NV State Law Flashcards
NRS
Nevada Revised Statutes - Written by Nevada Legislature
NAC
Nevada Administrative Codes - Written by NVREC/NVREDA
NVREDA
Nevada Real Estate Division Administrator
NVREC
Nevada Real Estate Commissioner
Appointed by Governor. There are 5 in NV.
Must be a NV Resident for 5 years and a US Citizen
Must be a Broker Salesperson for 5 years OR a Broker for 3 years.
Term is 3 years. Must hold at least 2 meetings in a year 1 in the north and one in the south.
NVERRF
Nevada Education, Research and Recovery Fund
When a consumer complains to NVRED
NVREDA turns the case over the to Attorney General or District Attorney if it involves a NON LICENSEE. If convicted it’s a Felony D (Class D Felony).
Otherwise, he’ll set up a hearing with NVRECommissioner
Max Fine - $10,000 plus hearing costs
In discrimination cases it’s $500 for first case.
Second case would be probable grounds for license revocation.
NV Sales Agent
Also known as a TSA. Time Share Agent.
14 hours of Education. Doesn’t Sign Contracts or contribute to ERRF.
Sells Timeshares under a Nevada Project Broker.
6 Hours of Continuing Education every 2 years.
LICENSE - NOT PERMIT!!!
NV Salesperson’s License
90 Hours - 45 of Law & 45 of Principles
$170 for License
$40 to ERRF
By end of 1st year - 30 hour Post Licensing Course
$280 to renew License
$80 to ERRF
$ for a Brokerage
Enough Money to run a Brokerage for 180 Days (6 months)
Money must be seasoned for 90 days (3 months)
Brokerages Records Keeping
Must maintain all records for 5 years from last activity.
Must notify NVRED within 10 days of an address change.
Must have a Fair Housing Practice Poster apparent
Discrimination is forbidden against:
Race Religion Color National Origin Sex Familial Status Handicap
NV Property Management Permit
NOT A LICENSE. A Permit!
24 Hours of Classroom. No Home Study.
Work under a Broker with a NVPMP too. Or a NV Broker Salesperson with 2 of the previous 4 years in real estate and NVPMP experience.
Permit is a separate document NOT Attached to license.
Must take a 3 hour Continuing Education every renewal period.
NV Business Brokerage Permit
NOT A LICENSE. A Permit!
Same Rules as the Property Management Permit BUT this is tied to your license.
CANE
Contracts
Agency
Nevada Law
Ethics
12 Hours Completed by a Licensee’s 2nd Year. (remember the 30 hours post licensing course in the 1st year.)
After 2nd year renewal you need 24 hours every 2 years. 12 of CANE and 12 of your choosing.
License Status
If you leave a brokerage. Your license must be moved within 10 days.
NRS/NAC 113 -
Sales of Nevada Real Property
Must disclose water and sewage fees for units of land more than 25 and less than 2000.
Open Range Home Sales - Livestock can enter land if no fence is built. Illegal to hunt or maim them for doing so.
You must disclose zoning before signing a contract. Must be updated every 6 months
On Brand New Homes in Nevada you are required to supply a NV Gaming Overlay Map in counties with more than 700,000 people.
The gaming map must be updated every 6 months.
SRPDS
NV Sellers Real Property Disclosure Statement
4 page form completed by Seller at least 10 days prior to Close of Escrow.
Any new defects must be disclosed before close of escrow.
If the seller lies, the buyer can sue for triple damages.
Buyer has up to 2 years to file a complaint.
If defects are not corrected by the seller, the buyer may cancel the purchase contract or continue and buy “as is”
If rescinding contract. It must be made IN WRITING within 4 days.
New Homes and Foreclosures are exempt from SRPDS
Mandatory Laws
It is illegal to disclose a homicide, suicide, or death.
It is illegal to discuss AIDS
It is illegal to disclose Sex Offender in the area.
Pre 1978 - Lead Paint. Approximately 75% of homes built before contain lead.
Asbestos also banned in 1978.
Radon
Urea and Formaldehyde banned in 1982.
NRS/NAC 116
Common Interest Community
HOA’s for example:
Resale Packages:
CC&R’s - Conditions, Covenants, and Restrictions
Financial Statement- Current Operating Budgets
Pending Litigations-
Buyer must accept or reject contents within 5 days.
NRS/NAC 119
Sale of Subdivided Land
Nevada broker who oversees land sales of 35 units must keep for a minimum of 3 years after last activity (WHICH IS DIFFERENT THAN THE 5 YEARS FOR EVERYTHING ELSE)
Does not apply when units are larger than 80 acres or smaller than 1 square yard.
Time Share Rules - Run by Nevada Project Broker
All ads must be approved by NVRED
Purchaser has right to cancel through the 5th Calendar day either by personal appearance or certified mail.
NV Developer must return any monies within 15 days of canceling.
Cooperative Brokers Certificates
Good for 1 year
Our of State Buyer using and out of state broker
Must apply for a certificate to NVREDA.
Nevada Owner Developer
Must be a licensed contractor.
Hires a Broker Salesperson to act as a Sales Manager.
They CANNOT be paid referral fees, listing fees, or any other things than selling or leasing.
NVERRF
Nevada Education Research and Recovery Fund
Fiscal year is July 1st. Minimum of $300,000 in fund at all times.
Fraud, Misrepresentation, or Deceit
NVERRF pays out if licensee doesn’t have the money themselves.
Max $25,000 for single claim Max $100,000 for class action claims
NRS 645
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