Nevada Administrative Code

NAC 119.340 Registered representatives. (NRS 119.181, 119.240, 119.320) A person who desires to become a registered representative must file an application for registration on a form furnished by the Division. An application for registration must be filed with the Division for ea…

NAC 119.350 Duties imposed by local ordinance. (NRS 119.240) These regulations do not diminish or otherwise affect the duties of a developer or real estate licensee established by a county or city ordinance regulating land sales which has been enacted pursuant to chapter 599A of …

NAC 119.400 General requirements. (NRS 119.184, 119.240) 1. All unapproved advertising of a subdivision and all previously approved advertising which has been modified in any way must be submitted to and approved by the Division before being used. A subdivision which is not exemp…

NAC 119.405 Fees. (NRS 119.184, 119.240) 1. Each item of advertising or modification to an item of advertising which was previously approved constitutes a separate application for approval, and a fee will be assessed for each item submitted. 2. Fees may be paid in cash or by cash…

NAC 119.407 Oral statements. (NRS 119.184, 119.240) Any oral statement made to a prospective purchaser at a promotional meeting or on an individual basis must comply with the standards for advertising set forth in NAC 119.410, 119.415 and 119.460 and subsection 1 of NAC 119.465. …

NAC 119.410 Standards: Accuracy; facts; inferences. (NRS 119.184, 119.240) 1. Advertising must conform to the following standards: (a) Statements and representations contained in the advertising must be accurate and true. (b) Advertising must fully state factual material so as no…

NAC 119.415 Price; predevelopment sales; discount; future price; increase in value. (NRS 119.184, 119.240) 1. Advertising which refers to the purchase price of any lot, parcel, unit or interest must also clearly disclose any additional compulsory assessments or costs to the prosp…

NAC 119.420 Easements; improvements; promised improvements and assessments; taxes. (NRS 119.184, 119.240) 1. Advertising which states the size of a parcel or parcels offered must also disclose any easement to which any parcel is subject and the nature of the easement. If an easem…

NAC 119.425 Mineral rights; flooding; landlocked parcels. (NRS 119.184, 119.240) 1. Advertising which refers to oil, gas or mineral rights must disclose all material facts pertaining to those rights in conjunction with each reference to them. 2. If the property or any portion of …

NAC 119.430 Distances and mileage. (NRS 119.184, 119.240) Advertising which refers to a community or geographical area in connection with a subdivision must state the mileage from a specific point in the subdivision in road miles to a specific point in that community or area, tog…

NAC 119.435 Use or potential use of property; future subdividing. (NRS 119.184, 119.240) 1. Advertising must not imply a use of a subdivision lot, parcel, unit or interest or other reason for its purchase which is not set forth in the Nevada statement of record. 2. Advertising wh…

NAC 119.440 Reference to facilities away from subdivision. (NRS 119.184, 119.240) 1. Advertising must not contain statements, photographs or sketches relating to facilities for recreation, sports or other conveniences which are away from the subdivision and not in existence, unle…

NAC 119.445 Use of map, picture or sketch. (NRS 119.184, 119.240) 1. Advertising may not include a map unless it is drawn to scale and the scale is stated, or the map clearly and obviously bears the label “not to scale.” 2. Maps, plats or other representations of a subdivision de…

NAC 119.450 Misleading use of reprints, testimonial, reference symbol, or name or symbol of organization. (NRS 119.184, 119.240) 1. Advertising may not include reprints of previously published material unless the information contained in the reprint is true and relates to the sub…

NAC 119.455 Disclosure of promotional purpose. (NRS 119.184, 119.240) All oral and written advertising which is designed to induce any attendance at or participation in a sales presentation must conspicuously include the following statement: “The purpose of (the event or activity…

NAC 119.460 Privilege to exchange property; resale or repurchase by developer. (NRS 119.184, 119.240) 1. Advertising which refers to a privilege to exchange property must clearly state any qualification or limitation on the privilege. 2. Advertising which refers to resale or repu…

NAC 119.465 Use of specific terms. (NRS 119.184, 119.240) 1. Advertising must not contain the terms “appraised,” “appraised value” or similar terms without specifying the statistics or research which support the conclusions, including: (a) The date of the appraisal; (b) The appra…

NAC 119.500 Promotional meetings: Generally. (NRS 119.240) 1. Before a developer uses promotional meetings, a statement of the nature and manner of conducting the meetings must be submitted in writing as a part of his or her written plan, and approved by the Division. 2. In revie…

NAC 119.510 Standards for promotional meetings. (NRS 119.240) Promotional meetings must conform to the following standards: 1. All advertising in promotional meetings is subject to the standards of advertising set forth in these regulations; 2. No use may be made of shills or fal…

NAC 119.520 Vacation and other gift certificates. (NRS 119.240) 1. Before a developer advertises or promotes a subdivision with a program which includes the use of vacation or other gift certificates, he or she must submit in writing as a part of his or her written plan a descrip…

NAC 119.530 Contracts, agreements and other documents of sale. (NRS 119.240) 1. All contracts, agreements and other documents used in the sale of subdivision property are subject to the standards for advertising in this chapter. 2. The following language must be printed clearly a…

NAC 119.600 Revocation or suspension of license: Formal hearings. (NRS 119.325) If the Division desires to revoke or suspend the license, permit or registration of a developer, broker, salesperson or registered representative, it will hold a formal hearing after initiating a comp…

NAC 119.610 Formal hearings: Notice of decision. (NRS 119.240) 1. The Administrator or the hearing officer will render a decision within 30 days after the date of the hearing and immediately give notice in writing of the decision to the respondent. 2. If the decision is adverse t…

NAC 119.620 Informal meetings. (NRS 119.240) The Division will schedule an informal meeting rather than a formal hearing for matters which may be settled or otherwise do not require a formal hearing, in accordance with the following procedures: 1. The Division will initiate the p…

NAC 119.630 Petition for reconsideration of Division action. (NRS 119.240) 1. Any person aggrieved by an action of the Division except the revocation or suspension of a license pursuant to these regulations, may petition the Division for reconsideration of its action within 15 da…

NAC 119.650 Petition for adoption of regulations. (NRS 233B.100) Any interested person may petition the Administrator requesting the adoption, amendment or repeal of any regulation. The petition must be submitted in written form, clearly and intelligibly set forth the regulation …

NAC 119A.005 Definitions. (NRS 119A.190) As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 119A.020 to 119A.160, inclusive, and NAC 119A.010 to 119A.065, inclusive, have the meanings ascribed to them in those sections. (Added to NA…

NAC 119A.010 “Advertisement” defined. (NRS 119A.190) “Advertisement” means published material which: 1. Offers for sale any time share; 2. Causes or induces, directly or indirectly, any person to acquire a time share; or 3. Is used to induce prospective purchasers to attend sales…

NAC 119A.025 “Commission” defined. (NRS 119A.190) “Commission” means the Real Estate Commission. (Added to NAC by Real Estate Div., eff. 12-3-84)

NAC 119A.030 “Declaration” defined. (NRS 119A.190) “Declaration” means a time-share instrument consisting of the recorded covenants, conditions and restrictions governing a project or a time-share plan. (Added to NAC by Real Estate Div., eff. 12-3-84; A by R130-16, 8-30-2018)

NAC 119A.040 “Employment” defined. (NRS 119A.190) “Employment” means the relationship between a broker-salesperson, salesperson, time-share representative or time-share agent and the project broker with whom he or she is associated. The term includes any employee-employer relatio…

NAC 119A.045 “Principal place of business” defined. (NRS 119A.190) “Principal place of business” means the principal office of a project broker or time-share resale broker which the project broker or time-share resale broker uses to conduct the business of selling or reselling ti…

NAC 119A.047 “Project instrument” defined. (NRS 119A.190) “Project instrument” means any document affecting the real property on which a project is located and which is not a time-share instrument. (Added to NAC by Real Estate Div., eff. 12-3-84; A by R130-16, 8-30-2018) — (Subst…

NAC 119A.050 “Promotional meeting” defined. (NRS 119A.190) “Promotional meeting” means any sales presentation given to any number of potential purchasers at one time at any location. (Added to NAC by Real Estate Div., eff. 12-3-84)

NAC 119A.060 “Published material” defined. (NRS 119A.190) “Published material” means anything published in any medium by or for any person to whom this chapter or chapter 119A of NRS applies, including: 1. Any newspaper or periodical, except a press release; 2. Any radio, televis…

NAC 119A.065 “Salesperson” defined. (NRS 119A.190) “Salesperson” means any person who is licensed under chapter 645 of NRS and is employed or engaged by a licensed real estate broker for compensation or otherwise to perform any act or transaction to which chapter 119A or 645 of N…

NAC 119A.073 Check, draft or electronic payment returned for lack of payment; fee. (NRS 119A.190, 119A.365) 1. If a person submits a check, draft or electronic payment to the Division to obtain a license, certificate, registration, approval, accreditation or other type of authori…

NAC 119A.075 Sales agent: Application. (NRS 119A.190, 119A.210) 1. An application for a sales agent’s license must be filed with an office of the Division on forms supplied by the Division and be accompanied by a fingerprint card and such additional information as is required by …

NAC 119A.077 Sales agent: Fee for investigation of background of applicant. (NRS 119A.190, 119A.210, 119A.350, 119A.360) 1. The Division will charge and collect, from each person who applies for a license as a sales agent, a fee for any investigation of the person’s background un…

NAC 119A.078 Sales agent: Examination required; fee for examination. (NRS 119A.190, 119A.210, 119A.360) 1. An applicant for a license as a sales agent must, not earlier than 1 year before submitting his or her application to the Division, take and pass an examination administered…

NAC 119A.080 Sales agent: Minimum age. (NRS 119A.190, 119A.210) The Administrator will not: 1. Accept any application from a person under the age of 17 years for a license as a sales agent pursuant to this chapter; or 2. Issue a license to a person under the age of 18 years. (Add…

NAC 119A.081 Provisional license: Prerequisites; issuance. (NRS 119A.190) 1. The Division will grant a provisional sales agent’s license to an applicant who has submitted: (a) A complete application for a sales agent’s license in compliance with NRS 119A.210 and NAC 119A.075 and …

NAC 119A.082 Provisional license: Expiration; termination of employment; denial of application. (NRS 119A.190) 1. A provisional license granted to an applicant by the Division will expire automatically: (a) If the Division denies the applicant’s application; (b) Upon the issuance…

NAC 119A.083 Provisional licensee: Restrictions; supervision; commissions. (NRS 119A.190) 1. A provisional licensee shall not: (a) Conduct sales-related activities unless he or she is: (1) Under the supervision of: (I) His or her project broker; or (II) A person licensed pursuant…

NAC 119A.085 Sales agent: Grounds for denial of application. (NRS 119A.190, 119A.210) The Division will deny any application for a license if: 1. The application is not in proper form; 2. The proper fees are not enclosed; 3. The accompanying forms are incomplete or otherwise unsa…

NAC 119A.090 Sales agent: Notice of denial of application; hearing to contest denial. (NRS 119A.190) 1. If an application for a license, filed in the proper form and accompanied by the proper fee, is denied, the Administrator will give notice of the fact to the applicant within 1…

NAC 119A.095 Sales agent: Invalidation of license. (NRS 119A.190, 119A.210) The Administrator, upon discovery of any error in the issuance of a license which is related to the qualification or fitness of the licensee, will invalidate the license. The Administrator will promptly n…