Nevada Real Estate License Law (NRS 645)
Nevada real estate practice is governed by NRS Chapter 645 and administered by the Nevada Real Estate Division within the Department of Business and Industry. This chapter covers the Division and Commission, the roles of broker and salesperson, and grounds for discipline.
The Real Estate Division and Commission
The Nevada Real Estate Division, part of the Department of Business and Industry, administers NRS Chapter 645 and licenses real estate salespersons and brokers. The Nevada Real Estate Commission acts as the regulatory and hearing body that adopts regulations and decides disciplinary matters. A license is required to engage in real estate brokerage for another for compensation, and unlicensed activity is subject to enforcement.
Salesperson and Broker
A salesperson is licensed to perform brokerage activity only on behalf of and under the supervision of a licensed real estate broker; a salesperson may not act independently. A broker is responsible for supervising affiliated licensees, maintaining trust accounts, and ensuring compliance with NRS 645. A broker-salesperson holds broker qualifications but works under another broker.
Compensation and Discipline
A Nevada salesperson may accept compensation for licensed activity only from the broker under whom the salesperson is licensed, not directly from a client or another broker. Under NRS 645, grounds for discipline include misrepresentation, fraud or dishonest dealing, commingling client money, and failing to provide required disclosures. The Commission may fine a licensee and suspend or revoke a license.