���������� Real Estate Commission: Creation; number and appointment of members; powers and duties; regulations; service of process. Show
���������� Real Estate Commission: Limitation on consecutive service by member. ���������� Real Estate Commission: Oaths of members. ���������� Real Estate Commission: Qualifications of members. ���������� Real Estate Commission: Residency of members. ���������� Real Estate Commission: Officers. ���������� Administrator: Qualifications; restrictions. ���������� Employees, legal counsel, investigators and other professional consultants of Real Estate Division; restrictions. ���������� Deposit and use of money received by Division; salary of members; per diem allowance and travel expenses of members and employees of Commission. ���������� Technology Account for of NRS. ���������� Real Estate Commission: Fiscal year. ���������� Real Estate Commission: Meetings. ���������� Real Estate Commission: Quorum; effect of vacancy; act of majority. ���������� Real Estate Division: Principal and branch offices. ���������� Real Estate Division: Seal; general provisions governing public inspection and confidentiality of records; admissibility of certified copies of records as evidence. ���������� Powers of Real Estate Division; regulations of Commission or Administrator; publication of manual or guide. ���������� Authority for Real Estate Division to conduct business electronically; regulations; fees; use of unsworn declaration; exclusions. ���������� Real Estate Division required to prepare and distribute forms setting forth certain duties owed by licensees. ���������� Real Estate Division required to prepare booklet concerning certain disclosures required in sale of residential property. ���������� Inspection of records of broker and owner-developer by Real Estate Division; regulations. ���������� Attorney General: Opinions and action as attorney. ���������� Injunctions. ���������� Investigation by Real Estate Division of certain transactions relating to unimproved land or subdivision; injunction for fraud, deceit or false advertising. REGULATION OF PRACTICES ���������� Unlawful 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. ���������� Administrative fine for engaging in certain conduct without license, permit, certificate, registration or authorization; procedure for imposition of fine; judicial review; exceptions. ���������� Power of cities and towns to license and regulate brokers and salespersons not affected. ���������� Licensee not required to comply with certain principles of common law. �������� Broker�s price opinion: Requirements; duties of licensee; regulations. ���������� Duties of licensee acting as agent in real estate transaction. ���������� Licensees affiliated with same brokerage: Additional duties when assigned to separate parties to real estate transaction. ���������� Additional duties of licensee entering into brokerage agreement to represent client in real estate transaction. ���������� Waiver of duties of licensee prohibited. ���������� Broker who provides asset management services to client required to provide Real Estate Division with certain information annually; disciplinary action by Division. ���������� Action to recover damages suffered as result of licensee�s failure to perform certain duties; standard of care. ���������� Duties concerning transaction involving used manufactured home or used mobile home. ���������� Liability of licensee for misrepresentation made by client; failure of seller to make required disclosures is public record. ���������� One act constitutes action in capacity of broker or salesperson. ���������� Allegation and proof of licensed status in action for compensation. ���������� Association with or compensation of unlicensed broker, broker-salesperson or salesperson unlawful; payment of commission other than through broker or owner-developer unlawful. ���������� Owner-developers: Employment of licensed salespersons; association with qualified sales manager; registration. ���������� Owner-developers: Form and contents of application for registration. ���������� Owner-developers: Regulations concerning qualifications; principal place of business and records. ���������� Owner-developers: Qualifications and duties of person who acts as sales manager. ���������� Delivery of copy of written brokerage agreement; receipt. ���������� Deposits and trust accounts: Accounting; commingling; records; inspection and audit. ���������� Other financial accounts: Investigation and audit involving insolvency of broker or enforcement by Division; regulations governing scope of audit; grounds for disciplinary action. ���������� Administrator may charge broker for costs and fees of audit under certain circumstances; additional grounds for disciplinary action. ���������� Conditions and limitations on certain advertisements; required disclosures; prohibited acts; regulations. ���������� Requirements for exclusive agency representation. �������� Dealing with party to real estate transaction in manner which is deceitful, fraudulent or dishonest prohibited. ���������� Discriminatory practices unlawful; penalty. ADVANCE FEES ���������� Accounting of use of advance fee charged or collected; Division may demand accounting. ���������� License required for acceptance of advance fee listing. ���������� Forms of brokerage agreements; reports and forms of accounting; regulations; maintenance of agreements for review and audit; grounds for disciplinary action. LICENSES ���������� General qualifications of applicant; grounds for denial of application; eligibility for licensing as broker. ���������� Applicants licensed in another jurisdiction: Exemption from certain examination requirements; issuance of license as broker or broker-salesperson by reciprocity. ���������� Depository financial institution prohibited from being licensed. ���������� Educational requirements; regulations of Commission concerning standards of education. ���������� Regulations of Division concerning schools and courses of instruction in principles and practice of real estate; standard of instruction. ���������� Application: Form and contents. ���������� Investigation of applicant�s background; fees; fingerprints. ���������� Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Division. [Effective until the date of the repeal of 42 U.S.C. � 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.] ���������� Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Division. [Effective on the date of the repeal of 42 U.S.C. � 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings and expires by limitation 2 years after that date.] ���������� Issuance of license to certain organizations doing business as broker; restrictions. ���������� Issuance of license as broker required for certain members and officers of certain organizations. ���������� Waiver of requirements of and . ���������� Issuance 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. ���������� Additional information concerning applicants may be required by Division; regulations concerning applications. ���������� Regulations concerning fees for examination; time for payment of fees. ���������� Action on application by Division; additional investigation; invalidation of license for certain errors in issuance. ���������� Restrictions on reapplication after applicant denied license on ground other than failure of examination. ���������� Denial of application: Notice; hearing; written decision; false statement ground for denial. ���������� Time for examinations. ���������� Examination: Subjects covered; acceptance of national examination. ���������� Examination 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. ���������� Issuance of license; duty of Real Estate Division; renewal of license. ���������� Nonresident licensee required to authorize service of process upon Administrator. ���������� Authority of license limited to person or place of business licensed. ���������� Form and contents; limitation on association with or employment of broker-salesperson or salesperson. ���������� Delivery; display; maintenance in place of business. ���������� Broker 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. ���������� Broker: Erection, maintenance, size and placement of signs. ���������� Notice of change of name, location of business or association; requirements for transfer of association; effect of failure to give notice. ���������� Continuing education: Standards; renewal or reinstatement of license; regulations. ���������� Placement of license on inactive status; reinstatement. ���������� Termination 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. ���������� Termination of association by broker with limited-liability company, partnership or corporation; new license. ���������� Inactive status for period of military service; reinstatement. ���������� Certificate authorizing out-of-state licensed broker to cooperate with broker in Nevada: Issuance; fee; regulations. �������� Broker required to maintain record of work performed on residential property; contents of record. PROPERTY MANAGERS �������� Permit to engage in property management: Persons eligible; requirements; instruction; expiration; renewal; regulations. �������� Permit to engage in property management: Requirements for certain organizations. �������� Designated property managers: Requirements; qualifications; duties. �������� Property management agreements: Requirements; contents. �������� Disposition of fees, penalties and fines received by Division; delegation of authority of Division to hearing officer or panel. DISCIPLINARY AND OTHER ACTIONS ���������� Investigation of actions of licensees and other persons. ���������� Duty to report certain convictions and pleas to Division. ���������� Maintenance by Division of record of complaints, investigations and denials of applications. ���������� Certain records relating to complaint or investigation deemed confidential; certain records relating to disciplinary action deemed public records. ���������� Authorized disciplinary action; grounds for disciplinary action; orders imposing discipline deemed public records. ���������� Additional 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. ���������� Additional grounds for disciplinary action: Unprofessional and improper conduct relating to real estate transactions. ���������� Additional grounds for disciplinary action: Unprofessional and improper conduct relating to sale of insurance for home protection. ���������� Additional grounds for disciplinary action: Failure to pay money to Commission or Division. ���������� Suspension of license for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of license. [Effective until 2 years after the date of the repeal of 42 U.S.C. � 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.] ���������� Knowledge of associate or employer of violation by licensee or employee; penalties. ���������� Effect 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. ���������� Investigations, disciplinary or other proceedings, fines and penalties not affected by expiration, revocation or voluntary surrender of license, permit or registration. ���������� Revocation, suspension or denial of renewal of license, permit or registration: Complaint; notice of hearing. ���������� Revocation, suspension or denial of renewal of license, permit or registration: Answer; limitations on time of commencing proceeding. ���������� Revocation, suspension or denial of renewal of license, permit or registration: Hearing; transcript. ���������� Power of Commission to administer oaths, certify acts and issue subpoenas; service of process. ���������� Fees and mileage for witness. ���������� Enforcement of subpoenas. ���������� Depositions; taking of evidence in another state; rights of party to hearing. ���������� Decision of Commission: Rendition; notice; effective date; stay of decision. ���������� Decision final when in favor of licensee; judicial review of decision against licensee. ���������� Restrictions on issuance of new license, permit or registration after revocation. EXPIRATION AND RENEWAL OF LICENSES ���������� Expiration of licenses; length of license periods; additional fees for electronic renewal. ���������� Effect of failure to renew license or permit; increased fee for late renewal. FEES ���������� Fees; regulations. REAL ESTATE EDUCATION, RESEARCH AND RECOVERY FUND ���������� �Fund� defined. ���������� Creation; use; balances; interest and income. ���������� Payment of additional fee by licensee for augmentation of Fund. ���������� Recovery from Fund: Procedure; grounds; amount; hearing. ���������� Administrator may answer petition for recovery; effect of judgment; compromise of claim. ���������� Court order requiring payment from Fund. ���������� Automatic suspension of license upon payment from Fund; conditions for reinstatement of license. ���������� Distribution 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. �������� Administrator subrogated to rights of judgment creditor; deposit of money recovered. �������� Waiver of rights. �������� Disciplinary action against licensee not restricted. BUSINESS BROKERS ���������� Permit to engage in business as business broker: Persons eligible; requirements; continuing education; expiration; renewal; regulations. ���������� Permit to engage in business as business broker: Requirements for certain organizations. ���������� Designated business brokers: Requirements; qualifications; duties. BROKERAGE AGREEMENTS INVOLVING COMMERCIAL REAL ESTATE General Provisions �������� Definitions. �������� �Brokerage agreement� defined. �������� �Commercial real estate� defined. �������� �Commission� defined. �������� �Disposition� defined. �������� �Escrow� defined. �������� �Escrow agent� defined. �������� �Owner� defined. �������� �Owner�s net proceeds� defined. Rights, Duties and Liabilities Relating to Commissions �������� Broker 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. �������� Requirements for broker to enforce claim: Written notice to owner and escrow agent; effect of failure to provide notice; exceptions. �������� Requirements for broker to enforce claim: Information required in notice; verification by oath; acknowledgment. �������� Duty of owner to confirm or deny claim; effect of confirming claim; effect of denying claim or failing to respond; recording of claim by broker. �������� Duties of escrow agent upon notice of claim. �������� Deposit of proceeds with district court; discharge of escrow agent from further liability concerning proceeds. �������� Civil 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. �������� Priority of recorded claim. �������� Release of recorded claim. �������� Service of notice. �������� Escrow agents: Immunity; collection of fees for services. PROHIBITED ACTS; PENALTIES; ENFORCEMENT ���������� Unlawful acts; penalties. ���������� Unlawful to file documents that are false or contain willful, material misstatement of fact; penalty. _________ GENERAL PROVISIONS ����� NRS 645.0005 Definitions. As used in this chapter, unless the context otherwise requires, the words and terms defined in to , inclusive, have the meanings ascribed to them in those sections. ����� (Added to NRS by ; A ; ; , ; , ; ) ����� NRS 645.001 �Administrator� defined. As used in this chapter, �Administrator� means the Real Estate Administrator. ����� (Added to NRS by ) ����� NRS 645.002 �Advance fee� defined. �Advance fee� means a fee contracted for, claimed, demanded, charged, received or collected for an advance fee listing, advertisement or offer to sell or lease property, issued for the purpose of promoting the sale or lease of a business or real estate or for referral to a business or real estate brokers or salespersons, or both, before the last printing or other last issuance thereof, other than by a newspaper of general circulation. ����� (Added to NRS by ; A ) ����� NRS 645.004 �Advance fee listing� defined. ����� 1. �Advance fee listing� includes, but is not limited to: ����� (a) The name or a list of the names of the owners, landlords, exchangers or lessors, or the location of property or a business, or of an interest therein, offered for rent, sale, lease or exchange. ����� (b) The name, or a list of the names, or the location at which prospective or potential purchasers, buyers, lessees, tenants or exchangers of property may be communicated with or found. ����� (c) A brokerage agreement by which a person who is engaged in the business of promoting the sale or lease of businesses or real estate agrees to render to an owner or lessee of the property any services, to promote the sale or lease of the property, for an advance fee. ����� (d) A brokerage agreement by which a person agrees to locate or promote the sale or lease of a business or real estate for an advance fee. ����� 2. The term does not include publications intended for general circulation. ����� (Added to NRS by ; A ; ; ; ; ) ����� NRS 645.0045 �Agency� defined. ����� 1. �Agency� means a relationship between a principal and an agent arising out of a brokerage agreement whereby the agent is engaged to do certain acts on behalf of the principal in dealings with a third party. ����� 2. The term does not include a relationship arising solely from negotiations or communications with a client of another broker with the written permission of the broker in accordance with the provisions of subsection 2 of . ����� (Added to NRS by ) ����� NRS 645.005 �Brokerage agreement� defined. �Brokerage agreement� means an oral or written contract between a client and a broker in which the broker agrees to accept valuable consideration from the client or another person for assisting, soliciting or negotiating the sale, purchase, option, rental or lease of real property, or the sale, exchange, option or purchase of a business. The term does not include a property management agreement. ����� (Added to NRS by ; A ; ) ����� NRS 645.007 �Business� defined. �Business� means the tangible assets and goodwill of an existing enterprise. ����� (Added to NRS by ) ����� NRS 645.0075 �Business broker� defined. �Business broker� means a person who, while acting for another and for compensation or with the intention or expectation of receiving compensation: ����� 1. Sells, exchanges, options, purchases, rents or leases a business that is sold, exchanged, optioned, purchased, rented or leased as part of an interest or estate in real property; ����� 2. Negotiates or offers, attempts or agrees to negotiate the sale, exchange, option, purchase, rental or lease of a business that is or is intended to be sold, exchanged, optioned, purchased, rented or leased as part of an interest or estate in real property; or ����� 3. Lists or solicits prospective purchasers of a business if a component of the listing or solicitation is an interest or estate in real property. ����� (Added to NRS by ; A ) ����� NRS 645.009 �Client� defined. �Client� means a person who has entered into a brokerage agreement with a broker or a property management agreement with a broker. ����� (Added to NRS by ; A ) ����� NRS 645.010 �Commission� defined. As used in this chapter, �Commission� means the Real Estate Commission. ����� [Part 6:150:1947; A ; ]—(NRS A ; ) ����� NRS 645.013 �Designated property manager� defined. �Designated property manager� means a person who has the qualifications required by to be a designated property manager and who is appointed as the designated property manager for an office pursuant to . ����� (Added to NRS by ) ����� NRS 645.015 �Director� defined. As used in this chapter, �Director� means the Director of the Department of Business and Industry. ����� (Added to NRS by ; A ) ����� NRS 645.018 �Owner-developer� defined. As used in this chapter, �owner-developer� means a person who owns five or more lots within a recorded subdivision, shown on an approved parcel map, or the parceling of which has been approved by the county, on each of which there is a single-family residence not previously sold. ����� (Added to NRS by ; A ) ����� NRS 645.019 �Property management� defined. �Property management� means the physical, administrative or financial maintenance and management of real property, or the supervision of such activities for a fee, commission or other compensation or valuable consideration, pursuant to a property management agreement. ����� (Added to NRS by ; A ) ����� NRS 645.0192 �Property management agreement� defined. �Property management agreement� means a written contract between a client and a broker in which the broker agrees to accept valuable consideration from the client or another person for providing property management for the client. ����� (Added to NRS by ) ����� NRS 645.0195 �Property manager� defined. �Property manager� means a person engaged in property management who, as an employee or independent contractor, is associated with a licensed real estate broker, whether or not for compensation. ����� (Added to NRS by ) ����� NRS 645.020 �Real estate� defined. As used in this chapter, �real estate� means every interest or estate in real property including but not limited to freeholds, leaseholds and interests in condominiums, town houses or planned unit developments, whether corporeal or incorporeal, and whether the real property is situated in this State or elsewhere. ����� [Part 2:150:1947; 1943 NCL � 6396.02]—(NRS A ; ) ����� NRS 645.030 �Real estate broker� defined. ����� 1. �Real estate broker� means a person who, for another and for compensation or with the intention or expectation of receiving compensation: ����� (a) Sells, exchanges, options, purchases, rents or leases, or negotiates or offers, attempts or agrees to negotiate the sale, exchange, option, purchase, rental or lease of, or lists or solicits prospective purchasers, lessees or renters of, any real estate or the improvements thereon or any modular homes, used manufactured homes, used mobile homes or other housing offered or conveyed with any interest in real estate; ����� (b) Engages in or offers to engage in the business of claiming, demanding, charging, receiving, collecting or contracting for the collection of an advance fee in connection with any employment undertaken to promote the sale or lease of business opportunities or real estate by advance fee listing advertising or other offerings to sell, lease, exchange or rent property; ����� (c) Engages in or offers to engage in the business of property management; or ����� (d) Engages in or offers to engage in the business of business brokerage. ����� 2. Any person who, for another and for compensation, aids, assists, solicits or negotiates the procurement, sale, purchase, rental or lease of public lands is a real estate broker within the meaning of this chapter. ����� 3. The term does not include a person who is employed by a licensed real estate broker to accept reservations on behalf of a person engaged in the business of the rental of lodging for 31 days or less, if the employee does not perform any tasks related to the sale or other transfer of an interest in real estate. ����� [Part 2:150:1947; 1943 NCL � 6396.02] + [2.5:150:1947; added ]—(NRS A ; ; ; ; ; ; ; ; , ; , ; , ) ����� NRS 645.035 �Real estate broker-salesperson� defined. ����� 1. Within the meaning of this chapter, a �real estate broker-salesperson� is any person who holds a real estate broker�s license, or who has passed the real estate broker�s examination, but who, as an employee or as an independent contractor, for compensation or otherwise, is associated with: ����� (a) A licensed real estate broker in the capacity of a salesperson, to do or to deal in any act, acts or transactions included within the definition of a real estate broker in ; or ����� (b) A registered owner-developer in the capacity of a sales manager in accordance with and . ����� 2. In this chapter, the term �real estate salesperson� includes �real estate broker-salesperson� when applicable. ����� (Added to NRS by ; A , ; ; ; ; ) ����� NRS 645.037 �Real Estate Division� and �Division� defined. As used in this chapter, �Real Estate Division� and �Division� mean the Real Estate Division of the Department of Business and Industry. ����� (Added to NRS by ; A ; ) ����� NRS 645.040 �Real estate salesperson� defined. Within the meaning of this chapter, a �real estate salesperson� is any person who, as an employee or as an independent contractor, is associated with a licensed real estate broker or registered owner-developer to do or to deal in any act, acts or transactions set out or comprehended by the definition of a real estate broker in , for a compensation or otherwise. ����� [3:150:1947; 1943 NCL � 6396.03]—(NRS A ; ; , ; ; ) ����� NRS 645.042 �Used manufactured home� or �used mobile home� defined. �Used manufactured home� or �used mobile home� means a manufactured home or mobile home, respectively, which has been: ����� 1. Sold, rented or leased, and which was occupied before or after the sale, rental or lease; or ����� 2. Registered with or been the subject of a certificate of title issued by the appropriate agency of authority of this State, any other state, the District of Columbia, any territory or possession of the United States, or any foreign state, province or country. ����� (Added to NRS by ) ����� NRS 645.044 Use of terms �salesman,� �saleswoman� and �salesperson� authorized. ����� 1. A person licensed as a real estate salesperson may use the term �real estate salesman,� �real estate saleswoman� or �real estate salesperson� in the course of doing business. ����� 2. A person licensed as a real estate broker-salesperson may use the term �real estate broker-salesman,� �real estate broker-saleswoman� or �real estate broker-salesperson� in the course of doing business. ����� (Added to NRS by ) ����� NRS 645.0445 Applicability of chapter. ����� 1. The provisions of this chapter do not apply to, and the terms �real estate broker� and �real estate salesperson� do not include, any: ����� (a) Owner or lessor of property, or any regular employee of such a person, who performs any of the acts mentioned in , , and , with respect to the property in the regular course of or as an incident to the management of or investment in the property. For the purposes of this subsection, �management� means activities which tend to preserve or increase the income from the property by preserving the physical desirability of the property or maintaining high standards of service to tenants. The term does not include sales activities. ����� (b) Employee of a real estate broker while engaged in the collection of rent for or on behalf of the broker. ����� (c) Person while performing the duties of a property manager for a property, if the person maintains an office on the property and does not engage in property management with regard to any other property. ����� (d) Person while performing the duties of a property manager for a common-interest community governed by the provisions of of NRS, an association of a condominium hotel governed by the provisions of of NRS, a condominium project governed by the provisions of of NRS, a time share governed by the provisions of of NRS, or a planned unit development governed by the provisions of of NRS, if the person is a member in good standing of, and, if applicable, holds a current certificate, registration or other similar form of recognition from, a nationally recognized organization or association for persons managing such properties that has been approved by the Real Estate Division by regulation. ����� (e) Person while performing the duties of a property manager for property used for residential housing that is subsidized either directly or indirectly by this State, an agency or political subdivision of this State, or the Federal Government or an agency of the Federal Government. ����� 2. The provisions of this chapter do not apply to: ����� (a) Any bank, thrift company, credit union, trust company, savings and loan association or savings bank or any mortgage or farm loan association licensed under the laws of this State or of the United States, with reference to property it has acquired for development, for the convenient transaction of its business, or as a result of foreclosure of property encumbered in good faith as security for a loan or other obligation it has originated or holds. ����� (b) A corporation which, through its regular officers who receive no special compensation for it, performs any of those acts with reference to the property of the corporation. ����� (c) The services rendered by an attorney at law in the performance of his or her duties as an attorney at law. ����� (d) A receiver, trustee in bankruptcy, administrator or executor, or any other person doing any of the acts specified in under the jurisdiction of any court. ����� (e) A trustee acting under a trust agreement, deed of trust or will, or the regular salaried employees thereof. ����� (f) The purchase, sale or locating of mining claims or options thereon or interests therein. ����� (g) The State of Nevada or a political subdivision thereof. ����� [5:150:1947; A ]—(NRS A ; ; ; ; , ; ; ; ; ; , ; )—(Substituted in revision for NRS 645.240) ADMINISTRATION ����� NRS 645.045 Administration by Real Estate Division. The provisions of this chapter shall be administered by the Real Estate Division, subject to administrative supervision by the Director. ����� (Added to NRS by ) ����� NRS 645.050 Real Estate Commission: Creation; number and appointment of members; powers and duties; regulations; service of process. ����� 1. The Real Estate Commission is hereby created. The Commission consists of five members appointed by the Governor. ����� 2. The Commission shall act in an advisory capacity to the Real Estate Division, adopt regulations and conduct hearings as provided in this chapter. The Commission shall adopt regulations establishing standards for the operation of licensees� offices and for their business conduct and ethics. ����� 3. The Commission may by regulation delegate any authority conferred upon it by this chapter to the Administrator to be exercised pursuant to the regulations of the Commission. ����� 4. Service of process and other communications upon the Commission may be made at the principal office of the Real Estate Division. ����� [Part 6:150:1947; A ; ]—(NRS A ; ; ; ) ����� NRS 645.060 Real Estate Commission: Limitation on consecutive service by member. Members are eligible for reappointment, but shall not serve for a period greater than 6 years consecutively, after which time they are not eligible for appointment or reappointment until 3 years have elapsed from any period of previous service. If a successor is appointed to fill the balance of any unexpired term of a member, the time served by the successor shall not apply in computing the 6 years� consecutive service unless the balance of the unexpired term exceeds 18 months. ����� [Part 6:150:1947; A ; ]—(NRS A ) ����� NRS 645.070 Real Estate Commission: Oaths of members. Each member of the Commission shall, before entering upon the duties of his or her office: ����� 1. Take the constitutional oath of office; and ����� 2. In addition, make oath that the member is legally qualified under the provisions of this chapter to serve as a member of the Commission. ����� [Part 6:150:1947; A ; ] ����� NRS 645.090 Real Estate Commission: Qualifications of members. Each member of the Commission must: ����� 1. Be a citizen of the United States. ����� 2. Have been a resident of the State of Nevada for not less than 5 years. ����� 3. Have been actively engaged in business as: ����� (a) A real estate broker within the State of Nevada for at least 3 years immediately preceding the date of appointment; or ����� (b) A real estate broker-salesperson within the State of Nevada for at least 5 years immediately preceding the date of appointment. ����� [Part 6:150:1947; A ; ]—(NRS A ; ) ����� NRS 645.100 Real Estate Commission: Residency of members. ����� 1. Of the five members appointed to the Commission pursuant to : ����� (a) Three members must reside in or have a principal place of business located in Clark County; ����� (b) One member must reside in or have a principal place of business located in Washoe County; and ����� (c) One member must reside in or have a principal place of business located in Carson City or Churchill, Douglas, Elko, Esmeralda, Eureka, Humboldt, Lander, Lincoln, Lyon, Mineral, Nye, Pershing, Storey or White Pine County. ����� 2. For purposes of appointing a member or filling a vacancy in the membership of the Commission, if no qualified person is willing to serve on the Commission from the region prescribed in: ����� (a) Paragraph (a) of subsection 1, the Governor must appoint a qualified person who is willing to serve on the Commission from the region prescribed in paragraph (c) of subsection 1 or, if there is no such person, a qualified person who is willing to serve on the Commission from the region prescribed in paragraph (b) of subsection 1. ����� (b) Paragraph (b) of subsection 1, the Governor must appoint a qualified person who is willing to serve on the Commission from the region prescribed in paragraph (a) of subsection 1 or, if there is no such person, a qualified person who is willing to serve on the Commission from the region prescribed in paragraph (c) of subsection 1. ����� (c) Paragraph (c) of subsection 1, the Governor must appoint a qualified person who is willing to serve on the Commission from the region prescribed in paragraph (b) of subsection 1 or, if there is no such person, a qualified person who is willing to serve on the Commission from the region prescribed in paragraph (a) of subsection 1. � If there is no qualified person willing to be appointed or to fill a vacancy on the Commission from any region, the seat must be left vacant. ����� 3. At the expiration of the term of a member who is appointed from outside a prescribed region pursuant to paragraph (a), (b) or (c) of subsection 2 or if that member vacates the seat, the Governor must appoint a qualified person from the prescribed region or, if no qualified person is willing to serve on the Commission from that region, appoint a qualified person pursuant to paragraph (a), (b) or (c) of subsection 2, as applicable. ����� 4. The apportionment of members pursuant to subsection 1 is intended to give approximately proportional regional representation on the Commission to the residents of this State. In each regular legislative session following the completion of a decennial census conducted by the Bureau of the Census of the United States Department of Commerce, the apportionment of members on the Commission must be reconsidered to ensure approximately proportional regional representation is maintained. Any reapportionment of a seat pursuant to this subsection does not become effective until the expiration of the term of the member who holds the seat immediately preceding the date of the reapportionment. ����� [Part 6:150:1947; A ; ]—(NRS A ; , ; ; ) ����� NRS 645.110 Real Estate Commission: Officers. The Commission, at the first meeting of each fiscal year, shall elect a President, a Vice President and a Secretary to serve for the ensuing year. ����� [Part 6:150:1947; A ; ]—(NRS A , ; ) ����� NRS 645.120 Administrator: Qualifications; restrictions. The Administrator shall: ����� 1. Possess a broad knowledge of generally accepted real estate practice and be reasonably well informed on laws governing real estate agency contracts. ����� 2. Not be interested in any real estate firm or brokerage firm, nor shall he or she act as a broker or salesperson or agent therefor. ����� [Part 6:150:1947; A ; ]—(NRS A ; ; ; ; ; ) ����� NRS 645.130 Employees, legal counsel, investigators and other professional consultants of Real Estate Division; restrictions. ����� 1. The Real Estate Division may employ: ����� (a) Legal counsel, investigators and other professional consultants without regard to the provisions of of NRS. ����� (b) Such other employees as are necessary to the discharge of its duties. ����� 2. No employee of the Real Estate Division may be interested in any real estate firm or brokerage firm, nor may any employee act as a broker or salesperson or agent therefor. ����� [Part 6:150:1947; A ; ]—(NRS A , ; ; ; ; , ) ����� NRS 645.140 Deposit and use of money received by Division; salary of members; per diem allowance and travel expenses of members and employees of Commission. ����� 1. Except as otherwise provided in this section and , all fees, penalties and charges received by the Division pursuant to , and must be deposited with the State Treasurer for credit to the State General Fund. ����� 2. The fees received by the Division: ����� (a) From the sale of publications must be retained by the Division to pay the costs of printing and distributing publications. ����� (b) For examinations must be retained by the Division to pay the costs of the administration of examinations. � Any surplus of the fees retained by the Division for the administration of examinations must be deposited with the State Treasurer for credit to the State General Fund. ����� 3. Money for the support of the Division must be provided by direct legislative appropriation, and be paid out on claims as other claims against the State are paid. ����� 4. Each member of the Commission is entitled to receive: ����� (a) A salary of not more than $150 per day, as fixed by the Commission, while engaged in the business of the Commission; and ����� (b) A per diem allowance and travel expenses at a rate fixed by the Commission, while engaged in the business of the Commission. The rate must not exceed the rate provided for state officers and employees generally. ����� 5. While engaged in the business of the Commission, each employee of the Commission is entitled to receive a per diem allowance and travel expenses at a rate fixed by the Commission. The rate must not exceed the rate provided for state officers and employees generally. ����� [Part 6:150:1947; A ; ]—(NRS A ; ; , ; ; ; ; ; ; ; , , ; ; ; ; ; ; ; ) ����� NRS 645.142 Technology Account for of NRS. ����� 1. The Technology Account for of NRS is hereby created in the State General Fund. The Administrator shall administer the Account. ����� 2. The interest and income earned on the money in the Account, after deducting any applicable charges, must be credited to the Account. Any money remaining in the Account at the end of the fiscal year does not revert to the State General Fund, and the balance in the Account must be carried forward to the next fiscal year. ����� 3. All money collected from the technology fee imposed pursuant to must be deposited in the Account and used only to acquire technology for or improve the technology used by the Division to administer the provisions of this chapter, including, without limitation, costs related to acquiring or improving technology, purchasing hardware and software, maintaining the technology and contracting for professional services related to the technology. ����� 4. All claims against the Account must be paid as other claims against the State are paid. ����� (Added to NRS by ) ����� NRS 645.145 Real Estate Commission: Fiscal year. The Commission shall operate on the basis of a fiscal year commencing on July 1 and terminating on June 30. ����� (Added to NRS by ) ����� NRS 645.150 Real Estate Commission: Meetings. ����� 1. The Commission may hold at least two regular meetings annually, one of which must be held in the southern part of the State, and one of which must be held in the northern part of the State, at such place or places as the Commission designates for that purpose. ����� 2. Additional meetings of the Commission may be held at the call of the President when there is sufficient business to come before the Commission to warrant such action, at any place convenient to the Commission, or upon written request of two members of the Commission. Written notice of the time, place and purpose of all meetings must be given to each member at least 3 working days before the meeting. ����� [Part 6:150:1947; A ; ]—(NRS A ; ; ) ����� NRS 645.160 Real Estate Commission: Quorum; effect of vacancy; act of majority. ����� 1. A majority of the Commission shall constitute a quorum for the transaction of business, for the performance of any duty, or for the exercise of any power or authority of the Commission. ����� 2. A vacancy on the Commission shall not impair the right of the remaining members to perform all of the duties and exercise all of the power and authority of the Commission. ����� 3. The act of the majority of the Commission when in session as a Commission shall constitute the act of the Commission. ����� [Part 6:150:1947; A ; ] ����� NRS 645.170 Real Estate Division: Principal and branch offices. ����� 1. The Director shall designate the location of the principal office of the Real Estate Division. The Administrator shall conduct business primarily in the principal office of the Real Estate Division. ����� 2. If the principal office of the Real Estate Division is located in: ����� (a) The southern district of Nevada, the Real Estate Division shall establish at least one branch office in the northern district of Nevada. ����� (b) The northern district of Nevada, the Real Estate Division shall establish at least one branch office in the southern district of Nevada. ����� 3. The Real Estate Division may designate other convenient places within the State for the establishment of branch offices. ����� 4. As used in this section: ����� (a) �Northern district of Nevada� means that portion of the State lying within the boundaries of Carson City and the counties of Churchill, Douglas, Elko, Eureka, Humboldt, Lander, Lyon, Mineral, Pershing, Storey, Washoe and White Pine. ����� (b) �Southern district of Nevada� means that portion of the State lying within the boundaries of the counties of Clark, Esmeralda, Lincoln and Nye. ����� [Part 6:150:1947; A ; ]—(NRS A ; ) ����� NRS 645.180 Real Estate Division: Seal; general provisions governing public inspection and confidentiality of records; admissibility of certified copies of records as evidence. ����� 1. The Division shall adopt a seal by which it shall authenticate its proceedings. ����� 2. Except as otherwise provided in , records kept in the office of the Division under authority of this chapter are open to public inspection under regulations adopted by the Division, except that the Division may refuse to make public, unless ordered to do so by a court: ����� (a) Real estate brokers� and real estate salespersons� examinations; and ����� (b) The criminal and financial records of licensees, applicants for licenses and owner-developers. ����� 3. Copies of all records and papers in the office of the Division, certified and authenticated by the seal of the Division, must be received in evidence in all courts equally and with like effect as the originals. ����� [Part 6:150:1947; A ; ]—(NRS A ; ; ; ) ����� NRS 645.190 Powers of Real Estate Division; regulations of Commission or Administrator; publication of manual or guide. ����� 1. The Division may do all things necessary and convenient for carrying into effect the provisions of this chapter. ����� 2. The Commission or the Administrator, with the approval of the Commission, may from time to time adopt reasonable regulations for the administration of this chapter. When regulations are proposed by the Administrator, in addition to other notices required by law, the Administrator shall provide copies of the proposed regulations to the Commission no later than 30 days before the next Commission meeting. The Commission shall approve, amend or disapprove any proposed regulations at that meeting. ����� 3. All regulations adopted by the Commission, or adopted by the Administrator with the approval of the Commission, must be published by the Division and offered for sale at a reasonable fee. ����� 4. The Division may publish or supply a reference manual or study guide for licensees or applicants for licenses, and may offer it for sale at a reasonable fee. ����� [Part 6:150:1947; A ; ]—(NRS A ; ; ; ; ) ����� NRS 645.191 Authority for Real Estate Division to conduct business electronically; regulations; fees; use of unsworn declaration; exclusions. ����� 1. The Administrator may adopt regulations which establish procedures for the Division to conduct business electronically pursuant to title 59 of NRS with persons who are regulated pursuant to this chapter and with any other persons with whom the Division conducts business. The regulations may include, without limitation, the establishment of fees to pay the costs of conducting business electronically with the Division. ����� 2. In addition to the process authorized by , if the Division is conducting business electronically with a person and a law requires a signature or record to be notarized, acknowledged, verified or made under oath, the Division may allow the person to substitute a declaration that complies with the provisions of or to , inclusive, to satisfy the legal requirement. ����� 3. The Division may refuse to conduct business electronically with a person who has failed to pay money which the person owes to the Division or the Commission. ����� (Added to NRS by ; A ) ����� NRS 645.193 Real Estate Division required to prepare and distribute forms setting forth certain duties owed by licensees. The Division shall prepare and distribute to licensees: ����� 1. A form which sets forth the duties owed by a licensee who is acting for only one party to a real estate transaction. ����� 2. A form which sets forth the duties owed by a licensee who is acting for more than one party to a real estate transaction. ����� 3. A form which sets forth the duties owed by a real estate broker who assigns different licensees affiliated with his or her brokerage to separate parties to a real estate transaction. ����� (Added to NRS by ) ����� NRS 645.194 Real Estate Division required to prepare booklet concerning certain disclosures required in sale of residential property. ����� 1. The Division shall prepare a booklet that provides relevant information concerning the disclosures that are required by federal, state and local laws and regulations by a buyer and a seller in a transaction involving the sale of residential property. ����� 2. The Division shall make copies of the booklet prepared pursuant to subsection 1 available to licensees which the licensee must distribute to prospective buyers and sellers in the sale of residential property in accordance with the regulations adopted by the Commission. ����� 3. The Commission shall approve the format and content of the information that must be included in the booklet. ����� 4. As used in this section, �residential property� has the meaning ascribed to it in . ����� (Added to NRS by ) ����� NRS 645.195 Inspection of records of broker and owner-developer by Real Estate Division; regulations. ����� 1. The Division shall regularly inspect the transaction files, trust records and pertinent real estate business accounts of all real estate brokers and owner-developers to ensure compliance with the provisions of this chapter. ����� 2. The Commission shall adopt regulations pertaining to those inspections. ����� (Added to NRS by ; A ; ) ����� NRS 645.200 Attorney General: Opinions and action as attorney. ����� 1. The Attorney General shall render to the Division opinions upon all questions of law relating to the construction or interpretation of this chapter, or arising in the administration thereof, that may be submitted to the Attorney General by the Division or the Commission. ����� 2. The Attorney General shall act as the attorney for the Division in all actions and proceedings brought against or by the Division pursuant to any of the provisions of this chapter. ����� [7:150:1947; 1943 NCL � 6396.07]—(NRS A ; ) ����� NRS 645.210 Injunctions. ����� 1. Whenever the Real Estate Division believes from evidence satisfactory to it that any person has violated or is about to violate any of the provisions of this chapter, or any order, license, permit, decision, demand or requirement, or any part or provision thereof, it may bring an action, in the name of the Real Estate Division, in the district court of the State of Nevada in and for the county wherein such person resides, or, if such person resides outside the State of Nevada, in any court of competent jurisdiction within or outside the State of Nevada, against such person to enjoin such person from continuing such violation or engaging therein or doing any act or acts in furtherance thereof. ����� 2. If this action is in a district court of the State of Nevada, an order or judgment may be entered awarding such preliminary or final injunction as may be proper, but no preliminary injunction or temporary restraining order shall be granted without at least 5 days� notice to the opposite party. ����� [31:150:1947; 1943 NCL � 6396.31]—(NRS A ; ) ����� NRS 645.215 Investigation by Real Estate Division of certain transactions relating to unimproved land or subdivision; injunction for fraud, deceit or false advertising. ����� 1. If the Real Estate Division has reason to believe that fraud, deceit or false advertising is being, has been or is to be perpetrated in connection with the proposed or completed sale, purchase, rental, lease or exchange of any vacant or unimproved land or subdivision outside the corporate limits of any city, it may investigate the circumstances of such sale, purchase, rental, lease or exchange. ����� 2. If such investigation reveals any evidence of fraud, deceit or false advertising which has influenced or induced or may influence or induce the sale, purchase, rental, lease or exchange, the Real Estate Division shall advise the Attorney General or the district attorney of the county in which the land or subdivision is located. The district attorney or, upon the request of the Administrator, the Attorney General shall cause appropriate legal action to be taken to enjoin any further sale, purchase, rental, lease or exchange until the fraud, deceit or false advertising is eliminated and restitution has been made for any loss. ����� 3. Nothing in this section shall prevent prosecution of any person in a criminal action under the provisions of any other law. ����� (Added to NRS by ; A ; ) REGULATION OF PRACTICES ����� NRS 645.230 Unlawful 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. ����� 1. It is unlawful for any person to file with the Administrator, the Division or the Commission any notice, statement, complaint or other document required under the provisions of this chapter which is false or which contains any willful, material misstatement of fact. Who must use the mandatory purchase agreement prescribed by the Louisiana Real Estate Commission?Louisiana law requires all real estate licensees to use a mandated Louisiana Residential Agreement to Buy or Sell (“Agreement”) as the starting point for a contract to purchase residential property. The Louisiana Real Estate Commission ("LREC") mandated the first Agreement in 2009.
Which of the following is a power of the Louisiana Real Estate Commission?(1) Regulate the issuance of real estate licenses, registrations, and certificates. (2) Censure licensees, registrants, and certificate holders. (3) Suspend or revoke licenses, registrations, and certificates.
What is the possible penalty for someone who has violated provisions in Louisiana license law?What is the possible penalty for someone who has violated provisions in Louisiana License Law? Whoever violates the provisions in Louisiana License Law can be fined no more than $2,000, or imprisoned for not more than 5 years, or both.
Which organization will investigate alleged violations of the Louisiana real estate license law?Upon receipt of a valid case that falls within the jurisdiction of the Louisiana Real Estate Commission, a case file is opened and assigned to a compliance officer.
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