Authorized disciplinary action; grounds for disciplinary action; orders imposing discipline deemed public records.
1. The Commission may require a licensee, property manager or owner-developer to pay an administrative fine of not more than $5,000 for each violation he commits or suspend, revoke, deny the renewal of or place conditions upon his license, permit or registration, or impose any combination of those actions, at any time if the licensee, property manager or owner-developer has, by false or fraudulent representation, obtained a license, permit or registration, or the licensee, property manager or owner-developer, whether or not acting as such, is found guilty of:
(a) Making any material misrepresentation.
(b) Making any false promises of a character likely to influence, persuade or induce.
(c) Accepting a commission or valuable consideration as a real estate broker-salesman or salesman for the performance of any of the acts specified in this chapter or chapter 119 or 119A of NRS from any person except the licensed real estate broker with whom he is associated or the owner-developer by whom he is employed.
(d) Representing or attempting to represent a real estate broker other than the broker with whom he is associated, without the express knowledge and consent of the broker with whom he is associated.
(e) Failing to maintain, for review and audit by the Division, each brokerage agreement and property management agreement governed by the provisions of this chapter and entered into by the licensee.
(f) Failing, within a reasonable time, to account for or to remit any money which comes into his possession and which belongs to others.
(g) If he is required to maintain a trust account:
(1) Failing to balance the trust account at least monthly; and
(2) Failing to submit to the Division an annual accounting of the trust account as required in NRS 645.310.
(h) Commingling the money or other property of his clients with his own or converting the money of others to his own use.
(i) In the case of a broker-salesman or salesman, failing to place in the custody of his licensed broker or owner-developer, as soon as possible, any deposit or other money or consideration entrusted to him by any person dealing with him as the representative of his licensed broker.
(j) Accepting other than cash as earnest money unless that fact is communicated to the owner before his acceptance of the offer to purchase and that fact is shown in the receipt for the earnest money.
(k) Upon acceptance of an agreement, in the case of a broker, failing to deposit any check or cash received as earnest money before the end of the next banking day unless otherwise provided in the purchase agreement.
(l) Inducing any party to a brokerage agreement, property management agreement, agreement of sale or lease to break it in order to substitute a new brokerage agreement, property management agreement, agreement of sale or lease with the same or another party if the inducement to make the substitution is offered to secure personal gain to the licensee or owner-developer.
2. An order that imposes discipline and the findings of fact and conclusions of law supporting that order are public records.
NRS 645.633
Last modified: February 27, 2006