Nev. Admin. Code § 645.380 - Brokers designated by certain business organizations; members or officers of certain business organizations acting as brokers; service of certain business organizations as salespersons or broker-salespersons

1. A broker designated by a partnership, limited-liability company or corporation pursuant to NRS 645.370 or a broker who has obtained a license pursuant to NRS 645.380 may also obtain an individual license to act on his or her own behalf. To obtain an individual license, a broker must complete and submit forms as supplied by the Division and must pay an original license fee and any other required fees.

2. The Division will issue an additional license to such a broker and subject him or her to the same rights and duties as any other licensed Nevada broker. He or she may maintain an office separate from the offices of the partnership, limited-liability company or corporation and shall maintain separate records and a separate trust account so that the business of the partnership, limited-liability company or corporation remains separate from his or her independent business.

3. The partnership, limited-liability company or corporation must submit a statement, on a form supplied by the Division, indicating that it is fully aware of the intention of the broker to maintain an independent business.

4. Revocation, suspension, or any other penalty of the Commission or the Division applies to both licenses of a broker who is licensed pursuant to this section.

5. A partnership, limited-liability company or corporation may not serve as a salesperson or broker-salesperson except as otherwise provided by a specific statute.

6. A broker who is licensed individually and as a partnership, limited-liability company or corporation, even though he or she has been issued two licenses by the Division, is considered to be only one licensee for the purposes of disciplinary action or claims against the Real Estate Education, Research and Recovery Fund.

Notes

Nev. Admin. Code § 645.380

Real Estate Adv. Comm'n, § V subsec. 20, eff. 10-31-75-NAC A by Real Estate Comm'n, 8-21-81; 4-27-84; A by Real Estate Div., 3-31-94; R126-04, 10-31-2005

NRS 645.050, 645.190, 645.385, 645.400