Nevada Administrative Code

NAC 119A.335 Use of maps, pictures and sketches. (NRS 119A.190, 119A.370) 1. An advertisement 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. A map, plat or other representation of a pr…

NAC 119A.340 Misleading use of testimonials, symbols or names. (NRS 119A.190, 119A.370) An advertisement must not include: 1. A testimonial or endorsement which contains any statement that the developer or project broker is precluded by law or regulation from making in his or her…

NAC 119A.345 Required statements and disclosures. (NRS 119A.190, 119A.370) 1. Each orally presented or written advertisement which is designed to induce attendance at or participation in a sales presentation must conspicuously include: (a) The following statement: “This advertisi…

NAC 119A.350 Reference to right of exchange, resale or repurchase. (NRS 119A.190, 119A.370) An advertisement which refers to: 1. A privilege on the part of the owner to exchange his or her time share must clearly state any qualification or limitation on the privilege. 2. A resale…

NAC 119A.355 Use of certain terms. (NRS 119A.190, 119A.370) 1. An advertisement must not contain the term “appraised,” “appraised value” or any other similar term without specifying the statistics or materials which support the conclusion, including: (a) The date of the appraisal…

NAC 119A.365 Standards for sales techniques and tactics. (NRS 119A.190, 119A.370) Sales techniques and tactics must conform to the following standards: 1. Decoys or false buyers must not be used in a promotional meeting for any purpose. 2. Each oral statement made to a prospectiv…

NAC 119A.370 Use of sweepstakes, vacation or other gift certificate. (NRS 119A.190, 119A.370) 1. Before a developer advertises or promotes a time-share plan with a program which includes the use of a sweepstakes, vacation or other form of a gift certificate, the developer must: (…

NAC 119A.375 Evidence of 14 hours of required instruction. (NRS 119A.190, 119A.210) The Administrator will accept as satisfactory evidence of the 14 hours of instruction required by paragraph (a) of subsection 1 of NRS 119A.210, the submission by the applicant of a certificate is…

NAC 119A.380 Qualifications for instructors. (NRS 119A.190, 119A.210) A qualified instructor must: 1. Have a good reputation for honesty, integrity and trustworthiness. 2. Have a combination of education and experience in the field of real estate, time shares or business as follo…

NAC 119A.385 Approval of course in continuing education. (NRS 119A.190, 119A.210) 1. The application for the approval of a course in continuing education must be submitted to the Administrator on a form provided by the Administrator. 2. The Administrator will not give retroactive…

NAC 119A.390 Reapproval of courses; withdrawal or denial of approval. (NRS 119A.190, 119A.210) 1. The instructor must apply for reapproval of the course on a form provided by the Administrator at least 2 weeks before the expiration of the previous approval. If the instructor fail…

NAC 119A.395 Continuing education: Standards for renewal of license. (NRS 119A.190, 119A.210) 1. The license of a sales agent will not be renewed unless he or she submits proof of having completed 6 hours of continuing education. 2. The Administrator will accept only those course…

NAC 119A.400 Continuing education: Standards for courses. (NRS 119A.190, 119A.210) 1. A course, in order to qualify for credit for continuing education, must contain: (a) Current information on real estate or time-share subjects which will improve the professional knowledge of th…

NAC 119A.450 Form for registration as manager. (NRS 119A.190, 119A.532) 1. A form for registration submitted pursuant to NRS 119A.532 by a person who wishes to engage in the business of, act in the capacity of, advertise or assume to act as a manager of a project located in this …

NAC 119A.460 Disclosure statement for certain managers. (NRS 119A.190, 119A.534) The disclosure statement required by NRS 119A.534 must be submitted on a form prescribed by the Division and must contain: 1. A schedule of fees to be paid to the manager or an affiliate of the manag…

NAC 119A.470 Qualifications of person to conduct reserve study; consultants. (NRS 119A.190, 119A.542) 1. A person is qualified by training and experience to conduct a reserve study if the person proves to the satisfaction of the board that he or she has: (a) A good reputation for…

NAC 119A.600 Developer: Registration as exchange company to offer program; amendment to registration; fee. (NRS 119A.190, 119A.360) 1. A developer that wishes to operate as an exchange company and offer a program for the exchange of occupancy rights among owners or with the owner…

NAC 119B.010 Definitions. As used in this chapter, unless the context otherwise requires, the words and terms defined in: 1. NRS 119B.020 to 119B.100, inclusive; and 2. NAC 119B.020 to 119B.080, inclusive, have the meanings ascribed to them in those sections. (Added to NAC by Rea…

NAC 119B.020 “Employment” defined. “Employment” means the relationship between a sales agent or registered representative and the broker of record with whom he is associated. The term includes any relationship with an independent contractor. (Added to NAC by Real Estate Div., eff…

NAC 119B.030 “Press release” defined. “Press release” means any written, printed, photographic, artistic or oral statement or material which is intended for publication without payment of any consideration. (Added to NAC by Real Estate Div., eff. 2-18-87)

NAC 119B.040 “Principal place of business” defined. “Principal place of business” means the principal office of a broker of record which he uses to conduct the business of selling memberships. (Added to NAC by Real Estate Div., eff. 2-18-87)

NAC 119B.050 “Promotional meeting” defined. “Promotional meeting” means any sales presentation given to potential purchasers of a membership. (Added to NAC by Real Estate Div., eff. 2-18-87)

NAC 119B.060 “Published material” defined. “Published material” means anything published in any medium, except a press release, and includes: 1. Material published in any newspaper or periodical; 2. Any radio, television, telephonic or other electronic broadcast or display; 3. Wr…

NAC 119B.070 “Registered representative” defined. “Registered representative” means a person who, on behalf of one or more developers, induces other persons to attend a sales presentation. The term does not include a sales agent or a person who only performs clerical tasks or arr…

NAC 119B.080 “Sales agent” defined. “Sales agent” means any person who is licensed pursuant to chapter 119A of NRS as a sales agent or pursuant to chapter 645 of NRS as a salesman or broker-salesman and is employed by a licensed real estate broker for compensation or otherwise to…

NAC 119B.090 “Advertising” interpreted. The administrator will interpret “advertising” to mean published material which: 1. Offers for sale any membership or interest in a campground; 2. Causes or induces, directly or indirectly, any person to acquire any membership or interest i…

NAC 119B.100 “Membership” interpreted. The administrator will interpret “membership” to include: 1. An interest in real property; and 2. A contractual right to occupancy. (Added to NAC by Real Estate Div., eff. 2-18-87)

NAC 119B.110 Refund of certain fees limited. Unless otherwise determined by the administrator, all fees submitted to him pursuant to NRS 119B.210 are deemed earned upon receipt. Not more than one- half of the fee submitted may be refunded. (Added to NAC by Real Estate Div., eff. …

NAC 119B.120 Responsibility for activities. 1. The broker of record and the developer are responsible for all activities involving advertising, sales, solicitations and the inducement of any person to purchase a membership. 2. The broker of record is responsible for the activitie…

NAC 119B.130 Use of more than one location. 1. If a developer wishes to use more than one location at which to conduct sales, the broker of record shall establish and maintain appropriate branch offices. 2. A site that is devoted exclusively to inducing persons to attend a sales …

NAC 119B.140 Developer’s records: Inspection and audit. A developer’s records may be inspected and audited by the division and must be made available to the division at the: 1. Location where the records are kept, if they are located in Nevada; or 2. Division’s office in Carson C…

NAC 119B.150 Acceptance of permit constitutes agreement to appoint broker of record as agent for service of process. Acceptance by the developer of a permit authorizing him to offer memberships for sale in this state is an agreement by him to appoint a broker of record as his age…

NAC 119B.160 Inspection of campground by broker; broker may be broker of record for only one developer at a time. Before a broker accepts a position as broker of record, he must personally inspect the campground for which he is to be responsible. The division will designate a bro…

NAC 119B.170 Records to be maintained by broker of record; inspection and audit. 1. The broker of record shall obtain from each purchaser of a membership a signed receipt for a copy of the public offering statement and shall keep the receipt along with a copy of any contract of s…

NAC 119B.180 Supervision of sales agents by broker of record. Every broker of record shall teach his sales agents the provisions of this chapter and chapter 119B of NRS. He shall exercise strict supervision over their activities related to the selling of a membership and over the…

NAC 119B.190 Association with and compensation from broker of record. A sales agent shall not associate with or accept compensation from any person other than the broker of record under whom he is licensed. (Added to NAC by Real Estate Div., eff. 2-18-87)

NAC 119B.200 Delivery of offers, acceptances and counteroffers. A sales agent shall promptly deliver: 1. To the broker of record, every good faith offer he receives, including all the terms and conditions of the purchase. 2. To the purchaser and seller, a copy of each acceptance …

NAC 119B.210 Disclosure of interest in campground to prospective purchaser. If a sales agent owns or has an interest in the campground for which he is attempting to sell a membership or an interest in the membership which he is attempting to sell, he shall disclose his interest i…

NAC 119B.220 Real estate and time-share licensees prohibited from registering as registered representatives; authorized acts. A person licensed as a real estate broker, broker-salesman or salesman pursuant to chapter 645 of NRS or a sales agent pursuant to chapter 119A of NRS may…

NAC 119B.230 Application for registration; permissible title of representative. 1. A person who desires to become a registered representative for a developer must file an application for registration on a form furnished by the division. The fee required by NRS 119B.210 is not ref…

NAC 119B.240 Signature of broker of record or authorized sales agent. All contracts of sale must contain the signature of the broker of record or his authorized sales agent. (Added to NAC by Real Estate Div., eff. 2-18-87)

NAC 119B.250 Applicability of standards for advertising. Each contract, agreement or other document used in the sale of a membership is subject to the standards for advertising prescribed in NAC 119B.310 to 119B.400, inclusive. (Added to NAC by Real Estate Div., eff. 2-18-87)

NAC 119B.260 Required and prohibited language. 1. The following words must be printed clearly and conspicuously in 12-point, boldface type at the top of each contract for the sale of a membership: This is a binding contract by which you agree to purchase a membership in a campgro…

NAC 119B.270 Approval by division. 1. Before an advertisement is published, it must be submitted by the developer to the division for approval. If an employee or agent of the developer submits the advertisement, the developer must notify the division in writing that the employee …

NAC 119B.280 Press releases. A press release may not contain any statement concerning: 1. The volume of sales of memberships; 2. The financial status of the developer; or 3. The investment potential of the campground. (Added to NAC by Real Estate Div., eff. 2-18-87)

NAC 119B.290 Fees. 1. The following fees will be charged for each advertisement or change in an advertisement submitted to the administrator for his approval: (a) For each item of advertising, $5 per page to a maximum of $25. If an advertisement is printed on both sides of a page…

NAC 119B.300 Interpretation. 1. An advertisement will be interpreted as being false or misleading if: (a) The statements and representations contained in the advertisement are not true; (b) The advertisement states the factual material so as to misrepresent the facts or create mi…