.
3. While acting as the designated property manager for an office,
the person:
(a) Must comply with the provisions of NRS 645.6052 to 645.6058 , inclusive, and all other applicable
provisions of this chapter; and
(b) Is subject to all the remedies and penalties provided for in
this chapter.
(Added to NRS by 2003, 1287 )
1. A real estate broker who holds a permit to engage in property
management shall not act as a property manager unless the broker has
first obtained a property management agreement signed by the broker and
the client for whom the broker will manage the property.
2. A property management agreement must include, without
limitation:
(a) The term of the agreement and, if the agreement is subject to
renewal, provisions clearly setting forth the circumstances under which
the agreement may be renewed and the term of each such renewal;
(b) A provision for the retention and disposition of deposits of
the tenants of the property during the term of the agreement and, if the
agreement is subject to renewal, during the term of each such renewal;
(c) The fee or compensation to be paid to the broker;
(d) The extent to which the broker may act as the agent of the
client; and
(e) If the agreement is subject to cancellation, provisions clearly
setting forth the circumstances under which the agreement may be
cancelled. The agreement may authorize the broker or the client, or both,
to cancel the agreement with cause or without cause, or both, under the
circumstances set forth in the agreement.
(Added to NRS by 1997, 955; A 2003, 932 )
1. Except as otherwise provided in subsection 3, all fees,
penalties and fines received by the Division pursuant to the provisions
of NRS 645.6052 to 645.6058 , inclusive, must be deposited with the State
Treasurer for credit to the Division. The money must be used by the
Division for the administration of the provisions of NRS 645.6052 to 645.6058 , inclusive.
2. The Division may delegate to a hearing officer or panel its
authority to take any disciplinary action against property managers,
impose and collect fines pursuant to the disciplinary action and deposit
the money with the State Treasurer for credit to the Division.
3. If a hearing officer or panel is not authorized to take
disciplinary action pursuant to subsection 2, the Division shall deposit
the money collected from the imposition of penalties and fines collected
from property managers with the State Treasurer for credit to the State
General Fund. The Division may present a claim to the State Board of
Examiners for recommendation to the Interim Finance Committee if money is
needed to pay an attorney’s fee or the costs of an investigation, or both.
(Added to NRS by 1997, 956; A 2003, 1293 )
QUALIFIED INTERMEDIARIES FOR TAX-DEFERRED EXCHANGES OF PROPERTY
1. As used in NRS 645.606 to
645.6085 , inclusive, “qualified
intermediary” has the meaning ascribed to it in 26 C.F.R. §
1.1031(k)-1(g).
2. The term includes any person who advertises or holds himself
out as prepared to facilitate a tax-deferred exchange of property in this
State by acting as the custodian of money or other property.
3. The term does not include a bank, credit union or other
depository institution, an escrow company, a title insurer, an agent
licensed pursuant to chapter 692A of NRS or
its subsidiaries or employees.
(Added to NRS by 1993, 2019; A 1995, 994; 1997, 2167; 1999, 1539
; 2005, 2807 )
1. Except as otherwise provided in NRS 645.607 , a person shall not act as a qualified
intermediary unless he is registered as such with the Division. The
Division may adopt such regulations as it deems necessary to carry out
the provisions of NRS 645.606 to
645.6085 , inclusive.
2. To apply for registration, a person must pay the Division a fee
of $100 and a fee to pay the costs of an investigation of the person’s
background.
3. In addition to the requirements set forth in subsection 2, the
person must submit to the Division:
(a) The following information on a form provided by the Division:
(1) The applicant’s name, address and telephone number;
(2) The name under which the applicant will hold the money
or other property of a client;
(3) The names, residence and business addresses of all
persons having an interest in the business as principals, partners,
officers, trustees or directors, specifying the capacity and title of
each; and
(4) The length of time the applicant has been engaged in the
business of acting as such an intermediary; and
(b) All information required to complete the application.
4. Each applicant must, as part of his application and at his own
expense:
(a) Arrange to have a complete set of his fingerprints taken by a
law enforcement agency or other authorized entity acceptable to the
Division; and
(b) Submit to the Division:
(1) A completed fingerprint card and written permission
authorizing the Division to submit the applicant’s fingerprints to the
Central Repository for Nevada Records of Criminal History for submission
to the Federal Bureau of Investigation for a report on the applicant’s
background and to such other law enforcement agencies as the Division
deems necessary; or
(2) Written verification, on a form prescribed by the
Division, stating that the fingerprints of the applicant were taken and
directly forwarded electronically or by another means to the Central
Repository and that the applicant has given written permission to the law
enforcement agency or other authorized entity taking the fingerprints to
submit the fingerprints to the Central Repository for submission to the
Federal Bureau of Investigation for a report on the applicant’s
background and to such other law enforcement agencies as the Division
deems necessary.
5. The Division may:
(a) Unless the applicant’s fingerprints are directly forwarded
pursuant to subparagraph (2) of paragraph (b) of subsection 4, submit
those fingerprints to the Central Repository for submission to the
Federal Bureau of Investigation and to such other law enforcement
agencies as the Division deems necessary; and
(b) Request from each such agency any information regarding the
applicant’s background as the Division deems necessary.
6. Registration pursuant to this section must be renewed each year
on or before the date of the original registration by providing the
information required by the Division for that purpose and paying a
renewal fee of $75.
(Added to NRS by 1993, 2019; A 1997, 2167; 2003, 1293 , 2862 ; 2005, 1290 , 1291 , 2777 , 2807 , 2814 )
[Effective until the date of the repeal of the federal law
requiring each state to establish procedures for withholding, suspending
and restricting the professional, occupational and recreational licenses
for child support arrearages and for noncompliance with certain processes
relating to paternity or child support proceedings.]
1. In addition to any other requirements set forth in this chapter:
(a) A natural person who applies for the issuance of his
registration as a qualified intermediary shall include the social
security number of the applicant in the application submitted to the
Division.
(b) A natural person who applies for the issuance or renewal of his
registration as a qualified intermediary shall submit to the Division the
statement prescribed by the Division of Welfare and Supportive Services
of the Department of Health and Human Services pursuant to NRS 425.520
. The statement must be completed and
signed by the applicant.
2. The Division shall include the statement required pursuant to
subsection 1 in:
(a) The application or any other forms that must be submitted for
the issuance or renewal of the registration; or
(b) A separate form prescribed by the Division.
3. An applicant may not be registered as a qualified intermediary
by the Division if the applicant is a natural person who:
(a) Fails to submit the statement required pursuant to subsection
1; or
(b) Indicates on the statement submitted pursuant to subsection 1
that he is subject to a court order for the support of a child and is not
in compliance with the order or a plan approved by the district attorney
or other public agency enforcing the order for the repayment of the
amount owed pursuant to the order.
4. If an applicant indicates on the statement submitted pursuant
to subsection 1 that he is subject to a court order for the support of a
child and is not in compliance with the order or a plan approved by the
district attorney or other public agency enforcing the order for the
repayment of the amount owed pursuant to the order, the Division shall
advise the applicant to contact the district attorney or other public
agency enforcing the order to determine the actions that the applicant
may take to satisfy the arrearage.
(Added to NRS by 1997, 2164; A 2005, 2777 , 2807 )
[Effective on the date of the repeal of the federal law
requiring each state to establish procedures for withholding, suspending
and restricting the professional, occupational and recreational licenses
for child support arrearages and for noncompliance with certain processes
relating to paternity or child support proceedings and expires by
limitation 2 years after that date.]
1. In addition to any other requirements set forth in this
chapter, a natural person who applies for the issuance or renewal of his
registration as a qualified intermediary shall submit to the Division the
statement prescribed by the Division of Welfare and Supportive Services
of the Department of Health and Human Services pursuant to NRS 425.520
. The statement must be completed and
signed by the applicant.
2. The Division shall include the statement required pursuant to
subsection 1 in:
(a) The application or any other forms that must be submitted for
the issuance or renewal of the registration; or
(b) A separate form prescribed by the Division.
3. An applicant may not be registered as a qualified intermediary
by the Division if the applicant is a natural person who:
(a) Fails to submit the statement required pursuant to subsection
1; or
(b) Indicates on the statement submitted pursuant to subsection 1
that he is subject to a court order for the support of a child and is not
in compliance with the order or a plan approved by the district attorney
or other public agency enforcing the order for the repayment of the
amount owed pursuant to the order.
4. If an applicant indicates on the statement submitted pursuant
to subsection 1 that he is subject to a court order for the support of a
child and is not in compliance with the order or a plan approved by the
district attorney or other public agency enforcing the order for the
repayment of the amount owed pursuant to the order, the Division shall
advise the applicant to contact the district attorney or other public
agency enforcing the order to determine the actions that the applicant
may take to satisfy the arrearage.
(Added to NRS by 1997, 2164; A 2005, 2777 , 2778 , 2807 , effective on the date of the repeal of
the federal law requiring each state to establish procedures for
withholding, suspending and restricting the professional, occupational
and recreational licenses for child support arrearages and for
noncompliance with certain processes relating to paternity or child
support proceedings)
[Expires by limitation 2 years after the date of the repeal
of the federal law requiring each state to establish procedures for
withholding, suspending and restricting the professional, occupational
and recreational licenses for child support arrearages and for
noncompliance with certain processes relating to paternity or child
support proceedings.]
1. If the Division receives a copy of a court order issued
pursuant to NRS 425.540 that provides
for the suspension of all professional, occupational and recreational
licenses, certificates and permits issued to a person who is registered
with the Division as a qualified intermediary, the Division shall deem
the registration issued to that person to be suspended at the end of the
30th day after the date on which the court order was issued unless the
Division receives a letter issued by the district attorney or other
public agency pursuant to NRS 425.550
to the person who is registered as a qualified intermediary stating that
the person has complied with the subpoena or warrant or has satisfied the
arrearage pursuant to NRS 425.560 .
2. The Division shall reinstate the registration of a qualified
intermediary that has been suspended by a district court pursuant to NRS
425.540 if the Division receives a
letter issued by the district attorney or other public agency pursuant to
NRS 425.550 to the person whose
registration was suspended stating that the person whose registration was
suspended has complied with the subpoena or warrant or has satisfied the
arrearage pursuant to NRS 425.560 .
(Added to NRS by 1997, 2165; A 2005, 2807 )—(Substituted in revision for NRS 645.609)
If the intermediary is a corporation qualified to do business
in this State, every officer and director of the corporation who does
business in this State must be registered. No other employee is required
to register.
(Added to NRS by 1993, 2020)
A
qualified intermediary shall inform the Division in writing of any change
in his address or telephone number.
(Added to NRS by 1993, 2020)
1. Except as otherwise provided in subsection 2, a qualified
intermediary shall post with the Division a bond executed by the
intermediary as principal, and by a corporation qualified pursuant to the
laws of this State as a surety. The bond must be payable to the State of
Nevada and conditioned upon the payment of all money due to the State and
the clients of the intermediary. The Division shall, by regulation,
establish the minimum amount required for the bond.
2. In lieu of such a bond an intermediary may deposit with the
Division under such terms and conditions as the Division may prescribe, a
like amount of lawful money of the United States or any other form of
security authorized by NRS 100.065 . If
security is provided in the form of a savings certificate, certificate of
deposit or investment certificate, the certificate must state that the
amount is unavailable for withdrawal except upon order of the Division.
3. Any person claiming against a bond may bring an action in a
court of competent jurisdiction on the bond for damages to the extent
covered by the bond. A person who brings an action on a bond shall notify
the Division in writing upon filing the action.
4. Upon receiving a request from a person for whose benefit a bond
is required, the Division shall notify him:
(a) That a bond is in effect and the amount of the bond; and
(b) If there is an action against the bond, of the title, court and
case number of the action and the amount sought by the plaintiff.
5. If a surety wishes to make payment without awaiting action by a
court, the amount of the bond must be reduced to the extent of any
payment made by the surety in good faith under the bond. Any payment must
be based on written claims received by the surety before any action is
taken by a court.
6. Claims against a bond have equal priority, and if the bond is
insufficient to pay all claims in full, they must be paid on a pro rata
basis. Partial payment of claims is not full payment, and any claimant
may bring an action against the intermediary for the unpaid balance.
(Added to NRS by 1993, 2020)
The Division shall deposit any money it receives from a civil penalty
imposed pursuant to NRS 205.960 with
the State Treasurer for credit to a separate account in the State General
Fund. The Division shall expend at least 75 percent of the money so
received to pay administrative costs related to:
1. The registration of intermediaries; and
2. Any program it develops to supply information regarding
intermediaries to the public.
Ê Any remaining money may be used by the Division to reimburse residents
of Nevada for financial losses caused by the illegal conduct of an
intermediary.
(Added to NRS by 1993, 2020)
[Replaced in revision by NRS 645.6069 .]
DISCIPLINARY ACTION
The Administrator may investigate the actions of any real
estate broker, broker-salesman, salesman, owner-developer or any person
who acts in any such capacity within this State.
[Part 20:150:1947; 1943 NCL § 6396.20]—(NRS A 1963, 675; 1975,
1551; 1979, 1548)
The Division shall maintain
in each district office a public docket or other record in which it shall
record from time to time as made:
1. The rulings or decisions upon all complaints filed with that
district office.
2. All investigations instituted by that district office in the
first instance, upon or in connection with which any hearing has been
held, or in which the licensee charged has made no defense.
3. Denials of applications made to that district office for
examination or licensing.
[Part 23:150:1947; 1943 NCL § 6396.23]—(NRS A 1963, 675; 1979,
1548; 1995, 163)
1. Except as otherwise provided in this section, a complaint filed
with the Division alleging a violation of this chapter, all documents and
other information filed with the complaint and all documents and other
information compiled as a result of an investigation conducted to
determine whether to initiate disciplinary action are confidential.
2. A complaint or other document filed with the Commission to
initiate disciplinary action and all documents and information considered
by the Commission when determining whether to impose discipline are
public records.
(Added to NRS by 2003, 3464 ; A 2005, 1292 )
1. The Commission may require a licensee, property manager or
owner-developer to pay an administrative fine of not more than $5,000 for
each violation he commits or suspend, revoke, deny the renewal of or
place conditions upon his license, permit or registration, or impose any
combination of those actions, at any time if the licensee, property
manager or owner-developer has, by false or fraudulent representation,
obtained a license, permit or registration, or the licensee, property
manager or owner-developer, whether or not acting as such, is found
guilty of:
(a) Making any material misrepresentation.
(b) Making any false promises of a character likely to influence,
persuade or induce.
(c) Accepting a commission or valuable consideration as a real
estate broker-salesman or salesman for the performance of any of the acts
specified in this chapter or chapter 119 or
119A of NRS from any person except the
licensed real estate broker with whom he is associated or the
owner-developer by whom he is employed.
(d) Representing or attempting to represent a real estate broker
other than the broker with whom he is associated, without the express
knowledge and consent of the broker with whom he is associated.
(e) Failing to maintain, for review and audit by the Division, each
brokerage agreement and property management agreement governed by the
provisions of this chapter and entered into by the licensee.
(f) Failing, within a reasonable time, to account for or to remit
any money which comes into his possession and which belongs to others.
(g) If he is required to maintain a trust account:
(1) Failing to balance the trust account at least monthly;
and
(2) Failing to submit to the Division an annual accounting
of the trust account as required in NRS 645.310 .
(h) Commingling the money or other property of his clients with his
own or converting the money of others to his own use.
(i) In the case of a broker-salesman or salesman, failing to place
in the custody of his licensed broker or owner-developer, as soon as
possible, any deposit or other money or consideration entrusted to him by
any person dealing with him as the representative of his licensed broker.
(j) Accepting other than cash as earnest money unless that fact is
communicated to the owner before his acceptance of the offer to purchase
and that fact is shown in the receipt for the earnest money.
(k) Upon acceptance of an agreement, in the case of a broker,
failing to deposit any check or cash received as earnest money before the
end of the next banking day unless otherwise provided in the purchase
agreement.
(l) Inducing any party to a brokerage agreement, property
management agreement, agreement of sale or lease to break it in order to
substitute a new brokerage agreement, property management agreement,
agreement of sale or lease with the same or another party if the
inducement to make the substitution is offered to secure personal gain to
the licensee or owner-developer.
2. An order that imposes discipline and the findings of fact and
conclusions of law supporting that order are public records.
[Part 20:150:1947; 1943 NCL § 6396.20]—(NRS A 1957, 338; 1963, 332;
1965, 1407; 1971, 248; 1975, 1551; 1979, 1549; 1981, 1612; 1983, 222;
1985, 1268; 1993, 890; 1995, 2076; 1997, 959; 2001, 522 ; 2003, 933 , 3464 , 3482 )
1. The Commission may take action pursuant to NRS 645.630 against any person subject to that section who
is guilty of any of the following acts:
(a) Willfully using any trade name, service mark or insigne of
membership in any real estate organization of which the licensee is not a
member, without the legal right to do so.
(b) Violating any order of the Commission, any agreement with the
Division, any of the provisions of this chapter, chapter 116 , 119 , 119A , 119B , 645A or 645C of NRS or
any regulation adopted pursuant thereto.
(c) Paying a commission, compensation or a finder’s fee to any
person for performing the services of a broker, broker-salesman or
salesman who has not secured his license pursuant to this chapter. This
subsection does not apply to payments to a broker who is licensed in his
state of residence.
(d) A conviction of, or the entry of a plea of guilty or nolo
contendere to:
(1) A felony relating to the practice of the licensee,
property manager or owner-developer; or
(2) Any crime involving fraud, deceit, misrepresentation or
moral turpitude.
(e) Guaranteeing, or having authorized or permitted any person to
guarantee, future profits which may result from the resale of real
property.
(f) Failure to include a fixed date of expiration in any written
brokerage agreement or failure to leave a copy of such a brokerage
agreement or any property management agreement with the client.
(g) Accepting, giving or charging any undisclosed commission,
rebate or direct profit on expenditures made for a client.
(h) Gross negligence or incompetence in performing any act for
which he is required to hold a license pursuant to this chapter, chapter
119 , 119A or
119B of NRS.
(i) Any other conduct which constitutes deceitful, fraudulent or
dishonest dealing.
(j) Any conduct which took place before he became licensed which
was in fact unknown to the Division and which would have been grounds for
denial of a license had the Division been aware of the conduct.
(k) Knowingly permitting any person whose license has been revoked
or suspended to act as a real estate broker, broker-salesman or salesman,
with or on behalf of the licensee.
(l) Recording or causing to be recorded a claim pursuant to the
provisions of NRS 645.8701 to 645.8811
, inclusive, that is determined by a
district court to be frivolous and made without reasonable cause pursuant
to NRS 645.8791 .
2. The Commission may take action pursuant to NRS 645.630 against a person who is subject to that
section for the suspension or revocation of a real estate broker’s,
broker-salesman’s or salesman’s license issued to him by any other
jurisdiction.
3. The Commission may take action pursuant to NRS 645.630 against any person who:
(a) Holds a permit to engage in property management issued pursuant
to NRS 645.6052 ; and
(b) In connection with any property for which the person has
obtained a property management agreement pursuant to NRS 645.6056 :
(1) Is convicted of violating any of the provisions of NRS
202.470 ;
(2) Has been notified in writing by the appropriate
governmental agency of a potential violation of NRS 244.360 , 244.3603
or 268.4124 , and has failed to inform
the owner of the property of such notification; or
(3) Has been directed in writing by the owner of the
property to correct a potential violation of NRS 244.360 , 244.3603
or 268.4124 , and has failed to correct
the potential violation, if such corrective action is within the scope of
the person’s duties pursuant to the property management agreement.
4. The Division shall maintain a log of any complaints that it
receives relating to activities for which the Commission may take action
against a person holding a permit to engage in property management
pursuant to subsection 3.
5. On or before February 1 of each odd-numbered year, the Division
shall submit to the Director of the Legislative Counsel Bureau a written
report setting forth, for the previous biennium:
(a) Any complaints included in the log maintained by the Division
pursuant to subsection 4; and
(b) Any disciplinary actions taken by the Commission pursuant to
subsection 3.
(Added to NRS by 1979, 1533; A 1985, 1269, 1672; 1989, 1612; 1995,
2077, 2479; 1997, 591, 960; 1999, 1180 ; 2001, 1354 ; 2001 Special Session, 156 ; 2003, 934 , 1502 , 2718 )
The Commission may take action pursuant to NRS 645.630 against any person subject to that section who
is guilty of:
1. Offering real estate for sale or lease without the knowledge
and consent of the owner or his authorized agent or on terms other than
those authorized by the owner or his authorized agent.
2. Negotiating a sale, exchange or lease of real estate directly
with a client if he knows that the client has a brokerage agreement in
force in connection with the property granting an exclusive agency or an
exclusive right to sell to another broker, unless permission in writing
has been obtained from the other broker.
3. Failure to deliver within a reasonable time a completed copy of
any purchase agreement or offer to buy or sell real estate to the
purchaser or to the seller.
4. Failure to deliver to the seller in each real estate
transaction, within 10 business days after the transaction is closed, a
complete, detailed closing statement showing all of the receipts and
disbursements handled by him for the seller, failure to deliver to the
buyer a complete statement showing all money received in the transaction
from the buyer and how and for what it was disbursed, or failure to
retain true copies of those statements in his files. The furnishing of
those statements by an escrow holder relieves the broker’s,
broker-salesman’s or salesman’s responsibility and must be deemed to be
compliance with this provision.
5. Representing to any lender, guaranteeing agency or any other
interested party, verbally or through the preparation of false documents,
an amount in excess of the actual sale price of the real estate or terms
differing from those actually agreed upon.
6. Failure to produce any document, book or record in his
possession or under his control, concerning any real estate transaction
under investigation by the Division.
7. Failure to reduce a bona fide offer to writing where a proposed
purchaser requests that it be submitted in writing.
8. Failure to submit all written bona fide offers to a seller when
the offers are received before the seller accepts an offer in writing and
until the broker has knowledge of that acceptance.
9. Refusing because of race, color, national origin, sex or ethnic
group to show, sell or rent any real estate for sale or rent to qualified
purchasers or renters.
10. Knowingly submitting any false or fraudulent appraisal to any
financial institution or other interested person.
(Added to NRS by 1979, 1533; A 1985, 1270; 1995, 2077; 2001, 2895
)
The Commission may take action pursuant to NRS 645.630
against any person selling insurance
for home protection, as defined in NRS 690B.100 , under the authority of a license issued
pursuant to this chapter who:
1. Makes a misrepresentation in the sale of insurance for home
protection.
2. Misrepresents the provisions of the contract of insurance for
home protection.
3. Misappropriates any fees or premiums collected for the
insurance for home protection.
(Added to NRS by 1981, 1323)
In addition to any other remedy or
penalty, the Commission or the Division, as appropriate, may:
1. Refuse to issue a license, permit, certificate or registration
to a person who has failed to pay money which the person owes to the
Commission or the Division.
2. Refuse to renew, or suspend or revoke, the license, permit,
certificate or registration of a person who has failed to pay money which
the person owes to the Commission or the Division.
(Added to NRS by 2003, 1289 )
[Expires by limitation 2 years after the date of the repeal of the
federal law requiring each state to establish procedures for withholding,
suspending and restricting the professional, occupational and
recreational licenses for child support arrearages and for noncompliance
with certain processes relating to paternity or child support
proceedings.]
1. If the Division receives a copy of a court order issued
pursuant to NRS 425.540 that provides
for the suspension of all professional, occupational and recreational
licenses, certificates and permits issued to a person who is the holder
of a license as a real estate broker, broker-salesman or salesman, the
Division shall deem the license issued to that person to be suspended at
the end of the 30th day after the date on which the court order was
issued unless the Division receives a letter issued to the holder of the
license by the district attorney or other public agency pursuant to NRS
425.550 stating that the holder of the
license has complied with the subpoena or warrant or has satisfied the
arrearage pursuant to NRS 425.560 .
2. The Division shall reinstate a license as a real estate broker,
broker-salesman or salesman that has been suspended by a district court
pursuant to NRS 425.540 if the Division
receives a letter issued by the district attorney or other public agency
pursuant to NRS 425.550 to the person
whose license was suspended stating that the person whose license was
suspended has complied with the subpoena or warrant or has satisfied the
arrearage pursuant to NRS 425.560 .
(Added to NRS by 1997, 2164; A 2005, 2807 )
1. Any unlawful act or violation of any of the provisions of this
chapter by any licensee is not cause to suspend, revoke or deny the
renewal of the license of any person associated with the licensee, unless
it appears to the satisfaction of the Commission that the associate knew
or should have known thereof. A course of dealing shown to have been
persistently and consistently followed by any licensee constitutes prima
facie evidence of such knowledge upon the part of the associate.
2. If it appears that a registered owner-developer knew or should
have known of any unlawful act or violation on the part of a real estate
broker, broker-salesman or salesman employed by him, in the course of his
employment, the Commission may suspend, revoke or deny the renewal of his
registration and may assess a civil penalty of not more than $5,000.
3. The Commission may suspend, revoke or deny the renewal of the
license of a real estate broker and may assess a civil penalty of not
more than $5,000 against him if it appears he has failed to maintain
adequate supervision of a salesman or broker-salesman associated with him
and that person commits any unlawful act or violates any of the
provisions of this chapter.
[Part 20:150:1947; 1943 NCL § 6396.20]—(NRS A 1975, 1552, 1642;
1979, 1551; 1981, 1612; 1985, 1271; 1993, 891; 2001, 523 )
In the
event of the revocation or suspension of the license issued to a manager
of a limited-liability company, a member of a partnership or to any
officer of a corporation, the limited-liability company, partnership or
corporation shall not conduct business unless the manager or member whose
license has been revoked is severed and his interest in the
limited-liability company or partnership and his share in its activities
brought to an end, or if a corporation, the offending officer is
discharged and has no further participation in its activities. The
discharged or withdrawing manager, member or officer of such a
limited-liability company, partnership or corporation may reassume his
connection with, or be reengaged by the limited-liability company,
partnership or corporation, upon termination of the suspension or upon
reinstatement of his license.
[Part 20:150:1947; 1943 NCL § 6396.20]—(NRS A 1975, 1553; 1979,
1551; 1985, 1271; 1997, 170)
The expiration or revocation of a license,
permit or registration by operation of law or by order or decision of the
Commission or a court of competent jurisdiction, or the voluntary
surrender of a license, permit or registration by a real estate broker,
real estate broker-salesman, real estate salesman, property manager or
owner-developer does not:
1. Prohibit the Administrator, Commission or Division from
initiating or continuing an investigation of, or action or disciplinary
proceeding against, the real estate broker, real estate broker-salesman,
real estate salesman, property manager or owner-developer as authorized
pursuant to the provisions of this chapter or the regulations adopted
pursuant thereto; or
2. Prevent the imposition or collection of any fine or penalty
authorized pursuant to the provisions of this chapter or the regulations
adopted pursuant thereto against the real estate broker, real estate
broker-salesman, real estate salesman, property manager or
owner-developer.
(Added to NRS by 2001, 521 )
1. The procedure set forth in this section and NRS 645.690 must be followed before the Commission
revokes, suspends or denies the renewal of any license, permit or
registration of an owner-developer issued pursuant to this chapter.
2. Upon the initiation of a complaint by the Administrator, the
matter must be set for a hearing by the Administrator, who shall schedule
a hearing before the Commission, and the licensee, permittee or
owner-developer is entitled to be heard thereon in person or by counsel.
3. The Commission shall hold the hearing within 90 days after the
filing of a complaint by the Administrator. The time of the hearing may
be continued upon the motion of the Commission or at the discretion of
the Commission, upon the written request of the licensee, permittee or
owner-developer or of the Division for good cause shown.
4. The licensee, permittee or owner-developer must be given at
least 30 days’ notice in writing by the Division of the date, time and
place of the hearing together with a copy of the complaint and copies of
all communications, reports, affidavits or depositions in possession of
the Division relevant to the complaint. The Division may present evidence
obtained after the notice only if the Division shows that the evidence
was not available after diligent investigation before the time notice was
given to the licensee, permittee or owner-developer and that the evidence
was given or communicated to the licensee, permittee or owner-developer
immediately after it was obtained.
5. Notice is complete upon delivery personally to the licensee,
permittee or owner-developer or by mailing by certified mail to the last
known address of the licensee, permittee or owner-developer. If the
licensee is a broker-salesman or salesman, the Division shall also notify
the broker with whom he is associated, or the owner-developer by whom he
is employed, by mailing an exact statement of the charges and the date,
time and place of the hearing by certified mail to the owner-developer or
broker’s last known address.
[Part 21:150:1947; A 1955, 19]—(NRS A 1957, 339; 1963, 675; 1969,
95; 1971, 453; 1975, 1553; 1979, 1551; 1981, 1329; 1983, 166; 1985, 1271;
2001, 523 )
1. The licensee, permittee or owner-developer shall file an answer
to the charges with the Commission no later than 30 days after service of
the notice and other documents described in subsection 4 of NRS 645.680
. The answer must contain an admission
or denial of the allegations contained in the complaint and any defenses
upon which the licensee, permittee or owner-developer will rely. If no
answer is filed within the time limit described in this subsection, the
Division may, after notice to the licensee, permittee or owner-developer
served in the manner authorized in subsection 5 of NRS 645.680 , move the Commission for the entry of a
default against the licensee, permittee or owner-developer.
2. The answer may be served by delivery to the Commission, or by
mailing the answer by certified mail to the principal office of the
Division.
3. No proceeding to suspend, revoke or deny the renewal of any
license or registration of an owner-developer may be maintained unless it
is commenced by the giving of notice to the licensee, permittee or
owner-developer within 3 years of the time of the act charged, whether of
commission or omission, except:
(a) If the charges are based upon a misrepresentation, or failure
to disclose, the period does not commence until the discovery of facts
which do or should lead to the discovery of the misrepresentation or
failure to disclose; and
(b) Whenever any action or proceeding is instituted to which the
Division, licensee, permittee or owner-developer is a party and which
involves the conduct of the licensee, permittee or owner-developer in the
transaction with which the charges are related, the running of the 3-year
period with respect to the institution of a proceeding pursuant to this
chapter to suspend, revoke or deny the renewal of the license, permit or
registration is suspended during the pendency of the action or proceeding.
(Added to NRS by 1979, 1534; A 1985, 1272; 1987, 517; 1989, 1613;
2001, 524 )
1. The hearing on the charges must be held at such time and place
as the Commission prescribes. The hearing may be held by the Commission
or a majority thereof, and the hearing must be held, if the licensee,
permittee or owner-developer so requests in writing, within the northern
or southern district, as set forth in NRS 645.100 , within which the principal place of business
of the licensee, permittee or owner-developer is situated.
2. At the hearing, a stenographic transcript of the proceedings
must be made if requested or required for judicial review. Any party to
the proceedings desiring a transcript must be furnished with a copy upon
payment to the Division of the reasonable cost of transcription.
[Part 21:150:1947; A 1955, 19]—(NRS A 1963, 1075; 1979, 1552; 1981,
1613; 1985, 1273; 2001, 524 )
1. The Commission, or any member thereof, shall have power to
administer oaths, certify to all official acts, and to issue subpoenas
for attendance of witnesses and the production of books and papers.
2. In any hearing or investigation in any part of the State the
process issued by the Commission shall extend to all parts of the State
and may be served by any person authorized to serve process of courts of
record. The person serving any such process shall receive such
compensation as may be allowed by the Commission, not to exceed the fees
prescribed by law for similar service, and such fees shall be paid in the
same manner as provided in NRS 645.710
for the payment of the fees of witnesses.
[Part 22:150:1947; 1943 NCL § 6396.22]—(NRS A 1973, 1103)
1. Each witness who appears by order of the Commission is entitled
to receive for his attendance the same fees and mileage allowed by law to
a witness in civil cases, which amount must be paid by the party at whose
request the witness is subpoenaed.
2. When any witness not otherwise required to attend, is
subpoenaed by the Commission, his fees and mileage must be paid by the
Division.
[Part 22:150:1947; 1943 NCL § 6396.22]—(NRS A 1979, 1553)
1. The district court in and for the county in which any hearing
may be held shall have the power to compel the attendance of witnesses,
the giving of testimony and the production of books and papers as
required by any subpoena issued by the Commission.
2. In case of the refusal of any witness to attend or testify or
produce any papers required by such subpoena the Commission may report to
the district court in and for the county in which the hearing is pending
by petition, setting forth:
(a) That due notice has been given of the time and place of
attendance of the witness or the production of the books and papers;
(b) That the witness has been subpoenaed in the manner prescribed
in this chapter; and
(c) That the witness has failed and refused to attend or produce
the papers required by subpoena before the Commission in the cause or
proceeding named in the subpoena, or has refused to answer questions
propounded to him in the course of such hearing,
Ê and asking an order of the court compelling the witness to attend and
testify or produce the books or papers before the Commission.
3. The court, upon petition of the Commission, shall enter an
order directing the witness to appear before the court at a time and
place to be fixed by the court in such order, the time to be not more
than 10 days from the date of the order, and then and there show cause
why he has not attended or testified or produced the books or papers
before the Commission. A certified copy of the order shall be served upon
the witness. If it shall appear to the court that the subpoena was
regularly issued by the Commission, the court shall thereupon enter an
order that the witness appear before the Commission at the time and place
fixed in the order and testify or produce the required books or papers,
and upon failure to obey the order the witness shall be dealt with as for
contempt of court.
[Part 22:150:1947; 1943 NCL § 6396.22]
1. The Commission may, in any hearing before it, cause the
depositions of witnesses residing within or without the State to be taken
in the manner prescribed by the Nevada Rules of Civil Procedure for like
depositions in civil actions in the district courts of this State, and to
that end may compel the attendance of witnesses and the production of
books and papers.
2. The clerk of the district court in and for the county in which
any hearing may be held by the Commission shall, upon the application of
the Commission, issue commissions or letters rogatory to other states for
the taking of evidence therein for use in any proceedings before the
Commission.
3. Any party to any hearing before the Commission shall have the
right to the attendance of witnesses in his behalf at such hearing or
upon deposition as set forth in this section upon making request therefor
to the Commission and designating the name and address of the person or
persons sought to be subpoenaed.
[Part 22:150:1947; 1943 NCL § 6396.22]
1. The Commission shall render an informal decision on any
complaint within 15 days after the final hearing thereon and shall give
notice in writing of the ruling or decision to the applicant or licensee
affected thereby within 60 days after the final hearing thereon by
certified mail to the last known address of the person to whom the notice
is sent.
2. If the ruling is adverse to the licensee, the Commission shall
also state in the notice the date upon which the ruling or decision
becomes effective, which date must not be less than 30 days after the
date of the notice.
3. The decision of the Commission may not be stayed by any appeal
in accordance with the provisions of NRS 645.760 , unless the district court so orders upon
motion of the licensee, notice to the Division of the motion and
opportunity for the Division to be heard.
4. An appeal from a decision of the district court affirming the
revocation or suspension of a license does not stay the order of the
Commission unless the district or appellate court, in its discretion and
upon petition of the licensee, after notice and hearing orders such stay,
and upon the filing of a bond for costs in the amount of $1,000.
[Part 23:150:1947; 1943 NCL § 6396.23]—(NRS A 1965, 1409; 1969, 95;
1971, 454; 1973, 1103; 1979, 1553; 1985, 1273)
1. A ruling or decision of the Commission in any disciplinary
action is final when in favor of the licensee.
2. If a ruling or decision is against the licensee, the licensee
is entitled to judicial review of the ruling or decision in the manner
provided by chapter 233B of NRS.
[Part 23:150:1947; 1943 NCL § 6396.23]—(NRS A 1963, 676; 1979,
1553; 1981, 1613; 1985, 1273; 1989, 1659)
After the revocation of any license,
permit or registration by the Commission as provided in this chapter, no
new license, permit or registration may be issued to the same licensee,
permittee or registrant, as appropriate, within 1 year after the date of
the revocation, nor at any time thereafter except in the sole discretion
of the Real Estate Division, and then only provided that the licensee,
permittee or registrant satisfies all the requirements for an original
license, permit or registration.
[Part 14:150:1947; A 1949, 433; 1943 NCL § 6396.14] + [24:150:1947;
1943 NCL § 6396.24]—(NRS A 1963, 677; 2005, 1292 )
EXPIRATION AND RENEWAL OF LICENSES
1. Each license issued under the provisions of this chapter
expires at midnight on the last day of the last month of the applicable
license period for the license.
2. The initial license period for an original license as a real
estate broker, broker-salesman or salesman is a period of 12 consecutive
months beginning on the first day of the first calendar month after the
original license is issued by the Division. Thereafter, each subsequent
license period is a period of 24 consecutive months beginning on the
first day of the first calendar month after a renewal of the license is
issued by the Division for the subsequent license period.
3. For all other licenses, the license period is a period of 24
consecutive months beginning on the first day of the first calendar month
after the license or any renewal of the license is issued by the
Division, unless a specific statute:
(a) Provides for a different license period; or
(b) Expressly authorizes a different license period to be provided
for by regulation.
[Part 19:150:1947; A 1949, 433; 1955, 77]—(NRS A 1963, 334; 1969,
565; 1973, 1104; 1975, 1554; 1977, 1316; 2003, 1294 )
If a licensee fails to apply for a renewal of his license
prior to the date of the expiration thereof, no license may be issued to
him except upon another application for an original license, except that
within 1 year of such expiration a renewal may be issued upon payment of
a fee one and one-half times the amount otherwise required for renewal.
[Part 19:150:1947; A 1949, 433; 1955, 77]—(NRS A 1975,
1555)—(Substituted in revision for NRS 645.840)
FEES
1. The following fees must be charged by and paid to the Division:
For each original real estate broker’s, broker-salesman’s or corporate
broker’s license $105
For each original real estate salesman’s
license.................................................... 85
For each original branch office
license.................................................................
120
For real estate education, research and recovery to be paid at the time
an application for an original license is filed 40
For real estate education, research and recovery to be paid at the time
an application for renewal of a license is filed 40
For each renewal of a real estate broker’s, broker-salesman’s or
corporate broker’s license 180
For each renewal of a real estate salesman’s
license.......................................... 140
For each renewal of a real estate branch office
license...................................... 110
For each penalty for late filing of a renewal for a broker’s,
broker-salesman’s or corporate broker’s license 95
For each penalty for late filing of a renewal for a salesman’s
license................ 75
For each change of name or
address....................................................................
.. 20
For each transfer of a real estate salesman’s or broker-salesman’s
license and change of association or employment 20
For each duplicate license where the original license is lost or
destroyed, and an affidavit is made thereof 20
For each change of broker status from broker to
broker-salesman.................... 20
For each change of broker status from broker-salesman to
broker.................... 40
For each reinstatement to active status of an inactive real estate
broker’s, broker-salesman’s or salesman’s license 20
For each reinstatement of a real estate broker’s license when the
licensee fails to give immediate written notice to the Division of a
change of name or business
location....................................................... 30
For each reinstatement of a real estate salesman’s or broker-salesman’s
license when he fails to notify the Division of a change of broker within
30 days of termination by previous broker......................... 30
For each original registration of an
owner-developer........................................ 125
For each annual renewal of a registration of an
owner-developer................... 125
For each enlargement of the area of an owner-developer’s
registration........... 50
For each cooperative certificate issued to an out-of-state broker
licensee for 1 year or fraction thereof 150
For each original accreditation of a course of continuing
education.............. 100
For each renewal of accreditation of a course of continuing
education........... 50
For each annual approval of a course of instruction offered in
preparation for an original license or permit 100
2. The fees prescribed by this section for courses of instruction
offered in preparation for an original license or permit or for courses
of continuing education do not apply to:
(a) Any university, state college or community college of the
Nevada System of Higher Education.
(b) Any agency of the State.
(c) Any regulatory agency of the Federal Government.
3. The Commission shall adopt regulations which establish the fees
to be charged and collected by the Division to pay the costs of any
investigation of a person’s background.
[Part 19:150:1947; A 1949, 433; 1955, 77]—(NRS A 1957, 340; 1959,
396; 1963, 1075; 1965, 1409; 1967, 1046; 1975, 1554, 1642; 1977, 1316;
1979, 1080, 1554; 1981, 1035, 1614; 1985, 1274; 1989, 1613; 1993, 420,
941, 2292; 1995, 163; 2001, 2895 ; 2003, 1295 ; 2005, 372 )
REAL ESTATE EDUCATION, RESEARCH AND RECOVERY FUND
As used in NRS 645.841 to 645.8494 , inclusive, “Fund” means the Real Estate
Education, Research and Recovery Fund.
(Added to NRS by 1967, 1043)
1. The Real Estate Education, Research and Recovery Fund is hereby
created as a special revenue fund.
2. A balance of not less than $300,000 must be maintained in the
Fund, to be used for satisfying claims against persons licensed under
this chapter, as provided in NRS 645.841 to 645.8494 , inclusive. Any balance over $300,000
remaining in the Fund at the end of any fiscal year must be set aside and
used by the Administrator, after approval of the Commission, for real
estate education and research.
3. The interest and income earned on the money in the Fund, after
deducting any applicable charges, must be credited to the Fund.
(Added to NRS by 1967, 1043; A 1973, 1763; 1979, 119; 1981, 1615;
2003, 1296 ; 2005, 665 )
1. Upon application for or renewal of every real estate broker’s,
broker-salesman’s and salesman’s license, every licensed broker,
broker-salesman and salesman shall pay in addition to the original or
renewal fee, a fee for real estate education, research and recovery. The
additional fee must be deposited in the State Treasury for credit to the
Real Estate Education, Research and Recovery Fund, and must be used
solely for the purposes provided in NRS 645.841 to 645.8494 , inclusive.
2. Owner-developers need not contribute to the Fund.
(Added to NRS by 1967, 1044; A 1969, 566; 1973, 1105, 1764; 1975,
1643; 1977, 1318; 1979, 119, 1555; 1981, 1615; 1985, 1275)
1. Except as otherwise provided in subsection 2, when any person
obtains a final judgment in any court of competent jurisdiction against
any licensee or licensees pursuant to this chapter, upon grounds of
fraud, misrepresentation or deceit with reference to any transaction for
which a license is required pursuant to this chapter, that person, upon
termination of all proceedings, including appeals in connection with any
judgment, may file a verified petition in the court in which the judgment
was entered for an order directing payment out of the Fund in the amount
of the unpaid actual damages included in the judgment, but not more than
$25,000 per judgment. The liability of the Fund does not exceed $100,000
for any person licensed pursuant to this chapter, whether he is licensed
as a limited-liability company, partnership, association or corporation
or as a natural person, or both. The petition must state the grounds
which entitle the person to recover from the Fund.
2. A person who is licensed pursuant to this chapter may not
recover from the Fund for damages which are related to a transaction in
which he acted in his capacity as a licensee.
3. A copy of the:
(a) Petition;
(b) Judgment;
(c) Complaint upon which the judgment was entered; and
(d) Writ of execution which was returned unsatisfied,
Ê must be served upon the Administrator and the judgment debtor and
affidavits of service must be filed with the court.
4. Upon the hearing on the petition, the petitioner must show that:
(a) He is not the spouse of the debtor, or the personal
representative of that spouse.
(b) He has complied with all the requirements of NRS 645.841 to 645.8494 , inclusive.
(c) He has obtained a judgment of the kind described in subsection
1, stating the amount thereof, the amount owing thereon at the date of
the petition, and that the action in which the judgment was obtained was
based on fraud, misrepresentation or deceit of the licensee in a
transaction for which a license is required pursuant to this chapter.
(d) A writ of execution has been issued upon the judgment and that
no assets of the judgment debtor liable to be levied upon in satisfaction
of the judgment could be found, or that the amount realized on the sale
of assets was insufficient to satisfy the judgment, stating the amount so
realized and the balance remaining due.
(e) He has made reasonable searches and inquiries to ascertain
whether the judgment debtor possesses real or personal property or other
assets, liable to be sold or applied in satisfaction of the judgment, and
after reasonable efforts that no property or assets could be found or
levied upon in satisfaction of the judgment.
(f) He has made reasonable efforts to recover damages from each and
every judgment debtor.
(g) The petition has been filed no more than 1 year after the
termination of all proceedings, including reviews and appeals, in
connection with the judgment.
5. The provisions of this section do not apply to owner-developers.
(Added to NRS by 1967, 1044; A 1973, 1764; 1975, 1555; 1979, 1555;
1981, 1615; 1985, 1276; 1987, 1048; 1997, 170; 2005, 666 )
1. Whenever the court proceeds upon a petition as provided in NRS
645.844 , the Administrator may answer
and defend any such action against the Fund on behalf of the Fund and may
use any appropriate method of review on behalf of the Fund. The judgment
debtor may answer and defend any such action on his own behalf.
2. Unless the judgment was entered by default, consent or
stipulation or the case was uncontested, the judgment set forth in the
petition is prima facie evidence but the findings of fact therein are not
conclusive for the purposes of NRS 645.841 to 645.8494 , inclusive.
3. The Administrator may, subject to court approval, compromise a
claim based upon the application of a petitioner. He shall not be bound
by any prior compromise of the judgment debtor.
(Added to NRS by 1967, 1044; A 1985, 1277)
If the court
finds after the hearing that the claim should be levied against the
portion of the Fund allocated for the purpose of carrying out the
provisions of NRS 645.841 to 645.8494
, inclusive, the court shall enter an
order directed to the Administrator requiring payment from the Fund of
whatever sum it finds to be payable upon the claim pursuant to the
provisions of and in accordance with the limitations contained in NRS
645.841 to 645.8494 , inclusive.
(Added to NRS by 1967, 1045)
If the Administrator pays
from the Fund any amount in settlement of a claim or towards satisfaction
of a judgment against a licensee, his license issued pursuant to chapter
119 of NRS and this chapter must be
automatically suspended upon the effective date of an order by the court
authorizing payment from the Fund. The license of the broker,
broker-salesman or salesman may not be reinstated and no other license
may be granted to him pursuant to this chapter until he has repaid in
full, plus interest at a rate equal to the prime rate at the largest bank
in Nevada, as ascertained by the Commissioner of Financial Institutions,
on January 1 or July 1, as the case may be, immediately preceding the
date of judgment, plus 2 percent, the amount paid from the Fund on his
account. Interest is computed from the date payment from the Fund was
made by the Administrator and the rate must be adjusted accordingly on
each January 1 and July 1 thereafter until the judgment is satisfied.
(Added to NRS by 1967, 1045; A 1973, 1765; 1979, 1556; 1981, 1616;
1985, 1277; 1987, 942)
1. Whenever claims are filed against the Fund which total more
than the maximum liability for the acts of one licensee, the maximum
liability of the Fund for each licensee must be distributed among the
claimants in a ratio that their respective claims bear to the total of
all claims, or in any other manner that the court may find equitable.
2. The distribution must be made without regard to the order of
priority in which claims were filed or judgments entered.
3. Upon petition of the Administrator, the court may require all
claimants and prospective claimants to be joined in one action so that
the respective rights of all claimants may be equitably determined.
4. If, at any time, the money deposited in the Fund and allotted
for satisfying claims against licensees is insufficient to satisfy any
authorized claim or portion thereof, the Administrator shall, when
sufficient money has been deposited in the Fund, satisfy the unpaid
claims or portions thereof, in the order that the claims or portions
thereof were originally filed, plus accumulated interest at the rate of 6
percent per annum. Any sums received by the Division pursuant to NRS
645.847 and 645.8491 must be deposited in the State Treasury for
credit to the account for education and research in the Fund.
(Added to NRS by 1967, 1045; A 1973, 1765; 1975, 1556; 1979, 1556;
1985, 1277)
When the Administrator has paid
from the Fund any money to the judgment creditor, the Administrator is
subrogated to all other rights of the judgment creditor to the extent of
the amount paid and any amount and interest so recovered by the
Administrator on the judgment must be deposited in the State Treasury for
credit to the Fund.
(Added to NRS by 1967, 1045; A 1985, 1278)
The failure of a person to comply
with any of the provisions of NRS 645.841 to 645.8494 , inclusive, shall constitute a waiver of any
rights hereunder.
(Added to NRS by 1967, 1045; A 1973, 1765)
Nothing contained in NRS 645.841 to
645.8494 , inclusive, limits the
authority of the Commission to take disciplinary action against a
licensee for a violation for any of the provisions of this chapter, or of
the rules and regulations of the Commission, nor shall the repayment in
full of all obligations to the Fund by any licensee nullify or modify the
effect of any other disciplinary proceeding brought pursuant to the
provisions of this chapter or the rules and regulations promulgated
thereunder.
(Added to NRS by 1967, 1046)
BUSINESS BROKERS
1. A person who is licensed as a real estate broker, real estate
broker-salesman or real estate salesman pursuant to this chapter may
apply to the Real Estate Division for a permit to engage in business as a
business broker.
2. An applicant for a permit must:
(a) Provide proof satisfactory to the Real Estate Division that he
has successfully completed at least 24 hours of classroom instruction
relating to business brokerage; and
(b) Comply with any other requirements for the issuance of a permit
established by the Commission.
3. A permit expires on the same date as the license of the holder
of the permit expires. A permit may be renewed at the time that a person
licensed pursuant to this chapter applies for renewal of his license.
4. An applicant for the renewal of a permit must:
(a) Provide proof satisfactory to the Real Estate Division that he
has successfully completed at least 3 hours of continuing education
required for the renewal of his license pursuant to NRS 645.575 in an approved educational course, seminar or
conference relating to business brokerage.
(b) Comply with any other requirements for renewal of a permit
established by the Commission.
5. The Commission shall adopt such regulations as are necessary to
carry out the provisions of this section. The regulations must include,
without limitation, provisions that establish:
(a) Requirements for the issuance or renewal of a permit.
(b) Fees for:
(1) The issuance or renewal of a permit;
(2) The cost of any examination required of an applicant for
a permit, including, without limitation, any costs which are necessary
for the administration of an examination; and
(3) The cost of any investigation of an applicant for a
permit.
(c) Standards of education for the approval of a course of
instruction to qualify an applicant for the issuance or renewal of a
permit.
(Added to NRS by 2005, 646 )
1. To engage in business as a business broker in this State:
(a) A partnership shall designate one of its members;
(b) A corporation shall designate one of its officers or employees;
(c) A limited-liability company shall designate its manager; and
(d) A real estate broker who conducts business as a sole proprietor
shall designate himself or a person who is licensed under the real estate
broker,
Ê to submit an application for a permit pursuant to NRS 645.863 . The partnership, corporation,
limited-liability company or sole proprietor shall not engage in business
as a business broker unless the person so designated has been issued such
a permit.
2. If the person designated to apply for a permit meets the
qualifications for a permit set forth in NRS 645.863 , the Real Estate Division shall issue to that
person a permit to engage in business as a business broker on behalf of
the partnership, corporation, limited-liability company or sole
proprietor.
3. A person to whom such a permit has been issued may act as a
business broker pursuant to the permit only on behalf of the partnership,
corporation, limited-liability company or sole proprietor, and not on his
own behalf. If that person ceases to be connected or associated with the
partnership, corporation, limited-liability company or sole proprietor,
the partnership, corporation, limited-liability company or sole
proprietor shall designate another person who meets the qualifications
for a permit set forth in NRS 645.863
to hold the permit on behalf of the partnership, corporation,
limited-liability company or sole proprietor.
4. Any member, officer or employee of a partnership, corporation,
limited-liability company or sole proprietor, other than the person
designated as the business broker pursuant to subsection 1, who wishes to
engage in business as a business broker must apply in his own name for a
permit. Pursuant to such a permit, the member, officer or employee of a
partnership, corporation, limited-liability company or sole proprietor
may act as a business broker only as an officer, agent or employee of the
partnership, corporation, limited-liability company or sole proprietor,
and not on his own behalf.
(Added to NRS by 2005, 647 )
1. If a real estate broker does not hold a permit to engage in
business as a business broker but intends to have the activities of a
business broker conducted at an office, the real estate broker must:
(a) Appoint a person, who has the qualifications required by this
section, as the designated business broker for the office to supervise
the activities of a business broker conducted at the office; and
(b) Submit notice of the appointment to the Division.
2. The designated business broker for an office must be a natural
person who:
(a) Holds a license as a real estate broker or real estate
broker-salesman;
(b) Holds a permit to engage in business as a business broker; and
(c) Has 2 years active experience, within the 4 years immediately
preceding the date of the appointment, in conducting the activities of a
business broker in the United States as a licensed real estate broker,
real estate broker-salesman or real estate salesman.
3. While acting as the designated business broker for an office,
the person:
(a) Must comply with all applicable provisions of this chapter; and
(b) Is subject to all the remedies and penalties provided for in
this chapter.
(Added to NRS by 2005, 647 )
BROKERAGE AGREEMENTS INVOLVING COMMERCIAL REAL ESTATE
General Provisions
As used in NRS 645.8701 to 645.8811 , inclusive, unless the context otherwise
requires, the words and terms defined in NRS 645.8705 to 645.8741 , inclusive, have the meanings ascribed to
them in those sections.
(Added to NRS by 1999, 1174 )
“Brokerage agreement”
means a written contract between an owner and a real estate broker in
which the owner agrees to pay a commission to the real estate broker for
services provided by the broker relating to the disposition of commercial
real estate as specified in the agreement.
(Added to NRS by 1999, 1174 )
“Commercial real
estate” means any real estate located in this State. The term does not
include:
1. Improved real estate that consists of not more than four
residential units;
2. Unimproved real estate for which not more than four residential
units may be developed or constructed pursuant to any zoning regulations
or any development plan applicable to the real estate; or
3. A single-family residential unit, including a condominium,
townhouse or home within a subdivision, if the unit is sold, leased or
otherwise conveyed unit by unit, regardless of whether the unit is part
of a larger building or parcel that consists of more than four units.
(Added to NRS by 1999, 1174 )
“Commission” means any fee or
other compensation agreed upon by a real estate broker and an owner
specified in a brokerage agreement.
(Added to NRS by 1999, 1175 )
“Disposition” means a
voluntary conveyance or other transfer of title or any interest of an
owner in any commercial real estate specified in a brokerage agreement.
(Added to NRS by 1999, 1175 )
“Escrow” has the meaning ascribed
to it in subsection 3 of NRS 645A.010 .
(Added to NRS by 1999, 1175 )
“Escrow agent” has the
meaning ascribed to it in subsection 5 of NRS 645A.010 .
(Added to NRS by 1999, 1175 )
“Owner” means a person who holds
legal title to or any interest in any commercial real estate that is
described in a brokerage agreement, including, without limitation, any
assignee in interest and any agent of a person. The term does not include
a mortgagee, trustee under or beneficiary of a deed of trust or an owner
or holder of a claim that encumbers any real estate or any improvement on
that real estate.
(Added to NRS by 1999, 1175 )
“Owner’s net
proceeds” means the gross receipts to which an owner is entitled upon the
disposition of any commercial real estate specified in a brokerage
agreement. The term does not include:
1. Any money that is required to pay an encumbrance, claim or lien
that has priority over a claim recorded pursuant to the provisions of NRS
645.8775 other than an encumbrance,
claim or lien that the person to whom the commercial real estate is
conveyed or otherwise transferred authorizes to remain after the
disposition of the real estate; or
2. Any costs incurred by the owner to close escrow for that
commercial real estate.
(Added to NRS by 1999, 1175 )
Rights, Duties and Liabilities Relating to Commissions
1. A real estate broker has a claim upon the owner’s net proceeds
from the disposition of commercial real estate for any commission earned
by the real estate broker pursuant to a brokerage agreement. For the
purposes of this subsection, a commission shall be deemed to be earned
when the real estate broker has performed his duties pursuant to the
brokerage agreement.
2. The claim belongs to the real estate broker named in the
brokerage agreement and not to an employee or independent contractor of
the real estate broker.
3. A claim that is recorded pursuant to the provisions of NRS
645.8775 :
(a) Is a claim upon personal property and does not attach to the
title of any real property.
(b) May be waived if, on or before the date the brokerage agreement
is executed, the real estate broker signs a written waiver of his right
to enforce the claim. The waiver must be printed in uppercase letters and
must be limited to one transaction. A person other than the real estate
broker may not waive the rights of the real estate broker pursuant to
this section, regardless of whether that person may execute and bind the
real estate broker to a brokerage agreement.
(c) May not be enforced by a person other than the real estate
broker and the owner.
4. A claim of a third party may not be brought or otherwise
adjudicated pursuant to the provisions of NRS 645.8701 to 645.8811 , inclusive.
5. The recording or enforcement of a claim by a real estate broker
pursuant to the provisions of NRS 645.8701 to 645.8811 , inclusive, does not relieve the owner of his
obligation to close escrow for any commercial real estate.
(Added to NRS by 1999, 1175 )
1. Except as otherwise provided in subsection 3, if a real estate
broker wishes to enforce a claim pursuant to the provisions of NRS
645.8701 to 645.8811 , inclusive, he shall, within 7 days after a
commission is earned by the real estate broker pursuant to a brokerage
agreement, provide a written notice of the claim to:
(a) The owner of the commercial real estate specified in the
brokerage agreement; and
(b) The escrow agent closing the transaction for the commercial
real estate.
2. A real estate broker who fails to provide a notice of a claim
within the period specified in subsection 1 may not enforce the claim
pursuant to the provisions of NRS 645.8701 to 645.8811 , inclusive.
3. A real estate broker is not required to provide a written
notice of a claim to an escrow agent pursuant to this section if the
identity of the escrow agent is unknown to the real estate agent at the
time the notice is provided by the real estate broker to the owner
pursuant to paragraph (a) of subsection 1.
(Added to NRS by 1999, 1176 )
1. A notice of claim specified in NRS 645.8765 must include:
(a) The name of the owner of the commercial real estate;
(b) The name of the person who executed the brokerage agreement, if
other than the owner;
(c) The name, business name, if any, and the license number of the
real estate broker;
(d) The amount claimed by the real estate broker;
(e) A detailed description of the commercial real estate; and
(f) A copy of the brokerage agreement pursuant to which the real
estate broker claims a commission.
2. The notice must:
(a) Be verified by the oath of the real estate broker who provides
the notice; and
(b) Include an acknowledgment by the real estate broker.
(Added to NRS by 1999, 1176 )
1. If an owner is served with a notice of a claim pursuant to NRS
645.8765 , the owner shall, within 5
days after service of the notice but not later than 7 days before the
disposition of the commercial real estate:
(a) Confirm or deny the claim set forth in the notice; and
(b) Notify, in writing, the real estate broker who provided the
notice to the owner.
2. If the owner confirms the claim and notifies the real estate
broker of that fact pursuant to subsection 1, the owner may instruct the
escrow agent for the commercial real estate to pay to the real estate
broker the amount claimed by the real estate broker in the notice of the
claim.
3. If the owner fails to notify the real estate broker within the
period specified in subsection 1 or notifies the real estate broker that
he denies the claim, the real estate broker may record the notice of the
claim in the office of the county recorder where the commercial real
estate or any portion of the commercial real estate is located.
(Added to NRS by 1999, 1176 )
1. Except as otherwise provided in this subsection, if:
(a) An escrow agent receives a notice of a claim pursuant to NRS
645.8765 ;
(b) A notice of claim is recorded pursuant to NRS 645.8775 ; or
(c) An escrow agent has actual notice of a claim specified in
paragraph (b),
Ê the escrow agent shall reserve from the owner’s net proceeds an amount
that is equal to the amount claimed by the real estate broker in his
recorded claim. If the amount of the owner’s net proceeds is insufficient
to satisfy the amount of the claim, the escrow agent shall reserve the
entire amount of the owner’s net proceeds. In determining whether the
amount of the owner’s net proceeds is insufficient to satisfy the amount
of the claim, the escrow agent may consider any encumbrance, claim or
lien that has priority over the claim of the real estate broker pursuant
to NRS 645.8795 .
2. If the escrow agent determines that the amount of the owner’s
net proceeds is insufficient to satisfy the amount of the claim, the
escrow agent:
(a) Shall, within 3 days after making that determination but not
later than the close of escrow, notify the real estate broker of that
fact in writing; and
(b) Shall not release to the owner any portion of the owner’s net
proceeds unless the escrow agent receives a copy of the written agreement
executed by the owner and the real estate broker authorizing the escrow
agent to release those proceeds to the owner.
3. Except as otherwise provided in paragraph (b) of subsection 2
and NRS 645.8791 , if an owner’s net
proceeds or any portion of an owner’s net proceeds are reserved pursuant
to this section, the escrow agent who reserves those proceeds shall not
release the proceeds to any person until the rights of the owner and the
real estate broker are determined pursuant to NRS 645.8791 .
4. A reservation of an owner’s net proceeds or any portion of an
owner’s net proceeds pursuant to this section does not relieve the owner
of his obligation to close escrow for the commercial real estate.
(Added to NRS by 1999, 1177 )
1. If:
(a) A notice of a claim is recorded pursuant to NRS 645.8775 ;
(b) An escrow agent has reserved an owner’s net proceeds or any
portion of an owner’s net proceeds pursuant to NRS 645.8781 ; and
(c) Escrow for the disposition of the commercial real estate has
closed,
Ê the escrow agent may, in accordance with the provisions of NRS 645A.177
, deposit with the district court of
the county where the claim is recorded the amount of the owner’s net
proceeds reserved by him pursuant to NRS 645.8781 .
2. If an escrow agent deposits an owner’s net proceeds with a
district court pursuant to subsection 1, the escrow agent is discharged
from any further liability concerning those proceeds.
(Added to NRS by 1999, 1177 )
1. If a claim is recorded pursuant to NRS 645.8775 , the owner against whom the claim is recorded
may:
(a) File a civil action concerning the claim in the district court
of the county where the commercial real estate or a portion of the
commercial real estate is located; and
(b) At the time the summons is issued or at any time before the
complaint is answered by the real estate broker, apply to the district
court for an order directing the real estate broker to appear before the
court to show cause why the claim should not be dismissed.
2. If the court issues an order directing the real estate broker
to appear before the court, the order must:
(a) State that, if the real estate broker fails to appear at the
time and place specified in the order, the claim will be dismissed with
prejudice pursuant to subsection 3;
(b) Specify a time and date on which the court will conduct a
hearing on the matter; and
(c) Establish a period within which the owner must serve a notice
of the order on the real estate broker and the escrow agent.
3. If the real estate broker fails to appear at the time and place
specified in the order issued pursuant to subsection 2, the court shall
issue an order:
(a) Dismissing the claim with prejudice;
(b) Cancelling the notice of the claim recorded pursuant to NRS
645.8775 ; and
(c) Requiring the real estate broker to record in the office of the
county recorder of the county where the notice of the claim is recorded a
copy of the order of cancellation issued pursuant to paragraph (b).
Ê An order issued pursuant to this subsection must state that the
cancellation of the notice of the claim has the same effect as an
expungement of that notice.
4. If a hearing is conducted pursuant to this section, the court
shall consider the showing made by the parties at the hearing and shall
make a preliminary determination of which party, with reasonable
probability, is entitled to the amount of the owner’s net proceeds
claimed by the broker pending final adjudication of the claims of the
parties.
5. If, after the hearing, the district court determines there is a
reasonable probability that:
(a) The real estate broker is entitled to the amount of the owner’s
net proceeds claimed by him, the court shall, if those proceeds:
(1) Have been deposited with the court by the escrow agent
pursuant to NRS 645.8785 , release the
proceeds to the real estate broker; or
(2) Have not been deposited with the court by the escrow
agent pursuant to that section, order the escrow agent to release the
proceeds to the real estate broker; or
(b) The owner is entitled to the amount of the owner’s net proceeds
claimed by the real estate broker, the court shall, if those proceeds:
(1) Have been deposited with the court by the escrow agent
pursuant to NRS 645.8785 , release the
proceeds to the owner; or
(2) Have not been deposited with the court by the escrow
agent, order the escrow agent to release the proceeds to the owner.
6. If the owner believes the claim is frivolous and is made
without reasonable cause, the owner may include in the application
submitted pursuant to subsection 1 a request for an order directing the
real estate broker to appear and show cause why the claim should not be
dismissed on those grounds. If the court issues such an order, any
hearing conducted pursuant to that order must be conducted in the manner
provided in NRS 108.2275 . In addition
to any remedy set forth in that section, the court may award compensatory
damages to the owner.
7. The prevailing party in any civil action filed or hearing
conducted pursuant to this section is entitled to receive:
(a) Any costs incurred by that party for the civil action or
hearing; and
(b) A reasonable attorney’s fee.
8. Proceedings conducted pursuant to this section do not affect
any rights or remedies otherwise available to the owner or the real
estate broker.
(Added to NRS by 1999, 1178 )
1. Except as otherwise provided in subsection 2, a claim that is
recorded pursuant to the provisions of NRS 645.8775 has priority over any other encumbrance,
claim or lien, if the claim of the real estate broker is recorded before
the encumbrance, claim or lien.
2. The provisions of subsection 1 do not apply to a lien recorded
pursuant to the provisions of NRS 108.221 to 108.246 ,
inclusive.
(Added to NRS by 1999, 1179 )
If a real estate broker
records a claim pursuant to the provisions of NRS 645.8775 and that claim is paid or otherwise satisfied
pursuant to that section, the real estate broker shall, within 3 days
after the claim is paid or otherwise satisfied, record a written release
of that claim. The release must be recorded in the office of the county
recorder where the claim was recorded.
(Added to NRS by 1999, 1179 )
Any notice that is required to be
served pursuant to the provisions of NRS 645.8701 to 645.8811 , inclusive, must be served in the manner
provided in NRS 108.227 .
(Added to NRS by 1999, 1179 )
An escrow agent:
1. Is not liable in any civil action for any action taken to
comply with the provisions of NRS 645.8701 to 645.8811 , inclusive.
2. May charge and collect a fee from an owner or real estate
broker for any services provided by the escrow agent to the owner or real
estate broker pursuant to NRS 645.8701
to 645.8811 , inclusive.
(Added to NRS by 1999, 1179 )
UNLAWFUL ACTS; PENALTIES
1. A person who:
(a) Obtains or attempts to obtain a license pursuant to this
chapter by means of intentional misrepresentation, deceit or fraud; or
(b) Sells or attempts to sell in this State any interest in real
property by means of intentional misrepresentation, deceit or fraud,
Ê is guilty of a category D felony and shall be punished as provided in
NRS 193.130 . In addition to any other
penalty, the court shall order the person to pay restitution.
2. Any licensee, permittee or owner-developer who commits an act
described in NRS 645.630 , 645.633
or 645.635 shall be punished by a fine of not more than
$5,000 for each offense.
3. A person who violates any other provision of this chapter, if a
natural person, is guilty of a gross misdemeanor, and if a
limited-liability company, partnership, association or corporation, shall
be punished by a fine of not more than $2,500.
4. Any officer or agent of a corporation, or member or agent of a
limited-liability company, partnership or association, who personally
participates in or is an accessory to any violation of this chapter by
the limited-liability company, partnership, association or corporation,
is subject to the penalties prescribed in this section for natural
persons.
5. The provisions of this section do not release a person from
civil liability or criminal prosecution pursuant to the general laws of
this State.
6. The Administrator may prefer a complaint for violation of NRS
645.230 before any court of competent
jurisdiction and may take the necessary legal steps through the proper
legal officers of this State to enforce the provisions thereof.
7. Any court of competent jurisdiction may try any violation of
this chapter, and upon conviction, the court may revoke or suspend the
license of the person so convicted, in addition to imposing the other
penalties provided in this section.
[29:150:1947; 1943 NCL § 6396.29]—(NRS A 1963, 678; 1967, 644;
1979, 1557; 1981, 1330; 1983, 223; 1985, 1278; 1993, 891; 1995, 1312;
1997, 171; 2001, 524 ; 2003, 3465 )
1. It is unlawful for any person to file with the Administrator,
the Division or the Commission any notice, statement, complaint or other
document required under the provisions of this chapter which is false or
which contains any willful, material misstatement of fact.
2. A person who violates any provision of this section is guilty
of a gross misdemeanor.
(Added to NRS by 2003, 1289 )
