reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › REAL ESTATE EDUCATION, RESEARCH AND RECOVERY FUND › Section 645.480 - "Unpaid actual damages" interpreted

Current through June 11, 2024
The Administrator shall interpret the phrase
			 "unpaid actual damages" as it is used in
			 NRS
			 645.844 to exclude any attorney's fees,
			 prejudgment interest, or court costs related to the judgment upon which the
			 petition is based.
Added to NAC by Real Estate Div.,
			 eff. 3-31-94
NRS
			 645.190,
			 645.844
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › REAL ESTATE EDUCATION, RESEARCH AND RECOVERY FUND › Section 645.485 - Compromise of claim

Current through June 11, 2024
1. In compromising
			 a claim pursuant to
			 NRS
			 645.845, the Administrator may prepare and
			 enter into a stipulation with the petitioner and file a joint petition with the
			 court.
2. Before the Administrator
			 and the petitioner file such a joint petition, the Administrator shall advise
			 the petitioner in writing that:
(a) The
			 Division does not represent the interests of the petitioner; and
(b) The petitioner should seek the advice of
			 independent legal counsel regarding the proposed compromise.
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › ADVISORY COMMITTEE › Section 645.490 - Establishment and purpose; list of persons approved to serve; appointment of members; restrictions on service; allowance and expenses

Current through June 11, 2024
1. The Commission may establish an advisory
			 committee to assist the Commission with any matter that the Commission
			 determines to be appropriate for submission to an advisory committee.
2. The Administrator may establish
			 an advisory committee to assist the Administrator in:
(a) The evaluation of any educational course,
			 seminar or conference; or
(b) The
			 review of a matter that is the subject of an investigation conducted pursuant
			 to NAC 645.680, if the licensee who is
			 the subject of the investigation agrees to participate in an informal review of
			 the matter with an advisory committee.
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › ADVISORY COMMITTEE › Section 645.493 - Review of matter investigated as result of complaint or upon request of Division: Duties of advisory committee and Administrator

Current through June 11, 2024
1. An advisory committee which is established
			 to assist the Administrator with the review of a matter that is the subject of
			 an investigation conducted pursuant to NAC 645.680 shall:
(a) Review the written report submitted by an
			 investigator pursuant to NAC 645.680 and any other information that is relevant
			 to the matter to determine whether there is probable cause to show that the
			 licensee who is the subject of the investigation has violated a provision of
			 chapter 113, 116, 119, 119A, 119B, 645, 645C or 645D of NRS or the regulations
			 adopted pursuant to those chapters;
(b) Hold an informal conference in accordance
			 with NAC 645.497;
(c) Work with the
			 licensee who is the subject of the investigation to attempt to arrive at a
			 recommendation for resolution of the matter; and
(d) Submit a recommendation for resolution of
			 the matter to the Administrator or recommend that the matter be submitted to
			 the Commission.
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › ADVISORY COMMITTEE › Section 645.497 - Review of matter investigated as result of complaint or upon request of Division: Informal conference; report to Administrator

Current through June 11, 2024
1. If an advisory committee is established to
			 assist the Administrator with the review of an investigation conducted pursuant
			 to NAC 645.680, the Administrator shall schedule an informal conference between
			 the advisory committee and the licensee who is the subject of the
			 investigation. The Administrator shall provide written notice of the time and
			 place of the conference to:
(a) Each member of
			 the advisory committee;
(b) The
			 licensee who is the subject of the investigation; and
(c) Each witness who has been requested to
			 appear at the informal conference.
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › ADVISORY COMMITTEE › Section 645.500 - Informal conference upon review of matter investigated by Administrator; report to Administrator; confidentiality

Current through June 11, 2024
1. If an
			 advisory committee is established to assist the Administrator with the review
			 of an investigation conducted pursuant to
			 NRS
			 645.610, the Administrator shall schedule an
			 informal conference between the advisory committee and the licensee who is the
			 subject of the investigation. The Administrator shall provide written notice of
			 the time and place of the informal conference to:
(a) Each member of the advisory
			 committee;
(b) The licensee who is
			 the subject of the investigation; and
(c) Each witness who has been requested to
			 appear at the informal conference.
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.525 - Naming of false consideration in document

Current through June 11, 2024
Regardless of disclosure or any
			 agreement on the part of the seller, a licensee shall not participate in the
			 naming of a false consideration in any document, unless it is an obviously
			 nominal consideration.
Real Estate Adv. Comm'n, §
			 VII Code of Ethics Part I subsec. 4, eff. 10-31-75-NAC A by Real Estate Comm'n
			 by R031-04, 11-30-2004
NRS
			 645.050,
			 645.190
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.535 - Exclusive agency agreements; placement of signs

Current through June 11, 2024
1. A
			 licensee cooperating with a broker who holds an exclusive listing or other
			 exclusive agency agreement shall not invite the cooperation of another licensee
			 without the consent of the listing broker or the agent.
2. Signs giving notice of property for sale,
			 rent, lease, or exchange must not be placed on any property by more than one
			 licensee unless authorized by the owner in writing.
3. A person must obtain the consent of the
			 broker who holds an exclusive listing or other exclusive agency agreement
			 before negotiating a lease or sale with the owner of that property or the
			 principal.
4. A broker who holds an
			 exclusive listing or other exclusive agency agreement shall cooperate with
			 other brokers whenever it is in the interest of his or her client and may share
			 commissions on a previously agreed basis.
Real Estate Adv. Comm'n, §
			 VII Code of Ethics Part II subsecs. 7 & 10-12, eff. 10-31-75-NAC A by Real
			 Estate Comm'n, 12-27-91; A by Real Estate Div.,
			 3-1-96
NRS
			 645.050,
			 645.190
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.541 - Authorization of licensee to negotiate directly with client of broker with exclusive authority to represent client

Current through June 11, 2024
1. A broker who
			 has the exclusive authority to represent a client under an exclusive agency
			 listing agreement, exclusive buyer's brokerage agreement or exclusive right to
			 sell or lease listing agreement may authorize another licensee to negotiate
			 directly with that client if written authorization is obtained from the broker
			 pursuant to subsection 2 of
			 NRS
			 645.635. The authorization must be prepared
			 on a form prescribed by the Division. The broker shall, upon request, provide a
			 copy of the authorization to any licensee cooperating with the
			 broker.
2. Any negotiation
			 conducted by a licensee with a seller, purchaser, lessor or tenant pursuant to
			 the authorization described in subsection 1 does not create an express or
			 implied agency relationship between the licensee and the client of the
			 authorizing broker.
3. A licensee
			 who cooperates with a broker and who negotiates an agreement pursuant to this
			 section may communicate with the authorizing broker's client to assist in
			 closing the agreement. Any communication engaged in pursuant to this subsection
			 does not create an express or implied agency relationship between the licensee
			 and the client of the authorizing broker.
4. As used in this section, "negotiate"
			 means:
(a) To communicate, deliver, discuss or
			 review the terms of an offer, counteroffer or proposal; or
(b) To communicate or assist in communication
			 regarding an offer, counteroffer or proposal and preparing any response as
			 directed.
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.546 - Representation of clients under brokerage agreements: "Present all offers" and "exclusive agency representation" interpreted

Current through June 11, 2024
1. As
			 used in
			 NRS
			 645.254, the Commission will interpret the
			 term "present all offers" to include, without limitation:
(a) Accepting delivery of or conveying an
			 offer or counteroffer;
(b)
			 Answering a client's questions regarding an offer or counteroffer;
			 and
(c) Assisting a client in
			 preparing, communicating or negotiating an offer or counteroffer.
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.551 - Exclusive buyer's brokerage agreements: Inclusion of certain provisions regarding compensation of broker

Current through June 11, 2024
An exclusive buyer's brokerage agreement may
			 authorize the broker specified in the agreement to receive compensation from
			 the seller or lessor of the property or the broker of the seller or lessor and
			 may provide that the purchaser or tenant is not required to compensate the
			 broker if the property is purchased or leased solely through the efforts of the
			 purchaser or tenant.
Added to NAC by Real Estate Comm'n
			 by R165-07, eff. 4-17-2008
NRS
			 645.050,
			 645.190
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.600 - Responsibilities of broker regarding associated licensees, employees and operation of business; agreement to retain licensee as independent contractor

Current through June 11, 2024
1. Every real estate broker shall teach the
			 licensees associated with him or her the fundamentals of real estate or
			 time-share practice, or both, and the ethics of the profession. The broker
			 shall supervise the activities of those licensees, the activities of his or her
			 employees and the operation of his or her business.
2. The supervision described in subsection 1
			 includes, without limitation, the establishment of policies, rules, procedures
			 and systems that allow the real estate broker to review, oversee and manage:
(a) The real estate transactions performed by
			 a licensee who is associated with the real estate broker;
(b) Documents that may have a material effect
			 upon the rights or obligations of a party to such a real estate
			 transaction;
(c) The filing,
			 storage and maintenance of such documents;
(d) The handling of money received on behalf
			 of a real estate broker;
(e) The
			 advertising of any service for which a real estate license is required;
			 and
(f) The familiarization by the
			 licensee of the requirements of federal and state law governing real estate
			 transactions, including, without limitation, prohibitions against
			 discrimination.
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.605 - Considerations in determining certain misconduct by licensee

Current through June 11, 2024
In determining whether a
			 licensee has been guilty of gross negligence or incompetence under paragraph
			 (h) of subsection 1 of
			 NRS
			 645.633 or conduct which constitutes
			 deceitful, fraudulent or dishonest dealing under paragraph (i) of that
			 subsection, the Commission will consider, among other things, whether the
			 licensee:
1. Has done his or her
			 utmost to protect the public against fraud, misrepresentation or unethical
			 practices related to real estate or time shares.
2. Has ascertained all pertinent facts
			 concerning any time share or property for which the licensee accepts an
			 agency.
3. Has attempted to provide
			 specialized professional services concerning a type of property or service that
			 is outside the licensee's field of experience or competence without the
			 assistance of a qualified authority unless the facts of such lack of experience
			 or competence are fully disclosed to his or her client.
4. Has disclosed, in writing, his or her
			 interest or contemplated interest in any property or time share with which the
			 licensee is dealing. The disclosure must include, but is not limited to, a
			 statement of:
(a) Whether the licensee expects
			 to receive any direct or indirect compensation, dividend or profit from any
			 person or company that will perform services related to the property and, if
			 so, the identity of the person or company;
(b) The licensee's affiliation with or
			 financial interest in any person or company that furnishes services related to
			 the property;
(c) If the licensee
			 is managing the property, his or her interest in or financial arrangement with
			 any person or company that provides maintenance or other services to the
			 property;
(d) If the licensee
			 refers one of his or her clients or customers to another person or company,
			 such as a contractor, title company, attorney, engineer or mortgage banker, the
			 licensee's expectation of a referral fee from that person or company;
			 and
(e) If the licensee receives
			 compensation from more than one party in a real estate transaction, full
			 disclosure to and consent from each party to the real estate transaction. A
			 licensee shall not accept compensation from more than one party in a real
			 estate transaction, even if otherwise permitted by law, without full disclosure
			 to all parties.
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.610 - Restrictions on advertising; use of name under which licensee is licensed

Current through June 11, 2024
1. In addition to satisfying the requirements
			 set forth in
			 NRS
			 645.315:
(a) An advertisement of the services of a
			 licensee for which a license is required under chapter 645 of NRS must not be
			 false or misleading.
(b) Except as
			 otherwise provided in this paragraph, a licensee shall not use his or her name
			 or telephone number or the name or telephone number of another licensee of the
			 brokerage firm with which the licensee is associated in any advertisement which
			 contains the words "for sale by owner," "for lease by owner" or similar words.
			 A licensee may use his or her name or telephone number in an advertisement for
			 property if the licensee has an ownership interest in the advertised property
			 and the advertisement contains:
(1) If the
			 licensee is a real estate broker, the words "for sale by owner-broker," "for
			 lease by owner-broker" or substantially similar words; or
(2) If the licensee is an agent, the words
			 "for sale by owner-agent," "for lease by owner-agent" or substantially similar
			 words.
(c) The name of a
			 brokerage firm under which a real estate broker does business or with which a
			 real estate broker-salesperson or salesperson is associated must be clearly
			 identified with prominence in any advertisement. In determining whether the
			 name of the brokerage firm is identified with prominence, the Division shall
			 consider, without limitation, the style, size and color of the type or font
			 used and the location of the name of the brokerage firm as it appears in the
			 advertisement.
(d) A licensee shall
			 not publish or cause to be published any advertisement or place any sign that
			 makes any reference to the availability of a specific property which is
			 exclusively listed for sale by another broker unless the licensee obtains the
			 prior written consent of the broker with whom the property is listed. Such
			 consent must not be given or withheld by the listing broker without the
			 knowledge of the owner of the property.
(e) Except as otherwise provided in this
			 paragraph, a licensee shall, in a conspicuous way, include his or her license
			 number in any advertisements. A licensee may, but is not required to, include
			 any:
(1) Preceding zeros at the beginning of
			 the license number; or
(2) Letters
			 after the period following the license number.
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.611 - Advertisement of services: Use of terms "team" and "group

Current through June 11, 2024
A licensee may use the term
			 "team" or "group" to advertise the services provided by the licensee if:
1. The use of the term does not constitute
			 the unlawful use of a trade name and is not deceptively similar to a name under
			 which any other person is lawfully doing business;
2. The team or group is composed of more than
			 one licensee;
3. The members of the
			 team or group are employed by the same broker;
4. The name of the team or group contains the
			 name and license number of at least one of the members of the team or group;
			 and
5. The advertising complies
			 with all other applicable provisions of this chapter and chapter 645 of
			 NRS.
Added to NAC by Real Estate Comm'n
			 by R031-04, eff. 11-30-2004; A by
			 R060-20A,
			 eff. 12/29/2020
NRS
			 645.050 and
			 645.190
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.613 - Dissemination of certain unsolicited information through Internet or electronic mail

Current through June 11, 2024
A licensee disseminating unsolicited
			 information concerning real property or marketing real property through the
			 Internet or electronic mail:
1. Shall
			 be deemed to be engaged in advertising and shall comply with the applicable
			 provisions of this chapter and chapter 645 of NRS relating to
			 advertising.
2. Shall make all
			 disclosures, obtain appropriate signatures and follow all requirements set
			 forth in this chapter and chapter 645 of NRS before entering into a
			 relationship as the agent of a client. The clicking of an acceptance box on the
			 Internet or in an electronic mail is insufficient to create such a relationship
			 between the licensee and the client. As used in this subsection, "appropriate
			 signature" means the legal signature of the client.
Added to NAC by Real Estate Comm'n
			 by R031-04, eff. 11-30-2004
NRS
			 645.050,
			 645.190
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.615 - Use of sign to identify business

Current through June 11, 2024
1. The sign which
			 NRS
			 645.560 requires each broker to erect and
			 maintain in a conspicuous place upon the premises of the broker's place of
			 business must be readable from the nearest public sidewalk, street or
			 highway.
2. If the broker's place
			 of business is located in an office building, hotel or apartment house, the
			 broker's sign must be posted on the building directory or on the exterior of
			 the entrance to the business.
3.
			 Upon request by the Division, the broker shall furnish a photograph of his or
			 her sign as proof of compliance with
			 NRS
			 645.560 and this section.
Real Estate Adv. Comm'n, § VI
			 subsecs. 5-7, eff. 10-31-75-NAC A by Real Estate Comm'n, 8-21-81; 12-16-82;
			 4-27-84; A by Real Estate Div., 11-30-87; A by Real Estate Comm'n by R092-00,
			 8-29-2000
NRS
			 645.050,
			 645.190,
			 645.560
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.620 - Use of fictitious name

Current through June 11, 2024
1. A broker shall
			 not operate under a fictitious name unless the broker complies with chapter 602
			 of NRS and files with the Division a certified copy of the certificate issued
			 by the county clerk. The Division shall not issue more than one license nor
			 register more than one owner-developer under the same name.
2. If a broker changes or assumes a
			 fictitious name under which business is conducted, the broker shall file a
			 certified copy of the certificate issued by the county clerk to the Division
			 within 10 days after the certificate is issued.
3. A broker may not use more than one name
			 for each license under which he or she operates.
Real Estate Adv. Comm'n, § VI
			 subsec. 3, eff. 10-31-75-NAC A by Real Estate Comm'n, 8-21-81; A by Real Estate
			 Div., 3-1-96; A by Real Estate Comm'n by R186-99,
			 1-21-2000
NRS
			 645.050,
			 645.190
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.627 - Location of office

Current through June 11, 2024
1. A broker shall
			 establish an office in a location which is easily accessible to the public. If
			 the broker chooses to establish an office in a private home or in conjunction
			 with another business, he or she shall set aside a separate room or rooms for
			 conducting his or her real estate business. The broker's office must comply
			 with local zoning requirements.
2.
			 A broker who is licensed in Nevada but who maintains an active license in
			 another state shall comply with the provisions of subsection 2 of NAC
			 645.655.
Added to NAC by Real Estate
			 Comm'n, eff. 8-21-81; A by
			 R060-20A,
			 eff. 12/29/2020
NRS
			 645.050 and
			 645.190
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.630 - Prompt tender of offers

Current through June 11, 2024
A licensee shall promptly deliver:
1. To the seller, every bona fide offer,
			 complete with all terms and conditions of purchase, which he or she
			 obtains.
2. To the purchaser and
			 seller, copies of each acceptance of an offer or counteroffer.
Real Estate Adv. Comm'n, §
			 VII, subsecs. 4 & 6, eff. 10-31-75
NRS
			 645.050,
			 645.190
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.632 - Notification of rejection of offer or counteroffer

Current through June 11, 2024
1. If a
			 licensee represents a seller in a transaction, and if the seller does not
			 accept an offer within a reasonable time after an offer has been presented to
			 the seller, the licensee shall provide to the buyer or the representative of
			 the buyer written notice signed by the seller which informs the buyer that the
			 offer has not been accepted by the seller.
2. If a licensee represents a buyer in a
			 transaction, and if the buyer does not accept a counteroffer within a
			 reasonable time after a counteroffer has been presented to the buyer, the
			 licensee shall provide to the seller or the representative of the seller
			 written notice signed by the buyer which informs the seller that the
			 counteroffer has not been accepted by the buyer.
Added to NAC by Real Estate Adv.
			 Comm'n, eff. 8-21-81; A by Real Estate Comm'n by R186-99,
			 1-21-2000
NRS
			 645.050,
			 645.190
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.635 - Disclosure of unmerchantable title

Current through June 11, 2024
A licensee may not attempt to sell, or offer to
			 sell, any real property or any time share with knowledge that the title is
			 unmerchantable unless the licensee notifies the prospective purchaser of that
			 fact before the payment of any part of the purchase price.
Real Estate Adv. Comm'n, §
			 VII subsec. 9, eff. 10-31-75-NAC A by Real Estate Comm'n,
			 4-27-84
NRS
			 645.050,
			 645.190,
			 645.252
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.637 - Disclosure of relationship as agent or status as principal

Current through June 11, 2024
In each real estate
			 transaction involving a licensee, as agent or principal, the licensee shall
			 clearly disclose, in writing, to his or her client and to any party not
			 represented by a licensee, the relationship of the licensee as the agent of his
			 or her client or the status of the licensee as a principal. The disclosure must
			 be made as soon as practicable, but not later than the date and time on which
			 any written document is signed by the client or any party not represented by a
			 licensee, or both. The prior disclosure must then be confirmed in a separate
			 provision and must be maintained by the real estate broker in his or her files
			 relating to that transaction.
Added to NAC by Real Estate Div.,
			 11-8-88, eff. 7-1-89; A by Real Estate Comm'n, 12-27-89; R186-99, 1-21-2000;
			 R111-01, 12-17-2001; R123-06, 6-1-2006; A by
			 R060-20A,
			 eff. 12/29/2020
NRS
			 645.050 and
			 645.190
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.640 - Disclosure of interest of licensee in certain transactions

Current through June 11, 2024
1. A licensee shall not acquire, lease or
			 dispose of any time share, real property or interest in any time share or real
			 property for himself or herself, any member of his or her immediate family, his
			 or her firm, or any member thereof, or any entity in which the licensee has an
			 interest as owner unless the licensee first discloses in writing that:
(a) He or she is acquiring, leasing or
			 disposing of the time share or property for himself or herself or for a member,
			 firm, or entity with which the licensee has such a relationship; and
(b) He or she is a licensed real estate
			 broker, licensed real estate broker-salesperson or licensed real estate
			 salesperson, whether his or her license is active or inactive. This disclosure
			 may be accomplished with a reference to himself or herself as an agent,
			 licensee, salesperson, broker or broker-salesperson, whichever is
			 appropriate.
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.645 - Inspections and audits by Division: Cooperation by broker; form for permission

Current through June 11, 2024
A broker shall, upon demand, provide the
			 Division with the documents and the permission necessary for the Division to
			 complete fully an inspection and audit, including an inspection and audit of
			 any money accounts as provided in
			 NRS
			 645.310 and
			 645.313.
			 Permission may be given on a form provided by the Division. The form must
			 provide a bank, depositor or other holder of information with release from
			 liability which might result from disclosure of the information required by the
			 Division.
Real Estate Adv. Comm'n, §
			 VII subsec. 15, eff. 10-31-75-NAC A by Real Estate Comm'n by R031-04,
			 11-30-2004
NRS
			 645.190,
			 645.195,
			 645.310,
			 645.313
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.650 - Periods for maintenance of certain records by broker and for provision of certain paperwork to broker

Current through June 11, 2024
1. A broker shall
			 keep complete real estate transaction and property management records for at
			 least 5 years after the date of the closing or the last activity involving the
			 property, including, without limitation, offers that were not accepted and
			 transactions that were not completed, unless otherwise directed by the
			 Division.
2. A salesperson or
			 broker-salesperson must provide any paperwork to the broker with whom he or she
			 is associated within 5 calendar days after that paperwork is executed by all
			 the parties.
Real Estate Adv. Comm'n, §
			 VII subsecs. 7 & 10 par. c, eff. 10-31-75-NAC A by Real Estate Comm'n,
			 8-21-81; A by Real Estate Div., 3-1-96; A by Real Estate Comm'n by R186-99,
			 1-21-2000; R031-04, 11-30-2004
NRS
			 645.050,
			 645.190
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.655 - Records of transactions; trust accounts

Current through June 11, 2024
1. Each real estate
			 transaction of a brokerage must be numbered consecutively or indexed to permit
			 audit by a representative of the Division.
2. A complete record of each real estate
			 transaction, together with records required to be maintained pursuant to
			 NRS
			 645.310, must be:
(a) Kept in this State; and
(b) Open to inspection and audit by the
			 Division upon its request during its usual business hours, as well as other
			 hours during which the licensee regularly conducts his or her
			 business.
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.657 - Payment of deposits

Current through June 11, 2024
A licensee who receives a deposit on any
			 transaction in which he or she is engaged on behalf of a broker or
			 owner-developer shall pay over the deposit to that broker or owner-developer,
			 or to the escrow business or company designated in the contract, within 1
			 business day after receiving a fully executed contract.
Added to NAC by Real Estate
			 Comm'n, eff. 8-21-81; A 12-16-82; R031-04, 11-30-2004; R123-06,
			 6-1-2006
NRS
			 645.050,
			 645.190,
			 645.310
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.660 - Disclosure of certain interests required before deposit of money

Current through June 11, 2024
A licensee shall not deposit money received by
			 the licensee in any escrow business or company in which the licensee or anyone
			 associated with him or her in the real estate or time-share business has an
			 interest without disclosing this association to all parties to the
			 transaction.
Real Estate Adv. Comm'n, §
			 VII subsec. 11, eff. 10-31-75-NAC A by Real Estate Comm'n, 8-21-81; 4-27-84;
			 R031-04, 11-30-2004
NRS
			 645.050,
			 645.190
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.665 - Absence of broker from business for prolonged period

Current through June 11, 2024
A broker shall not be absent
			 from his or her business for 30 days or more if the broker is the only broker
			 in his or her office unless the broker inactivates his or her license or
			 otherwise notifies the Division in advance. Failure to observe this requirement
			 is a ground for suspension. If a broker will be absent from his or her business
			 for 30 days or more, the broker must designate an office manager in accordance
			 with NAC 645.178 or make other arrangements approved by the Division in
			 advance.
Real Estate Adv. Comm'n, §
			 VII subsec. 12, eff. 10-31-75-NAC A by Real Estate Comm'n, 4-27-84; R031-04,
			 11-30-2004
NRS
			 645.050,
			 645.190
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.670 - Conduct of inspections by Division

Current through June 11, 2024
1. The Division may
			 use a form of its design to conduct any inspection and require the broker or
			 office manager in charge of the office being inspected to sign such a
			 form.
2. Such an inspection must
			 include, but need not be limited to:
(a) The
			 address of the real estate office or time-share office.
(b) The sign identifying the
			 office.
(c) The procedure used to
			 deposit money.
(d) The trust
			 records.
(e) The indexing or
			 numbering system used in filing records.
(f) Advertising.
(g) The availability of current statutes and
			 regulations at the place of business.
(h) Any affiliation with a developer as
			 defined in chapter 119 or 119A of NRS.
(i) Any documentation required by chapter 119
			 or 119A of NRS or the federal Land Sales Act.
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.675 - Agreements for advance fees

Current through June 11, 2024
1. Each agreement
			 for an advance fee used in Nevada must:
(a) Be
			 in writing;
(b) Contain a definite
			 and complete description of the services to be rendered;
(c) Specify the total amount of the fee
			 involved and clearly state when the fee is due;
(d) Not imply or purport to guarantee that
			 the real property involved will be purchased, sold, rented, leased or exchanged
			 as a result of the services rendered;
(e) Specify the date of full performance of
			 the services contracted for;
(f)
			 Not imply or purport to represent to purchasers and prospective purchasers of
			 the advertising or promotional services offered that a buyer for the property
			 is immediately or soon available; and
(g) Provide that a full refund will be made
			 to the customer if the services for which the advance fee is being received are
			 not substantially or materially provided to the customer.
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.678 - Duties of broker operating agency which lists rentals for advance fee

Current through June 11, 2024
A broker
			 operating an agency which lists rentals for an advance fee shall:
1. Not publish, advertise or distribute
			 information concerning a rental without first receiving approval from the owner
			 of the rental.
2. Provide for full
			 refunds to customers if the services for which payment was received was
			 substantially or materially not received by the customer.
3. Inform each customer in writing of the
			 term for which the rental service is to be provided.
4. Make no additional charge for services
			 rendered during the period for which the services were initially
			 purchased.
Added to NAC by Real Estate
			 Comm'n, eff. 8-21-81; A by R031-04, 11-30-2004
NRS
			 645.050,
			 645.190
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.680 - Form for complaints; investigations of licensees; action by Administrator on report of investigation

Current through June 11, 2024
1. The Division
			 shall prepare and require a standard form or affidavit for use in making a
			 citizen's complaint. This form may require any information the Division
			 considers pertinent.
2. If a
			 complaint is made or if the Division requests an investigation of a licensee,
			 the Administrator shall appoint a member of the staff of the Division to
			 investigate any action of a licensee which appears to violate a provision of
			 chapter 113, 116, 119, 119A, 119B, 645, 645C or 645D of NRS or the regulations
			 adopted pursuant thereto. An investigation that is initiated by a complaint
			 need not be limited to the matter in the complaint.
3. A licensee shall disclose all facts and
			 documents pertinent to an investigation to members of the Division's staff
			 conducting the investigation.
4. A
			 person appointed to investigate a matter pursuant to this section shall submit
			 a written report to the Administrator which describes the results of the
			 investigation.
5. The Administrator
			 shall review a report submitted pursuant to subsection 4 and based upon the
			 review shall:
(a) Dismiss the matter that is
			 the subject of the investigation;
(b) Impose an administrative fine pursuant to
			 NAC 645.695;
(c) Negotiate a
			 resolution of the matter that is the subject of the investigation, which may
			 include, without limitation, administrative sanctions pursuant to NAC
			 645.695;
(d) Create an advisory
			 committee to review the matter that is the subject of the investigation
			 pursuant to NAC 645.490, if the licensee who is the subject of the
			 investigation agrees to participate in an informal conference with an advisory
			 committee; or
(e) Schedule a
			 hearing that must be conducted pursuant to NAC 645.810.
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › STANDARDS OF PRACTICE › Section 645.690 - Correction of certain deficiencies upon notice and request by Division

Current through June 11, 2024
1. The Division may grant a licensee up to 10
			 days to correct any deficiency involving advertising, business location, office
			 operation or a broker's sign. A notice of the deficiency and a request to
			 correct the deficiency will be mailed to the licensee. Failure to comply with
			 the request is a ground for the suspension or revocation of the license. The
			 notice must state the deficiencies or violations, the recommended action, and
			 the date by which the deficiencies must be corrected.
2. The Division may grant an extension for a
			 definite time to correct the deficiency whenever the correction may,
			 practicably, require additional time.
Real Estate Adv. Comm'n, §
			 VII subsec. 14, eff. 10-31-75-NAC A by Real Estate Comm'n, 8-21-81; R031-04,
			 11-30-2004
NRS
			 645.050,
			 645.190
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › REGULATION OF OWNER-DEVELOPERS › Section 645.700 - Registration required

Current through June 11, 2024
An owner-developer must obtain a registration
			 for each recorded subdivision which he or she intends to sell.
Real Estate Adv. Comm'n, §
			 XVI subsec. 3 par. g, eff. 10-31-75
NRS
			 645.190
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › REGULATION OF OWNER-DEVELOPERS › Section 645.710 - Application for registration

Current through June 11, 2024
1. An application
			 for an original registration as an owner-developer must be completed by the
			 owner-developer, unless the applicant is a partnership or corporation, and in
			 that case the application must be completed by a partner or the principal
			 officer. The application must be filed with an office of the Division and must
			 be accompanied by fingerprint cards. The applicant's fingerprints must be taken
			 by a regular law enforcement agency or other authorized entity acceptable to
			 the Division. If a search of criminal records has been requested by the
			 Division, an application for registration is not complete until the Division
			 has received the appropriate information.
2. The applicant must provide in the
			 application:
(a) A statement of the
			 applicant's arrests and convictions, if any, and any proceedings against him or
			 her brought by governmental agencies;
(b) A brief history of his or her
			 business;
(c) The legal description
			 of the property to be covered by the registration, as shown on a recorded map,
			 which shows all the certificates of approval required by law;
(d) The location of each of his or her sales
			 offices;
(e) A statement which
			 shows his or her financial condition; and
(f) A history of his or her bankruptcies, if
			 any.
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › REGULATION OF OWNER-DEVELOPERS › Section 645.730 - Status of registration; required notices

Current through June 11, 2024
1. The
			 Division's registration of a person as an owner-developer does not constitute a
			 licensure. Such a registrant may not use the term "licensed" either in his or
			 her advertising or oral presentations to prospective purchasers, but this
			 section does not preclude him or her from using the term "licensed
			 contractor."
2. An owner-developer
			 shall keep at each of his or her sales offices a copy of the letter of
			 registration sent to the owner-developer by the Division.
3. Every owner-developer shall within 10 days
			 give written notice to the Division of any change of name, address, or status
			 affecting the owner-developer, or any licensed real estate broker-salesperson
			 or salesperson in his or her employ. The notice must be prepared on a form
			 provided by the Division and be given within 10 days after the change occurs.
			 The proper fee must accompany the notice. The owner-developer shall also notify
			 the Division of the location of the sales office which is to be used by the
			 owner-developer's licensed broker-salesperson or salesperson.
4. The registration of an owner-developer
			 will be annulled at such time as the owner-developer fails to employ licensed
			 real estate broker-salespersons or salespersons.
5. Inactive status is not available for
			 owner-developers.
Real Estate Adv. Comm'n, §
			 XVI subsec. 3 pars. a-f, eff. 10-31-75-NAC A by Real Estate Comm'n, 8-21-81;
			 12-16-82
NRS
			 645.190
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › REGULATION OF OWNER-DEVELOPERS › Section 645.740 - Expiration of registration

Current through June 11, 2024
1. A registration
			 for an owner-developer is effective for 1 year after the date of issuance. An
			 owner-developer may renew his or her registration by paying the required fee
			 and submitting the appropriate form to the Division. There is no limit on the
			 number of annual renewals.
2. If an
			 owner-developer fails to renew his or her registration, the licenses of all
			 salespersons in his or her employ who have renewed will immediately be placed
			 on inactive status.
3. If the
			 registration of an owner-developer is cancelled, suspended, or revoked, the
			 owner-developer shall immediately terminate all activities pursuant to his or
			 her registration and shall deliver to the Division all of the licenses of his
			 or her employees.
Real Estate Adv. Comm'n, §
			 XVI subsec. 3 pars. j-1, eff. 10-31-75-NAC A by Real Estate Comm'n,
			 8-21-81
NRS
			 645.190
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › REGULATION OF OWNER-DEVELOPERS › Section 645.750 - Limitations on licensees

Current through June 11, 2024
1. A licensee
			 associated with an owner-developer may only sell, lease, rent, or offer and
			 negotiate to sell, lease or rent the registered development for an
			 owner-developer, and may not engage in any other activity listed in
			 NRS
			 645.030.
2. A licensee employed by an owner-developer
			 may not be associated with a real estate broker at the same time.
3. Real estate brokers working for
			 owner-developers must change their status to real estate
			 broker-salespersons.
4. An employee
			 of an owner-developer is prohibited from erecting, displaying or maintaining
			 any sign or billboard or advertising under his or her own name unless the
			 advertisement is located at the office of his or her employer. The name of the
			 employee may not dominate the owner-developer's sign in any way.
Real Estate Adv. Comm'n, §
			 XVI subsecs. h, i, m & t, eff. 10-31-75; § XVI subsec. t, eff.
			 12-20-75-NAC A by Real Estate Comm'n, 8-21-81; A by Real Estate Div., 11-30-87;
			 3-31-94; A by Real Estate Comm'n by R111-01, 12-17-2001; A by
			 R060-20A,
			 eff. 12/29/2020
NRS
			 645.050,
			 645.190
			 and
			 645.330
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › REGULATION OF OWNER-DEVELOPERS › Section 645.760 - Records of sales; limitation on sales

Current through June 11, 2024
1. All records
			 pertaining to the sale of any single-family residence in the subdivision of a
			 registered owner-developer must be maintained at his or her principal place of
			 business and be available for inspection by the Division. Upon request, the
			 owner-developer shall send copies of those records to the appropriate office of
			 the Division.
2. The
			 owner-developer may not sell any lot in his or her subdivision pursuant to this
			 chapter unless:
(a) The lot contains a
			 single-family residence not previously sold; or
(b) A single-family residence is to be
			 constructed upon the lot, and the residence is purchased under the same
			 agreement as the sale of the land.
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › REGULATION OF OWNER-DEVELOPERS › Section 645.770 - Disciplinary action; investigation of financial status

Current through June 11, 2024
1. The Commission may fine an
			 owner-developer, revoke or suspend the registration of an owner-developer, or
			 impose a fine and revoke or suspend the registration of an owner-developer for
			 any violation of chapter 113, 116, 119, 119A, 645, 645C or 645D of NRS or the
			 regulations adopted pursuant thereto.
2. If the Administrator has reason to believe
			 that there has been a substantial change in the financial status of the
			 owner-developer since his or her original application, the Administrator shall
			 investigate the financial status of the owner-developer. If the Administrator
			 determines that the owner-developer is financially incompetent to maintain his
			 or her business, the Administrator shall bring a complaint for revocation of
			 the registration of the owner-developer.
Real Estate Adv. Comm'n, §
			 XVI subsec. o, eff. 10-31-75-NAC A by Real Estate Comm'n, 8-21-81; 4-27-84;
			 R031-04, 11-30-2004
NRS
			 645.190,
			 645.610,
			 645.630,
			 645.633
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › REGULATION OF PROPERTY MANAGERS › Section 645.799 - Applicability of certain provisions regarding management of common-interest communities

Current through June 11, 2024
A person who holds a permit and engages in the
			 management of a common-interest community is subject to the provisions of
			 chapter 116 of NRS and chapters 116 and 116A of NAC relating to managers of
			 common-interest communities.
Added to NAC by Real Estate Comm'n
			 by R136-99, eff. 4-3-2000
NRS
			 645.050,
			 645.190
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › REGULATION OF PROPERTY MANAGERS › Section 645.800 - Permit to engage in property management: General requirements; fees; effective date

Current through June 11, 2024
1. A person who
			 wishes to obtain a permit to engage in property management must submit to the
			 Division:
(a) A completed application on a
			 form prescribed by the Division;
(b) A fee of $40; and
(c) A certificate of completion, in a form
			 that is satisfactory to the Division, that indicates the person's successful
			 completion of the 24 classroom hours of instruction in property management
			 required by paragraph (a) of subsection 2 of
			 NRS
			 645.6052.
Nevada Administrative Code › Chapter 645 - Real Estate Brokers and Salespersons › REGULATION OF PROPERTY MANAGERS › Section 645.8005 - Permit to engage in property management: Additional requirements for person designated to apply on behalf of certain organizations

Current through June 11, 2024
In addition to the
			 requirements set forth in
			 NRS
			 645.6052 and the regulations adopted pursuant
			 thereto, to obtain a permit pursuant to
			 NRS
			 645.6052, a person who is designated to
			 engage in property management on behalf of a partnership, corporation,
			 limited-liability company or sole proprietor pursuant to
			 NRS
			 645.6054 must be a broker or a
			 broker-salesperson with 2 years of full-time active experience in conducting
			 property management activities as a licensed real estate broker,
			 broker-salesperson or salesperson within the 4 years immediately preceding the
			 date the person applies for a permit to engage in property management on behalf
			 of a partnership, corporation, limited-liability company or sole proprietor
			 pursuant to NRS
			 645.6054.
Added to NAC by Real Estate Comm'n
			 by R092-00, eff. 8-29-2000; A by
			 R199-22A,
			 eff. 6/4/2024
NRS
			 645.190,
			 645.6052