Nevada Law Flashcards
What is not allowed for NVBS as sales manager under NVOD
Work under other NVB
If NVERRF pay out claim on behalf of licensee
- Nevada licensee is suspended minimum of 1 year until NVERRF is repaid for what they paid out.
-If licensee wants to get their license back:- Nevada licensee pay back + interest
- interested is determined at 2% over prime
- prime decided by largest bank in NV
- primate rate decided on january 1 and july 1 of current
year
Excess NVERRF funds at the end of the fiscal year
- Must be set aside by the NVREDA and after approcval form the NVREC
- Can be spent on NV real estate education and research
What does a NV brokerage have to Teach Train and supervise
- Fundamentals of real estate and timeshares
- Ethics of the profession
- Must supervise the activities of:
- licensees
- any employees
- the operation of business
- Establish rules and policies+procedures and systems:
- Transactions performed by licensees
- right of obligations of a party to such a transaction
- Documents that may have material fact
- filing, storage and maintenance of such documents
- handling of money received on behalf of broker
- advertising of any service for which license is required
- familiarize licensee with:
- federal and state low
- including prohibitions against discrimination
- Establish system for monitoring compliance
- may use sales person to assist
- but broker retains ultimate responsibility
- Broker should have a policy to support the number of licensees in the office
- Broker must instruct licensees in regards to federal/state law
- Broker must instruct licensees in regards to discrimination laws
How NV brokers may employ agents
*Associated licensees may be employees for the brokerage
- broker must withhold taxes
*Associated Licensees may be independent contractors
- must be in writing, signed, and dated by licensee and
broker
- must include material aspects of the relationship
between licensee and broker
- policies and rules must be signed by both parties.
When teaching agents broker must explain the following
*Deceitful, fraudulent, dishonest dealings means:
- it is illigal to:
- give or accept any fee, rebate, or kickback from and of
the following:
- Lending institutions
- Insurance companies
- Appraiser
- Inspector
- Title insurance company
- Escrow company
- Contractor
- Attorney
- Or and other person involved in the transaction
*This term does not include the payment or acceptance of a fee that is:
- Approved by the client
- payable on or before the close of escrow
- is specified in the document of the transaction
- has an aggregate value of $100 or less
- to of from a client and a Nevada licensee per transaction
Nevada Broker Listing Contracts
- May be oral or written
- If written must have end date
- If any type of an exclusive listing
- Must have NV duties owed
- Must be written
- Must have end date
- Must leave copy immediately or as soon as practical
- Cannot have automatic extension
- Is enforceable when signed by seller/brokerage or their representative
- Seller has option with Brokers permission:
- Not to look at certain offers
- negotiate directly with buyer
- a licensee must provide any paperwork to the broker within 5 CALENDAR days after document is executed by all parties
- Confidential info must be kept for 1 year after the termination of the brokerage agreement.
Brokerage Contracts: Offers
- All offers must contain:
- Duties Owed
- Confirmation of which brokerage represents who
- Consent to act if dual agency
- All offers must be presented, regardless of price, promptly or as soon as possible, this includes oral or written offers.
- Offeree has 3 options: Must be signed and dated wether,
- Accept
- Refuse
- Reject
Deposits/Earnest Money
*All monies must be turned over by next business day excluding holidays and weekends
- Broker must do the following after the offer was accepted:
- Put monies into NV trust account
- Put monies into NV escrow company
- Give monies to seller (NVB still liable)
- Give monies to whoever, as long as all parties agree.
- NV brokerage or agent can never:
- commingle
- Conversion: use the money of another.
Broker Must Monitor Agent’s Ads
Must have brokerage name Ads include - Internet - Newspaper - Television - Radio - Flyer - Business Cards - Or any other publicity *Brokerage name must be prominent not necessarily dominant - unless brokerage requires it *Phone number not required (unless brokerage) *No more than one yard sign (Without seller permission)
- If selling own home
- Must disclose on signage
- Cannot say owner/realtor
- Cannot have for sale by owner and nevada brokerage
*signage my not be confusing in color or logo to public
NVB Trust Account
- Not mandatory
- NVB with NVPMP must have trust account for money received for:
- operations
- security deposits
- If you do NV real estate with trust account and NVPMP you must have 3 separate trust accounts
- Nevada trust account means:
- with trust account When bankrupt, monies go back to clients
- Without trust account, monies go to the government.
All NVB trust accounts must have
- name of brokerage as trustee
- Given name of the bank where the account is held given to NVRED
- Must give account number to NVRED
- Must allow NVRED to check the accounts with or without permission of NVB present.
NVB Property Management Rights
- Must have experienced broker or broker sales person
- Broker still remains liable if sales person
- Must have Property management permit
- Must reconcile Property management trust account every 30 days
- Trust account not allowed
- to be in arrears for more than 45 days
*Must give annual accounting to NVRED
- Custodial trust account means:
- Brokerage and client may write checks off the account
- Separate custodial account for each client
- NVB not liable for overdrawn account if client overdraws.
Common Interest Community 116
- HOA
- Resale Package:
- CC&R’S
- Financial Situation
- Litigation
Nevada Owner Developer Requirements
- Must be Nevada Licensed Contractor
- Can only call themselves NV licensed contractor not licensee
- Does not have to take test or attend real estate school
- subject to same requirements as NVB
- Can be sole proprietor, partnership, corporation or LLC
