Some of the current issues under investigation by the Nevada Real state Division (“NRED”) include the following:
1) Licensees not submitting their mid-term education or submitting mid-term education late.
2) Brokers failing to submit their annual Trust Account Reconciliations to the NRED – Form 546. These brokers conduct property management activities and are required by law to maintain trust accounts for monies belonging to others such as owners and tenants.
3) Brokers failing to submit their affidavit – Form 546A– informing the NRED they have not handled monies belonging to others during the prior year. Basically, Form 546A lets the NRED know the Broker does not have to file Form 546.
4) Agents not including the name of their brokerage in their advertising or misleading agent advertising.
5) Property managers failing to account for or remit funds or failing to remit in a timely manner to owners and/or tenants.
6) Failure to respond to the NRED request for information or failure to cooperate with the NRED’s investigation.
7) Licensees conducting property management activities without the required property management permit, and unlicensed persons conducting property management activities
8) Licensees failure to disclose their status as a principal, failure to disclose their interest in the property or to a party in the transaction, and failure to disclose material facts about the property in a transaction in which they are acting as a licensee.
Source: NRED Administrative Sanction Report / Compliance Caseload Report
Real Estate Commission Meeting – May 23-25, 2017