NRS 645.387
Issuance of license as broker-salesperson or salesperson to sole shareholder of corporation on behalf of corporation or to manager of limited-liability company on behalf of company

  • restrictions
  • duties
  • expiration.

1.

Any natural person who meets the qualifications of a real estate broker-salesperson or salesperson and:

(a)

Except as otherwise provided in subsection 2, is the sole shareholder of a corporation organized pursuant to the provisions of chapter 89 of NRS; or

(b)

Is the manager of a limited-liability company organized pursuant to the provisions of chapter 86 of NRS,
Ê may be licensed on behalf of the corporation or limited-liability company for the purpose of associating with a licensed real estate broker in the capacity of a broker-salesperson or salesperson.

2.

The spouse of the owner of the corporation who has a community interest in any shares of the corporation shall not be deemed a second shareholder of the corporation for the purposes of paragraph (a) of subsection 1, if the spouse does not vote any of those shares.

3.

A license issued pursuant to this section entitles only the sole shareholder of the corporation or the manager of the limited-liability company to act as a broker-salesperson or salesperson, and only as an officer or agent of the corporation or limited-liability company and not on his or her own behalf. The licensee shall not do or deal in any act, acts or transactions included within the definition of a real estate broker in NRS 645.030, except as that activity is permitted pursuant to this chapter to licensed broker-salespersons and salespersons.

4.

The corporation or limited-liability company shall, within 30 days after a license is issued on its behalf pursuant to this section and within 30 days after any change in its ownership, file an affidavit with the Division stating:

(a)

For a corporation, the number of issued and outstanding shares of the corporation and the names of all persons to whom the shares have been issued.

(b)

For a limited-liability company, the names of members who have an interest in the company.

5.

A license issued pursuant to this section automatically expires upon:

(a)

The death of the licensed shareholder in the corporation or the manager of the limited-liability company.

(b)

The issuance of shares in the corporation to more than one person other than the spouse.

6.

Nothing in this section alters any of the rights, duties or liabilities which otherwise arise in the legal relationship between a real estate broker, broker-salesperson or salesperson and a person who deals with him or her.

Source: Section 645.387 — Issuance of license as broker-salesperson or salesperson to sole shareholder of corporation on behalf of corporation or to manager of limited-liability company on behalf of company; restrictions; duties; expiration., https://www.­leg.­state.­nv.­us/NRS/NRS-645.­html#NRS645Sec387.

645.330
General qualifications of applicant 645.332
Applicants licensed in another jurisdiction: Exemption from certain examination requirements 645.335
Depository financial institution prohibited from being licensed. 645.343
Educational requirements 645.345
Regulations of Division concerning schools and courses of instruction in principles and practice of real estate 645.350
Application: Form and contents. 645.355
Investigation of applicant’s background 645.358
Payment of child support: Submission of certain information by applicant 645.370
Issuance of license to certain organizations doing business as broker 645.380
Issuance of license as broker required for certain members and officers of certain organizations. 645.387
Issuance of license as broker-salesperson or salesperson to sole shareholder of corporation on behalf of corporation or to manager of limited-liability company on behalf of company 645.400
Additional information concerning applicants may be required by Division 645.410
Regulations concerning fees for examination 645.420
Action on application by Division 645.430
Restrictions on reapplication after applicant denied license on ground other than failure of examination. 645.440
Denial of application: Notice 645.450
Time for examinations. 645.460
Examination: Subjects covered 645.475
Examination for license as broker may be taken before meeting requirements for experience 645.490
Issuance of license 645.495
Nonresident licensee to authorize service of process upon Administrator. 645.510
Authority of license limited to person or place of business licensed. 645.520
Form and contents 645.530
Delivery 645.550
Broker to maintain place of business 645.560
Broker: Erection, maintenance, size and placement of signs. 645.570
Notice of change of name, location of business or association 645.575
Continuing education: Standards 645.577
Placement of license on inactive status 645.580
Termination of association or employment of broker-salesperson or salesperson 645.590
Termination of association by broker with limited-liability company, partnership or corporation 645.600
Inactive status for period of military service 645.605
Certificate authorizing out-of-state licensed broker to cooperate with broker in Nevada: Issuance 645.6051
Broker to maintain record of work performed on residential property
Last Updated

Feb. 5, 2021

§ 645.387’s source at nv​.us