Brokers: Written brokerage agreement with prospective buyer required; form of agreement; notice to be included within agreement; form and contents of notice; retention of copies of brokerage agreement.
1. Before commencing the provision of services to a prospective buyer, a broker shall execute a written brokerage agreement with the prospective buyer.
2. A brokerage agreement executed pursuant to subsection 1 must be in at least 10-point type and must include:
(a) The name, address, license number and telephone number of the broker.
(b) A complete description of the vehicle, including, but not limited to, the make, model, year and color of the vehicle.
(c) A specific statement of:
(1) The amount of the purchase price of the vehicle; and
(2) The date on which the brokerage agreement expires, if an agreement with a vehicle dealer to purchase a vehicle has not been signed.
(d) One of the following statements, as applicable for the particular transaction, printed in at least 10-point bold type and placed immediately below the statement required by paragraph (c):
(1) The broker does not receive a fee from the dealer which is selling this vehicle.
(2) The broker does receive a fee from the dealer which is selling this vehicle.
(e) A notice on the face of the brokerage agreement with a title in at least 14-point bold type and the text in at least 10-point bold type in substantially the following form:
This is an agreement to provide services; it is not an agreement for the purchase of a vehicle. The laws of the State of Nevada provide you with the following rights and protection:
1. Once you have signed this agreement, you have the right to cancel it and receive a full refund of any money that you paid under any of the following circumstances:
(a) The final price of the vehicle exceeds the purchase price stated in this agreement.
(b) The vehicle, upon delivery, does not match the description provided in this agreement.
(c) This agreement expired before you were presented with an agreement to purchase the vehicle from a dealer.
2. If you have paid a deposit to purchase the vehicle, you have the right to receive a full refund of that deposit at any time before you sign an agreement to purchase the vehicle with a dealer. The amount of any deposit to purchase a vehicle must not exceed 10 percent of the purchase price of the vehicle and must be deposited by the broker in a federally insured trust account.
3. If you are unable to resolve a dispute with your broker, please contact your local office of the Department of Motor Vehicles.
(f) The date of execution of the brokerage agreement.
(g) The signatures of the broker and the prospective buyer.
3. A broker shall retain copies of any brokerage agreement executed pursuant to this section for 3 years.
Last modified: February 25, 2006