License: Issuance; denial; temporary permit; hearing.
1. The Administrator shall make an examination of any subdivision, and shall, unless there are grounds for denial, issue to the subdivider a property report authorizing the sale or lease, or the offer for sale or lease, in this state of the lots or parcels in the subdivision. The report must contain the data obtained in accordance with NRS 119.140 and which the Administrator determines are necessary to carry out the purposes of this chapter. The Administrator may publish the report.
2. The grounds for denial are:
(a) Failure to comply with any of the provisions in this chapter or the rules and regulations of the Division pertaining thereto.
(b) That the sale or lease would constitute misrepresentation to or deceit or fraud of the purchasers or lessees.
(c) Inability to deliver title or other interest contracted for.
(d) Inability to demonstrate that adequate financial arrangements have been made for all off-site improvements included in the offering.
(e) Inability to demonstrate that adequate financial arrangements have been made for any community, recreational or other facilities included in the offering.
(f) Failure to make a showing that the parcels can be used for the purpose for which they are offered.
(g) Failure to provide in the contract or other writing the use or uses for which the parcels are offered, together with any covenants or conditions relative thereto.
(h) Agreements or bylaws to provide for management or other services pertaining to common facilities in the offering, which fail to comply with the regulations of the Division.
(i) Failure to demonstrate that adequate financial arrangements have been made for any guaranty or warranty included in the offering.
3. If the Administrator finds that grounds for denial exist, he shall issue an order so stating to the owner or subdivider no later than 30 days after receipt of the information required to be filed by NRS 119.130 and 119.140. The Administrator may, alternatively, issue a temporary permit to be effective for not more than 6 months from the date of issuance. If the Administrator issues an order of denial, the owner or developer may appeal the order to the Director who shall, within 5 days of the receipt of the appeal, determine whether grounds for denial exist. If the Director finds that grounds for denial exist, he shall confirm the denial. If the Director confirms the denial, the owner or developer may appeal to the Real Estate Commission, which shall conduct a hearing and either confirm the denial or order a license issued within 30 days of the receipt of the appeal.
4. If it appears to the Administrator that a statement of record, or any amendment thereto, is on its face incomplete or inaccurate in any material respect, the Administrator shall so advise the developer within a reasonable time after the filing of the statement or the amendment, but before the date the statement or amendment would otherwise be effective. This notification serves to suspend the effective date of the statement or the amendment until 30 days after the developer files such additional information as the Administrator requires. Any developer, upon receipt of such notice, may request a hearing, and the hearing must be held within 20 days after receipt of the request by the Administrator.
Last modified: February 27, 2006