NRS 645.570 - Notice of Change of Name, Location or Association +17Nevada · Real Estate · English

Written notice must be given to the Division within 10 days of any change of name, business location, or association of a licensee. Transfers of association require an application, a fee, and certification by the new broker/owner-developer of the transferee's honesty and good reputation. Failure to notify is cause for revocation or inactivation.

• ✓Written notice must be given within 10 days of any change of name, business location, or association
• ✓Transfer requires new broker to certify to honesty, truthfulness and good reputation of the transferee
• ✓Failure to give notice is cause for revocation or involuntary inactivation of the license

In transactions involving a used manufactured or mobile home not converted to real property, a licensee must provide the purchaser a Division form disclosing year/serial number/manufacturer, that it is personal property subject to personal property taxes, the requirements of NRS 489.521 and 489.531, and other required disclosures. These disclosures are not a warranty of title or condition.

• ✓Licensees must disclose year, serial number, manufacturer, and personal property tax status
• ✓The disclosures do not constitute a warranty of title or condition
• ✓A broker must ensure the client complies with NRS 489.521 and 489.531 requirements

A licensee is not liable for a client's misrepresentation unless the licensee knew of it and failed to inform the recipient it was false. A licensee is generally not liable for a seller's failure to make NRS 113.130/113.135 disclosures if the information is a readily available public record, but is not relieved of the duty to disclose known material facts.

• ✓A licensee is liable for a client's misrepresentation only if they knew and failed to correct it
• ✓A licensee is not relieved of disclosing known material facts about the property
• ✓Public-record availability may relieve liability for certain seller disclosure failures

Any person who performs even a single act or transaction included in the definition of a real estate broker, for another and for compensation, is acting in the capacity of a broker or salesperson under the chapter, whether the act is incidental or the entire transaction.

• ✓A single act for another for compensation constitutes broker/salesperson activity
• ✓The act may be incidental or the entire transaction
• ✓Unlicensed persons cannot sue to collect compensation for such acts

The Commission or Administrator may establish advisory committees to assist with matters, course evaluations, or investigation reviews. Committees have three members from an approved list; at least one must be a current/former Commission member who serves as chair. Members serve without compensation but receive per diem and travel expenses.

• ✓Advisory committee consists of three approved persons
• ✓At least one member must be a current or former Commission member serving as chair
• ✓Members must meet Commission appointment qualifications under NRS 645.090
• ✓Members serve without compensation but receive per diem and travel expenses

Advisory committees review investigation reports, hold informal conferences, and work toward resolution recommendations. The chair files a written report within 30 days. Reports and proceedings are confidential except as provided in NRS 645.180.

• ✓Chair must file written report within 30 days of informal conference
• ✓Advisory committee reports and proceedings are confidential
• ✓Committee may consider all relevant evidence and rule on admissibility without court rules

The Commission adopts CE standards requiring a minimum of 36 hours of continuing education. Standards include mandatory subject matter. Licenses cannot be renewed or reinstated unless the Administrator finds the applicant completed required CE. Persons 65+ licensed 30+ years may seek an exemption from non-mandatory CE.

• ✓A minimum of 36 hours of continuing education is required
• ✓License must not be renewed or reinstated without completing required continuing education
• ✓Persons 65+ years old licensed in good standing 30 years or longer may apply for exemption from non-mandatory CE
• ✓Postlicensing curriculum may be required within the first year after initial licensing

A licensee shall not participate in naming false consideration in any document regardless of disclosure or seller agreement, unless it is an obviously nominal consideration.

• ✓Licensee cannot name false consideration in documents
• ✓Exception only for obviously nominal consideration
• ✓Applies regardless of disclosure or seller agreement

A cooperating licensee cannot invite another licensee's cooperation without the listing broker's consent. Only one licensee may place for-sale signs unless owner authorizes in writing. Consent from the exclusive broker is required before negotiating with the owner.

• ✓Cannot invite cooperation of another licensee without listing broker/agent consent
• ✓Signs must not be placed by more than one licensee unless owner authorizes in writing
• ✓Must obtain broker consent before negotiating lease/sale with owner
• ✓Exclusive broker must cooperate with others when in client's interest

A broker with exclusive authority may authorize another licensee to negotiate directly with the client via written authorization on a Division-prescribed form. Such negotiation does not create an express or implied agency relationship with the authorizing broker's client.

• ✓Written authorization required on Division-prescribed form
• ✓Negotiation does not create agency relationship with authorizing broker's client
• ✓'Negotiate' includes communicating, delivering, discussing offers/counteroffers

The Commission interprets 'present all offers' to include accepting/conveying offers, answering client questions, and assisting in preparation/negotiation. 'Exclusive agency representation' means one broker and one client relationship including exclusive listing/buyer's brokerage/right to sell agreements.

• ✓'Present all offers' includes conveying, explaining, and assisting with offers
• ✓'Exclusive agency representation' means one broker and one client
• ✓Includes exclusive agency listing, buyer's brokerage, and right to sell/lease agreements

Every broker must teach associated licensees the fundamentals and ethics of real estate and supervise their activities, employees, and business operations through policies covering transactions, documents, record filing, money handling, advertising, and legal compliance.

• ✓Broker must teach fundamentals and ethics to associated licensees
• ✓Broker must supervise transactions, documents, money handling, and advertising
• ✓Supervision must consider number of licensees, employees, and branch offices
• ✓Broker may use broker-salesperson to assist but retains overall responsibility

An exclusive buyer's brokerage agreement may authorize the broker to receive compensation from the seller, lessor, or their broker, and may provide the purchaser/tenant is not required to compensate the broker if the property is acquired solely through their own efforts.

• ✓Broker may receive compensation from seller/lessor or their broker
• ✓Agreement may exempt buyer from compensating broker if acquired solely through own efforts

A broker may enter written agreements to retain licensees as independent contractors. The agreement must be signed and dated by both parties and include material aspects of the relationship including broker supervision of licensed activities.

• ✓Agreement must be signed and dated by broker and licensee
• ✓Must include material aspects of relationship including broker supervision

The Division may place a license on inactive status at the licensee's request, for failure to notify of name/location/broker changes, for failure to renew, upon supervising broker inactivation, or as a disciplinary result. An inactive licensee may not engage in the business until reinstatement requirements are met.

• ✓License may be inactivated at licensee's request, for notification failures, or as disciplinary result
• ✓An inactive licensee may not engage in the business until meeting all reinstatement requirements
• ✓Associate's failure to notify Division of broker change within 30 days of termination is grounds for inactivation

When determining gross negligence, incompetence, or deceitful/fraudulent dealing, the Commission considers whether the licensee protected the public, ascertained pertinent facts, disclosed interests, maintained fidelity to principal, obtained written agreements, and stayed informed of laws.

• ✓Commission considers whether licensee protected public against fraud/misrepresentation
• ✓Considers whether licensee disclosed interests and contemplated interests in writing
• ✓Considers breach of absolute fidelity to principal and fair dealing with all parties
• ✓Licensee cannot accept compensation from multiple parties without full disclosure to all

The Commission considers whether a licensee has impeded a Division investigation by failing to comply with document requests, failing to provide written responses, supplying false information, providing forged documents, or concealing documents/facts.

• ✓Failing to comply with document requests constitutes impeding investigation
• ✓Supplying false information or forged documents is misconduct
• ✓Concealing documents or facts relating to a transaction is misconduct

When an associate terminates, the broker/owner-developer must deliver or mail the license to the Division with a written statement within 10 days, and notify the associate at their last known address. The associate must, within 30 days, become associated with another broker or request inactive status. It is unlawful to perform licensed acts after the license is received by the Division until reissued.

• ✓Broker must deliver/mail the license to the Division with a written statement within 10 days of termination
• ✓Associate must, within 30 days, become associated with another broker/owner-developer or request inactive status
• ✓It is unlawful to perform licensed acts after the Division receives the license until it is transferred, reissued or a new license is issued

Advertisements must not be false or misleading. Licensees cannot use their name/number in 'for sale by owner' ads unless they have ownership interest and use 'owner-broker' or 'owner-agent' language. The brokerage firm name must be clearly identified with prominence.

• ✓Advertisements must not be false or misleading
• ✓'For sale by owner' ads with licensee name require 'owner-broker' or 'owner-agent' designation
• ✓Brokerage firm name must be identified with prominence
• ✓Cannot reference another broker's exclusive listing without prior written consent

Licensees must conspicuously include their license number in advertisements. Franchise advertising requires the broker's licensed name and acknowledgment that each office is independently owned and operated. Advertisement includes printed, broadcast, electronic media, social media, business cards, and forms.

• ✓License number must be included conspicuously in advertisements
• ✓Franchise ads must include licensed name and independent ownership acknowledgment
• ✓'Advertisement' includes social media, Internet, business cards, and forms

A licensee may use a nickname if not materially misleading, without numbers/spaces, and not discriminatory. Team/group terms require multiple licensees employed by the same broker, with the team name containing at least one member's name and license number.

• ✓Nicknames must not be materially misleading or use numbers/spaces
• ✓Team/group must have more than one licensee employed by same broker
• ✓Team/group name must contain name and license number of at least one member

A broker's sign must be readable from the nearest public sidewalk, street or highway. In office buildings, hotels, or apartments, the sign must be on the building directory or entrance exterior. The broker must furnish a photograph upon Division request.

• ✓Sign must be readable from nearest public sidewalk, street or highway
• ✓In multi-unit buildings sign must be on directory or entrance exterior
• ✓Broker must furnish photograph of sign upon Division request

A broker licensed as a manager, member, or officer of an entity who discontinues that connection and wishes to act as an individual or join another entity must file an application and pay a $20 transfer fee for a new license. Payment does not extend the original license period.

• ✓Broker must file an application and pay a $20 transfer fee for a new license
• ✓Payment of the transfer fee does not extend or alter the original license period

A broker cannot operate under a fictitious name without complying with NRS chapter 602 and filing a certified county clerk certificate with the Division. Name changes require filing within 10 days. A broker may not use more than one name per license.

• ✓Must comply with NRS chapter 602 and file certified certificate with Division
• ✓Name changes must be filed within 10 days of certificate issuance
• ✓Broker may not use more than one name per license

A broker must establish an office easily accessible to the public. A home or shared-business office requires separate rooms for real estate business and must comply with local zoning. Out-of-state licensed brokers must comply with NAC 645.655(2).

• ✓Office must be easily accessible to the public and comply with local zoning
• ✓Home or shared offices require separate rooms for real estate business
• ✓Brokers with active out-of-state license must comply with NAC 645.655(2)

A licensee called into military service may, on request, be placed on inactive status for the duration of service plus 6 months after discharge. They may be reinstated without examination within 6 months after service by paying the reinstatement fee, without the current year license fee. A certified copy of honorable discharge must be presented.

• ✓Licensee is relieved from compliance during military service plus 6 months after discharge
• ✓Reinstatement without examination allowed within 6 months after service by paying reinstatement fee
• ✓Must present certified copy of honorable discharge or certificate of satisfactory service

A licensee must promptly deliver to the seller every bona fide offer complete with all terms and conditions, and deliver to both purchaser and seller copies of each acceptance of an offer or counteroffer.

• ✓Must promptly deliver every bona fide offer to the seller
• ✓Must deliver copies of each acceptance to both purchaser and seller

In each transaction the licensee must clearly disclose in writing their agency relationship or principal status to their client and unrepresented parties, no later than when documents are signed. Licensees dealing for themselves/family/firm must disclose that fact and their licensed status in writing.

• ✓Must disclose agency relationship or principal status in writing before documents signed
• ✓Prior disclosure must be confirmed in a separate provision and maintained by broker
• ✓Licensee acquiring/disposing of property for self must disclose in writing
• ✓Must disclose licensed status whether license is active or inactive

If a seller does not accept an offer within a reasonable time, the licensee representing the seller must provide the buyer written notice signed by the seller. If a buyer rejects a counteroffer, the buyer's licensee must notify the seller in writing signed by the buyer.

• ✓Seller's licensee must provide written notice signed by seller of non-acceptance
• ✓Buyer's licensee must provide written notice signed by buyer of counteroffer non-acceptance

A licensee cannot attempt to sell or offer to sell any real property or time share knowing the title is unmerchantable unless the prospective purchaser is notified before any payment of the purchase price.

• ✓Cannot sell property with known unmerchantable title without notifying purchaser
• ✓Notification must occur before payment of any part of the purchase price

The Administrator may issue certificates authorizing out-of-state licensed brokers to cooperate with Nevada brokers, subject to Commission rules, with a fee charged per NRS 645.830.

• ✓Administrator may issue certificates authorizing out-of-state brokers to cooperate with Nevada brokers
• ✓Commission establishes conditions for issuance and cancellation of such certificates

A licensee must maintain a record of all work performed on residential property that they assist a client in scheduling, including the licensed contractor's name, dates, written contracts, and invoices.

• ✓Must maintain records of work performed on residential property assisted in scheduling
• ✓Records must include contractor name, work date, written contract copy, and invoice copy

A broker must keep complete transaction and property management records for at least 5 years after closing or last activity, including non-accepted offers and incomplete transactions. Salespersons/broker-salespersons must provide paperwork to their broker within 5 calendar days of execution.

• ✓Broker must keep records at least 5 years after closing or last activity
• ✓Records include non-accepted offers and incomplete transactions
• ✓Salespersons must provide paperwork to broker within 5 calendar days of execution

Money cannot be withdrawn from a trust account without a licensee's signature (rubber stamp insufficient). A salesperson may not be the only required signatory but may cosign with the broker. Bankruptcy filing requires immediate termination and escrow of trust funds.

• ✓Trust withdrawals require a licensee's signature; rubber stamp is insufficient
• ✓Salesperson cannot be sole required signatory but may cosign with broker
• ✓Broker filing bankruptcy must immediately terminate and escrow trust accounts

Brokers engaged in property management must maintain two separate property management trust accounts distinct from other trust accounts: one for rental operations, one for security deposits. A ledger account is required for each unit. Accounts must be reconciled monthly within 30 days of statement receipt.

• ✓Must maintain separate accounts for rental operations and security deposits
• ✓Must maintain a ledger account for each managed unit (single-family dwelling)
• ✓Accounts reconciled monthly within 30 days of bank statement receipt
• ✓Trust account in deficit over 45 consecutive days in a year subjects broker to discipline

A broker must provide the Division upon demand with documents and permission necessary to complete inspections and audits including money accounts. Permission may release banks/depositors from liability for disclosing required information.

• ✓Broker must provide documents and permission for Division inspection and audit
• ✓Permission form must release information holders from liability for disclosure

Each transaction must be numbered/indexed for audit. Complete records must be kept in Nevada and open to Division inspection during business hours. Electronic records require access to storage equipment. Brokers must give written notice of record location.

• ✓Transactions must be numbered consecutively or indexed for audit
• ✓Records must be kept in Nevada and open to Division inspection
• ✓Electronic records require access to storage equipment for audit
• ✓Broker must give written notice to Division of record location before moving them

A licensed broker, broker-salesperson, or salesperson may apply for a property management permit. Applicants must complete at least 24 classroom hours of property management instruction. Permits expire and renew with the license. Renewal requires at least 3 hours of CE concerning property management.

• ✓Must complete at least 24 classroom hours of instruction in property management for original permit
• ✓Permit expires and renews at the same time as the holder's license
• ✓Renewal requires at least 3 hours of continuing education concerning property management

A broker with a property management permit must obtain a written property management agreement signed by broker and client before acting. The agreement must include term, deposit retention/disposition provisions, fee/compensation, extent of agency, cancellation provisions, and asset management provisions if applicable.

• ✓Broker must obtain a signed written property management agreement before acting as property manager
• ✓Agreement must include the term, deposit provisions, fee, extent of agency, and cancellation circumstances
• ✓Must disclose extent of any asset management services provided

Partnerships, corporations, LLCs, and sole proprietor brokers must designate a qualified person to hold the property management permit on the entity's behalf. That person may only act on the entity's behalf. Other members wishing to engage must apply individually.

• ✓Entity must designate a qualified person to hold the property management permit
• ✓Designated person may act as property manager only on behalf of the entity, not their own behalf
• ✓Other members must apply individually for a separate permit to engage in property management

A broker without a property management permit who intends to have property management conducted at an office must appoint a qualified designated property manager and notify the Division. The person must hold a broker/broker-salesperson license, a property management permit, and have 2 years active experience within the preceding 4 years.

• ✓Broker must appoint a qualified designated property manager and notify the Division
• ✓Designated property manager must hold a broker or broker-salesperson license and a property management permit
• ✓Must have 2 years active property management experience within the 4 years preceding appointment

A property management permit holder must disclose material facts, all compensation sources, principal interest, and dual representation (requiring written consent). Must exercise reasonable skill and care, provide Division forms, seek rentals at stated price, advise clients to seek experts, and account for money promptly.

• ✓Must disclose material facts, all compensation sources, and any interest as a principal
• ✓Dual representation requires written consent from each party including a conflict of interest statement
• ✓Must exercise reasonable skill and care and account for all money and property as soon as practicable

A licensee who receives a deposit on a transaction on behalf of a broker or owner-developer must pay it over to that broker/owner-developer or designated escrow within 1 business day after receiving a fully executed contract.

• ✓Deposit must be paid over within 1 business day of fully executed contract
• ✓Payment goes to broker, owner-developer, or designated escrow

A licensee cannot deposit received money into any escrow business/company in which the licensee or associate has an interest without disclosing this association to all parties to the transaction.

• ✓Cannot deposit money in escrow with undisclosed licensee interest
• ✓Must disclose escrow interest/association to all parties

A sole broker cannot be absent 30+ days without inactivating the license or notifying the Division and designating an office manager. Advance fee agreements must be written, describe services, state fees, not guarantee results, provide refunds, and specify performance dates.

• ✓Sole broker absent 30+ days must notify Division and designate office manager
• ✓Advance fee agreements must be in writing with complete service description
• ✓Advance fee agreements cannot guarantee property will be sold/leased
• ✓Full refund required if services not substantially provided