Grounds for disciplinary action: Compensation from certain exclusive agreements; conflicts of interest; paying unlicensed person; commingling; allowing unlicensed person to engage in acts requiring licensure; failure to account for or remit money or to discharge final judgment; acting as agent and undisclosed principal. The following grounds, among others, constitute grounds for disciplinary action under NRS 489.381:
1. Claiming, demanding or receiving a fee, compensation or commission under any exclusive agreement, authorizing or employing a licensee to sell, buy or exchange a manufactured home, mobile home or commercial coach for compensation or commission, where the agreement does not contain a definite specified date of final and complete termination, does not set forth the terms and conditions of the exclusive agreement or is not signed by both the licensee and the owner.
2. While the employee, agent or fiduciary of a licensee, soliciting, accepting or agreeing to accept any benefit, fee, commission or compensation for the performance of any of the acts specified in this chapter from any person except the licensee with whom he is associated or employed.
3. Paying a commission or other compensation to any person or employing any person for performing the services of a person required to be licensed under this chapter who has not first secured his license pursuant to this chapter.
4. Commingling the money or other property of his principals with his own or converting the money of others to his own use.
5. Knowingly permitting a person whose license has been revoked or suspended or who does not hold a valid license to engage on behalf of the licensed dealer in acts that require a license.
6. In the case of a salesman, failing to give to the licensed dealer by whom the salesman is employed, as soon as practicable after receipt, a deposit or other money or consideration entrusted to him by a person dealing with the salesman as a representative of the licensed dealer.
7. Failing within a reasonable time to account for or to remit any money coming into his possession which belongs to others.
8. Failure or refusal by a licensee to pay or otherwise discharge any final judgment rendered and entered against him which arises out of the conduct of his business licensed under this chapter.
9. Acting in the dual capacity of agent and undisclosed principal in a transaction.
Last modified: February 25, 2006