Nevada License Law: NRS Chapter 645
Nevada real estate practice is governed by Chapter 645 of the Nevada Revised Statutes (NRS) and administered by the Nevada Real Estate Division. This chapter covers the Division's authority, broker supervision, and the mandatory Duties Owed disclosure.
The Real Estate Division and NRS 645
The Nevada Real Estate Division, within the Department of Business and Industry, licenses and regulates brokers and salespersons under NRS Chapter 645. The Division and the Real Estate Commission issue licenses, adopt regulations, and discipline licensees. A broker license authorizes operating a brokerage and supervising affiliated licensees.
Broker Supervision
Under NRS 645, a broker must actively and adequately supervise the real estate activities of affiliated licensees and the operation of the brokerage. The broker is accountable to the Division for the firm's compliance with the law, including advertising, trust-account, and disclosure requirements. Failure to supervise is a basis for discipline against the broker.
The Duties Owed by a Licensee Form
Nevada requires a licensee to provide each party with the 'Duties Owed by a Licensee' disclosure, which lists the statutory duties a licensee owes to all parties and to the client. This form is a distinctive Nevada requirement that ensures consumers understand the licensee's obligations. The broker is responsible for ensuring affiliated licensees provide it.