Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › LICENSES, CERTIFICATES AND EXAMINATIONS › Section 645.185 - Cooperative certificate: Use of certificate

Current through June 11, 2024
1. A
			 certificate authorizing an out-of-state broker to cooperate with a Nevada
			 broker is valid for the earlier of 12 months after the date of issuance or the
			 completion or termination of the single transaction identified in the
			 application for the certificate and expires automatically when the transaction
			 has been completed or has been terminated. The fee paid for the issuance covers
			 only that period or transaction, as applicable. The certificate is not
			 transferable.
2. A Nevada broker
			 working with an out-of-state broker holding such a certificate shall
			 immediately report any change in his or her license status or address or the
			 license status or address of the out-of-state broker to the Division. Any
			 violation of this subsection subjects the certificate to revocation.
3. If, at any time during which a cooperative
			 certificate is in effect, the out-of-state broker or the Nevada broker wishes
			 to terminate the relationship, he or she must give written notice of the
			 termination to the Division and the broker with whom he or she has been
			 cooperating and the out-of-state broker shall immediately surrender his or her
			 certificate to the Division.
4. If
			 the license of the out-of-state broker expires or is inactivated, suspended,
			 revoked or cancelled, the out-of-state broker shall immediately give written
			 notice to the Division of each Nevada broker with whom he or she is cooperating
			 and surrender his or her cooperative certificate to the Division.
5. The Administrator may not issue a
			 cooperative certificate to an out-of-state association, partnership or
			 corporation which is licensed as a broker. Only a natural person who is a
			 broker may be issued such a certificate.
6. When acting under a cooperative
			 certificate, an out-of-state broker shall work through the cooperating Nevada
			 broker or a licensee associated with a Nevada broker. The Nevada broker shall
			 be in charge of the transaction from beginning to end.
7. Any money received in a cooperative
			 transaction may be handled only by the cooperating Nevada broker in accordance
			 with
			 NRS
			 645.310.
8. Each out-of-state broker, while
			 cooperating with a Nevada broker, is governed by the provisions of this chapter
			 and chapter 645 of NRS. Any violation of such a provision by the out-of-state
			 broker subjects his or her cooperative certificate and the Nevada broker's
			 license to fine or suspension, or both, or revocation. By accepting a
			 cooperative certificate, the out-of-state broker shall be deemed to have
			 appointed the Nevada broker as his or her agent for service of all notices and
			 process in any proceeding initiated by the Division pursuant to chapter 645 of
			 NRS related to the transaction for which the cooperative certificate was
			 issued.
9. A cooperating
			 out-of-state broker may authorize only one broker-salesperson or one
			 salesperson employed by him or her to act in his or her behalf. The
			 authorization must be on a form supplied by the Division, and a copy must be
			 sent to the Division before the authorized representative of the out-of-state
			 broker may conduct any transaction. The authorized representative shall carry
			 the completed form with him or her whenever the authorized representative is in
			 Nevada for the purpose of conducting his or her real estate business.
10. An out-of-state broker may cooperate with
			 more than one Nevada broker and a Nevada broker may cooperate with more than
			 one out-of-state broker. Each arrangement is considered a separate agreement
			 for which the appropriate form must be completed and submitted, the appropriate
			 fee paid and a separate cooperative certificate obtained.
11. An out-of-state broker may not use a
			 cooperating broker's certificate as authority to sell or attempt to sell real
			 estate in Nevada on behalf of the owner of that real estate. Such a certificate
			 may be used only for the purpose of allowing the out-of-state broker or
			 salesperson to represent a person other than a resident of Nevada in the
			 purchase of real estate in Nevada.
Real Estate Adv. Comm'n, §
			 XII, eff. 10-31-75-NAC A by Real Estate Comm'n, 8-21-81; 12-16-82; 4-27-84;
			 R031-04, 11-30-2004; A by
			 R097-14,
			 eff. 4/4/2016; A by
			 R060-20A,
			 eff. 12/29/2020
NRS
			 645.050,
			 645.190
			 and
			 645.605