BRIAN SANDOVAL
Governor
STATE OF NEVADA
C.J. MANTHE
Director
SHARATH CHANDRA
Administrator
DEPARTMENT OF BUSINESS AND INDUSTRY
REAL ESTATE DIVISION
www.red.nv.gov
3300 W. Sahara Avenue, Suite 350, Las Vegas, Nevada 89102 Telephone: (702) 486-4033 Fax: (702) 486-4067
1818 E. College Parkway, Suite 110, Carson City, Nevada 89706-7986 Telephone: (775) 684-1900 Fax: (775) 687-4868
NOTICE & AGENDA OF PUBLIC MEETING
OF THE
NEVADA REAL ESTATE COMMISSION
DECEMBER 19, 2017
The Nevada Real Estate Commission will conduct a meeting beginning Tuesday, DECEMBER 19, 2017,
at 9:00 a.m. or until the Commission concludes its business at the following locations:
Nevada State Business Center
3300 West Sahara Avenue
Nevada Room
Las Vegas, Nevada 89102
Video Conference To:
Nevada Department of Business &
Industry
1830 East College Parkway, Suite 100
Carson City, Nevada 89706
COMMISSIONERS WILL BE IN LAS VEGAS & CARSON CITY
STACKED AGENDA: Below is an agenda of all items scheduled to be considered. Unless otherwise
stated, items may be taken out of the order presented on the agenda by the discretion of the
President. Items may also be combined for consideration or pulled or removed from the agenda at any
time. Persons who have business before the Commission are solely responsible to see that they are
present when their business is conducted. Public Comment may be limited to three minutes per person
at the discretion of the President. The Commission may only take action on those items denoted as
potential action items.
NOTICE: Reasonable efforts will be made to assist and accommodate physically handicapped persons
desiring to attend the meeting. Please call Teralyn Thompson at (702) 486-4036, so arrangements may
be conveniently made.
NOTICE: Prior to the commencement and conclusion of a contested case or a quasi judicial proceeding
that may affect the due process rights of an individual the Commission may refuse to consider public
comment. See NRS 233B.126.
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1. COMMISSION/DIVISION BUSINESS
A) Call to order; introduction of commissioners in attendance; and establish quorum.
B) Introduction of Division staff in attendance.
2. PUBLIC COMMENT
Members of the public are encouraged to address the commission regarding any matter. However,
no action may be taken on a matter. No comments may be made regarding a matter that is or may
be the subject of a formal complaint before the commission until after that matter is heard.
Comment may not be limited based on viewpoint. Persons who desire to submit written testimony
should submit ten (10) copies to the commission coordinator. PUBLIC COMMENT MAY BE LIMITED
TO THREE MINUTES PER PERSON AT THE DISCRETION OF THE CHAIRPERSON.
3. ADOPTION HEARING FOR LCB FILE NO. R004-16
Adoption hearing by the Real Estate Commission to receive comments regarding proposed
regulation in NAC 645 known as LCB File No. R004-16 which establishes the following:
Revision provisions relating to requirements for postlicensing education and continuing
education for certain licensees of the Real Estate Division of the Department of Business and
Industry;
Revising provisions governing the Division’s investigation of the financial responsibility of
an applicant for a license as a real estate broker;
Revising the period in which the Division will accept the results of an applicant’s
examination;
Revising the proof which a person must submit to the Division to renew or reinstate a
license;
Repealing provisions requiring the Division’s consideration of the financial condition of a
person who wishes to apply for a license as a real estate broker;
Repealing provision relating to persons who hold permits to engage in property management
and who engage in the management of common-interest communities; and,
Providing other matters properly relating thereto.
4. PUBLIC COMMENT
Members of the public are encouraged to address the commission regarding any matter. However,
no action may be taken on a matter. No comments may be made regarding a matter that is or may
be the subject of a formal complaint before the commission until after that matter is heard.
Comment may not be limited based on viewpoint. Persons who desire to submit written testimony
should submit ten (10) copies to the commission coordinator. PUBLIC COMMENT MAY BE LIMITED
TO THREE MINUTES PER PERSON AT THE DISCRETION OF THE CHAIRPERSON.
5. FOR POSSIBLE ACTION: ADJOURNMENT
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THIS NOTICE AND AGENDA HAS BEEN POSTED ON OR BEFORE 9:00 A.M. ON THE
THIRD WORKING DAY BEFORE THE MEETING AT THE FOLLOWING LOCATIONS:
Action Realty
3250 South Highway 160, Suite 11
Pahrump, Nevada 89048
Century 21/Sonoma Realty
1099 W. Winnemucca Bl.
Winnemucca, Nevada 89445
Desert Mountain Realty
1060 East Aultman Street
Ely, Nevada 89301
Elko County Association of REALTORS
557 West Silver, Suite 301A
Elko, Nevada 89801
Grant Sawyer Building
555 E. Washington Avenue
Las Vegas, Nevada 89101
Greater Las Vegas Association of REALTORS
1750 East Sahara Avenue
Las Vegas, Nevada 89104
Isom Realty & Insurance
P.O. Box 670
420 Third Street
Hawthorne, Nevada 89415
Nevada Association of REALTORS
760 Margrave Drive, Suite. 200
Reno, Nevada 89510
Nevada Real Estate Division
1818 E. College Parkway, Suite 110
Carson City, Nevada 89706
Nevada State Business Center
3300 W. Sahara Avenue
Las Vegas, Nevada 89102
Reiss Properties & Reiss Realty
2510 West Horizon Ridge Parkway, # 230
Henderson, Nevada 89052
Reno/Sparks Association of REALTORS
5650 Riggins Court, Suite 200
Reno, Nevada 89502
Sierra Nevada Association of REALTORS
300 South Curry Street, #3
Carson City, Nevada 89703
Nevada Public Notice Website
https://notice.nv.gov/
State of Nevada
Dept. of Business & Industry
State Real Estate Division
INTERNET PAGE:
http://red.nv.gov/Content/Meetings/Real_Estate
_Calendar
CONTACT FOR SUPPORTING MATERIALS:
Teralyn Thompson,
Administration Section Manager
Nevada Real Estate Division
3300 W. Sahara Avenue, Suite 350
Las Vegas, Nevada 89102
Phone: 702-486-4036
Email: [email protected]
1
NOTICE OF INTENT TO ACT UPON A REGULATION
NOTICE OF HEARING FOR THE ADOPTION,
AMENDMENT OR REPEAL OF REGULATIONS OF THE
NEVADA REAL ESTATE COMMISSION
LCB FILE No. R004-16
The Nevada Real Estate Commission will conduct a public hearing at 9:00 a.m. on
Tuesday, December 19, 2017, at the Nevada State Business Center 3300 W. Sahara
Avenue, Nevada Room, Las Vegas, Nevada 89102 with video conference to the
Nevada Department of Business and Industry Director’s Office 1830 E. College
Parkway, Suite 100, Carson City, Nevada 89706. The purpose of the hearing is to
receive comments from all interested persons regarding the adoption of regulations that
pertain to Chapter 645 of the Nevada Administrative Code.
The following information is provided pursuant to the requirements of NRS 233B.060:
Information Regarding Adoption
Upon adoption of any regulation, the agency, if requested to do so by an interested
person, either prior to adoption or within 30 days thereafter, shall issue a concise
statement of the principal reasons for and against its adoption, and incorporate therein its
reason for overruling the consideration urged against its adoption.
1. Purpose and need of the proposed regulations
In 2015, the Nevada Legislature passed Assembly Bill 475 which reduced the period
of initial licensure for real estate licensees from 24 to 12 months and each subsequent
period of licensure from 48 to 24 months. This change requires the Real Estate
Commission to amend regulations regarding educational requirements for renewal
and/or reinstatement of a real estate license.
2. Terms of the proposed regulations
• Revision provisions relating to requirements for postlicensing education and
continuing education for certain licensees of the Real Estate Division of the
Department of Business and Industry;
• Revising provisions governing the Division’s investigation of the financial
responsibility of an applicant for a license as a real estate broker;
• Revising the period in which the Division will accept the results of an applicant’s
examination;
• Revising the proof which a person must submit to the Division to renew or
reinstate a license;
• Repealing provisions requiring the Division’s consideration of the financial
condition of a person who wishes to apply for a license as a real estate broker;
2
• Repealing provision relating to persons who hold permits to engage in property
management and who engage in the management of common-interest
communities; and,
• Providing other matters properly relating thereto.
3. Estimated Economic Effect
(a) Adverse effects:
LCB File No. R004-16 does not have an adverse economic effect.
(b) Beneficial effects:
LCB File No. R004-16 does not have a beneficial economic effect.
(c) Immediate effect:
LCB File No. R004-16 does not have an immediate economic effect.
(d) Long term effects:
LCB File No. R004-16 does not have a long term economic effect.
4. Estimated Cost to the Agency.
There will be no additional cost to the agency for enforcement of LCB File No.
R004-16.
5. Duplication with other Agencies:
LCB File No. R004-16 does not include any provisions which duplicate or are more
stringent than federal, state or local standards.
6. Federal Law:
LCB File No. R004-16 does not include any provisions which duplicate or are more
stringent than federal, state or local standards.
7. Federal Regulation:
LCB File No. R004-16 does not include any provisions which duplicate or are more
stringent than federal, state or local standards.
8. New Fee Established:
LCB File No. R004-16 does not establish new fees.
Comments and Written Submissions
Persons wishing to comment on the proposed action of the Commission may appear at the
scheduled public hearings or may address their comments, data, views or arguments, in
written form to:
Nevada Real Estate Division
3300 W. Sahara Avenue, Suite 350
Las Vegas, NV. 89102
Attn: Teralyn Thompson, Administration Section Manager
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Written submissions must be received by the Division no later than Friday, December 15,
2017. If no person who is directly affected by the proposed action appears to request time
to make an oral presentation, the Division may proceed immediately to act upon any
written submissions.
Copies of Proposed Regulation
A copy of this notice and the proposed regulation will be on file at the State Library, 100
Stewart Street, Carson City, Nevada for inspection by members of the public during
business hours. Additional copies of the notice and the proposed regulation are available
on the Division website at www.red.nv.gov and at the Division office:
Real Estate Division
3300 W. Sahara Avenue, Suite 350
Las Vegas, NV. 89102
The text of each regulation will include the entire text of any section of the Nevada
Administrative Code, which is proposed for amendment or repeal. This notice and the
text of the proposed regulation are also available in the State of Nevada Register of
Administrative Regulations which is prepared and published monthly by the Legislative
Counsel Bureau pursuant to NRS 233B.0653 and on the Internet at:
https://www.leg.state.nv.us/Register/2016Register/R004-16RP2.pdf
Copies will also be mailed to members of the public upon request. A reasonable fee may
be charged for copies if it is deemed necessary.
Upon adoption of any regulation, the agency, if requested to do so by an interested
person, either before adoption or within 30 days thereafter, will issue a concise statement
of the principal reasons for and against its adoption and incorporate therein its reason for
overruling the consideration urged against its adoption.
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This notice of hearing has been posted at the following locations:
Nevada Real Estate Division
1818 E. College Parkway, Suite 110
Carson City, Nevada 89706
Carson City Library
900 N. Roop Street
Carson City, Nevada 89701
Churchill County Library
553 S. Maine Street
Fallon, Nevada 89406
Elko County Library
720 Court Street
Elko, Nevada 89801
Lincoln County Library
63 Main Street
PO Box 330
Pioche, Nevada 89043
Lyon County Library
20 Nevin Way
Yerington, Nevada 89447
Tonopah Public Library
167 S. Central Street
Tonopah, Nevada 89049
Washoe County Library-Reno
301 S. Center Street
Reno, Nevada 89501
Battle Mountain Library
625 S. Broad Street
Battle Mountain, Nevada 89820
State of Nevada Legislative Counsel
Bureau website
https://www.leg.state.nv.us/
State of Nevada Public Notice website
https://notice.nv.gov/
Nevada State Business Center
3300 W. Sahara Avenue
Las Vegas, Nevada 89102
www.red.nv.gov
Las Vegas-Clark County Library
833 N. Las Vegas Boulevard
Las Vegas, Nevada 89101
Douglas County Public Library
1625 Library Lane
Minden, Nevada 89423
Goldfield Public Library
PO Box 430
Goldfield, Nevada 89013
Humboldt County Library
85 E. Fifth Street
Winnemucca, Nevada 89445
Storey County Library
PO Box 999
175 E. Carson Street
Virginia City, Nevada 89440
Mineral County Library
PO Box 1390
Hawthorne, Nevada 89415
Pershing County Library
400 Main Street
Lovelock, Nevada 89419
White Pine County Library
950 Campton Street
Ely, Nevada 89301
1
SMALL BUSINESS IMPACT STATEMENT
NAC 645
LCB File No. R004-16
NOVEMBER 9, 2017
1. LCB File No. R004-16 Small Business Impact Statement pursuant to NRS
233B.0608:
(a) A description of the manner in which comment was solicited from affected small
business, a summary of their response and an explanation of the manner in which
other interested persons may obtain a copy of the summary.
The Real Estate Division posts proposed changes to NAC 645.095; NAC 645.102; NAC
645.150; NAC 645.225; NAC 645.4442; NAC 645.445; NAC 45.448; NAC 645.467;
NAC 645.800; NAC 645.802; NAC 645.915; NAC 645.120 and NAC 645.799 on the
Division’s website for the public to review and respond. The Real Estate Commission
held a public meeting on September 15-17, 2015 in which there was an agenda item
regarding discussion and decision concerning Commission’s consideration of proposed
regulation changes, additions and deletions to NAC 645. Division staff was present at
this Commission meeting where public comment is allowed before Commission business
and before adjournment. There were no comments from the public regarding the
proposed regulation changes.
The Real Estate Commission conducted a regulation workshop on October 5, 2016. There
was comment from the public regarding amendments to NAC 645.150 requiring the
submission of a credit report when applying for a real estate broker license.
Interested persons may obtain a copy of the summary of the Small Business Impact
Statement on the Division’s web site www.red.nv.gov or by request to:
Teralyn Thompson, Administration Section Manager
Nevada Real Estate Division
3300 West Sahara Avenue, Suite 350
Las Vegas, NV 89102
(b) The manner in which the small business analysis was conducted for LCB File
No. R004-16.
The Division posted proposed changes to the regulation on the Division’s web site and
the proposed changes were discussed at the Real Estate Commission meeting held
September 15-17, 2015. No public comment was given at that time. The Real Estate
Commission conducted a regulation workshop on October 5, 2016. Comments submitted
2
do not have an effect on small businesses.
(c) The estimated economic effect of the proposed regulation on the small
businesses which it is to regulate, including, without limitation:
(1) Both adverse and beneficial effects:
(I) Adverse effects:
LCB File No. R004-16 does not have an adverse economic effect on small
businesses.
(II) Beneficial effects:
LCB File No. R004-16 does not have a beneficial economic effect on small
businesses.
(2) Both direct and indirect effects.
(I) Direct effect:
LCB File No. R004-16 has no direct economic effect on small businesses.
(II) Indirect effect:
LCB File No. R004-16 has no indirectly economic effect on small businesses.
(d) A description of the methods that the Real Estate Division considered to reduce
the impact of LCB File No. R004-16 on small businesses and a statement whether
the Real Estate Division actually used any part of those methods.
LCB File No. R004-16 will not impact small businesses.
(e) The estimated cost to the agency for enforcement of the proposed regulation.
There will be no additional cost to the agency for enforcement of LCB File No. R004-16.
(f) If LCB File No. R004-16 provides a new fee or increases an existing fee, the total
annual amount the Real Estate Division expects to collect and the manner in which
the money will be used.
The fee in LCB File No. R004-16 is not a new fee. The fee was added to the regulation
with the approval of LCB File No. R097-14 on April 4, 2016. LCB File No. R097-14 has
not been codified and LCB File No. R004-16 amends language from LCB File No. R097-
14.
(g) If LCB File No. R004-16 includes provisions which duplicate or are more
stringent than federal, state or local standards regulating the same activity, an
explanation of why such duplicative or more stringent provisions are necessary.
3
LCB File No. R004-16 does not include any provisions which duplicate or are more
stringent than federal, state or local standards.
(h) The reasons for the conclusions of the Real Estate Division regarding the impact
of LCB File No. R004-16 on small businesses.
LCB File No. R004-16 amends current regulation that need to be amended due to the
Nevada Legislature passing Assembly Bill 475.
I certify that, to the best of my knowledge or belief, the information contained in the Small
Business Impact Statement for LCB File No. R004-16 was prepared properly and is
accurate.
____________________________________
SHARATH CHANDRA, Administrator
Department of Business & Industry
Real Estate Division
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NRS 233B.0608(3) Statement
1. Identify the methods used by the agency in determining the impact of the proposed
regulation on a small business.
The Real Estate Division posts proposed changes to NAC 645.095; NAC 645.102; NAC
645.150; NAC 645.225; NAC 645.4442; NAC 645.445; NAC 45.448; NAC 645.467;
NAC 645.800; NAC 645.802; NAC 645.915; NAC 645.120 and NAC 645.799 on the
Division’s website for the public to review and respond. The Real Estate Commission
held a public meeting on September 15-17, 2015 in which there was an agenda item
regarding discussion and decision concerning Commission’s consideration of proposed
regulation changes, additions and deletions to NAC 645. Division staff was present at
this Commission meeting where public comment is allowed before Commission business
and before adjournment. There were no comments from the public regarding the
proposed regulation changes.
The Real Estate Commission conducted a regulation workshop on October 5, 2016. There
was comment from the public regarding amendments to NAC 645.150 requiring the
submission of a credit report when applying for a real estate broker license.
2. Identify the reasons for the conclusions of the agency concerning the impact of the
proposed regulation on a small business.
LCB File No. R004-16 amends current regulation that need to be amended due to the
Nevada Legislature passing Assembly Bill 475.
I certify that, to the best of my knowledge or belief, a concerted effort was made to determine
the impact of the proposed regulation on small businesses and that the information contained
in this statement is accurate. (NRS 233B.0608(3))
____________________________________
SHARATH CHANDRA, Administrator
Department of Business & Industry
Real Estate Division
--1--
LCB Draft of Second Revised Proposed Regulation R004-16
SECOND REVISED PROPOSED REGULATION OF
THE REAL ESTATE COMMISSION
LCB File No. R004-16
November 3, 2017
EXPLANATION – Matter in italics is new; matter in brackets [omitted material] is material to be omitted.
AUTHORITY: §§1 and 9, NRS 645.190, 645.575, 645.630 and 645.633; §§2 and 3, NRS
645.190 and 645.400; §§4 and 14, NRS 645.190; §5, NRS 645.190, 645.343 and
645.575; §6, NRS 645.190 and 645.343; §7, NRS 645.190, 645.343, 645.575,
645.630 and 645.633; §8, NRS 645.190 and 645.575; §10, NRS 645.050,
645.190, 645.575, 645.630, 645.633, 645.635 and 645.660; §§11 and 12, NRS
645.190 and 645.6052; §13, NRS 645.190 and 645.863.
A REGULATION relating to real estate; revising provisions relating to requirements for
postlicensing education and continuing education for certain licensees of the Real
Estate Division of the Department of Business and Industry; revising provisions
governing the Division’s investigation of the financial responsibility of an applicant for
a license as real estate broker; revising the period in which the Division will accept the
results of an applicant’s examination; revising the proof which a person must submit to
the Division to renew or reinstate a license; repealing provisions requiring the
Division’s consideration of the financial condition of a person who wishes to apply for
a license as a real estate broker; repealing provisions relating to persons who hold
permits to engage in property management and who engage in the management of
common-interest communities; and providing other matters properly relating thereto.
Legislative Counsel’s Digest:
In 2015, the Nevada Legislature passed Assembly Bill No. 475, which reduced the period
of initial licensure for a license as a real estate broker, real estate broker-salesperson or real
estate salesperson from 24 to 12 consecutive months and each subsequent period of licensure for
these and other licenses issued by the Real Estate Division of the Department of Business and
Industry from 48 to 24 consecutive months. Assembly Bill No. 475 provided that existing
licenses issued by the Division before July 1, 2015, do not need to be renewed until the
expiration dates listed on those licenses. (Chapter 475, Statutes of Nevada 2015, at page 2780)
--2--
LCB Draft of Second Revised Proposed Regulation R004-16
Section 1 of this regulation establishes educational requirements for certain licensees
whose licenses have been placed on inactive status and who apply for reinstatement.
Existing regulations provide that the Division may investigate the financial responsibility
of an applicant for a license as a real estate broker and provide that an applicant shall be deemed
financially responsible if the applicant can show liquid assets sufficient to maintain an office for
at least 180 days. (NAC 645.150) Section 3 of this regulation: (1) authorizes the Division to
eliminate the presumption of financial responsibility; (2) requires that a credit report be
submitted to the Division which must be dated within 30 days before the date of the application;
and (3) requires that an applicant submit such other information as the Division deems necessary.
Existing regulations provide that the Division will only accept the results of an
examination taken during the 12 months before the date of an application for a license. (NAC
645.225) Section 4 of this regulation instead provides that the Division will only accept the
results of an examination for 12 months after the results of the examination were issued.
Existing regulations set forth certain requirements for a course of postlicensing education
for first-time licensees. (NAC 645.4442) Section 7 of this regulation revises those requirements
to require the completion of prescribed continuing education by certain first-time licensees and
scales the required number of hours of continuing education to the new 1-year period of initial
licensure established by Assembly Bill No. 475.
Existing regulations require a person to submit certain proof to the Division to renew an
active license or reinstate an inactive license. (NAC 645.445) Section 8 of this regulation revises
the items of proof that must be submitted to renew or reinstate a license.
Existing regulations set forth certain requirements for continuing education for a real
estate salesperson, real estate broker or real estate broker-salesperson who wishes to renew his or
her license. (NAC 645.448) Section 9 of this regulation revises those requirements as they relate
to live instruction and distance education and scales the required number of hours of continuing
education to the new 2-year periods of licensure established by Assembly Bill No. 475.
Existing regulations establish certain requirements for continuing education for the
renewal of a permit to engage in property management. (NAC 645.802) Section 12 of this
regulation revises those requirements as they relate to the subject matter of the continuing
education and scales the required number of hours of instruction to the new 2-year periods of
licensure established by Assembly Bill No. 475.
Existing regulations establish certain requirements for continuing education for the
renewal of a permit to engage in business as a business broker. (NAC 645.915) Section 13 of
this regulation revises those requirements as they relate to the subject matter of the continuing
education and scales the required number of hours of instruction to the new 2-year periods of
licensure established by Assembly Bill No. 475.
--3--
LCB Draft of Second Revised Proposed Regulation R004-16
Existing regulations require the Division to consider the financial condition of a person
who wishes to apply for a license as a real estate broker before the person files an application for
the license and requires the person to submit to the Division certain financial information. (NAC
645.120) Section 14 of this regulation repeals these requirements.
Existing regulations provide that a person who holds a permit to engage in property
management and who engages in the management of a common-interest community is subject to
the provisions of existing law relating to managers of common-interest communities. (NAC
645.799) Section 14 of this regulation repeals this provision.
Section 1. Chapter 645 of NAC is hereby amended by adding thereto a new section to read
as follows:
1. If an initial license has been placed on inactive status during the first year of the initial
license period and the licensee applies for reinstatement during that year:
(a) If the licensee is required to take a course of postlicensing education pursuant to NAC
645.4442, the licensee must provide the Division with proof of successful completion of the
course of postlicensing education.
(b) If the licensee is exempt from the requirement for postlicensing education pursuant to
subsection 2 of NAC 645.4442, the licensee must provide the Division with proof of successful
completion of the 24 hours of continuing education required pursuant to subsection 6 of that
section.
2. If an initial license has been placed on inactive status for more than 1 year but not
more than 2 years after the first renewal period and the licensee applies for reinstatement of
the license:
(a) If the licensee is required to take a course of postlicensing education pursuant to NAC
645.4442, the licensee must provide the Division with proof of successful completion of the
--4--
LCB Draft of Second Revised Proposed Regulation R004-16
course of postlicensing education and, if applicable, the 12 hours of continuing education
required pursuant to subsection 5 of that section.
(b) If the licensee is exempt from the requirement for postlicensing education pursuant to
subsection 2 of NAC 645.4442, the licensee must provide the Division with proof of successful
completion of the 24 hours of continuing education required pursuant to subsection 6 of that
section.
3. If an initial license has been placed on inactive status for a period of 2 or more years,
part of which was during the initial license period, and the licensee applies for reinstatement
of the license:
(a) If the licensee is required to take a course of postlicensing education pursuant to NAC
645.4442, the licensee must provide the Division with proof of successful completion of:
(1) The course of postlicensing education; and
(2) An additional 24 hours of approved courses of continuing education pursuant to
NAC 645.448, as applicable to the license for which the licensee applies for reinstatement.
(b) If the licensee is exempt from the requirement for postlicensing education pursuant to
subsection 2 of NAC 645.4442, the licensee must provide the Division with proof of successful
completion of:
(1) Twenty-four hours of continuing education as required by subsection 6 of NAC
645.4442; and
(2) An additional 24 hours of approved courses of continuing education as required by
NAC 645.448, as applicable to the license for which the licensee applies for reinstatement.
--5--
LCB Draft of Second Revised Proposed Regulation R004-16
4. If a license has been placed on inactive status after the renewal of the initial license
and the licensee applies for reinstatement of the license:
(a) If the license was on inactive status for 2 years or less, no part of which was during the
initial license period, the licensee must provide the Division with proof of successful
completion of at least 24 hours of approved courses of continuing education. Not less than 12
or 15, as applicable, of the hours required pursuant to this paragraph must be devoted to
ethics, professional conduct or the legal aspects of real estate, including 3 hours in each of the
areas set forth in subparagraphs (1) to (4), inclusive, of paragraph (a) of subsection 1 of NAC
645.448 or subparagraphs (1) to (5), inclusive, of paragraph (a) of subsection 2 of NAC
645.448, as applicable to the license for which the licensee applies for reinstatement.
(b) If the license was on inactive status for more than 2 years, no part of which was during
the initial license period, the licensee must provide the Division with proof of successful
completion of at least 48 hours of approved courses of continuing education. Not less than 24
or 30, as applicable, of the hours required pursuant to this paragraph must be devoted to
ethics, professional conduct or the legal aspects of real estate, including 6 hours in each of the
areas set forth in subparagraphs (1) to (4), inclusive, of paragraph (a) of subsection 1 of NAC
645.448 or subparagraphs (1) to (5), inclusive, of paragraph (a) of subsection 2 of NAC
645.448, as applicable to the license for which the licensee applies for reinstatement.
5. Each course of continuing education and course of postlicensing education that is used
to meet the requirements of this section must be completed within the 2 years immediately
preceding the date of application for reinstatement of the license.
--6--
LCB Draft of Second Revised Proposed Regulation R004-16
6. At least 50 percent of the total hours of continuing education required by this section
must be taken through live instruction in which the licensee and the instructor are in the same
room, except that a licensee who lives in a rural area may, with the submission of a prior
request on a form prescribed by the Division and the approval of the Division, take the
required hours of continuing education in courses of distance education.
7. A licensee who fails to comply with the requirements for postlicensing education or
continuing education set forth in this section is subject to the immediate involuntary
inactivation of his or her license by the Division and the imposition of an administrative fine
in the amount set forth in subsection 1 of NAC 645.695.
Sec. 2. NAC 645.102 is hereby amended to read as follows:
645.102 1. Before a person who wishes to apply for a license as a real estate broker
submits an application for the license pursuant to NRS 645.350, the person must obtain approval
of his or her financial condition from the Division . [pursuant to NAC 645.120.]
2. An applicant for a license as a real estate broker must satisfy the requirements for a
license as a real estate salesperson as set forth in NAC 645.100 except the educational
requirements set forth in paragraph (b) of subsection 2 of NAC 645.100. In lieu of providing
proof that he or she has satisfied the educational requirements for a license as a real estate
salesperson, the applicant must include with an application submitted to the Division pursuant to
NRS 645.350 proof that he or she has satisfied the educational requirements for a license as a
real estate broker as set forth in NRS 645.343.
3. In addition to satisfying the requirements set forth in subsection 2, an applicant for a
license as a real estate broker must include with the application he or she submits to the Division
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LCB Draft of Second Revised Proposed Regulation R004-16
pursuant to NRS 645.350 proof that the applicant has satisfied the experience requirements for a
license as a real estate broker as set forth in subsection 4 of NRS 645.330.
Sec. 3. NAC 645.150 is hereby amended to read as follows:
645.150 1. The Division may [investigate the financial responsibility of] :
(a) Investigate each applicant for a license as a real estate broker [. If the Division determines
that an applicant is not financially responsible, it may require that the applicant be licensed as a
real estate broker-salesperson until he or she meets the requirements of financial responsibility as
determined by the Commission. The Division may require] ;
(b) Require an applicant to submit such information as the Division deems necessary to
conduct the investigation; and
(c) Require an applicant [for a license as a real estate broker] to submit a credit report dated
within 30 days immediately preceding the date of his or her application to the Division at his or
her own expense.
2. [An applicant for a license as a real estate broker shall be deemed financially responsible
if the applicant can show liquid assets sufficient to maintain an office for at least 180 days. The
applicant’s cash on hand must be on deposit at least 90 days before the date of the application.]
Anyone denied a license as a real estate broker for lack of financial responsibility does not
waive his or her right to appeal pursuant to NRS 645.440 by acceptance of a license as a real
estate broker-salesperson.
3. The Administrator may require other proof of the honesty, truthfulness and good
reputation of any applicant, including the officers and directors of any corporation, or the
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members of any partnership or association making an application, before accepting an
application for a license.
[4. As used in this section, “liquid assets” means assets that are the equivalent of cash or
easily converted into cash. The term:
(a) Includes, without limitation, money in a checking, savings or money market account and
certificates of deposit.
(b) Does not include a line of credit.]
Sec. 4. NAC 645.225 is hereby amended to read as follows:
645.225 The Division shall only accept results of an examination [taken during the] for 12
months [, to the day, immediately preceding] after the date [of application for a license.] on
which the results of the examination were issued.
Sec. 5. NAC 645.400 is hereby amended to read as follows:
645.400 For the purposes of NAC 645.400 to 645.467, inclusive, [“school”] and section 1
of this regulation:
1. “First-time licensee” means a licensee who, at the time of the issuance of his or her
current license, has not held a license as a real estate broker, real estate broker-salesperson or
real estate salesperson issued by this State within the immediately preceding 5 years.
2. “Initial license” means the first issuance of a license as a real estate broker, real estate
broker-salesperson or real estate salesperson in this State to a first-time licensee.
3. “Rural area” means any area which is more than 100 miles from a city in this State
whose population is 40,000 or more.
4. “School” includes:
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[1.] (a) Any university, school or community college which is a part of the Nevada System
of Higher Education, or any other university or college bearing the same or an equivalent
accreditation.
[2.] (b) Any professional school or college licensed by the Nevada Commission on
Postsecondary Education.
Sec. 6. NAC 645.404 is hereby amended to read as follows:
645.404 1. If a school has applied for and received the Commission’s approval to offer
courses to meet requirements for licensure under chapter 645 of NRS, the school shall, as a
condition of the approval:
(a) Maintain a record of each student’s attendance and certification in any of those courses
for 7 years after the student’s enrollment and shall have such records open to inspection by the
Division, upon its request, during the school’s business hours.
(b) Upon a transferring student’s request, furnish the school to which the student is
transferring a copy of his or her attendance record and certification for each of those courses
which he or she has completed.
(c) Upon a student’s request, furnish the Division a transcript of the record of his or her
grades and attendance.
2. A school that does not meet the definition of a “school” set forth in paragraph (a) of
subsection [1] 4 of NAC 645.400 must provide evidence to the Division that the school is
licensed to operate by the Commission on Postsecondary Education.
Sec. 7. NAC 645.4442 is hereby amended to read as follows:
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645.4442 1. Except as otherwise provided in subsection 2, each first-time licensee shall
take a prescribed [postlicensing] course of postlicensing education that focuses on practical
applications of real estate transactions. The [postlicensing] course:
(a) Must not repeat the content of the course work required to meet the educational
requirements for an original license;
(b) Must constitute the education required to be completed by a licensee within the first year
immediately after initial licensing pursuant to NRS 645.575;
(c) Must be offered in modules;
(d) Must be provided through live instruction in which the licensee and the instructor are in
the same room, except that first-time licensees who live in a rural area may, with the submission
of a prior [written] request on a form prescribed by the Division and the approval of the
Division, take the [postlicensing] course [as an interactive or televideo course] by a method of
delivery of distance education that involves interaction with the instructor and other students [;]
if such method of delivery is available at the time of the request; and
(e) Must provide the Division with proof of completion within the first year immediately
after initial licensing.
2. The requirement for postlicensing education set forth in subsection 1 does not apply to a
first-time licensee who [:] complies with the requirements set forth in subsection 6 and who:
(a) Holds a real estate license issued by another state or territory of the United States, or the
District of Columbia, on the date on which the first-time licensee obtains a real estate license
issued by the State of Nevada;
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(b) Held a license as a real estate broker, real estate broker-salesperson or real estate
salesperson issued by the State of Nevada within the 5 years immediately preceding the date on
which the first-time licensee obtained a license as a real estate salesperson; or
(c) Is licensed as a real estate broker-salesperson and obtained the qualifications for licensure
as a real estate broker-salesperson pursuant to the provisions of subsection 4 of NRS 645.343.
3. The [postlicensing] course of postlicensing education may include material that has not
previously been approved or allowed for continuing education credit. Courses approved for
postlicensing education will not be accepted or approved as a course for continuing education.
4. The curriculum for postlicensing education must contain at least 15 modules that include,
without limitation:
(a) Real estate contracts, including the writing and presenting of a purchase agreement and
qualifying prospects;
(b) The listing process, market analysis and inspections;
(c) Communication, technology and records management, including time management, goal
setting and devising a plan of action;
(d) Buyer representation, including the buyer’s brokerage contract, fiduciary duties,
disclosures, cooperation between agents and new-home tracts;
(e) Professional conduct, etiquette and ethics;
(f) Advertising, including Regulation Z of the Truth in Lending Act of the Federal Trade
Commission issued by the Board of Governors of the Federal Reserve System, 12 C.F.R. Part
226, fair housing, the multiple-listing service, Internet websites and electronic mail;
(g) Proceeds of sale, costs of sale and cost sheets;
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(h) Agency relationships;
(i) Land;
(j) Regulatory disclosures, including disclosures required by federal, state and local
governments;
(k) Property management [and] , but not the management of common-interest communities;
(l) Escrow, title and closing processes;
(m) Financing;
(n) Negotiation; and
(o) Tax opportunities and liabilities related to the client.
5. Each first-time licensee whose license was issued before July 1, 2015, must complete an
additional 12 or 15 hours , as applicable, of continuing education within the first 2 years
immediately after initial licensing. The additional 12 or 15 hours , as applicable, of continuing
education:
(a) Must include 3 hours in each of the [following] areas [:
(1) Agency relationships;
(2) Nevada law, with an emphasis on recent statutory and regulatory changes;
(3) Contracts; and
(4) Ethics.] set forth in subparagraphs (1) to (4), inclusive, of paragraph (a) of
subsection 1 of NAC 645.448 or subparagraphs (1) to (5), inclusive, of paragraph (a) of
subsection 2 of NAC 645.448, as applicable to the license; and
(b) Must be provided through live instruction in which the licensee and the instructor are in
the same room, except that first-time licensees who live in a rural area may, with the submission
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of a prior [written] request on a form prescribed by the Division and the approval of the
Division, take the additional continuing education course as [an interactive or televideo] a course
[that involves interaction with the instructor and other students.] of distance education if such
course is available.
6. A first-time licensee who satisfies the conditions set forth in paragraph (a), (b) or (c) of
subsection 2 must successfully complete 24 hours of continuing education within the initial
license period. The continuing education required pursuant to this subsection must include:
(a) Three hours in each of the areas set forth in subparagraphs (1) to (4), inclusive, of
paragraph (a) of subsection 1 of NAC 645.448 or subparagraphs (1) to (5), inclusive, of
paragraph (a) of subsection 2 of NAC 645.448, as applicable to the license; and
(b) At least 12 hours of live instruction in which the licensee and the instructor are in the
same room, except that a first-time licensee who lives in a rural area may, with the prior
request on a form prescribed by the Division and the approval of the Division, complete the
required hours of continuing education in courses of distance education if such courses are
available.
7. A first-time licensee who fails to comply with the requirements for postlicensing
education set forth in this section is subject to immediate involuntary inactivation of the license
by the Division and an administrative fine in the amount set forth in subsection 1 of NAC
645.695.
[7. As used in this section, “rural area” means any area which is more than 100 miles from a
city in this State whose population is 40,000 or more.]
Sec. 8. NAC 645.445 is hereby amended to read as follows:
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645.445 1. To renew an active license, the licensee must provide the Division with proof
that [he or she] the licensee has met the requirements set forth in :
(a) NAC 645.4442 for the renewal of an initial license; or
(b) NAC 645.448 [.] for any renewal subsequent to the first renewal of an initial license.
2. To reinstate a license which has been placed on inactive status, a person must provide the
Division with proof that he or she has met the requirements set forth in [NAC 645.448.] section
1 of this regulation.
3. For the purpose of compliance with this section, 50 or more minutes of actual instruction
constitutes a clock hour . [and initial licensing refers to the first issuance of a real estate license
of any kind in Nevada.]
Sec. 9. NAC 645.448 is hereby amended to read as follows:
645.448 1. Except as otherwise provided in subsection 3, a real estate salesperson who
wishes to renew his or her license must :
(a) Successfully complete at least 12 hours of continuing education devoted to ethics,
professional conduct or the legal aspects of real estate, including 3 hours in each of the
following areas:
(1) Agency relationships.
(2) Nevada law.
(3) Contracts.
(4) Ethics.
(b) If the license was last renewed before July 1, 2015, successfully complete at least 48
hours of continuing education at approved educational courses, seminars or conferences during
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the license renewal period. Twenty-four of the hours must be completed before the end of each
2-year period [.] , at least 12 hours of which meet the requirements of paragraph (a). Each
licensee must provide the Division with proof of completion before the end of each 2-year
period. [Not less than 12 of the hours in each 2-year period must be devoted to ethics,
professional conduct or the legal aspects of real estate, including:
(a) Three hours in the area of agency relationships;
(b) Three hours in the area of Nevada law with an emphasis on recent statutory and
regulatory changes;
(c) Three hours in the area of contracts; and
(d) Three hours in the area of ethics.]
(c) If the license was last renewed on or after July 1, 2015, successfully complete at least
24 hours of continuing education at approved educational courses, seminars or conferences
during the license renewal period, at least 12 hours of which meet the requirements of
paragraph (a).
2. Except as otherwise provided in subsection 3, a real estate broker or real estate broker-
salesperson who wishes to renew his or her license must :
(a) Successfully complete at least 15 hours of continuing education devoted to ethics,
professional conduct or the legal aspects of real estate, including 3 hours in each of the
following areas:
(1) Agency relationships.
(2) Nevada law.
(3) Contracts.
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(4) Ethics.
(5) Broker management.
(b) If the license was last renewed before July 1, 2015, successfully complete at least 48
hours of continuing education at approved educational courses, seminars or conferences during
the license renewal period. Twenty-four of the hours must be completed before the end of each
2-year period [.] , at least 15 hours of which meet the requirements of paragraph (a). Each
licensee must provide the Division with proof of completion before the end of each 2-year
period. [Not less than 15 of the hours in each 2-year period must be devoted to ethics,
professional conduct or the legal aspects of real estate, including:
(a) Three hours in the area of agency relationships;
(b) Three hours in the area of Nevada law with an emphasis on recent statutory and
regulatory changes;
(c) Three hours in the area of contracts;
(d) Three hours in the area of ethics; and
(e) Three hours in the area of broker management.]
(c) If the license was last renewed on or after July 1, 2015, successfully complete at least
24 hours of continuing education at approved educational courses, seminars or conferences
during the license renewal period, at least 15 hours of which meet the requirements of
paragraph (a).
3. The requirements for continuing education set forth in [subsections 1 and 2] this section
do not apply to the renewal of a license upon the expiration of the initial license.
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4. [If a license has been placed on inactive status and the licensee wishes to have the license
reinstated, the licensee must comply with the following requirements:
(a) If the license was on inactive status for 1 year or less, all of which was during the period
of the initial license, the licensee must complete the postlicensing course described in NAC
645.4442.
(b) If the license was on inactive status for more than 1 year but less than 2 years, any part of
which was during the period of the initial license, the licensee must complete at approved
educational courses, seminars or conferences:
(1) The postlicensing course described in NAC 645.4442; and
(2) At least 18 hours of continuing education. Not less than 12 of the hours must be
devoted to ethics, professional conduct or the legal aspects of real estate, including:
(I) Three hours in the area of agency relationships;
(II) Three hours in the area of Nevada law with an emphasis on recent statutory and
regulatory changes;
(III) Three hours in the area of contracts; and
(IV) Three hours in the area of ethics.
(c) If the license was on inactive status for 2 years or less, no part of which was during the
period of the initial license, the licensee must complete at least 24 hours of continuing education
at approved educational courses, seminars or conferences. Not less than 12 of the hours must be
devoted to ethics, professional conduct or the legal aspects of real estate, including:
(1) Three hours in the area of agency relationships;
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(2) Three hours in the area of current Nevada law with an emphasis on recent statutory
and regulatory changes;
(3) Three hours in the area of contracts; and
(4) Three hours in the area of ethics.
(d) If the license was on inactive status for more than 2 years, any part of which was during
the period of the initial license, the licensee must complete at approved educational courses,
seminars or conferences:
(1) The postlicensing course described in NAC 645.4442; and
(2) At least 24 hours of continuing education. Not less than 12 of the hours must be
devoted to ethics, professional conduct or the legal aspects of real estate, including:
(I) Three hours in the area of agency relationships;
(II) Three hours in the area of current Nevada law with an emphasis on recent statutory
and regulatory changes;
(III) Three hours in the area of contracts; and
(IV) Three hours in the area of ethics.
(e) If the license was on inactive status for more than 2 years, no part of which was during the
period of the initial license, the licensee must complete at least 48 hours of continuing education
at approved educational courses, seminars or conferences. Not less than 24 of the hours must be
devoted to ethics, professional conduct or the legal aspects of real estate, including:
(1) Six hours in the area of agency relationships;
(2) Six hours in the area of current Nevada law with an emphasis on recent statutory and
regulatory changes;
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(3) Six hours in the area of contracts; and
(4) Six hours in the area of ethics.
5.] Not more than 3 hours of [any of the required hours] continuing education in [each 2-
year] a renewal period [set forth in this section for continuing education] may be taken in
courses for personal development.
[6.] 5. At least 50 percent of the total hours of required continuing education set forth in
this section must be taken through live instruction [by a licensee.
7.] in which the licensee and the instructor are in the same room, except that a licensee
who lives in a rural area may, with the submission of a prior request on a form prescribed by
the Division and the approval of the Division, complete the required hours of continuing
education in courses of distance education if such courses are available.
6. A licensee who fails to comply with the requirements for continuing education set forth in
this section is subject to immediate involuntary inactivation of the license by the Division and an
administrative fine in the amount set forth in subsection 1 of NAC 645.695.
[8. As used in this section, “initial license” means the license of a licensee who:
(a) Did not hold a real estate license issued by another state or territory of the United States,
or the District of Columbia, on the date on which the licensee obtained a real estate license
issued by the State of Nevada;
(b) Had not held a license as a real estate broker, real estate broker-salesperson or real estate
salesperson issued by the State of Nevada within the 5 years immediately preceding the date on
which the licensee obtained a license as a real estate salesperson; or
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(c) Is licensed as a real estate broker-salesperson and obtained the qualifications for licensure
as a real estate broker-salesperson pursuant to the provisions of subsection 2 of NRS 645.343.]
Sec. 10. NAC 645.695 is hereby amended to read as follows:
645.695 1. The Administrator may require a licensee to pay an administrative fine in the
amount set forth in this subsection for each violation of the following provisions:
For each
Offense
NRS 645.252 ...........................................................................................................
....................... $500
Subsection 4, 5 or 6 of NRS 645.310......................................................................
...................... 1,000
NRS 645.530 ...........................................................................................................
..................... 100 per license
NRS 645.550 ...........................................................................................................
......................... 500
NRS 645.560 ...........................................................................................................
......................... 500
Subsection 1 of NRS 645.570 .................................................................................
......................... 250
Subsection 2 of NRS 645.570 .................................................................................
......................... 500
Subsection 1 of NRS 645.580 .................................................................................
......................... 250
Paragraph (a), (b), (c), (e), (f), (i), (j), (k) or (l) of subsection 1 of
NRS 645.630 ......................................................................................................
......................... 500
Paragraph (g) of subsection 1 of NRS 645.630 ......................................................
...................... 1,000
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For each
Offense
Paragraph (c), (e), (g), (h), (j), (k) or (l) of subsection 1 of NRS
645.633 ...............................................................................................................
......................... 500
Paragraph (a) or (f) of subsection 1 of NRS 645.633 .............................................
......................... 250
Paragraph (i) of subsection 1 of NRS 645.633 .......................................................
...................... 1,000
Subsection 1, 2, 3, 4, 5 or 6 of NRS 645.635..........................................................
......................... 500
Subsection 7 or 8 of NRS 645.635..........................................................................
...................... 1,000
Subsection 3 of NRS 645.660 .................................................................................
...................... 1,000
NAC 645.4442 ........................................................................................................
......................... 250
NAC 645.448 ..........................................................................................................
......................... 250
Section 1 of this regulation ....................................................................................
......................... 250
NAC 645.455 ..........................................................................................................
......................... 500
NAC 645.610 ..........................................................................................................
......................... 500
NAC 645.620 ..........................................................................................................
......................... 500
NAC 645.627 ..........................................................................................................
......................... 500
NAC 645.632 ..........................................................................................................
......................... 500
NAC 645.637 ..........................................................................................................
......................... 500
NAC 645.640 ..........................................................................................................
......................... 500
NAC 645.645 ..........................................................................................................
......................... 500
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For each
Offense
NAC 645.650 ..........................................................................................................
...................... 1,000
NAC 645.655 ..........................................................................................................
...................... 1,000
Subsection 2 of NAC 645.806 ................................................................................ 6
1,0 ................. 1,000
Subsection 3 of NAC 645.806 ................................................................................
......................... 250
NAC 645.855 ..........................................................................................................
...................... 2,000
2. In addition to or in lieu of imposing an administrative fine pursuant to subsection 1, the
Administrator may:
(a) Recommend to the Commission that the license of the licensee and any permit of the
licensee be suspended or revoked;
(b) Require a licensee to complete continuing education; or
(c) Take any combination of the actions set forth in paragraphs (a) and (b).
Sec. 11. NAC 645.800 is hereby amended to read as follows:
645.800 1. A person who wishes to obtain a permit to engage in property management
must submit to the Division:
(a) A completed application on a form prescribed by the Division;
(b) A fee of $40; and
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(c) A certificate of completion, in a form that is satisfactory to the Division, that indicates the
person’s successful completion of the 24 classroom hours of instruction in property management
required by paragraph (a) of subsection 2 of NRS 645.6052.
2. The 24 classroom hours of instruction in property management required pursuant to
paragraph (a) of subsection 2 of NRS 645.6052 must include, without limitation:
(a) Four hours of instruction relating to:
(1) Contracts for management services;
(2) Leases of real property;
(3) Applications to rent real property;
(4) The Fair Credit Reporting Act, 15 U.S.C. §§ 1681 et seq.; and
(5) The Fair Debt Collection Practices Act, 15 U.S.C. §§ 1692 [to 1692o, inclusive;] et
seq.;
(b) [Two] Three hours of instruction relating to the maintenance of records of money
deposited in trust accounts and the requirements for reporting to the Division set forth in chapter
645 of NRS;
(c) One hour of instruction relating to the use of a computerized system for bookkeeping;
(d) Two hours of instruction relating to the laws of this State governing property
management;
(e) [Two] Three hours of instruction relating to the disclosure of required information in real
estate transactions, including, without limitation:
(1) Disclosures required pursuant to NRS 645.252; and
(2) Disclosures related to environmental issues as governed by state and federal law;
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(f) Five hours of instruction relating to:
(1) The Americans with Disabilities Act of 1990, 42 U.S.C. §§ 12101 et seq.;
(2) The Residential Landlord and Tenant Act as set forth in chapter 118A of NRS;
(3) The Nevada Fair Housing Law as set forth in chapter 118 of NRS; and
(4) State and federal law governing unlawful discrimination based on sex, including,
without limitation, sexual harassment;
(g) [Three hours of instruction relating to property management for a common-interest
community as set forth in chapter 116 of NRS;
(h)] One hour of instruction relating to the duties and responsibilities of a real estate broker,
including the supervision of employees and real estate salespersons and real estate broker-
salespersons associated with the real estate broker;
[(i)] (h) Two hours of instruction relating to risk management, including, without limitation:
(1) The maintenance of real property;
(2) The health and safety of a tenant;
(3) Fire insurance;
(4) Rental insurance; and
(5) Disability insurance; and
[(j) Two]
(i) Three hours relating to the management of commercial property.
3. The Division may accept a course in property management from a nationally recognized
or accredited organization to fulfill the requirements set forth in paragraphs (a), (b), (c), [(h),]
(g), (h) and (i) [and (j)] of subsection 2, if the successful completion of that course would qualify
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the applicant to engage in property management pursuant to the requirements of that
organization.
4. The applicant must complete the hours of instruction set forth in paragraphs (d), (e) [,]
and (f) [and (g)] of subsection 2 at an accredited educational institution in this State.
5. A permit to engage in property management initially issued by the Division is effective
on the date the application for the permit is submitted to the Division or the date on which the fee
for the permit is paid, whichever occurs later.
6. As used in this section and paragraph (a) of subsection 2 of NRS 645.6052, the
Commission will interpret the term “successfully completed” or “successful completion” to
include, without limitation, passing an examination which is prepared and administered by an
organization designated by the Division, with a score of at least 75 percent that:
(a) Includes the subject matter presented in the hours of instruction required pursuant to
subsection 2; and
(b) Consists of at least 50 multiple-choice questions.
The fee for the examination is $75.
Sec. 12. NAC 645.802 is hereby amended to read as follows:
645.802 1. The Division may renew a permit to engage in property management if the
holder of the permit submits to the Division:
(a) A request for the renewal of the permit with the holder’s application to renew his or her
license as a real estate broker, real estate broker-salesperson or real estate salesperson;
(b) A renewal fee of $40; and
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(c) Documentation of his or her successful completion of [the requirements for continuing
education required by paragraph (a) of subsection 4 of NRS 645.6052.
2. The hours of continuing education used to fulfill the requirements set forth in paragraph
(c) of subsection 1 must include:
(a) Instruction relating to any amendments to the laws of this State governing property
management; and
(b) If the holder of the permit is a manager of a common-interest community pursuant to
chapters 116 and 116A of NAC, 3 hours of instruction relating to the laws of this State that are
applicable to the responsibilities and duties involved in the management of a common-interest
community.
3.] :
(1) If the license was last renewed before July 1, 2015, 6 hours of instruction in property
management, with 3 of those hours completed within the 2 years immediately preceding the
date on which the holder’s permit expires.
(2) If the license was last renewed on or after July 1, 2015, 3 hours of instruction in
property management.
2. The renewal of a permit is effective on the date on which the application for renewal of a
license is submitted to the Division or on the date on which the renewal fees for the license and
the permit are paid, whichever occurs later.
[4.] 3. A permit expires on the same date as the holder’s license expires.
Sec. 13. NAC 645.915 is hereby amended to read as follows:
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645.915 1. A permit expires on the same date as the license of the holder of the permit
expires.
2. The Division may renew a permit if the holder of the permit submits to the Division:
(a) A request for the renewal of the permit with the application to renew his or her license;
(b) A renewal fee of $40; and
(c) Documentation indicating that the holder of the permit has successfully completed [the
continuing education required by paragraph (a) of subsection 4 of NRS 645.863.] :
(1) If the license was last renewed before July 1, 2015, 6 hours of instruction in
engaging in the business of a business broker, with 3 of those hours completed within the 2
years immediately preceding the date of the request for renewal of the permit.
(2) If the license was last renewed on or after July 1, 2015, 3 hours of instruction in
engaging in the business of a business broker.
Sec. 14. NAC 645.120 and 645.799 are hereby repealed.
TEXT OF REPEALED SECTIONS
645.120 Financial condition of applicant for license as real estate broker. (NRS
645.190, 645.400)
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LCB Draft of Second Revised Proposed Regulation R004-16
1. Before a person who wishes to apply for a license as a real estate broker submits an
application for the license pursuant to NRS 645.350, the Division shall consider the financial
condition of the person and require the person to submit to the Division the following financial
information:
(a) The person’s current employer and the employer’s address;
(b) The person’s checking accounts with amounts;
(c) The person’s savings accounts with amounts; and
(d) Such other information concerning the person’s finances as the Division deems pertinent.
2. A person may not apply for a license as a real estate broker unless the person has
submitted to the Division the information required by this section and the Division has approved
the financial condition of the person.
645.799 Applicability of certain provisions regarding management of common-interest
communities. (NRS 645.050, 645.190) A person who holds a permit and engages in the
management of a common-interest community is subject to the provisions of chapter 116 of NRS
and chapters 116 and 116A of NAC relating to managers of common-interest communities.
