NRS 645.310
Deposits and trust accounts: Accounting

  • commingling
  • records
  • inspection and audit.


All deposits accepted by every real estate broker or person registered as an owner-developer pursuant to this chapter, which are retained by him or her pending consummation or termination of the transaction involved, must be accounted for in the full amount at the time of the consummation or termination.


Every real estate salesperson or broker-salesperson who receives any money on behalf of a broker or owner-developer shall pay over the money promptly to the real estate broker or owner-developer.


A real estate broker shall not commingle the money or other property of a client with his or her own.


If a real estate broker receives money, as a broker, which belongs to others, the real estate broker shall promptly deposit the money in a separate checking account located in a bank or credit union in this State which must be designated a trust account. All down payments, earnest money deposits, rents, or other money which the real estate broker receives, on behalf of a client or any other person, must be deposited in the account unless all persons who have any interest in the money have agreed otherwise in writing. A real estate broker may pay to any seller or the seller’s authorized agent the whole or any portion of such special deposit. The real estate broker is personally responsible and liable for such deposit at all times. A real estate broker shall not permit any advance payment of money belonging to others to be deposited in the real estate broker’s business or personal account or to be commingled with any money he or she may have on deposit.


Every real estate broker required to maintain a separate trust account shall keep records of all money deposited therein. The records must clearly indicate the date and from whom the real estate broker received money, the date deposited, the dates of withdrawals, and other pertinent information concerning the transaction, and must show clearly for whose account the money is deposited and to whom the money belongs. The real estate broker shall balance each separate trust account at least monthly. The real estate broker shall provide to the Division, on a form provided by the Division, an annual accounting which shows an annual reconciliation of each separate trust account. All such records and money are subject to inspection and audit by the Division and its authorized representatives. All such separate trust accounts must designate the real estate broker as trustee and provide for withdrawal of money without previous notice.


Each real estate broker shall notify the Division of the names of the banks and credit unions in which the real estate broker maintains trust accounts and specify the names of the accounts on forms provided by the Division.


If a real estate broker who has money in a trust account dies or becomes mentally disabled, the Division, upon application to the district court, may have a trustee appointed to administer and distribute the money in the account with the approval of the court. The trustee may serve without posting a bond.

Source: Section 645.310 — Deposits and trust accounts: Accounting; commingling; records; inspection and audit., https://www.­leg.­state.­nv.­us/NRS/NRS-645.­html#NRS645Sec310.

Unlawful to engage in certain conduct without license or permit or without complying with certain provisions of chapter
Administrative fine for engaging in certain conduct without license, permit, certificate, registration or authorization
Power of cities and towns to license and regulate brokers and salespersons not affected.
Licensee not required to comply with certain principles of common law.
Duties of licensee acting as agent in real estate transaction.
Licensees affiliated with same brokerage: Additional duties when assigned to separate parties to real estate transaction.
Additional duties of licensee entering into brokerage agreement to represent client in real estate transaction.
Waiver of duties of licensee prohibited.
Broker who provides asset management services to client required to provide Real Estate Division with certain information annually
Action to recover damages suffered as result of licensee’s failure to perform certain duties
Duties concerning transaction involving used manufactured home or used mobile home.
Liability of licensee for misrepresentation made by client
One act constitutes action in capacity of broker or salesperson.
Allegation and proof of licensed status in action for compensation.
Association with or compensation of unlicensed broker, broker-salesperson or salesperson unlawful
Owner-developers: Employment of licensed salespersons
Owner-developers: Form and contents of application for registration.
Owner-developers: Regulations concerning qualifications
Owner-developers: Qualifications and duties of person who acts as sales manager.
Delivery of copy of written brokerage agreement
Deposits and trust accounts: Accounting
Other financial accounts: Investigation and audit involving insolvency of broker or enforcement by Division
Administrator may charge broker for costs and fees of audit under certain circumstances
Conditions and limitations on certain advertisements
Requirements for exclusive agency representation.
Discriminatory practices unlawful
Broker’s price opinion: Requirements
Dealing with party to real estate transaction in manner which is deceitful, fraudulent or dishonest prohibited.
Last Updated

Jun. 24, 2021

§ 645.310’s source at nv​.us