Nev. Admin. Code § 645.911 - "Engage in business as a business broker" interpreted

As used in chapter 645 of NRS, the Commission will interpret the term "engage in business as a business broker":

1. Except as otherwise provided in subsection 2, to include engaging in the business of:

(a) Selling, exchanging, optioning or purchasing;

(b) Negotiating or offering, attempting or agreeing to negotiate the sale, exchange, option or purchase of; or

(c) Listing or soliciting prospective purchasers of,

any business, the individual assets of any business or any ownership interest in any business, including, without limitation, any stock, partnership interest or membership interest in a limited-liability company, for which income and expenses have been reported to the Internal Revenue Service in the previous calendar or fiscal year on Form 1040, Form 1065, Form 1120 or Form 1120S, or any combination thereof, unless 50 percent or more of the gross reported income, excluding net capital gain, was earned by the rental of real estate reported on Form 8825.

2. Not to include engaging in the business of:

(a) Selling, exchanging, optioning or purchasing;

(b) Negotiating or offering, attempting or agreeing to negotiate the sale, exchange, option or purchase of; or

(c) Listing or soliciting prospective purchasers of,

real property and a related business, if more than 50 percent of the gross income from the related business is directly derived from the use of the real property, including, without limitation, income derived from the transfer of tenant leases or management agreements and income derived from storage facilities, hotels, motels, ranches or any other business that would have no value but for the concurrent transfer of the real property.

Notes

Nev. Admin. Code § 645.911

Added to NAC by Real Estate Comm'n by R123-06, eff. 6-1-2006; A by R077-07, 1-30-2008

NRS 645.050, 645.190, 645.863