NRS 645.313
Other financial accounts: Investigation and audit involving insolvency of broker or enforcement by Division

  • regulations governing scope of audit
  • grounds for disciplinary action.

1.

The Division may investigate and audit all financial accounts related to the business of a real estate broker, regardless of whether it is a trust account, if the Division has reasonable cause to believe that the broker is using or has used the account to operate or carry on the broker’s business and the Division:

(a)

Has reasonable cause to believe or has received a credible complaint that the real estate broker is insolvent or is in any financial condition or has engaged in any financial practice which creates a substantial risk of insolvency; or

(b)

Determines that the investigation and audit are reasonably necessary to assist the Division in administering or enforcing any other provision of this chapter or any other statute that the Division is charged with administering or enforcing.

2.

The Commission shall adopt regulations prescribing the scope of an audit conducted pursuant to this section.

3.

The Commission may take action pursuant to NRS 645.630 against:

(a)

Any real estate broker or other licensee who knowingly fails to cooperate or comply with or knowingly impedes or interferes with any investigation or audit conducted by the Division pursuant to this section; or

(b)

Any real estate broker who is insolvent or who is in any financial condition or has engaged in any financial practice which creates a substantial risk of insolvency.

4.

As used in this section, “insolvent” or “insolvency” means a condition in which a real estate broker is unable to meet the liabilities of the broker’s business as those liabilities become due in the regular course of the broker’s business and which creates a substantial risk of harm to the public or a consumer.

Source: Section 645.313 — Other financial accounts: Investigation and audit involving insolvency of broker or enforcement by Division; regulations governing scope of audit; grounds for disciplinary action., https://www.­leg.­state.­nv.­us/NRS/NRS-645.­html#NRS645Sec313.

645.230
Unlawful to engage in certain conduct without license or permit or without complying with certain provisions of chapter 645.235
Administrative fine for engaging in certain conduct without license, permit, certificate, registration or authorization 645.250
Power of cities and towns to license and regulate brokers and salespersons not affected. 645.251
Licensee not required to comply with certain principles of common law. 645.252
Duties of licensee acting as agent in real estate transaction. 645.253
Licensees affiliated with same brokerage: Additional duties when assigned to separate parties to real estate transaction. 645.254
Additional duties of licensee entering into brokerage agreement to represent client in real estate transaction. 645.255
Waiver of duties of licensee prohibited. 645.256
Broker who provides asset management services to client required to provide Real Estate Division with certain information annually 645.257
Action to recover damages suffered as result of licensee’s failure to perform certain duties 645.258
Duties concerning transaction involving used manufactured home or used mobile home. 645.259
Liability of licensee for misrepresentation made by client 645.260
One act constitutes action in capacity of broker or salesperson. 645.270
Allegation and proof of licensed status in action for compensation. 645.280
Association with or compensation of unlicensed broker, broker-salesperson or salesperson unlawful 645.283
Owner-developers: Employment of licensed salespersons 645.285
Owner-developers: Form and contents of application for registration. 645.287
Owner-developers: Regulations concerning qualifications 645.289
Owner-developers: Qualifications and duties of person who acts as sales manager. 645.300
Delivery of copy of written brokerage agreement 645.310
Deposits and trust accounts: Accounting 645.313
Other financial accounts: Investigation and audit involving insolvency of broker or enforcement by Division 645.314
Administrator may charge broker for costs and fees of audit under certain circumstances 645.315
Conditions and limitations on certain advertisements 645.320
Requirements for exclusive agency representation. 645.321
Discriminatory practices unlawful 645.2515
Broker’s price opinion: Requirements 645.3205
Dealing with party to real estate transaction in manner which is deceitful, fraudulent or dishonest prohibited.
Last Updated

Jun. 24, 2021

§ 645.313’s source at nv​.us