Nevada Administrative Code

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…

NAC 119A.100 Branch offices. (NRS 119A.190, 119A.268) 1. Every branch office must be operated in accordance with the provisions of NRS 119A.268. 2. A branch office is not required to establish a trust account separate from the main office, but if one is established, one of the si…

NAC 119A.105 Project broker or time-share resale broker: Commingling of certain money prohibited; maintenance, inspection and audit of records; notice to Division of location of records of transaction. (NRS 119A.190, 119A.400, 119A.420, 119A.652) 1. A project broker or time-share…

NAC 119A.110 Change of status; requirement that sale or offer to sell be made in association with licensed location. (NRS 119A.190, 119A.220) 1. When a sales agent requests a change of project broker and pays the fee, the receipt issued by the Division constitutes a temporary wor…

NAC 119A.112 Sales agent: Application to transfer license to new location. (NRS 119A.190, 119A.220) A sales agent shall apply to transfer his or her license to a different location, on forms furnished by the Division, before conducting sales activities at the new location. (Added…

NAC 119A.115 Project broker: Explanation of termination of sales agent. (NRS 119A.190, 119A.220) The project broker shall explain the circumstances surrounding the discharge or termination of employment of any sales agent and supply an impression of his or her character, integrit…

NAC 119A.120 Sales agent: Failure to renew and reinstatement of license. (NRS 119A.190, 119A.210) 1. If a sales agent fails to file an application for the renewal of his or her license before it expires, the sales agent may not engage in the business of selling time shares until …

NAC 119A.125 Project broker: Effect of failure to renew or cancellation, revocation or suspension of license. (NRS 119A.190, 119A.220) If a project broker fails to renew his or her license or it is cancelled, suspended or revoked, the license of each sales agent in his or her emp…

NAC 119A.130 Project broker: Duties upon termination of license; transfer of employees to another project broker; no refund under certain circumstances. (NRS 119A.190, 119A.220) If the project broker fails to renew his or her license or it is cancelled, suspended or revoked, the …

NAC 119A.135 Failure of sales agent to surrender license: Affidavit showing loss, destruction or theft. (NRS 119A.190) If a sales agent is required to surrender his or her license and does not, the sales agent shall file an affidavit with the Division showing that the license has…

NAC 119A.140 Change of address or employment. (NRS 119A.190) 1. Each licensee and representative shall inform the Division immediately, in writing, of any change in the address of his or her business or residence. Failure to inform the Division of changes of address is a ground f…

NAC 119A.147 Referral of complaints. (NRS 119A.190, 119A.630, 119A.655) The Administrator will refer any complaint: 1. For the imposition of a fine or the revocation or suspension of a sales agent’s license, to the Commission; and 2. On any other matter requiring a hearing, to a …

NAC 119A.150 Sales agent: Procedure for revocation or suspension of license. (NRS 119A.190, 119A.655) 1. The procedure set forth in this section will be followed before a sales agent’s license is revoked or suspended. 2. Upon a complaint initiated by the Administrator, the matter…

NAC 119A.160 Hearing: Time and place; record; fees for witnesses; subpoena; participation by Administrator. (NRS 119A.190, 119A.640, 119A.655) 1. The hearing described in NAC 119A.150 must be held at such time and place as the Administrator prescribes. 2. A record of the proceedi…

NAC 119A.170 Hearing: Procedure. (NRS 119A.190, 119A.640, 119A.655, 119A.658) 1. The hearing officer shall: (a) Ascertain whether all persons commanded to appear under subpoena are present, and whether all documents, books, records and other evidence under subpoena are present in…

NAC 119A.175 Rehearing: Procedure. (NRS 119A.190) The following procedures will be used for a rehearing in a case where a ruling or decision of the hearing officer is against the sales agent: 1. The sales agent may within 10 days after receiving the decision, petition the hearing…

NAC 119A.180 Hearing: Continuance. (NRS 119A.190, 119A.655) 1. The time of the hearing may be continued by the hearing officer upon the written petition of the sales agent or upon the written petition of the Administrator for good cause shown, or by stipulation of the parties to …

NAC 119A.185 Sales agent: Payment of fees. (NRS 119A.190) The payment of an application or license fee must be made by cash, check or money order and payment shall be deemed earned upon receipt by the Division. (Added to NAC by Real Estate Div., eff. 12-3-84; A 11-8-88) SALE OF T…

NAC 119A.190 Procedure for filing for permit to sell time shares. (NRS 119A.190, 119A.300, 119A.370) The following procedures must be followed in filing an application for a time-share permit: 1. Required material must be filed with the Division by personal delivery, by electroni…

NAC 119A.195 Preliminary permit to sell time shares. (NRS 119A.190, 119A.290) If a preliminary permit to sell time shares has been issued by the Administrator, the developer may accept a good faith deposit for a reservation if the document by which the reservation is taken provid…

NAC 119A.200 Application for permit to sell time shares. (NRS 119A.190, 119A.290, 119A.300) In addition to the information and documents required to be provided by law, a developer applying for a permit to sell time shares shall provide to the Division a statement of record conta…

NAC 119A.201 Application for registration as time-share resale broker. (NRS 119A.190, 119A.4771) In addition to any other information and documents required to be provided by law, an applicant for registration as a time-share resale broker shall provide the following information …

NAC 119A.202 Abbreviated registration: Information and documents to be provided to purchasers; filing of certain documents with Division; renewal. (NRS 119A.190, 119A.302) 1. If a developer files an abbreviated registration pursuant to NRS 119A.302 and the Division approves the p…

NAC 119A.203 Abbreviated registration: Application for conversion of existing permit. (NRS 119A.190, 119A.320, 119A.360) 1. An existing permit may be converted to an abbreviated registration by filing an application for conversion to an abbreviated registration with the Division,…

NAC 119A.205 Public offering statement. (NRS 119A.190, 119A.300) 1. A public offering statement that has been approved or deemed approved by the Division pursuant to NRS 119A.304 or 119A.355 must have a cover sheet which states in red: THE PROSPECTIVE PURCHASER SHOULD READ THIS R…

NAC 119A.210 Material change in plan; service of order to cease. (NRS 119A.190, 119A.280, 119A.490) 1. A material change in the time-share plan must satisfy the requirements set forth in NRS 119A.304. 2. An order to cease issued pursuant to NRS 119A.280 must be served upon the pr…

NAC 119A.213 Developer to file amended statement of record before change of project broker; fee. (NRS 119A.190) 1. A developer shall not change the project broker which coordinates the sale of time shares on behalf of the developer without first filing an amendment to the stateme…

NAC 119A.215 Informal meetings. (NRS 119A.190) The Administrator will schedule an informal meeting to resolve matters which may be settled or otherwise may not require a formal hearing, in accordance with the following procedures: 1. The Administrator will initiate the procedure …

NAC 119A.220 Requirements for trusts. (NRS 119A.190, 119A.430) If a trust is used to satisfy the requirements of subsection 2 of NRS 119A.430: 1. The trust must be established pursuant to an agreement that complies with the laws of the jurisdiction under which it was formed; and …

NAC 119A.225 Agreement by developer to subsidize costs. (NRS 119A.190) The developer, in lieu of paying the assessments on all unsold intervals, may enter an agreement with the association whereby the developer agrees to pay the difference between the total of the assessments pai…

NAC 119A.230 Subordination of interest by holders of certain liens. (NRS 119A.190) Any holder of a lien which is secured by any interest in the real property on which a project is located shall subordinate his or her interest to a declaration either by jointly executing the decla…

NAC 119A.240 General obligations of project brokers and developers; inspection and audit of records. (NRS 119A.190, 119A.652) 1. The project broker shall share with the developer the responsibility for all activities involving advertising, sales, solicitations and the inducement …

NAC 119A.245 Duties of project brokers. (NRS 119A.190, 119A.400) A project broker shall: 1. Obtain from each purchaser of a time share, on a form prescribed by the Division, a receipt for a copy of the public offering statement signed by the purchaser and selling agent; 2. Provid…

NAC 119A.250 Signing contracts; compliance with real estate laws; relationships between licensees. (NRS 119A.190) 1. All contracts of sale must be signed either by the project broker or by his or her authorized broker-salesperson, salesperson or sales agent. 2. Nothing in this ch…

NAC 119A.255 Requirements of contracts, agreements and other documents used in sale of project. (NRS 119A.190) 1. Each contract, agreement and other document used in the sale of a time-share plan is subject to the standards for advertising that are set forth in this chapter. 2. E…

NAC 119A.256 Required statement in contract or other instrument used in sale of sampler program. (NRS 119A.190) 1. Each contract or other instrument that is used in the sale of a sampler program must contain the following statement in at least 10-point bold type above the purchas…

NAC 119A.257 Required disclosure of certain information to purchaser before resale; duties of time-share resale broker. (NRS 119A.4775) 1. The information required to be disclosed to the purchaser of a previously sold time share pursuant to NRS 119A.4775 must be given to the purc…

NAC 119A.260 Time-share representatives. (NRS 119A.190, 119A.240, 119A.360) 1. A person who desires to become a representative for a developer must file an application for registration on a form furnished by the Division. The fee required by NRS 119A.360 is not refundable. An app…

NAC 119A.265 Responsibility of developer and project broker. (NRS 119A.190) 1. The developer is responsible for the acts of each person whom he or she employs or engages to represent him or her which are performed within the scope of the employee’s employment. 2. The project brok…

NAC 119A.270 Factors for determining whether licensee engaged in fraudulent or misleading sales techniques or tactics. (NRS 119A.190, 119A.230) In determining whether a licensee has engaged in a fraudulent or misleading sales technique or tactic, the Commission or hearing officer…

NAC 119A.275 Prompt delivery of offers, acceptances and counteroffers. (NRS 119A.190) A sales agent shall promptly deliver: 1. To the project broker every good faith offer complete with all the terms and conditions of the purchase which he or she obtains; and 2. To the purchaser …

NAC 119A.280 Sales prohibited if title unmerchantable. (NRS 119A.190) A sales agent may not attempt to sell or offer to sell any time share with knowledge that the title is unmerchantable. (Added to NAC by Real Estate Div., eff. 12-3-84; A 10-23-87; R130-16, 8-30-2018)

NAC 119A.285 Disclosure of interest to prospective purchaser. (NRS 119A.190) If a licensee owns or has an interest in a time share which he or she is attempting to sell, or has an interest in the time-share plan of the time share, the licensee shall disclose the interest and the …

NAC 119A.290 Complaints. (NRS 119A.190) 1. The Administrator will prepare and require the use of a standard form or affidavit by a person in making a complaint in connection with the promotion and sale of time shares. 2. When a complaint is made, the Administrator will investigat…

NAC 119A.305 General standards. (NRS 119A.190, 119A.370) 1. An advertisement must conform to the following standards: (a) Statements and representations contained in the advertisement must be accurate and true; and (b) The advertisement must fully state the factual material so as…

NAC 119A.310 Price; predevelopment sale; future price; increase in value. (NRS 119A.190, 119A.370) An advertisement, a piece of promotional material or an oral representation regarding a time-share plan: 1. Which refers to the purchase price of any time share must also clearly di…