Nev. Rev. Stat. ch. 645 – Real Estate Brokers and Salespersons | Midpage

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Nevada Revised Statutes

Chapter 645

Nev. Rev. Stat. ch. 645

Real Estate Brokers and Salespersons

645.0005Definitions 645.001“Administrator” defined 645.002“Advance fee” defined 645.004“Advance fee listing” defined 645.0045Agency” defined 645.005“Brokerage agreement” defined 645.007“Business” defined 645.0075“Business broker” defined 645.009“Client” defined 645.010“Commission” defined 645.013“Designated property manager” defined 645.015“Director” defined 645.018“Owner-developer” defined 645.019“Property management” defined 645.0192“Property management agreement” defined 645.0195“Property manager” defined 645.020“Real estate” defined 645.030“Real estate broker” defined 645.035“Real estate broker-salesperson” defined 645.037“Real Estate Division” and “Division” defined 645.040“Real estate salesperson” defined 645.042“Used manufactured home” or “used mobile home” defined 645.044Use of terms “salesman,” “saleswoman” and “salesperson” authorized 645.0445Applicability of chapter 645.045Administration by Real Estate Division 645.050Real Estate Commission: Creation; number and appointment of members; powers and duties; regulations; service of process 645.060Real Estate Commission: Limitation on consecutive service by member 645.070Real Estate Commission: Oaths of members 645.090Real Estate Commission: Qualifications of members 645.100Real Estate Commission: Residency of members 645.110Real Estate Commission: Officers 645.120Administrator: Qualifications; restrictions 645.130Employees, legal counsel, investigators and other professional consultants of Real Estate Division; restrictions 645.140Deposit and use of money received by Division; salary of members; per diem allowance and travel expenses of members and employees of Commission 645.142Technology Account for Chapter 645 of NRS 645.145Real Estate Commission: Fiscal year 645.150Real Estate Commission: Meetings 645.160Real Estate Commission: Quorum; effect of vacancy; act of majority 645.170Real Estate Division: Principal and branch offices 645.180Real Estate Division: Seal; general provisions governing public inspection and confidentiality of records; admissibility of certified copies of records as evidence 645.190Powers of Real Estate Division; regulations of Commission or Administrator; publication of manual or guide 645.191Authority for Real Estate Division to conduct business electronically; regulations; fees; use of unsworn declaration; exclusions 645.193Real Estate Division required to prepare and distribute forms setting forth certain duties owed by licensees, property managers and brokers when acting for parties to real estate transaction or property management agreement 645.194Real Estate Division required to prepare booklet concerning certain disclosures required in sale of residential property 645.195Inspection of records of broker and owner-developer by Real Estate Division; regulations 645.200Attorney General: Opinions and action as attorney 645.210Injunctions 645.215Investigation by Real Estate Division of certain transactions relating to unimproved land or subdivision; injunction for fraud, deceit or false advertising 645.230Unlawful to engage in certain conduct without license or permit or without complying with certain provisions of chapter; power of Real Estate Division to file complaint with court and assist in prosecution of violation; prosecution by district attorney or Attorney General 645.235Administrative fine for engaging in certain conduct without license, permit, certificate, registration or authorization; procedure for imposition of fine; judicial review; exceptions 645.250Power of cities and towns to license and regulate brokers and salespersons not affected 645.251Licensee not required to comply with certain principles of common law 645.2515Broker’s price opinion: Requirements; duties of licensee; regulations 645.252Duties of licensee acting as agent in real estate transaction 645.253Licensees affiliated with same brokerage: Additional duties when assigned to separate parties to real estate transaction or property management agreement 645.254Additional duties of licensee entering into brokerage agreement to represent client in real estate transaction 645.255Waiver of duties of licensee or property manager prohibited 645.256Broker who provides asset management services to client required to provide Real Estate Division with certain information annually; disciplinary action by Division 645.257Action to recover damages suffered as proximate result of failure of licensee or property manager to perform certain duties; standard of care 645.258Duties concerning transaction involving used manufactured home or used mobile home 645.259Liability of licensee for misrepresentation made by client; failure of seller to make required disclosures is public record 645.260One act constitutes action in capacity of broker or salesperson 645.270Allegation and proof of licensed status in action for compensation 645.280Association with or compensation of unlicensed broker, broker-salesperson or salesperson unlawful; payment of commission other than through broker or owner-developer unlawful 645.283Owner-developers: Employment of licensed salespersons; association with qualified sales manager; registration 645.285Owner-developers: Form and contents of application for registration 645.287Owner-developers: Regulations concerning qualifications; principal place of business and records 645.289Owner-developers: Qualifications and duties of person who acts as sales manager 645.300Delivery of copy of brokerage agreement; receipt 645.310Deposits and trust accounts: Accounting; commingling; records; inspection and audit 645.313Other financial accounts: Investigation and audit involving insolvency of broker or enforcement by Division; regulations governing scope of audit; grounds for disciplinary action 645.314Administrator may charge broker for costs and fees of audit under certain circumstances; additional grounds for disciplinary action 645.315Conditions and limitations on certain advertisements; required disclosures; prohibited acts; regulations 645.320Requirements for exclusive agency representation 645.3205Dealing with party to real estate transaction in manner which is deceitful, fraudulent or dishonest prohibited 645.321Discriminatory practices unlawful; penalty 645.322Accounting of use of advance fee charged or collected; Division may demand accounting 645.323License required for acceptance of advance fee listing 645.324Forms of brokerage agreements; reports and forms of accounting; regulations; maintenance of agreements for review and audit; grounds for disciplinary action 645.330General qualifications of applicant; grounds for denial of application; eligibility for licensing as broker 645.332Applicants licensed in another jurisdiction: Exemption from certain examination requirements; issuance of license as broker or broker-salesperson by reciprocity 645.335Depository financial institution prohibited from being licensed 645.343Educational requirements; regulations of Commission concerning standards of education 645.345Regulations of Division concerning schools and courses of instruction in principles and practice of real estate; standard of instruction 645.350Application: Form and contents 645.355Investigation of applicant’s background; fees; fingerprints 645.358Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Division 645.358Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Division 645.370Issuance of license to certain organizations doing business as broker; restrictions 645.380Issuance of license as broker required for certain members and officers of certain organizations 645.385Waiver of requirements of NRS 645.370 and 645.380 645.387Issuance of license as broker-salesperson or salesperson to sole shareholder of corporation on behalf of corporation or to manager of limited-liability company on behalf of company; restrictions; duties; expiration 645.400Additional information concerning applicants may be required by Division; regulations concerning applications 645.410Regulations concerning fees for examination; time for payment of fees 645.420Action on application by Division; additional investigation; invalidation of license for certain errors in issuance 645.430Restrictions on reapplication after applicant denied license on ground other than failure of examination 645.440Denial of application: Notice; hearing; written decision; false statement ground for denial 645.450Time for examinations 645.460Examination: Subjects covered; acceptance of national examination 645.475Examination for license as broker may be taken before meeting requirements for experience; issuance of license as broker-salesperson upon passing examination; application and experience required for issuance of license as broker 645.490Issuance of license; duty of Real Estate Division; renewal of license 645.495Nonresident licensee required to authorize service of process upon Administrator 645.510Authority of license limited to person or place of business licensed 645.520Form and contents; limitation on association with or employment of broker-salesperson or salesperson 645.530Delivery; display; maintenance in place of business 645.550Broker required to maintain place of business; business required to be conducted from location designated in license; licensing of broker or owner-developer by county, city or town 645.560Broker: Erection, maintenance, size and placement of signs 645.570Notice of change of name, location of business or association; requirements for transfer of association; effect of failure to give notice 645.575Continuing education: Standards; renewal or reinstatement of license; regulations 645.577Placement of license on inactive status; reinstatement 645.580Termination of association or employment of broker-salesperson or salesperson; duties of broker or owner-developer and broker-salesperson or salesperson; transfer of license or new license 645.590Termination of association by broker with limited-liability company, partnership or corporation; new license 645.600Inactive status for period of military service; reinstatement 645.605Certificate authorizing out-of-state licensed broker to cooperate with broker in Nevada: Issuance; fee; regulations 645.6051Broker required to maintain record of work performed on residential property; contents of record 645.6052Permit to engage in property management: Persons eligible; requirements; instruction; expiration; renewal; regulations 645.6054Permit to engage in property management: Requirements for certain organizations 645.6055Designated property managers: Requirements; qualifications; duties 645.6056Property management agreements: Requirements; contents 645.6057Property management agreements: Duties of holder of permit to engage in property management when entering and performing agreement; exceptions 645.6058Disposition of fees, penalties and fines received by Division; delegation of authority of Division to hearing officer or panel 645.610Investigation of actions of licensees and other persons 645.615Duty to report certain convictions and pleas to Division 645.620Maintenance by Division of record of complaints, investigations and denials of applications 645.625Certain records relating to complaint or investigation deemed confidential; certain records relating to disciplinary action deemed public records 645.630Authorized disciplinary action; grounds for disciplinary action; orders imposing discipline deemed public records 645.633Additional grounds for disciplinary action: Improper trade practices; violations of certain orders, agreements, laws and regulations; criminal offenses; other unprofessional and improper conduct; reciprocal discipline; violations relating to property management; log of complaints 645.635Additional grounds for disciplinary action: Unprofessional and improper conduct relating to real estate transactions 645.645Additional grounds for disciplinary action: Unprofessional and improper conduct relating to sale of insurance for home protection 645.647Additional grounds for disciplinary action: Failure to pay money to Commission or Division 645.648Suspension of license for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of license 645.660Knowledge of associate or employer of violation by licensee or employee; penalties 645.670Effect on limited-liability company, partnership or corporation of revocation or suspension of license of manager, partner or officer; termination of suspension or reinstatement of license 645.675Investigations, disciplinary or other proceedings, fines and penalties not affected by expiration, revocation or voluntary surrender of license, permit or registration 645.680Revocation, suspension or denial of renewal of license, permit or registration: Complaint; notice of hearing 645.685Revocation, suspension or denial of renewal of license, permit or registration: Answer; limitations on time of commencing proceeding 645.690Revocation, suspension or denial of renewal of license, permit or registration: Hearing; transcript 645.700Power of Commission to administer oaths, certify acts and issue subpoenas; service of process 645.710Fees and mileage for witness 645.720Enforcement of subpoenas 645.730Depositions; taking of evidence in another state; rights of party to hearing 645.740Decision of Commission: Rendition; notice; effective date; stay of decision 645.760Decision final when in favor of licensee; judicial review of decision against licensee 645.770Restrictions on issuance of new license, permit or registration after revocation 645.780Expiration of licenses; length of license periods; additional fees for electronic renewal 645.785Effect of failure to renew license or permit; increased fee for late renewal 645.830Fees; regulations 645.841“Fund” defined 645.842Creation; use; balances; interest and income 645.843Payment of additional fee by licensee for augmentation of Fund 645.844Recovery from Fund: Procedure; grounds; amount; hearing 645.845Administrator may answer petition for recovery; effect of judgment; compromise of claim 645.846Court order requiring payment from Fund 645.847Automatic suspension of license upon payment from Fund; conditions for reinstatement of license 645.848Distribution of payment from Fund if claims exceed maximum liability of Fund; order of payment of claims if balance of Fund insufficient; interest; use of certain money deposited in Fund 645.8491Administrator subrogated to rights of judgment creditor; deposit of money recovered 645.8492Waiver of rights 645.8494Disciplinary action against licensee not restricted 645.863Permit to engage in business as business broker: Persons eligible; requirements; continuing education; expiration; renewal; regulations 645.865Permit to engage in business as business broker: Requirements for certain organizations 645.867Designated business brokers: Requirements; qualifications; duties 645.8701Definitions 645.8705“Brokerage agreement” defined 645.8711“Commercial real estate” defined 645.8715“Commission” defined 645.8721“Disposition” defined 645.8725“Escrow” defined 645.8731“Escrow agent” defined 645.8735“Owner” defined 645.8741“Owner’s net proceeds” defined 645.8761Broker has claim upon owner’s net proceeds for earned commissions; conditions and limitations on enforcement of claim; waiver; inapplicability to third-party claims; obligation to close escrow unaffected by claim 645.8765Requirements for broker to enforce claim: Written notice to owner and escrow agent; effect of failure to provide notice; exceptions 645.8771Requirements for broker to enforce claim: Information required in notice; verification by oath; acknowledgment 645.8775Duty of owner to confirm or deny claim; effect of confirming claim; effect of denying claim or failing to respond; recording of claim by broker 645.8781Duties of escrow agent upon notice of claim 645.8785Deposit of proceeds with district court; discharge of escrow agent from further liability concerning proceeds 645.8791Civil action concerning claim: Issuance of order to broker to appear and show cause; effect of failure to appear; hearings; release of proceeds; frivolous claims; compensatory damages; award of costs and attorney’s fees to prevailing party 645.8795Priority of recorded claim 645.8801Release of recorded claim 645.8805Service of notice 645.8811Escrow agents: Immunity; collection of fees for services 645.990Unlawful acts; penalties 645.993Unlawful to file documents that are false or contain willful, material misstatement of fact; penalty