Nev. Admin. Code § 645.185 - Cooperative certificate: Use of certificate

1. A certificate authorizing an out-of-state broker to cooperate with a Nevada broker is valid for the earlier of 12 months after the date of issuance or the completion or termination of the single transaction identified in the application for the certificate and expires automatically when the transaction has been completed or has been terminated. The fee paid for the issuance covers only that period or transaction, as applicable. The certificate is not transferable.

2. A Nevada broker working with an out-of-state broker holding such a certificate shall immediately report any change in his or her license status or address or the license status or address of the out-of-state broker to the Division. Any violation of this subsection subjects the certificate to revocation.

3. If, at any time during which a cooperative certificate is in effect, the out-of-state broker or the Nevada broker wishes to terminate the relationship, he or she must give written notice of the termination to the Division and the broker with whom he or she has been cooperating and the out-of-state broker shall immediately surrender his or her certificate to the Division.

4. If the license of the out-of-state broker expires or is inactivated, suspended, revoked or cancelled, the out-of-state broker shall immediately give written notice to the Division of each Nevada broker with whom he or she is cooperating and surrender his or her cooperative certificate to the Division.

5. The Administrator may not issue a cooperative certificate to an out-of-state association, partnership or corporation which is licensed as a broker. Only a natural person who is a broker may be issued such a certificate.

6. When acting under a cooperative certificate, an out-of-state broker shall work through the cooperating Nevada broker or a licensee associated with a Nevada broker. The Nevada broker shall be in charge of the transaction from beginning to end.

7. Any money received in a cooperative transaction may be handled only by the cooperating Nevada broker in accordance with NRS 645.310.

8. Each out-of-state broker, while cooperating with a Nevada broker, is governed by the provisions of this chapter and chapter 645 of NRS. Any violation of such a provision by the out-of-state broker subjects his or her cooperative certificate and the Nevada broker's license to fine or suspension, or both, or revocation. By accepting a cooperative certificate, the out-of-state broker shall be deemed to have appointed the Nevada broker as his or her agent for service of all notices and process in any proceeding initiated by the Division pursuant to chapter 645 of NRS related to the transaction for which the cooperative certificate was issued.

9. A cooperating out-of-state broker may authorize only one broker-salesperson or one salesperson employed by him or her to act in his or her behalf. The authorization must be on a form supplied by the Division, and a copy must be sent to the Division before the authorized representative of the out-of-state broker may conduct any transaction. The authorized representative shall carry the completed form with him or her whenever the authorized representative is in Nevada for the purpose of conducting his or her real estate business.

10. An out-of-state broker may cooperate with more than one Nevada broker and a Nevada broker may cooperate with more than one out-of-state broker. Each arrangement is considered a separate agreement for which the appropriate form must be completed and submitted, the appropriate fee paid and a separate cooperative certificate obtained.

11. An out-of-state broker may not use a cooperating broker's certificate as authority to sell or attempt to sell real estate in Nevada on behalf of the owner of that real estate. Such a certificate may be used only for the purpose of allowing the out-of-state broker or salesperson to represent a person other than a resident of Nevada in the purchase of real estate in Nevada.

Notes

Nev. Admin. Code § 645.185

Real Estate Adv. Comm'n, § XII, eff. 10-31-75-NAC A by Real Estate Comm'n, 8-21-81; 12-16-82; 4-27-84; R031-04, 11-30-2004; A by R097-14, eff. 4/4/2016; A by R060-20A, eff. 12/29/2020

NRS 645.050, 645.190 and 645.605