1
Q
Who is an Administrator?
A
As used in this chapter, “Administrator” means the Real Estate Administrator.
NRS 645.001
2
Q
Positions
What does the Attorney General do for the Real Estate Division?
A
Legally represented by the Attorney general
3
Q
Power of the Commission
Does Not
A
- Havbe power to award jugments
- Start criminal prosecution
4
Q
Power of the Commission
Does the Real Estate Comission start a criminal prosecutikon?
A
No
5
Q
Power of the Commission
Does the Real Estate Comission how the power to award judments?
A
- No
6
Q
Commission Members
Qualification of Members
A
- Residency of Members
- Citizen of United states
- Resident of NV for 5 years
- Actively engaged in Business
7
Q
Commission Members
Limitations
A
- Consecutive Service by Members
- Shall not serve more than 6 years consecutively
8
Q
Real Estate Commission
Who Confers to the Administrator?
A
- Nevada Real Estate Comission
9
Q
Real Estate Commission
Who Adopts Reguations?
A
- Nevada Real Estate Comission
- establishing standards for the operation of licensees officers and for their business conduct and ethics.
- May confer to Administrator (link)
10
Q
Real Estate Commission
Who acts as a Advistory to the Real Estate Division?
A
- Nevada Real Estate Comission
- Adopts regulations establishing standards for the operation of licensees officers and for their business conduct and ethics.
- May confer to Administrator (link)
11
Q
Real Estate Commission
How many Members does the Govenor Appoint to the real Estate Comission?
A
- 5 Members appointed by Gov.
*
12
Q
State: RE Commission
Limitation on consecutive service by member.
A
Members are eligible for reappointment, but shall not serve for a period greater than 6 years consecutively, after which time they are not eligible for appointment or reappointment until 3 years have elapsed from any period of previous service. If a successor is appointed to fill the balance of any unexpired term of a member, the time served by the successor shall not apply in computing the 6 years’ consecutive service unless the balance of the unexpired term exceeds 18 months. NRS 645.060
13
Q
State: What are the Three Branches?
What are the Three Branches?
A
Real Estate Division Real Estate Commission Real Estate Administrator
14
Q
Operations
Functions
A
- Advise the Real Estate Division*
- Adopt Regulations (NAC 645)*
- Conduct Hearing*
15
Q
Operations
Meetings
A
Quorum
16
Q
Operations
Fiscal Year
A
July 1st
17
Q
Real Estate Commission
Operation
A
- Fiscal Year
- Meetings
- Functions
18
Q
Real Estate Commission
Disciplinary Action
A
- Suspend or Revoke Licensee
- Fine, suspension, etc. . .
- Real Estate Education, Research and Recovery Fund
19
Q
Real Estate Commissioners
What are the functions for the Real Estate Commisioners?
A
- Advise the Real Estate Division
- Adopt Regulations
- conduct hearings
20
Q
Administration
Which Administrative Body Can delegate authority tothe Real Estate Division Administrator?
A
Real Estate Commissioners
21
Q
Administration
Which Administrative Body Can delegate authority tothe Real Estate Division Administrator?
A
Real Estate Commissioners
22
Q
Administration
Which Administrative Body Investigates Licensees?
A
Nevada Real Estate Division
23
Q
Administration
Which Administrative Body Adobts Regulations?
A
Nevada Real Estate Comission
24
Q
Nevada Real Estate Division
Which Division processes licenses?
A
Nevada Real Estate Division
25
# Real Estate Administrator
What is the Real Estate Administrator?
* A third governing body
* is state and local revenue bodies,
* such as business license departments, and other administrative bodies that may choose to regulate the real estate business.
* *For example local police departments may require a real estate licensee or a property manager to take a drug course, or obtain a special permit in the best interest of the public.*
26
# Real Estate Commission
Who is the Real Estate Commission ?
* They are a group of professionals in the real estate field, that
* **preside over Commission meetings,**
* **\conduct disciplinary action hearings,**
* **license denial appeals,**
* **education approval requests,**
* **changes to Nevada Administrative Code 645 (NAC 645) and**
* **other matters applicable to real estate business in Nevada**
27
# Nevada Real Estate Divison
What is the Nevada Real Estate Division?
They are also the front line governing enforcement of Nevada laws and regulations. The Division investigates complaints and inspects records.
28
# Administration
Which Division handles license application and renewals?
Nevada Real Estate Division
29
# Real Estate Commission
Can a Broker-Salesperson accept a Bonus Check from a client ?
Accepting the money would be a direct violation of the commission regulations.
30
# Administration
What is the SOL of brining a housing discrimination charge with the Nevada Real Estate Division?
1. The statute of limit at ions on violation of the provisi ons of NRS 233.160 is 1 year s.
31
# Administration
Who do you file a housing discrimination charge with?
The Real Estate Division
32
Who is responsible to investigate transaction files?
* The administrator and the Nevada Real Estate Division are responsible for investigating transaction files and trust records of brokers and owner-developers.
33
Real estate Division Employees
* may not be actively licensed .
* If they have a lic ense, it must be placed on inactive st at us .
34
Requirements of an Exclusive Listing
* * An exclusive listing must have a definite termination date.
* An exclusive listing must be in writing and signed by the client and bro ker or his or· her aut hori zed agent
* The se ller must receive a copy of the contract at time of signing or a reasonable time thereafter
35
Is an Inspector's property report required in Nevada?
"qualifed expert report"
* There is no requirement for a Nevada listing to contain an inspector's property report.
*
36
What is the Real Estate Comissioners service term?
* Real estate commissioners serve a term of three years and may be appointed to one more consecutive three-year term.
37
A Nevada State Real Estate Comissioner is appointed by
The Governor
38
The head of the NV Real Esate division is appointed by
* The Administrator is appointed by the Director of the Nevada Department of Business and Indu st ry.
39
Who appoints members of the Real Estate Comission?
. The governor of the state of Nevada appoints com mission members for a term of three years .
40
What happens to the LIcensee when payment is made from real estate education, research, and recovery fund?
* When a payment is made from the real estate education, research, and recovery fund, the license is automatically suspended until the fund is repaid plus interest at prime interest rate plus two percent .
41
What power does the Real Estate Comission have?
* The real estate commission has the power to adopt regulat ions, a dvise the real estate division, and conduct disciplinary hearings. It does not compose exam questions nor administer the exams. The legislature enacts the law s.
42
The Nevada Real Estate Comission consists of
- Five inactive brokers and sales people
Commission members may be active brokers or broker-salespersons, but not sales persons. There is no public member.
43
Who manages the Real Estate Division?
The Ad minist rat or heads the Real Estate Division on behalf of the Divisi on of Business and Industry.
44
What may COmission Members be?
* active brokers or broker-salespersons, but not sales persons.
* There is no public member.
45
What happens if You don't execute a Concent to Act Form Correctly?
* The Real Estate Commission, the body charged with hearing the RED’s disciplinary cases, has found the incorrect execution of these forms amounts to gross negligence by the licensee. It is incumbent upon each broker to ensure the Duties Owed and Consent to Act (when applicable) forms are properly completed and signed
*
46
What happens if you incorrectly excute the Consent to Act Form?
* The Real Estate Commission, the body charged with hearing the Division’s disciplinary cases, has found the incorrect execution of these forms amounts to gross negligence by the licensee, therefore, it is incumbent upon each broker to ensure the Duties Owed and Consent to Act forms are properly completed and signed.
* Anytime there is a change in the identity of the parties or licensees, a new form must be completed and signed.NRS 645.252(1)(e).
*
47
Consent to Act Form Disicplanary Hearing
* A substantial number of division disciplinary hearing cases concern agency disclosure form violations.
* These violations include forms not given to clients, forms not completed correctly, and those lacking required signatures or missing necessary information.
48
# Administration
What is the Definition of the Real Estate Division?
A state agency of the department of business and industry.
49
Who represents the Real Estate Division?
* Is legally represented by the attorney general.
* NRS 645.200 Attorney General: Opinions and action as attorney.
1. The Attorney General shall render to the Division opinions upon all questions of law relating to the construction or interpretation of this chapter, or arising in the administration thereof, that may be submitted to the Attorney General by the Division or the Commission.
2. The Attorney General shall act as the attorney for the Division in all actions and proceedings brought against or by the Division pursuant to any of the provisions of this chapter.
[7:150:1947; 1943 NCL § 6396.07] — (NRS A 1963, 665; 1979, 1537)
50
What is the Nevada Real Estate Division:
* Is a state agency.
* Prepares and distributes disclosure forms, informational bulletins, and newsletters.
* Processes licenses.
* Adopts regulations.
* Investigates licensees.
* Is legally represented by the attorney general.
* Can hire advisory committees to help them with investigations and other paperwork.
* Grants licensee‟s 10 days to correct minor deficiencies in areas such as signage, advertising, business location or office operation.
51
What is the Nevada Real Estate Division:
* Is a state agency.
* Prepares and distributes disclosure forms, informational bulletins, and newsletters.
* Processes licenses.
* Adopts regulations.
* Investigates licensees.
* Is legally represented by the attorney general.
* Can hire advisory committees to help them with investigations and other paperwork.
* Grants licensee‟s 10 days to correct minor deficiencies in areas such as signage, advertising, business location or office operation.
52
Real Estate Comission
* Are Judge and jury for licensees.
* Need 3 of 5 to hold a commission meeting.
* Are created by the Legislature in NRS 645.
* Functions are:
* Advise the Real Estate Division,
* Adopt regulations (NAC 645), Conduct hearings.
* Can delegate authority to the Real Estate Division Administrator.
* Qualifications are: United States citizen, 5-year Nevada resident, 3-years of last three as Nevada Broker or 5-years of last 5 as Nevada Broker/Salesperson. Must not only be from one town in Nevada - 2 must be from the north & 2 must be from the south - 5 th from either north or south. Must not only be from one county in Nevada. No more than 2 from any one county. CLEN are southern counties (Clark, Lincoln, Esmeralda, Nye) Officer‟s term is 1-year. Are appointed for a fiscal/Nevada year rather than a calendar year (July 1 - June 30). May be petitioned by any person to adopt, file, amend or repeal any regulation. Administer oaths, certify to all official acts, issue subpoenas for attendance and issue subpoenas for the production of books and papers. May establish advisory committees to assist them with any matter. Earn $150 per day plus expenses when working as a Commissioner.
Real Estate Nevada Law
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Decks in class (10)
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