reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 119A - TIME SHARES › LICENSING › Section 119A.140 - Change of address or employment

Current through June 11, 2024
1. Each licensee
				  and representative shall inform the Division immediately, in writing, of any
				  change in the address of his or her business or residence. Failure to inform
				  the Division of changes of address is a ground for suspension or revocation of
				  a license.
2. Failure to notify the
				  Division that a project broker has discontinued business at the address at
				  which he or she is registered, or that a licensee is no longer employed by a
				  project broker under whom he or she is shown to be licensed, is a ground for
				  suspension or revocation of the license involved.
3. A representative is authorized to conduct
				  activities only at the location specified in his or her application. Any change
				  of location by a representative must be acknowledged to the Division in
				  advance.
4. Failure to acknowledge
				  a change of location is a ground for cancellation of a representative's
				  authorization to represent a developer.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84
NRS
				  119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › LICENSING › Section 119A.147 - Referral of complaints

Current through June 11, 2024
The Administrator will refer any
				  complaint:
1. For the imposition of a
				  fine or the revocation or suspension of a sales agent's license, to the
				  Commission; and
2. On any other
				  matter requiring a hearing, to a hearing officer.
Added to NAC by Real Estate Div.,
				  eff. 5-2-86
NRS
				  119A.190,
				  119A.630,
				  119A.655
Nevada Administrative Code › Chapter 119A - TIME SHARES › LICENSING › Section 119A.150 - Sales agent: Procedure for revocation or suspension of license

Current through June 11, 2024
1. The procedure set forth in this section
				  will be followed before a sales agent's license is revoked or
				  suspended.
2. Upon a complaint
				  initiated by the Administrator, the matter will be set for a hearing by the
				  Administrator, who will schedule a hearing before the Commission.
3. The sales agent will be given at least 30
				  days notice in writing by the Administrator 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
				  Administrator relevant to the complaint.
4. The notice will be served by delivery
				  personally to the sales agent or by mailing by certified mail to the last known
				  address of the sales agent.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A 5-2-86
NRS
				  119A.190,
				  119A.655
Nevada Administrative Code › Chapter 119A - TIME SHARES › LICENSING › Section 119A.160 - Hearing: Time and place; record; fees for witnesses; subpoena; participation by Administrator

Current through June 11, 2024
1. The hearing
				  described in NAC
				  119A.150 must be held at such
				  time and place as the Administrator prescribes.
2. A record of the proceedings will be made
				  available to each party upon the payment to the Division of the reasonable cost
				  of transcription.
3. Each witness
				  who appears pursuant to a subpoena may receive for his or her attendance the
				  same fees and mileage allowed by law to a witness in civil cases to be paid by
				  the party at whose request the witness is subpoenaed.
4. A party to a hearing may compel the
				  attendance of witnesses in his or her behalf at the hearing upon making a
				  request to the Administrator and designating the name and address of the person
				  to be served with a subpoena.
5.
				  The Administrator will not participate in the adjudication of a disciplinary
				  proceeding but will carry out the hearing officer's decision.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A 5-2-86; A by
				  R130-16A,
				  eff. 11/13/2017; A
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › LICENSING › Section 119A.170 - Hearing: Procedure

Current through June 11, 2024
1. The hearing
				  officer shall:
(a) Ascertain whether all
				  persons commanded to appear under subpoena are present, and whether all
				  documents, books, records and other evidence under subpoena are present in the
				  hearing room;
(b) Administer the
				  oath to the reporter as follows: "Do you solemnly swear or affirm that you will
				  report this hearing to the best of your stenographic ability?";
(c) Ascertain whether either party desires to
				  have a witness excluded from the hearing room until he or she is called. The
				  hearing officer may exclude a witness on his or her own motion or upon the
				  motion of either party;
(d)
				  Ascertain whether a copy of the complaint or decision to deny has been filed
				  and whether an answer has been filed as part of the record in the proceedings;
				  and
(e) Request the plaintiff or
				  petitioner to proceed with the presentation of his or her case.
Nevada Administrative Code › Chapter 119A - TIME SHARES › LICENSING › Section 119A.175 - Rehearing: Procedure

Current through June 11, 2024
The following procedures will be used for a
				  rehearing in a case where a ruling or decision of the hearing officer is
				  against the sales agent:
1. The sales
				  agent may within 10 days after receiving the decision, petition the hearing
				  officer for a rehearing.
2. The
				  petition must state with particularity the points of law which in the opinion
				  of the sales agent the hearing officer has overlooked or misconstrued and must
				  contain every argument in support of the application that the sales agent
				  desires to present.
3. Oral
				  argument in support of the petition is not permitted.
4. The Administrator may file and serve an
				  answer to a petition for a rehearing within 10 days after receiving service of
				  the petition.
5. A rehearing may be
				  granted by the hearing officer for any of the following causes or grounds:
(a) An irregularity in the proceedings in the
				  original hearing;
(b) Newly
				  discovered evidence of a material nature which the applicant could not with
				  reasonable diligence have discovered and produced at the original hearing;
				  or
(c) An error in the application
				  of the law which occurred at the hearing and was objected to by the sales agent
				  during the earlier hearing.
Nevada Administrative Code › Chapter 119A - TIME SHARES › LICENSING › Section 119A.180 - Hearing: Continuance

Current through June 11, 2024
1. The time of the
				  hearing may be continued by the hearing officer upon the written petition of
				  the sales agent or upon the written petition of the Administrator for good
				  cause shown, or by stipulation of the parties to the hearing.
2. A continuance will not be granted on the
				  grounds that the sales agent's attorney has not had an opportunity to review
				  the case unless he or she was given the case in good faith by the sales agent
				  less than 15 days before the hearing.
3. A continuance will not be granted unless
				  it is made in good faith and not merely for delay.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84
NRS
				  119A.190,
				  119A.655
Nevada Administrative Code › Chapter 119A - TIME SHARES › LICENSING › Section 119A.185 - Sales agent: Payment of fees

Current through June 11, 2024
The payment of an application or license fee
				  must be made by cash, check or money order and payment shall be deemed earned
				  upon receipt by the Division.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A 11-8-88
NRS
				  119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › SALE OF TIME SHARES › Section 119A.190 - Procedure for filing for permit or approval

Current through June 11, 2024
The following procedures must be followed
				  in filing an application for a time-share permit:
1. Required material must be filed with the
				  Division by personal delivery, by electronic delivery through a registry
				  approved by the Division, or by mail, addressed to the office of the Division
				  in Las Vegas.
2. Checks, drafts,
				  money orders or electronic payments used to pay fees must be made payable to
				  the Nevada Real Estate Division. Any payment of $10,000 or more must be
				  submitted through an electronic wire transfer in the manner prescribed by the
				  Division. All payments submitted are deemed earned upon receipt and are not
				  eligible to be refunded.
3. The
				  date of a filing is the date when a statement, document or other material is
				  received by the Division in the correct form together with the prescribed
				  fee.
4. An application for a permit
				  to sell time shares that is filed with the Division pursuant to subsection 1
				  must be on white paper that is 8 1/2 by 11 inches in size, have text that is
				  fully justified to the left and right margins and not contain text that is
				  smaller than 11-point font. Supplemental material, except maps, plats and other
				  official documents, must be on paper that is 8 1/2 by 11 inches in size.
				  Illegible photocopies must not be submitted.
5. A developer shall not incorporate by
				  reference any matter used in an application for a different time-share permit
				  previously filed with the Division.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A by
				  R130-16A,
				  eff. 11/13/2017; A
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190,
				  119A.300
Nevada Administrative Code › Chapter 119A - TIME SHARES › SALE OF TIME SHARES › Section 119A.195 - Preliminary permit

Current through June 11, 2024
If a preliminary permit to sell time shares has
				  been issued by the Administrator, the developer may accept a good faith deposit
				  for a reservation if the document by which the reservation is taken provides
				  for payment to the holder of the reservation of the total deposit plus interest
				  earned, if any, within 20 calendar days after receipt of written notice of
				  cancellation of the reservation.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A 5-2-86; A by
				  R130-16A,
				  eff. 11/13/2017; A
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190
				  and 119A.290
Nevada Administrative Code › Chapter 119A - TIME SHARES › SALE OF TIME SHARES › Section 119A.201 - Application for registration as time-share resale broker

Current through June 11, 2024
In addition to any other
				  information and documents required to be provided by law, an applicant for
				  registration as a time-share resale broker shall provide the following
				  information and documents with the application for registration, on a form
				  prescribed by the Division:
1. The
				  date of application, the name of the applicant and, if different, the name on
				  the applicant's license as a real estate broker issued pursuant to chapter 645
				  of NRS, the license number of such license, the home address, business address,
				  electronic mail address, telephone number and facsimile number of the applicant
				  and, if the applicant does business under an assumed or fictitious name
				  pursuant to the provisions of chapter 602 of NRS, the assumed or fictitious
				  name and each county in which such an assumed or fictitious name is
				  registered.
2. If the applicant has
				  done business as a real estate broker under any assumed or fictitious name
				  other than any assumed or fictitious name provided pursuant to subsection 1,
				  any other such assumed or fictitious name and the counties and states in which
				  each such name was registered.
3.
				  If the applicant is a corporation, partnership, limited-liability company or
				  any other business entity, other than a publicly traded corporation:
(a) The name and address of the entity and
				  its state of formation; and
(b) The
				  name, address and principal occupation of each person owning or controlling an
				  interest of 10 percent or more in the entity and the position held by each such
				  person in the entity.
Nevada Administrative Code › Chapter 119A - TIME SHARES › SALE OF TIME SHARES › Section 119A.202 - Abbreviated registration: Information and documents to be provided to purchasers; filing of certain documents with Division; renewal

Current through June 11, 2024
1. If a developer files an abbreviated
				  registration pursuant to
				  NRS
				  119A.302 and the Division approves the public
				  report, public offering statement or other disclosure document issued for the
				  time-share plan in the state or jurisdiction where the time-share plan is
				  offered or sold, the developer shall provide to each purchaser, in addition to
				  any information and documents required to be provided by law, an abbreviated
				  registration disclosure document, on a form prescribed by the Division, which
				  contains:
(a) A copy of the public report,
				  public offering statement or other disclosure document from the other state or
				  jurisdiction;
(b) A cover page
				  which contains the statement required by subsection 1 of NAC
				  119A.205;
(c) A page which includes:
(1) The name and address of the
				  developer;
(2) The effective date
				  of the abbreviated registration disclosure document;
(3) The date on which the permit was
				  originally issued and the permit number;
(4) The address and telephone number of the
				  Division; and
(5) A statement that
				  the disclosure document has been approved for use by the Division;
(d) A copy of the permit issued by
				  the Administrator, including the effective date of the permit, the date of each
				  renewal thereof and the date of each amendment to the abbreviated registration
				  disclosure statement;
(e) A copy of
				  the Time Share Notice of Cancellation form prescribed by the Division;
				  and
(f) A copy of the Receipt of
				  Nevada Public Offering Statement form prescribed by the Division.
Nevada Administrative Code › Chapter 119A - TIME SHARES › SALE OF TIME SHARES › Section 119A.203 - Abbreviated registration: Application for conversion of existing permit

Current through June 11, 2024
1. An existing permit may be converted to an
				  abbreviated registration by filing an application for conversion to an
				  abbreviated registration with the Division, subject to the requirements of this
				  section and NRS
				  119A.302. The Division will review each
				  application and issue an approval or a request for more information or
				  documentation:
(a) Within 60 days after
				  receipt of an application for a permit to sell time shares in a time-share plan
				  containing only one component site; and
(b) Within 120 days after receipt of an
				  application for a permit to sell time shares in a time-share plan containing
				  more than one component site.
Nevada Administrative Code › Chapter 119A - TIME SHARES › SALE OF TIME SHARES › Section 119A.205 - Public offering statement

Current through June 11, 2024
1. A public
				  offering statement that has been approved or deemed approved by the Division
				  pursuant to NRS
				  119A.304 or
				  119A.355 must have a cover sheet
				  which states in red:
THE PROSPECTIVE PURCHASER SHOULD READ THIS REPORT
				  BEFORE SIGNING ANY PAPER.
2.
				  In addition to including any other information or documents required to be
				  provided by law, the public offering statement must:
(a) Be prepared and submitted to the Division
				  in an electronic format which may be edited and with text that is not smaller
				  than 11-point font;
(b) Except as
				  otherwise provided in paragraph (c), be signed by the Administrator or his or
				  her designee as evidence of the Division's approval for its use;
(c) If deemed approved by the Division
				  pursuant to NRS
				  119A.304 or
				  119A.355, contain the phrase
				  "DEEMED APPROVED FOR USE" in 12-point boldface type, in lieu of containing the
				  signature of the Administrator or his or her designee; and
(d) Contain:
(1) The effective date of the public offering
				  statement, the date of the initial public offering statement and the date of
				  every amendment thereto; and
(2)
				  The date of the initial permit and the date on which the permit was renewed or
				  deemed renewed.
Nevada Administrative Code › Chapter 119A - TIME SHARES › SALE OF TIME SHARES › Section 119A.210 - Material change in plan

Current through June 11, 2024
1. A material
				  change in the time-share plan must satisfy the requirements set forth in
				  NRS
				  119A.304.
2. An order to cease issued pursuant to
				  NRS
				  119A.280 must be served upon the project
				  broker or developer personally or by certified mail to the last known business
				  address on file with the Division.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A by
				  R130-16A,
				  eff. 11/13/2017; A
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › SALE OF TIME SHARES › Section 119A.213 - Developer to file amended statement of record before change of project broker; fee

Current through June 11, 2024
1. A developer
				  shall not change the project broker which coordinates the sale of time shares
				  on behalf of the developer without first filing an amendment to the statement
				  of record filed with the Division.
2. An amendment filed with the Division
				  pursuant to subsection 1 must be:
(a) Signed
				  by an authorized representative of the developer;
(b) Submitted on a form prescribed by the
				  Division; and
(c) Accompanied by
				  the fee specified in NRS
				  119A.360.
Nevada Administrative Code › Chapter 119A - TIME SHARES › SALE OF TIME SHARES › Section 119A.215 - Informal meetings

Current through June 11, 2024
The Administrator will schedule an informal
				  meeting to resolve matters which may be settled or otherwise may not require a
				  formal hearing, in accordance with the following procedures:
1. The Administrator will initiate the
				  procedure for an informal meeting by giving written notice which will include a
				  concise statement of all the facts relating to the possible violation and a
				  brief statement of the relief desired by the Administrator.
2. An informal meeting will be held by the
				  Administrator or a designee thereof at a time and place prescribed by the
				  Administrator.
3. The Administrator
				  or the designee will, upon request, or any other party may, record the informal
				  meeting.
4. The initiation of an
				  informal meeting by the Administrator is without prejudice to its right to
				  initiate a complaint and formal proceedings covering the same subject matter
				  pursuant to this chapter.
5. All
				  matters discussed and all material presented in an informal meeting may be used
				  in a subsequent formal hearing, and the Administrator or the designee convening
				  the meeting will inform all parties of that fact at the beginning of the
				  informal meeting.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84
NRS
				  119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › SALE OF TIME SHARES › Section 119A.220 - Trusts

Current through June 11, 2024
If a
				  trust is used to satisfy the requirements of subsection 2 of
				  NRS
				  119A.430:
1. The trust must be established pursuant to
				  an agreement that complies with the laws of the jurisdiction under which it was
				  formed; and
2. A copy of the trust
				  agreement must be submitted to the Division with the initial statement of
				  record and, if the trust agreement is amended, the amendment must be submitted
				  to the Division as an amendment to the statement of record within 10 days after
				  the effective date of the amendment.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A by
				  R130-16A,
				  eff. 11/13/2017; A
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190,
				  119A.430
Nevada Administrative Code › Chapter 119A - TIME SHARES › SALE OF TIME SHARES › Section 119A.225 - Agreement by developer to subsidize costs

Current through June 11, 2024
The developer, in lieu of paying the
				  assessments on all unsold intervals, may enter an agreement with the
				  association whereby the developer agrees to pay the difference between the
				  total of the assessments paid by owners to the association and the actual
				  operating costs, together with the budgeted reserves for repair and
				  replacement. In addition to the agreement, the Division may require security in
				  the form of a bond, letter of credit or other liquid asset to be placed in
				  escrow.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A by
				  R130-16A,
				  eff. 11/13/2017; A
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › SALE OF TIME SHARES › Section 119A.230 - Subordination of interest by holders of certain liens

Current through June 11, 2024
Any holder of a lien which
				  is secured by any interest in the real property on which a project is located
				  shall subordinate his or her interest to a declaration either by jointly
				  executing the declaration or by a separate recorded
				  instrument.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A by
				  R130-16A,
				  eff. 11/13/2017; A
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › STANDARDS AND DUTIES › Section 119A.240 - General obligations

Current through June 11, 2024
1. The project
				  broker shall share with the developer the responsibility for all activities
				  involving advertising, sales, solicitations and the inducement of persons to
				  purchase time shares.
2. If a
				  developer wishes to use more than one location to conduct sales activities, the
				  project broker shall establish and maintain appropriate branch
				  offices.
3. A location devoted
				  exclusively to attempting to induce persons to attend a sales presentation for
				  a time-share plan which is not located at the regular place of business of the
				  developer, project broker or sales agent is not a branch office.
4. A project broker is responsible for the
				  activities of each sales agent, salesperson, broker-salesperson and registered
				  representative.
5. At the
				  discretion of the Administrator, the records of a developer and project broker
				  may be inspected and audited by the Division and, in accordance with subsection
				  6, must be made available to the Division at the location of the records, if
				  they are located in Nevada, or at the Division's office in Las Vegas, if they
				  are located outside of Nevada.
6. A
				  developer must produce the records within 10 days after receiving the
				  Division's request. Failure to provide the Division with the records will
				  result in suspension of the developer's sales activities until the records
				  requested are produced.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A by
				  R130-16A,
				  eff. 11/13/2017; A
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190,
				  119A.652
Nevada Administrative Code › Chapter 119A - TIME SHARES › STANDARDS AND DUTIES › Section 119A.245 - Project brokers

Current through June 11, 2024
A project broker shall:
1. Obtain from each purchaser of a time
				  share, on a form prescribed by the Division, a receipt for a copy of the public
				  offering statement signed by the purchaser and selling agent;
2. Provide the purchaser with a copy of the
				  receipt in paper format;
3. Keep
				  the receipt with a copy of any contract of sale or other sales agreement and
				  other material in the files at his or her principal place of business;
				  and
4. Review with his or her
				  salespersons, sales agents and registered representatives the contents of this
				  chapter and chapter 119A of NRS and exercise strict supervision over their
				  activities and over the operation of his or her business.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A 5-2-86; A by
				  R130-16A,
				  eff. 11/13/2017; A
				  by
				  R130-16AP,
				  eff. 8/30/2018
119A.190,
				  119A.400
Nevada Administrative Code › Chapter 119A - TIME SHARES › STANDARDS AND DUTIES › Section 119A.250 - Signing contracts; compliance with real estate laws; relationships between licensees

Current through June 11, 2024
1. All contracts of
				  sale must be signed either by the project broker or by his or her authorized
				  broker-salesperson, salesperson or sales agent.
2. Nothing in this chapter excuses a licensed
				  real estate broker, broker-salesperson or salesperson from complying with
				  chapter 645 of NRS and the regulations adopted pursuant thereto.
3. A broker-salesperson, salesperson or sales
				  agent shall not associate with or accept compensation from any person other
				  than the project broker under whom he or she is licensed at the time.
4. A person licensed as a real estate broker,
				  broker-salesperson or salesperson under chapter 645 of NRS or a sales agent
				  under chapter 119A of NRS may not register with the Division as a registered
				  representative unless that license is placed on inactive status.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A 2-28-90
NRS
				  119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › STANDARDS AND DUTIES › Section 119A.255 - Contracts and other documents used in sale of project

Current through June 11, 2024
1. Each contract, agreement and other
				  document used in the sale of a time-share plan is subject to the standards for
				  advertising that are set forth in this chapter.
2. Each contract for the sale of a time share
				  or purchase agreement must be printed with text that is not smaller than
				  11-point font and have a margin of approximately 1 inch on the left and right
				  sides and at the top and bottom of each page.
3. The following words must be printed
				  clearly and conspicuously in a 12-point boldface type at the top of each
				  contract for the sale of a time share:
This is a binding contract by
				  which you agree to purchase an interest in a time-share project. You should
				  examine the statement of your right to revoke this contract within 5 days which
				  is contained elsewhere in this contract.
4. The following words or words of a similar
				  import may not be used in a contract of sale for a project, time-share unit or
				  interest in a project:
The purchaser agrees that no representation, oral
				  or implied, has been made to the purchaser other than what is contained in this
				  contract.
5. The following
				  words must be printed clearly and conspicuously above the purchaser's signature
				  line in each contract for the sale of a time share:
(a) "The purchaser of a time share may
				  cancel, by written notice, the contract of sale until midnight of the fifth
				  calendar day after the date of execution of the contract."
(b) "The right of cancellation may not be
				  waived. Any attempt by the developer to obtain a waiver results in a contract
				  which is voidable by the purchaser."
(c) "The notice of cancellation may be
				  delivered personally to the developer, sent by certified mail, return receipt
				  requested, or sent by express, priority or recognized overnight delivery
				  service, with proof of service, to the business address of the
				  developer."
(d) "The developer
				  shall, within 20 calendar days after receipt of the notice of cancellation,
				  return all payments made by the purchaser."
Nevada Administrative Code › Chapter 119A - TIME SHARES › STANDARDS AND DUTIES › Section 119A.256 - Required statement in contract or other instrument used in sale of sampler program

Current through June 11, 2024
1. Each contract or
				  other instrument that is used in the sale of a sampler program must contain the
				  following statement in at least 10-point bold type above the purchaser's
				  signature line:
The Real Estate Division of the Department of Business and
				  Industry does not regulate or evaluate the sale of this product. No
				  representations to the contrary may be made.
2. As used in this section, "sampler program"
				  means a program that allows a prospective purchaser of a time share to buy an
				  increment of time or occupancy of a limited duration in a time-share plan,
				  normally to be used within 1 year after the date of purchase, for the purpose
				  of determining whether to purchase a time share in the time-share
				  plan.
Added to NAC by Real Estate Div.
				  by R135-01, eff. 12-13-2001
NRS
				  119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › STANDARDS AND DUTIES › Section 119A.257 - Required disclosure of certain information to purchaser before resale; duties of time-share resale broker

Current through June 11, 2024
1. The information
				  required to be disclosed to the purchaser of a previously sold time share
				  pursuant to NRS
				  119A.4775 must be given to the purchaser by a
				  time-share resale broker in paper format on a disclosure form prescribed by the
				  Division, and must include a notice of cancellation form prescribed by the
				  Division.
2. A time-share resale
				  broker shall:
(a) Obtain from each purchaser
				  of a previously sold time share a signed receipt for the disclosure form
				  prescribed by the Division and provide the purchaser with a copy in paper
				  format; and
(b) Keep the receipt of
				  the disclosure form signed by the purchaser with a copy of any contract for the
				  resale of a time share at the principal place of business of the time-share
				  resale broker.
Nevada Administrative Code › Chapter 119A - TIME SHARES › STANDARDS AND DUTIES › Section 119A.258 - Escrow accounts for purchasers (Repealed)

Current through June 11, 2024
Added to NAC by Real Estate Div.,
				  eff. 2-28-90; R by
				  R130-16A,
				  eff. 11/13/2017; R
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › STANDARDS AND DUTIES › Section 119A.260 - Time-share representatives

Current through June 11, 2024
1. A person who
				  desires to become a representative for a developer must file an application for
				  registration on a form furnished by the Division. The fee required by
				  NRS
				  119A.360 is not refundable. An application
				  for registration must be filed with the Division for each developer
				  represented.
2. A person who is
				  registered shall refer to himself or herself only as a time-share
				  representative.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A 11-8-88
NRS
				  119A.190,
				  119A.240,
				  119A.360
Nevada Administrative Code › Chapter 119A - TIME SHARES › STANDARDS AND DUTIES › Section 119A.265 - Responsibility of developer and project broker

Current through June 11, 2024
1. The
				  developer is responsible for the acts of each person whom he or she employs or
				  engages to represent him or her which are performed within the scope of the
				  employee's employment.
2. The
				  project broker is responsible for the acts of each person whom he or she
				  employs or engages to represent him or her which are performed within the scope
				  of the employee's employment.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84
NRS
				  119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › STANDARDS AND DUTIES › Section 119A.270 - Fraudulent or misleading sales techniques or tactics

Current through June 11, 2024
In determining whether a licensee
				  has engaged in a fraudulent or misleading sales technique or tactic, the
				  Commission or hearing officer shall consider whether the licensee has, in
				  connection with the act complained of:
1. Demonstrated an acceptable level of
				  professional conduct to protect the public against fraud, misrepresentation or
				  unethical practices in the promotion and sale of time shares.
2. Endeavored to ascertain all the pertinent
				  facts concerning the time-share plan with which he or she is dealing.
3. Made a representation that is outside of
				  his or her field of experience or competence without the assistance of a
				  qualified authority, unless the fact of the lack of experience or competence is
				  fully disclosed to his or her client.
4. Adequately documented any required
				  disclosure of his or her interest in the time-share plan with which he or she
				  is dealing.
5. Kept himself or
				  herself informed of the current laws and regulations governing the promotion
				  and sale of time shares and related fields in which he or she attempts to
				  provide guidance.
6. Breached his
				  or her obligation of absolute fidelity to his or her principal's interest or
				  his or her obligation to deal fairly with all parties to a
				  transaction.
7. Obtained each
				  change in the terms of the contract for sale and related documents in writing
				  and determined that each change is signed or initialed by the parties
				  concerned.
8. Understood and
				  properly applied relevant federal and state law relating to protection of
				  potential purchasers.
9.
				  Demonstrated an acceptable level of professional conduct in seeking to provide
				  all material facts of common or express concern to the parties to the
				  transaction.
10. Violated any of
				  the provisions of this chapter or chapter 119A of NRS.
11. Employed oppressive sales tactics or
				  methods as described in this chapter.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A by
				  R130-16A,
				  eff. 11/13/2017; A
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › STANDARDS AND DUTIES › Section 119A.275 - Prompt delivery of offers, acceptances and counteroffers

Current through June 11, 2024
A sales
				  agent shall promptly deliver:
1. To
				  the project broker every good faith offer complete with all the terms and
				  conditions of the purchase which he or she obtains; and
2. To the purchaser and seller a copy of each
				  acceptance of an offer or counteroffer.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84
NRS
				  119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › STANDARDS AND DUTIES › Section 119A.280 - Sales prohibited if title unmerchantable

Current through June 11, 2024
A sales agent may not attempt to
				  sell or offer to sell any time share with knowledge that the title is
				  unmerchantable.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A 10-23-87; A by
				  R130-16A,
				  eff. 11/13/2017; A
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › STANDARDS AND DUTIES › Section 119A.285 - Disclosure of interest

Current through June 11, 2024
If a licensee owns or has an interest in a time
				  share which he or she is attempting to sell, or has an interest in the
				  time-share plan of the time share, the licensee shall disclose the interest and
				  the nature thereof in writing to a prospective purchaser before or at the time
				  of his or her receipt of an offer to purchase.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A by
				  R130-16A,
				  eff. 11/13/2017; A
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › STANDARDS AND DUTIES › Section 119A.290 - Complaints

Current through June 11, 2024
1. The Administrator will prepare and require
				  the use of a standard form or affidavit by a person in making a complaint in
				  connection with the promotion and sale of time shares.
2. When a complaint is made, the
				  Administrator will investigate any action which appears to violate chapter 119,
				  119A, 645 or 645A of NRS or the regulations adopted pursuant thereto and is not
				  limited to the matter in the complaint.
3. A licensee or representative shall
				  disclose all facts and documents pertinent to the investigation to the members
				  of the Administrator's staff conducting the investigation.
4. If the Administrator determines that there
				  is a reason to believe that a violation of law or of a regulation has occurred,
				  he or she will initiate the appropriate disciplinary steps as provided in
				  either chapter 119A of NRS, if the licensee is licensed pursuant to that
				  chapter, or chapter 645 of NRS, if the licensee is licensed pursuant to that
				  chapter.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84
NRS
				  119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › ADVERTISING › Section 119A.295 - Requirements for advertisement: Submission by developer or agent; changes in item; identification of name of developer; press release (Repealed)

Current through June 11, 2024
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A 2-28-90; R135-01, 12-13-2001; R by
				  R130-16A,
				  eff. 11/13/2017; R
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › ADVERTISING › Section 119A.300 - Fees (Repealed)

Current through June 11, 2024
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A by R135-01, 12-13-2001; R by
				  R130-16A,
				  eff. 11/13/2017; R
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › ADVERTISING › Section 119A.305 - General standards

Current through June 11, 2024
1. An advertisement
				  must conform to the following standards:
(a)
				  Statements and representations contained in the advertisement must be accurate
				  and true; and
(b) The advertisement
				  must fully state the factual material so as not to misrepresent the facts or
				  create misleading impressions.
Nevada Administrative Code › Chapter 119A - TIME SHARES › ADVERTISING › Section 119A.310 - Price; predevelopment sale; discount; future price; increase in value

Current through June 11, 2024
An
				  advertisement, a piece of promotional material or an oral representation
				  regarding a time-share plan:
1. Which
				  refers to the purchase price of any time share must also clearly disclose any
				  additional compulsory assessment or cost to the prospective
				  purchaser.
2. Which refers to a
				  predevelopment sale being at a lower price, because a project within the
				  time-share plan has not yet been completed, must disclose whether there is a
				  good faith plan for such completion and, if there is such a plan, the estimated
				  completion date.
3. Must not contain
				  any statement concerning a future increase of the price by the developer which
				  is not specific as to the amount and the date of the increase, and a future
				  increase of the price may not be alluded to unless it is anticipated in good
				  faith.
4. Must not state that the
				  value of the land, unit or time share or an interest in the land, unit or time
				  share has increased in the project or the area.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A 5-2-86; A by
				  R130-16A,
				  eff. 11/13/2017; A
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › ADVERTISING › Section 119A.315 - Easements; improvements; assessment for improvement; taxes

Current through June 11, 2024
1. No improvement in or related to a project
				  within a time-share plan may be advertised unless it has been completed or
				  installed and is available for use, or the completion or availability is
				  assured through an adequate financial arrangement approved by the Division and
				  there is a contractual obligation of the developer to the purchaser to complete
				  the improvement.
2. An
				  advertisement which refers to any promised improvement for which the
				  prospective purchaser will be required to pay additional fees for use or access
				  must disclose the existence of such fees.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A by
				  R130-16A,
				  eff. 11/13/2017; A
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › ADVERTISING › Section 119A.320 - Reference to community or geographical area (Repealed)

Current through June 11, 2024
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; R by
				  R130-16A,
				  eff. 11/13/2017; R
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › ADVERTISING › Section 119A.325 - Potential use of time share

Current through June 11, 2024
An advertisement must not imply that the use of
				  a time share is other than as set forth in the statement of
				  record.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A by
				  R130-16A,
				  eff. 11/13/2017; A
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › ADVERTISING › Section 119A.330 - Reference to facilities away from project

Current through June 11, 2024
1. An
				  advertisement must not contain any statement, photograph or sketch relating to
				  a facility for recreation, sports or any other conveniences which is not within
				  the project or not in existence, unless it is clearly and prominently disclosed
				  in conjunction with the statement, photograph or sketch that the facility is
				  only proposed or is not a part of the project, and the distance to it in miles.
				  If the road or street leading to the facility is not traversable year-round by
				  a conventional automobile, the developer must disclose the types of roads to be
				  traversed. If the facility is only proposed, the developer must state a good
				  faith date of completion in the advertisement.
2. An advertisement must not contain any
				  statement, photograph or sketch relating to a public facility that is
				  incomplete. As used in this subsection, "public facility" means any facility
				  which is available or will be available for use by the general public,
				  including purchasers of time shares and their successors in interest.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A 5-2-86; A by
				  R130-16A,
				  eff. 11/13/2017; A
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › ADVERTISING › Section 119A.335 - Use of maps, pictures and sketches

Current through June 11, 2024
1. An advertisement
				  may not include a map unless it is drawn to scale and the scale is stated, or
				  the map clearly and obviously bears the label "not to scale."
2. A map, plat or other representation of a
				  project must indicate the estimated date on which the project will be available
				  for occupancy.
3. If an
				  advertisement contains a picture, the picture must fairly and accurately depict
				  the existing conditions of the project being advertised for sale.
4. An advertisement must not contain an
				  artist's sketch which portrays proposed improvements or nonexistent scenes
				  unless the sketch is accompanied by a clear statement that the portrayal is an
				  artist's sketch and that the improvements are proposed or the scenes do not
				  currently exist.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A by
				  R130-16A,
				  eff. 11/13/2017; A
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › ADVERTISING › Section 119A.340 - Misleading use of reprints, testimonials, symbols or names

Current through June 11, 2024
An
				  advertisement must not include:
1. A
				  testimonial or endorsement which contains any statement that the developer or
				  project broker is precluded by law or regulation from making in his or her own
				  behalf.
2. An asterisk or other
				  reference symbol which refers to explanatory material that contradicts or
				  changes, or tends to contradict or change, the meaning of any prior statement
				  or which obscures or tends to obscure any material fact asserted elsewhere in
				  the advertisement.
3. A name or
				  symbol which implies that the advertiser is a public agency or a nonprofit,
				  research or other similar organization unless it is such an
				  organization.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; A by
				  R130-16A,
				  eff. 11/13/2017; A
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › ADVERTISING › Section 119A.345 - Required disclosures

Current through June 11, 2024
1. Each orally
				  presented or written advertisement which is designed to induce attendance at or
				  participation in a sales presentation must conspicuously include:
(a) The following statement: "This
				  advertising material is being used for the purpose of soliciting sales of time
				  shares"; and
(b) A disclosure of
				  any restrictions or conditions on the sale of a time share or the attendance or
				  participation in the sales presentation.
Nevada Administrative Code › Chapter 119A - TIME SHARES › ADVERTISING › Section 119A.350 - Reference to right of exchange, resale or repurchase

Current through June 11, 2024
An advertisement which
				  refers to:
1. A privilege on the part
				  of the owner to exchange his or her time share must clearly state any
				  qualification or limitation on the privilege.
2. A resale or repurchase of the time share
				  by the developer must fully disclose the terms and conditions of the resale or
				  repurchase.
Added to NAC by Real Estate Div.,
				  eff. 12-3-84
NRS
				  119A.190,
				  119A.370
Nevada Administrative Code › Chapter 119A - TIME SHARES › ADVERTISING › Section 119A.355 - Use of certain terms

Current through June 11, 2024
1. An advertisement
				  must not contain the term "appraised," "appraised value" or any other similar
				  term without specifying the statistics or materials which support the
				  conclusion, including:
(a) The date of the
				  appraisal;
(b) The appraiser's
				  name, address and telephone number;
(c) Any limiting conditions and other special
				  factors of the appraisal; and
(d)
				  The relationship of the appraiser to the developer.
Nevada Administrative Code › Chapter 119A - TIME SHARES › PROMOTIONAL MEETINGS AND PROMOTIONS › Section 119A.360 - Approval of promotional meeting (Repealed)

Current through June 11, 2024
Added to NAC by Real Estate Div.,
				  eff. 12-3-84; R by
				  R130-16A,
				  eff. 11/13/2017; R
				  by
				  R130-16AP,
				  eff. 8/30/2018
NRS 119A.190
Nevada Administrative Code › Chapter 119A - TIME SHARES › PROMOTIONAL MEETINGS AND PROMOTIONS › Section 119A.370 - Sweepstakes, vacation or other gift certificate

Current through June 11, 2024
1.
				  Before a developer advertises or promotes a time-share plan with a program
				  which includes the use of a sweepstakes, vacation or other form of a gift
				  certificate, the developer must:
(a) If
				  required by the Administrator, provide proof of financial assurance that he or
				  she can and will honor his or her commitments to the recipients and the
				  suppliers; and
(b) Comply with the
				  provisions of NRS
				  598.131 to
				  598.139,
				  inclusive.
Nevada Administrative Code › Chapter 119A - TIME SHARES › EDUCATION › Section 119A.375 - Evidence of 14 hours of required instruction

Current through June 11, 2024
The Administrator will accept as
				  satisfactory evidence of the 14 hours of instruction required by paragraph (a)
				  of subsection 1 of
				  NRS
				  119A.210, the submission by the applicant of
				  a certificate issued by a qualified instructor evidencing that the applicant
				  has:
1. Attended 8 hours of
				  instruction in the principles and practices of selling time shares which must:
(a) Include elements and types of time
				  shares, the respective roles of the developer, owner, project broker, agent and
				  representatives and the forms of contractual agreement and other documents
				  related to the sale of time shares; and
(b) Not include specific office-related,
				  project-oriented training or policies, any meeting for the promotion of sales
				  or any activity held as part of the actual sale or promotion of business, or
				  the development of personal motivation, the psychology of sales or techniques
				  for making sales;