NAC: CHAPTER 119 - SALE OF SUBDIVIDED LAND: LICENSING AND REGULATION

[Rev. 11/21/2013 3:51:02 PM--2013]

[NAC-119 Revised Date: 4-12]

CHAPTER 119 - SALE OF SUBDIVIDED LAND: LICENSING AND REGULATION

GENERAL PROVISIONS

119.010 Definitions.

119.015 “Advertising” defined.

119.020 “Broker of record” defined.

119.025 “Common promotional plan” defined.

119.030 “Nevada statement of record” defined.

119.035 “Off-premises contact” defined.

119.040 “Promotional meeting” defined.

119.045 “Property report” defined.

119.050 “Published material” defined.

119.055 “Registered representative” defined.

119.060 “Respondent” defined.

119.065 “Salesperson” defined.

119.070 “Time-share estate” defined.

119.075 “Unit broker” defined.

119.080 “Vacation certificate” defined.

119.085 “Written plan” defined.

119.110 General procedures for filing.

119.120 Approval or disapproval of applications.

119.130 Nevada statement of record: General requirements; material changes.

119.140 Nevada statement of record: Contents.

119.150 Nevada statement of record: Exhibits.

119.160 Property report: Front page; contents.

EXEMPTION FROM REGISTRATION

119.200 Registration required unless developer exempted.

119.205 Written request for exemption.

119.210 Parcels at least 40 acres in area.

119.215 Property free and clear of all liens.

119.220 Construction of residential building by licensed contractor who owns land.

119.225 Registration not necessary in the public interest.

119.230 Written notice of election.

119.235 Parcels greater than 80 acres in area.

119.240 Disposition to persons engaged in the business of construction.

119.250 Parcels of less than 1 square yard.

DEVELOPERS AND REAL ESTATE LICENSEES

119.300 Developers: Branch offices; approval of amended documents; availability of records.

119.310 Developers: Standards of ethics.

119.320 Brokers of record.

119.330 Signing of contracts of sale; applicability of other provisions; registration of licensed broker or salesperson as representative.

119.340 Registered representatives.

119.350 Duties imposed by local ordinance.

ADVERTISING

119.400 General requirements.

119.405 Fees.

119.407 Oral statements.

119.410 Standards: Accuracy; facts; inferences.

119.415 Price; predevelopment sales; discount; future price; increase in value.

119.420 Easements; improvements; promised improvements and assessments; taxes.

119.425 Mineral rights; flooding; landlocked parcels.

119.430 Distances and mileage.

119.435 Use or potential use of property; future subdividing.

119.440 Reference to facilities away from subdivision.

119.445 Use of map, picture or sketch.

119.450 Misleading use of reprints, testimonial, reference symbol, or name or symbol of organization.

119.455 Disclosure of promotional purpose.

119.460 Privilege to exchange property; resale or repurchase by developer.

119.465 Use of specific terms.

PROMOTIONAL MEETINGS, GIFTS AND CONTRACTS

119.500 Promotional meetings: Generally.

119.510 Standards for promotional meetings.

119.520 Vacation and other gift certificates.

119.530 Contracts, agreements and other documents of sale.

HEARINGS AND OTHER PROCEDURES

119.600 Revocation or suspension of license: Formal hearings.

119.610 Formal hearings: Notice of decision.

119.620 Informal meetings.

119.630 Petition for reconsideration of Division action.

119.650 Petition for adoption of regulations.

GENERAL PROVISIONS

NAC 119.010 Definitions. (NRS 119.240) As used in this chapter, unless the context otherwise requires, the words and terms defined in chapter 119 of NRS and NAC 119.015 to 119.085, inclusive, have the meanings ascribed to them in that chapter and those sections.

[Dep’t of Commerce, Real Estate Div., § 1, eff. 7-16-80]

NAC 119.015 “Advertising” defined. (NRS 119.240) “Advertising” means published material which:

1. Offers for sale any subdivision or lot, parcel, unit or interest in any subdivision;

2. Causes or induces, directly or indirectly, any person to acquire any interest in a subdivision or lot, parcel, unit or interest in any subdivision;

3. Is used to induce prospective purchasers to attend property sales presentations; or

4. Is used substantially for the retention of purchasers after sale.

[Dep’t of Commerce, Real Estate Div., § 2, eff. 7-16-80]

NAC 119.020 “Broker of record” defined. (NRS 119.240) “Broker of record” means a real estate broker licensed under chapter 645 of NRS who is appointed by a developer to fulfill the requirements of NRS 119.180.

[Dep’t of Commerce, Real Estate Div., § 3, eff. 7-16-80]

NAC 119.025 “Common promotional plan” defined. (NRS 119.240) “Common promotional plan” means any offering, sale or lease of subdivided land by a developer, or a group of developers acting in concert, and the land is contiguous or is known, designated or advertised as a common unit or development or by a common name.

[Dep’t of Commerce, Real Estate Div., § 4, eff. 7-16-80]

NAC 119.030 “Nevada statement of record” defined. (NRS 119.240) “Nevada statement of record” means the application which a developer must file with the Division pursuant to NRS 119.140.

[Dep’t of Commerce, Real Estate Div., § 5, eff. 7-16-80]

NAC 119.035 “Off-premises contact” defined. (NRS 119.240) “Off-premises contact” or “OPC” means a solicitation made from a location other than a developer’s or real estate licensee’s regular place of business, including a location from which telephone solicitations are made, to induce persons to attend a sales presentation for a subdivision.

[Dep’t of Commerce, Real Estate Div., § 6, eff. 7-16-80]

NAC 119.040 “Promotional meeting” defined. (NRS 119.240) “Promotional meeting” means any sales presentation given to any number of potential purchasers at one time at any location.

[Dep’t of Commerce, Real Estate Div., § 7, eff. 7-16-80]

NAC 119.045 “Property report” defined. (NRS 119.240) “Property report” means the public report issued by the Division pursuant to subsection 1 of NRS 119.160.

[Dep’t of Commerce, Real Estate Div., § 8, eff. 7-16-80]

NAC 119.050 “Published material” defined. (NRS 119.240) “Published material” means anything published in any medium by any person subject to chapter 119 of NRS or these regulations, including:

1. Any newspaper or periodical, except a press release which does not include any statement about the sales volume of the subdivision, the financial strength of the developer or the nature of the subdivision or any investment potential therein;

2. Any radio, television, telephonic or other electronic broadcast or display;

3. Written, printed, photographic or artistic matter, including any pictorial display or statement visible to prospective purchasers attending a promotional meeting;

4. Vacation or other gift certificates; and

5. Oral statements made by a developer or a representative thereof at any promotional meeting.

[Dep’t of Commerce, Real Estate Div., § 9, eff. 7-16-80]

NAC 119.055 “Registered representative” defined. (NRS 119.240) “Registered representative” means any person who is employed or engaged by a developer to induce or solicit persons to attend an offer or sale of subdivision property and to distribute information approved by the Division.

[Dep’t of Commerce, Real Estate Div., § 10, eff. 7-16-80]

NAC 119.060 “Respondent” defined. (NRS 119.240) “Respondent” means any person against whom a complaint is initiated by the Division or any other person.

[Dep’t of Commerce, Real Estate Div., § 11, eff. 7-16-80]

NAC 119.065 “Salesperson” defined. (NRS 119.240) “Salesperson” means any person who is licensed under chapter 645 of NRS and is employed or engaged by a licensed real estate broker for compensation or otherwise to perform any act or transaction included in the definition of a real estate broker in NRS 645.030.

[Dep’t of Commerce, Real Estate Div., § 12, eff. 7-16-80]

NAC 119.070 “Time-share estate” defined. (NRS 119.240) “Time-share estate” means an estate in fee simple or an estate for years for a period of 3 years or more conferring a right to periodic possession of a specific unit of a subdivision.

[Dep’t of Commerce, Real Estate Div., § 13, eff. 7-16-80]

NAC 119.075 “Unit broker” defined. (NRS 119.240) “Unit broker” means a licensed real estate broker who, on behalf of a developer and for gain, employs or engages any person to induce a person to become a prospective purchaser from a developer.

[Dep’t of Commerce, Real Estate Div., § 14, eff. 7-16-80]

NAC 119.080 “Vacation certificate” defined. (NRS 119.240) “Vacation certificate” means a written promise which offers accommodations in or transportation to any location as part of a program to solicit prospective purchasers to attend a sales presentation for a subdivision.

[Dep’t of Commerce, Real Estate Div., § 15, eff. 7-16-80]

NAC 119.085 “Written plan” defined. (NRS 119.240) “Written plan” means a statement of the methods proposed to be employed in the procurement of prospective purchasers, the sale to purchasers and the retention of purchasers after sale which a developer must file pursuant to NRS 119.180.

[Dep’t of Commerce, Real Estate Div., § 16, eff. 7-16-80]

NAC 119.110 General procedures for filing. (NRS 119.184, 119.240, 119.320) The following general procedures must be followed in filing a Nevada statement of record, advertising and other required material:

1. Required material must be filed with the Division by personal delivery or by mail, addressed to the office of the Division in Carson City.

2. Fees must be made payable to the “Nevada Real Estate Division.”

3. The date of a filing for the purpose of chapter 119 of NRS and these regulations is the date when a statement, document or other material is received by the Division in the form required by these regulations together with the prescribed fee.

4. The Nevada statement of record must be typed in black ink in standard or elite type on a form supplied by the Division. Supplemental material, except deeds, title policies, maps, plats, advertising and other official documents, must be typed on good quality, unglazed, legal size paper with a 2-inch margin at the top and a 1 1/2-inch margin on each side. Illegible photocopies must not be submitted.

5. The developer shall not incorporate by reference the answers to questions which were previously filed in a Nevada statement of record. The developer may specifically incorporate by reference documentation from a previous filing with the Division, but care must be taken in referring to a previous filing not to incorporate obsolete data.

6. Copies of movies, videotapes, radio broadcasts (on cassette tape only, not reel-to-reel) or other bulky items which may be required in order to comply with the provisions of the written plan must be separate from the bound documents filed with the Division but clearly identified with the specific filing.

[Dep’t of Commerce, Real Estate Div., § 18, eff. 7-16-80]

NAC 119.120 Approval or disapproval of applications. (NRS 119.240) When a complete application is submitted to the Division, the Administrator will enter an order of approval or disapproval no later than 30 days after it has been filed. The time for entry of the order may be extended by mutual consent of the Administrator and applicant in writing.

[Dep’t of Commerce, Real Estate Div., § 19, eff. 7-16-80]

NAC 119.130 Nevada statement of record: General requirements; material changes. (NRS 119.240)

1. A developer who is not exempt from the provisions of chapter 119 of NRS shall file a Nevada statement of record on a form furnished by the Division.

2. The developer shall designate in the statement of record the name and address of the person to whom all correspondence from the Division should be addressed, and must notify the Division immediately of any substitution.

3. The statement of record must contain an index to exhibits.

4. The developer shall notify the Division of any material change in any of the information filed in his or her statement of record. The notice must be given within 10 days after the date the developer knew or should have known of the changes to the statement.

5. Any proposed change to a statement of record which the developer desires to make must be submitted to and approved by the Division before the proposed change is to become effective.

6. For purposes of this section, the term “material change” means any change in the information required under NRS 119.140.

[Dep’t of Commerce, Real Estate Div., § 20, eff. 7-16-80]

NAC 119.140 Nevada statement of record: Contents. (NRS 119.240) The Nevada statement of record must contain the following information:

1. The name and address of the applicant and his or her ownership, if any, in the proposed subdivision;

2. A list of the places, dates and material facts pertaining to each permit or license to sell or promote the sale of land, homes, home improvements, investments or securities, including any revocation, suspension or denial of such a permit or license by any federal, state, local or foreign governmental agency, and each criminal conviction or offense charged involving a sale or promotion;

3. A list of all current litigation in which the applicant is a party;

4. The name, location, acreage and number of lots, parcels, units or interests in the subdivision to be offered;

5. The location of subdivision records;

6. The methods by which prospective purchasers may locate and identify individual lots, parcels, units or interests;

7. The recording and any governmental approval of the subdivision;

8. A description of the geology, climate and physical conditions of the subdivision and its surroundings;

9. A description of all completed or promised improvements at or away from the subdivision;

10. A description of financial arrangements for the completion of improvements;

11. A list of all applicable taxes and assessments and their current status;

12. A description of facilities and services which are available in the area surrounding the subdivision;

13. A description of common facilities within the subdivision furnished by the developer;

14. Any filings with any federal, state or local governmental authority pertaining to the subdivision;

15. A description of all promotional activities in connection with the subdivision; and

16. Any other information which the Division requires.

[Dep’t of Commerce, Real Estate Div., § 21, eff. 7-16-80]

NAC 119.150 Nevada statement of record: Exhibits. (NRS 119.240) The information required in the Nevada statement of record must be supplemented by the following exhibits:

1. The articles of incorporation and certificate of incorporation of the applicant.

2. A statement of the applicant’s financial status.

3. Consent by the applicant to service of process.

4. Maps of the subdivision including topographic, recorded plat and location maps.

5. Evidence of title to the property.

6. A legal description of each lot, parcel, unit or interest.

7. Documents which indicate any encumbrance, covenant, condition or restriction affecting the subdivision.

8. Documents which indicate any improvements, including the installation of utilities and the financial arrangements made for them.

9. Copies of all contracts, deeds, agreements and leases which affect the subdivision.

10. If the applicant is a foreign corporation and maintains in this state a corporate office for business, a certificate of qualification for the transaction of business in Nevada issued by the Secretary of State.

11. A diagram showing the developer’s relationship to subsidiary and parent companies.

12. Copies of pleadings and any decisions pertaining to current litigation affecting the applicant or, if the applicant is a corporation, any of its incorporators or officers.

13. A statement of whether the purchaser is obligated to pay the costs of a survey.

14. A declaration of the applicant’s compliance with the provisions of NRS 119.230.

15. Documents showing any state or local governmental permits or approvals issued in accordance with zoning ordinances and for improvements, the provision of water or a system for sewerage.

16. An estimate of the cost of any required wells, prepared by a licensed well driller.

17. Documents showing the assessed valuation of the lots, parcels, units or interests and the existing rate of taxation.

18. Documents showing the nature and extent of available police and protection against fire.

19. Documents showing the school district in which the subdivision is located and which schools are available to residents of the subdivision.

20. The financial statement, articles of association and membership agreement of any property owners’ association.

21. The written plan, including all advertising and other published material.

22. A statement by the broker of record.

23. A statement of the broker of record’s responsibility.

[Dep’t of Commerce, Real Estate Div., § 22, eff. 7-16-80]—(NAC A 5-2-86)

NAC 119.160 Property report: Front page; contents. (NRS 119.160, 119.240)

1. The property report issued by the Division pursuant to NRS 119.160 will have a cover sheet as follows, with the language “CONSUMER SHOULD READ THIS REPORT BEFORE SIGNING ANY PAPER” printed in red:

THE PROPERTY REPORT OF

THE NEVADA LAW REGULATING

SUBDIVISION SALES REQUIRES THAT:

FIRST: A prospective purchaser or lessee MUST BE GIVEN this subdivision Property Report;

SECOND: The broker or salesperson MUST REVIEW the contents of this Property Report with you;

THIRD: If you purchase any property you MUST SIGN A RECEIPT indicating you have received this Property Report;

IT IS RECOMMENDED THAT:

FIRST: You DO NOT SIGN ANY CONTRACT OR AGREEMENT before you have thoroughly read and understood it and this Property Report;

SECOND: You SEE THE EXACT PROPERTY you may be considering BEFORE SIGNING any agreement for a reservation, option, lease or purchase.

NEVADA LAW STATES:

You may cancel this contract of sale, by written notice, until midnight of the 5th calendar day following the date of execution of the contract. The right of cancellation may not be waived. Any attempt by the developer to obtain such a waiver results in a contract which is voidable by the purchaser.

The notice of cancellation must be delivered personally to the developer or sent by certified mail or telegraph to the business address of the developer.

The developer shall, within 15 days after receipt of the notice of cancellation, return all payments made by the purchaser.

2. The property report may contain any of the information submitted to the Division in the Nevada statement of record. In addition, if the Administrator determines that:

(a) A property report would be misleading without the inclusion of general or specific cautionary statements directed to prospective purchasers, the Administrator will include those statements which he or she deems to be material to an offer.

(b) Certain information in the property report should be emphasized in order to avoid misleading purchasers, the Administrator will emphasize that information.

3. The property report will also include:

(a) A form to be completed by the purchaser indicating receipt of the property report; and

(b) A form with which the purchaser may revoke the purchase.

[Real Estate Div., § 23, eff. 7-16-80]—(NAC A 10-23-87)

EXEMPTION FROM REGISTRATION

NAC 119.200 Registration required unless developer exempted. (NRS 119.240) Any developer who over any period divides or proposes to divide any land into 35 or more lots, parcels, units or interests must apply to the Division to register the subdivision pursuant to chapter 119 of NRS, unless the developer is exempted from registration by NRS 119.120 to 119.128, inclusive, or NAC 119.200 to 119.250, inclusive.

[Real Estate Div., § 24, eff. 7-16-80]—(NAC A 12-3-84; 12-19-89)

NAC 119.205 Written request for exemption. (NRS 119.240) In order to receive a letter of exemption from registration for the classes of exemption set forth in NAC 119.210 to 119.250, inclusive, a developer must request in writing an exemption from the Division and specify the class of exemption for which he or she is applying, and must submit the information and documents required in those sections.

[Real Estate Div., § 25, eff. 7-16-80]—(NAC A 12-19-89)

NAC 119.210 Parcels at least 40 acres in area. (NRS 119.121, 119.240) A developer must submit the following information and documents to obtain an exemption from the requirements set forth in NRS 119.130 to 119.160, inclusive, for parcels at least 40 acres in area, including roadways and easements:

1. A copy of the recorded map showing the number of each unit of the subdivided property.

2. The name, address and extent of the interest of each owner of the subdivision.

3. Copies of current articles of incorporation, instruments of trust, or articles of partnership or association of the developer or owner.

4. If a developer is a corporation organized under the laws of another state and maintains in this state a corporate office for business, a certified copy of the certificate of qualification for the transaction of business in Nevada issued by the Secretary of State.

5. The exact location of the subdivision and distances to surrounding communities.

6. The total number of lots, parcels, units or interests in the subdivision.

7. The total number of acres in the subdivision.

8. A description of methods by which a purchaser may locate his or her individual lot, parcel, unit or interest.

9. A current preliminary report or equivalent document on the title of the subdivision.

10. A description of other property which the developer owns or in which the developer has an option to buy and which is adjacent to the subdivision.

11. All advertising and documents intended to be used which relate to the sale of lots, parcels, units or interests.

12. The promotional name of the subdivision.

13. The names and addresses of any real estate brokers who are licensed in Nevada and will assist in marketing the property.

[Real Estate Div., § 26, eff. 7-16-80]—(NAC A 12-3-84; 5-2-86; 12-19-89)

NAC 119.215 Property free and clear of all liens. (NRS 119.122, 119.240) A developer must submit the following information and documents in order to obtain an exemption under subsection 2 of NRS 119.122 (property free and clear of all liens):

1. A sworn statement in the form of a claim of exemption signed by the developer, stating that the subdivision is free and clear of all liens, encumbrances and adverse claims and that the lots will remain so until a deed is delivered to the purchaser. The claim of exemption must also include assurances by the developer that each prospective purchaser will:

(a) Personally inspect the lot he or she intends to purchase;

(b) Receive a form which he or she must sign that affirms he or she has inspected the lot and has received a copy of any covenants, conditions, restrictions, reservations, easements, taxes and assessments; and

2. A statement of covenants, conditions, restrictions, reservations, easements, taxes and assessments.

3. A recorded plat map.

4. A copy of the sales contract.

5. A current preliminary title report or equivalent document.

6. The names and addresses of any real estate brokers who are licensed in Nevada and who will assist in marketing the property.

7. The promotional name of the subdivision.

[Real Estate Div., § 27, eff. 7-16-80]—(NAC A 12-3-84)

NAC 119.220 Construction of residential building by licensed contractor who owns land. (NRS 119.120, 119.240) The notice required of a developer who elects to be exempt from registration because he or she owns the land, is licensed in this state to construct residential buildings and will construct a residential building on the land, must include:

1. A copy of the recorded plat map.

2. The promotional name of the subdivision.

3. The name and number of the license of the contractor licensed to construct residential buildings in Nevada.

4. A sworn statement signed by the contractor stating that each lot offered or disposed of will include a residential building when disposition is completed.

5. A copy of the contract of sale.

6. The names and addresses of any real estate brokers who are licensed in Nevada and who will assist in marketing the property.

7. A preliminary title report issued within 15 days before the date of the request for the exemption.

[Real Estate Div., § 28, eff. 7-16-80]—(NAC A 12-3-84; 5-2-86)

NAC 119.225 Registration not necessary in the public interest. (NRS 119.122, 119.240)

1. The Administrator will make a determination that a registration is not necessary in the public interest upon receipt of evidence of the applicant’s compliance with the provisions of NRS 119.230, together with any other evidence which the Administrator deems necessary to make that determination.

2. The Administrator will use, among others, the following factors in making a determination:

(a) The intended use of property;

(b) The direction of the growth of the area;

(d) Whether financial assurances have been established by the applicant; and

(e) The need for housing in the area.

[Real Estate Div., § 29, eff. 7-16-80]—(NAC A 12-3-84)

NAC 119.230 Written notice of election. (NRS 119.240) To claim an exemption from registration for the classes of exemption set forth in NAC 119.220, 119.235 or 119.240, a developer must notify the Division in writing of his or her election to be exempt from registration, specify the class of exemption for which he or she is applying and submit any information and documents required in those sections.

[Real Estate Div., § 30, eff. 7-16-80]—(NAC A 11-8-88; 12-19-89)

NAC 119.235 Parcels greater than 80 acres in area. (NRS 119.120, 119.240)

1. A developer must notify the Division in writing of his or her election to be exempt from registration under paragraph (a) of subsection 2 of NRS 119.120 (parcels greater than 80 acres).

2. If the developer wishes the Division to determine his or her eligibility for such an exemption, the developer must submit the following information and documents:

(a) A copy of the recorded plat map;

(b) The promotional name of the property;

(c) A certified statement of a civil engineer licensed by the state in which the subdivision is located that each lot, parcel, unit or interest exceeds 80 acres in size after all easements have been subtracted;

(d) A sworn statement by the developer that he or she will not at any time convey a lot, parcel, unit or interest in the subdivision which is 80 acres or less in size;

(e) A promotional plan; and

(f) The name and address of any real estate brokers who are licensed in Nevada and who will assist in marketing the property.

[Real Estate Div., § 31, eff. 7-16-80]—(NAC A 12-3-84)

NAC 119.240 Disposition to persons engaged in the business of construction. (NRS 119.120, 119.240)

1. A developer must notify the Division in writing of his or her election to be exempt from registration under subsection 3 of NRS 119.120 (disposition to persons engaged in the business of the construction of residential, commercial or industrial buildings for disposition).

2. If the developer wishes the Division to determine his or her eligibility for such an exemption, the developer must submit the following information and documents:

(a) A copy of the recorded plat map;

(b) The promotional name of the subdivision;

(c) A sworn, notarized statement signed by the developer that he or she will convey interests in the subdivision only to persons who are engaged in the business of construction of residential, commercial or industrial buildings for disposition; and

(d) The names and addresses of any real estate brokers who are licensed in Nevada and who will assist in marketing the property.

3. A developer who is exempt pursuant to this section must report to the Division all sales of 10 parcels or more over any period of time to persons engaged in the business of construction, including the purchaser’s name and address and the lots purchased.

[Real Estate Div., § 32, eff. 7-16-80]—(NAC A 12-3-84; 11-8-88)

NAC 119.250 Parcels of less than 1 square yard. (NRS 119.122, 119.240) A developer must notify the Division in writing of his or her election to be exempt from registration under subsection 3 of NRS 119.122 (registration not necessary in the public interest or for the protection of purchasers) for a subdivision in which parcels of less than 1 square yard are offered for sale and the sales agreement contains a waiver of notice of condemnation and waiver of right to proceeds under condemnation.

[Real Estate Div., § 34, eff. 7-16-80]—(NAC A 12-3-84)

DEVELOPERS AND REAL ESTATE LICENSEES

NAC 119.300 Developers: Branch offices; approval of amended documents; availability of records. (NRS 119.240)

1. If a developer wishes to conduct sales at two or more separate locations, except locations of off-premises contacts, the broker of record shall establish and maintain branch offices as required by chapter 645 of NRS.

2. A developer must obtain approval from the Division before using any property report, advertising or contract or agreement which is amended in any way.

3. A developer’s records which are kept outside this state are subject to inspection and audit by the Division and must be made available to the Division at its office in Carson City or Las Vegas.

[Real Estate Div., § 36, eff. 7-16-80]—(NAC A 5-2-86)

NAC 119.310 Developers: Standards of ethics. (NRS 119.181, 119.240) A developer shall comply with the same standards of ethics which are required of licensed real estate brokers and salespersons as set forth in NRS 645.630 and other relevant sections of chapter 645 of NRS and regulations adopted under it.

[Dep’t of Commerce, Real Estate Div., § 37, eff. 7-16-80]

NAC 119.320 Brokers of record. (NRS 119.240)

1. Before a broker applies to become a broker of record, he or she must make a personal inspection of the subdivision for which he or she is to be responsible.

2. The broker of record shall obtain from each purchaser of subdivision property a signed receipt for a copy of the property report and shall keep the receipt along with a copy of any contract of sale or other sales agreement and other material in his or her files, within the State of Nevada. These records must be kept for 3 years or for 1 year after the final payment has been made on any contract for the sale of property, whichever is longer. If the broker of record has established branch offices, the copies of the contracts, agreements, receipts and other material must be maintained at his or her principal place of business. The material is subject to inspection and audit by the Division at any time.

3. Every broker of record shall teach his or her salespersons and registered representatives the contents of these regulations. The broker of record shall exercise strict supervision over their activities and over the operation of his or her real estate business, and shall conduct business in accordance with law and these regulations.

[Dep’t of Commerce, Real Estate Div., § 38, eff. 7-16-80]

NAC 119.330 Signing of contracts of sale; applicability of other provisions; registration of licensed broker or salesperson as representative. (NRS 119.240)

1. All contracts of sale must be signed either by the broker of record or by his or her authorized broker-salesperson or salesperson.

2. Nothing in this chapter excuses a licensed real estate broker or salesperson from complying with the requirements imposed by chapter 645 of NRS and regulations adopted under it, except where different requirements are clearly prescribed by chapter 119 of NRS or this chapter.

3. A person licensed as a real estate broker or salesperson under chapter 645 of NRS may function as a registered representative upon completion of the requirements for a broker of record, authorized broker-salesperson or salesperson.

[Dep’t of Commerce, Real Estate Div., § 39, eff. 7-16-80]—(NAC A 5-2-86)

NAC 119.340 Registered representatives. (NRS 119.181, 119.240, 119.320) A person who desires to become a registered representative must file an application for registration on a form furnished by the Division. An application for registration must be filed with the Division for each developer represented. The fee is not returnable.

[Dep’t of Commerce, Real Estate Div., § 40, eff. 7-16-80]—(NAC A 5-2-86; 11-8-88)

NAC 119.350 Duties imposed by local ordinance. (NRS 119.240) These regulations do not diminish or otherwise affect the duties of a developer or real estate licensee established by a county or city ordinance regulating land sales which has been enacted pursuant to chapter 599A of NRS.

[Dep’t of Commerce, Real Estate Div., § 63, eff. 7-16-80]

ADVERTISING

NAC 119.400 General requirements. (NRS 119.184, 119.240)

1. All unapproved advertising of a subdivision and all previously approved advertising which has been modified in any way must be submitted to and approved by the Division before being used. A subdivision which is not exempted by chapter 119 of NRS or these regulations may not be advertised for sale until the advertising is approved in writing by the Division. The Division will render a decision on the advertising within 60 days from the date it is submitted to the Division in final form.

2. Advertising must be submitted by the developer or his or her employee or agent. If an employee or agent of the developer is to submit the advertising, the developer must notify the Division in writing that the employee has the authority to submit advertising and to agree to changes which may be required. The Division will not deal directly with an advertiser who is not so authorized by the developer.

3. When the Division approves an item of advertising, an approval number will be issued. The approval number and the developer’s name must appear on the approved item and must be visible or audible to the intended audience when it is published or circulated, unless the Division specifically provides otherwise.

4. A bona fide press release is exempted from these regulations and need not be submitted to the Division for approval, and no advertising fee will be charged for it, if it:

(a) Is intended for publication without payment of any consideration; and

(b) Does not contain statements about:

(1) The sales volume of the subdivision;

(2) The financial status of the developer; or

(3) The nature of the subdivision or its investment potential.

[Dep’t of Commerce, Real Estate Div., § 41, eff. 7-16-80]—(NAC A 12-19-89)

NAC 119.405 Fees. (NRS 119.184, 119.240)

1. Each item of advertising or modification to an item of advertising which was previously approved constitutes a separate application for approval, and a fee will be assessed for each item submitted.

2. Fees may be paid in cash or by cashier’s check, certified check, personal check, company check or money order. If payment of a fee is made by personal or company check, the Division will not render a decision on the application until the check has been honored by the drawee bank.

3. The following is the schedule of fees for applications for approval of advertising:

(a) For each item of advertising, $5 per page to a maximum of $25. If an item contains advertising matter on both sides of a page, the item is considered to be two pages in length.

(b) For a television or motion picture presentation, $25. If a script is submitted simultaneously with the television tape or motion picture film, there is no extra charge.

Ê The developer is responsible for the arrangements and the cost of making such advertising available for review by the Division.

[Dep’t of Commerce, Real Estate Div., § 42, eff. 7-16-80]—(NAC A 5-2-86)

NAC 119.407 Oral statements. (NRS 119.184, 119.240) Any oral statement made to a prospective purchaser at a promotional meeting or on an individual basis must comply with the standards for advertising set forth in NAC 119.410, 119.415 and 119.460 and subsection 1 of NAC 119.465.

(Added to NAC by Real Estate Div., eff. 5-2-86)

NAC 119.410 Standards: Accuracy; facts; inferences. (NRS 119.184, 119.240)

1. Advertising must conform to the following standards:

(a) Statements and representations contained in the advertising must be accurate and true.

(b) Advertising must fully state factual material so as not to misrepresent the facts or create misleading impressions.

2. Advertising or promotional material will be judged on the basis of the positive representations contained in it and the reasonable inferences to be drawn from it. Any inference which may be reasonably drawn from advertising or promotional material is deemed to be a positive assertion unless the inference is negated in it in clear and unmistakable terms, or unless adequate safeguards have been provided by the developer to reasonably assure the occurrence of the thing inferred.

[Dep’t of Commerce, Real Estate Div., § 43, eff. 7-16-80]

NAC 119.415 Price; predevelopment sales; discount; future price; increase in value. (NRS 119.184, 119.240)

1. Advertising which refers to the purchase price of any lot, parcel, unit or interest must also clearly disclose any additional compulsory assessments or costs to the prospective purchaser.

2. Advertising which refers to predevelopment sales being at a lower price, because the property has not yet been developed in some manner, must disclose whether there is a bona fide plan for development, and, if there is such a plan, the prospective completion date must be stated.

3. Advertising may offer a discount which effects a reduction of the advertised price only if the discount is offered for a purchase in quantity, payment in cash, large or accelerated payment or on other reasonable grounds. The purpose of this standard is to eliminate the use of fictitious pricing and illusory discounts.

4. Advertising must not contain statements concerning future price increases by the developer which are not specific as to the amount and the date of the increase, and a future price increase may not be alluded to unless it is bona fide.

5. Advertising must not state that land or unit values have increased in the subdivision or the area unless the land or unit used for comparison is directly comparable to the property being advertised for sale.

[Dep’t of Commerce, Real Estate Div., § 44, eff. 7-16-80]

NAC 119.420 Easements; improvements; promised improvements and assessments; taxes. (NRS 119.184, 119.240)

1. Advertising which states the size of a parcel or parcels offered must also disclose any easement to which any parcel is subject and the nature of the easement. If an easement has a significant effect on the use of a parcel, each map, plat or other representation of the parcel must show the extent to which the use of the advertised parcel is affected by the easement.

2. No improvement, facility or utility service may be advertised unless it has been completed or installed and is available for use, or completion and availability for use is assured through adequate financial arrangements approved by the Division, including a contractual obligation of the developer to the purchaser.

3. Advertising which refers to promised improvements for which the prospective purchaser will be assessed must clearly and fully disclose the assessments.

4. Advertising which contains statements regarding taxes and their amount must state the latest available information.

[Dep’t of Commerce, Real Estate Div., § 45, eff. 7-16-80]

NAC 119.425 Mineral rights; flooding; landlocked parcels. (NRS 119.184, 119.240)

1. Advertising which refers to oil, gas or mineral rights must disclose all material facts pertaining to those rights in conjunction with each reference to them.

2. If the property or any portion of the property being offered for sale is regularly or periodically flooded or substantially covered by standing water, or may be flooded in whole or in part through the action of a governmental body, the advertising must clearly and prominently so disclose.

3. Advertising which offers for sale any land without a legal right of access to it must clearly and fully disclose that fact and its legal effect.

[Dep’t of Commerce, Real Estate Div., § 46, eff. 7-16-80]

NAC 119.430 Distances and mileage. (NRS 119.184, 119.240) Advertising which refers to a community or geographical area in connection with a subdivision must state the mileage from a specific point in the subdivision in road miles to a specific point in that community or area, together with the types of roads traversed.

[Dep’t of Commerce, Real Estate Div., § 47, eff. 7-16-80]

NAC 119.435 Use or potential use of property; future subdividing. (NRS 119.184, 119.240)

1. Advertising must not imply a use of a subdivision lot, parcel, unit or interest or other reason for its purchase which is not set forth in the Nevada statement of record.

2. Advertising which contains statements, photographs or sketches portraying the use to which advertised property may be put by the purchaser must set forth qualified cost estimates for preparing the land for the advertised use if the preparations will not be done by the developer and the cost is not included in the purchase price.

3. Advertising may describe a parcel as a potential homesite or building site only if:

(a) The parcel will be usable for the purpose within 2 years without any further improvement or development by the prospective purchaser, and an adequate supply of potable water is available;

(b) The parcel has been approved for installation of a septic tank, or an adequate sewage disposal system is installed within 2 years;

(d) Within 2 years, the homesite or building site will be accessible by conventional automobile over all-weather roads and an existing right-of-way without additional expense to the purchaser; and

(e) No other fact or circumstance, economic or otherwise, exists or will exist to prohibit the use of the parcel or interest as a homesite or building site.

4. Advertising must not state that the property being offered for sale may be subdivided or resubdivided unless it discloses all material facts regarding the cost and the present legality of future subdividing.

[Dep’t of Commerce, Real Estate Div., § 48, eff. 7-16-80]

NAC 119.440 Reference to facilities away from subdivision. (NRS 119.184, 119.240)

1. Advertising must not contain statements, photographs or sketches relating to facilities for recreation, sports or other conveniences which are away from the subdivision and not in existence, unless it is clearly and prominently disclosed in conjunction with the statement, photograph or sketch that the facilities are only proposed and are not in the subdivision, and the distance to them in road miles is given together with the types of roads to be traversed. If the facilities are only proposed, the developer must state a bona fide completion date in the advertising.

2. Advertising which refers to a public facility must fully disclose the financial arrangements and completion date for the facility.

3. Advertising must not refer to a public facility which is only proposed or under study unless it fully and clearly discloses that the facility is proposed or under study. If the advertising refers to a proposed location or completion date for a proposed facility, it must also disclose whether a decision to construct the facility has been officially rendered by the responsible governmental authority.

4. As used in this section, “public facility” means any facility which is available or will be available for use by the general public as well as by purchasers of the subdivision and their successors in interest.

[Dep’t of Commerce, Real Estate Div., § 49, eff. 7-16-80]

NAC 119.445 Use of map, picture or sketch. (NRS 119.184, 119.240)

1. Advertising may not include a map unless it is drawn to scale and the scale is stated, or the map clearly and obviously bears the label “not to scale.”

2. Maps, plats or other representations of a subdivision development must indicate the date on which the subdivision development will be completed. If completion dates extend over a period of years, then a series of shadings, outlines or other coding may be used to indicate dates of completion.

3. If advertising contains pictures, the pictures must fairly and accurately depict the existing conditions of the property being advertised for sale.

4. Advertising must not contain an artist’s sketch which portrays proposed improvements or nonexistent scenes unless the sketch is accompanied by a clear and obvious statement that the portrayal is an artist’s sketch and that the improvements are proposed or the scenes do not exist.

[Dep’t of Commerce, Real Estate Div., § 50, eff. 7-16-80]

NAC 119.450 Misleading use of reprints, testimonial, reference symbol, or name or symbol of organization. (NRS 119.184, 119.240)

1. Advertising may not include reprints of previously published material unless the information contained in the reprint is true and relates to the subdivision being offered, and complies with all other provisions of these regulations.

2. Advertising must not include a testimonial or endorsement which contains any statement that the developer is precluded by law or regulation from making in his or her own behalf.

3. Advertising must not contain an asterisk or other reference symbol which refers to explanatory material that contradicts or changes, or tends to contradict or change, the meaning of any prior statement or which obscures or tends to obscure any material fact.

4. Advertising must not contain a name or symbol which implies that the advertiser is a public agency or a nonprofit, research or other similar organization unless it is such an organization.

[Dep’t of Commerce, Real Estate Div., § 51, eff. 7-16-80]

NAC 119.455 Disclosure of promotional purpose. (NRS 119.184, 119.240) All oral and written advertising which is designed to induce any attendance at or participation in a sales presentation must conspicuously include the following statement: “The purpose of (the event or activity) is to attempt to sell you property in (name of state in which property is located).”

[Dep’t of Commerce, Real Estate Div., § 52, eff. 7-16-80]

NAC 119.460 Privilege to exchange property; resale or repurchase by developer. (NRS 119.184, 119.240)

1. Advertising which refers to a privilege to exchange property must clearly state any qualification or limitation on the privilege.

2. Advertising which refers to resale or repurchase by the developer must fully disclose the terms and conditions of the resale or repurchase.

[Dep’t of Commerce, Real Estate Div., § 53, eff. 7-16-80]

NAC 119.465 Use of specific terms. (NRS 119.184, 119.240)

1. Advertising must not contain the terms “appraised,” “appraised value” or similar terms without specifying the statistics or research which support the conclusions, including:

(a) The date of the appraisal;

(b) The appraiser’s name, address and telephone number;

(d) The relationship of the appraiser to the developer.

2. Advertising must not contain the terms “minutes away,” “short distance,” “only miles,” “near” or similar terms which are intended to indicate distance unless the actual distance in miles along a road is stated together with the types of roads traversed.

3. An advertised promotional offer must not use the terms “free,” “no obligation” or terms of similar import to describe that which is offered unless the offer is unequivocally without conditions.

4. A lot or interest must not be advertised as being “free” if the prospective purchaser is required to give any consideration or if any additional lots or interests must be purchased to render the “free” lot or interest usable. A lot or interest may be advertised as being offered “for closing costs only,” if the closing costs are fully disclosed.

5. Advertising which refers to or depicts “roads” or “streets” must affirmatively disclose the nature of those roads or streets, including whether the roads or streets are:

(a) Paved, gravel or dirt; and

(b) Traversable year-round by a conventional automobile.

6. Advertising may use the term “waterfront” property or other terms of similar import only if the lot, parcel, unit or interest being offered actually fronts on a body of water and has full and usable access along the frontage.

[Dep’t of Commerce, Real Estate Div., § 54, eff. 7-16-80]—(NAC A 5-2-86)

PROMOTIONAL MEETINGS, GIFTS AND CONTRACTS

NAC 119.500 Promotional meetings: Generally. (NRS 119.240)

1. Before a developer uses promotional meetings, a statement of the nature and manner of conducting the meetings must be submitted in writing as a part of his or her written plan, and approved by the Division.

2. In reviewing the materials submitted by an applicant under NRS 119.140, the Administrator will investigate whether the nature and manner of conducting promotional meetings will bring about a full disclosure of all material facts concerning the subdivision.

[Dep’t of Commerce, Real Estate Div., § 55, eff. 7-16-80]

NAC 119.510 Standards for promotional meetings. (NRS 119.240) Promotional meetings must conform to the following standards:

1. All advertising in promotional meetings is subject to the standards of advertising set forth in these regulations;

2. No use may be made of shills or false or dummy buyers in promotional meetings to initiate sales or for any other purpose;

3. Oral statements made to prospective purchasers at promotional meetings must be completely consistent with written advertising or other material filed with and approved by the Division;

4. Any prospective purchaser who expresses a desire to leave a promotional meeting at any time during or after the sales presentation may not be impeded in any manner from departing or coerced or pressured to remain;

5. Investigators and other employees of the Division may attend any promotional meeting;

6. Excessively loud music must not be played during promotional meetings and division employees who are present at the meeting may request that music be turned down or off;

7. After the original salesperson makes initial contact with a prospective purchaser, the developer or broker may allow only one additional salesperson to take over and attempt a sale, except a speaker making a speech from a podium;

8. A division employee who is present at a sales presentation may not be identified, singled out or asked questions in such a way that potential purchasers might hear the question or the employee’s remarks; and

9. If a broker or developer at any time before, during or after a promotional meeting uses any electronic surveillance, recording, eavesdropping or listening device, its use must be disclosed orally at the beginning of the meeting and also by means of a sign or placard prominently displayed in the meeting room, fully disclosing the use of the devices in the meeting.

[Dep’t of Commerce, Real Estate Div., § 56, eff. 7-16-80]

NAC 119.520 Vacation and other gift certificates. (NRS 119.240)

1. Before a developer advertises or promotes a subdivision with a program which includes the use of vacation or other gift certificates, he or she must submit in writing as a part of his or her written plan a description of the program, along with the following:

(a) Copies of the vacation or gift certificates and other published materials to be used in the program;

(b) The names of the companies with which he or she has contracted to provide the goods or services offered in a certificate; and

(c) Evidence satisfactory to the Division that he or she has firm commitments with the hotels, motels or other suppliers of accommodations which will be used as part of a program using vacation certificates, and, if required by the Administrator, provide financial assurances that he or she can and will honor his or her commitments with certificate holders as well as with the suppliers.

2. Vacation and other gift certificates must conform to the standards for advertising set forth in these regulations, and the following standards:

(a) Each certificate must contain a fixed date for the expiration of rights afforded certificate holders; and

(b) The nature of the gift or other benefit must be clearly and fully disclosed. The disclosure must include a description of:

(1) What the prospective purchaser will actually receive;

(2) When he or she will receive it;

(3) His or her obligations, if any; and

(4) All other material conditions or limitations placed on the gift or benefit.

3. Any change in the date of expiration or in the identity of the certificate companies or the hotels, motels or other suppliers of accommodations used in the program is a material change in the written plan, and notice of the change must be given to the Division for its written approval before the effective date of the change.

4. When personal contact is made with the holder of a certificate, the developer, real estate licensee or other agent shall clearly identify himself or herself and his or her status of employment with regard to the subdivision.

[Dep’t of Commerce, Real Estate Div., § 57, eff. 7-16-80]—(NAC A 10-23-87)

NAC 119.530 Contracts, agreements and other documents of sale. (NRS 119.240)

1. All contracts, agreements and other documents used in the sale of subdivision property are subject to the standards for advertising in this chapter.

2. The following language must be printed clearly and conspicuously in 12-point boldface type at the top of all contracts for the sale of land:

This is a binding contract by which you agree to purchase an interest in real property. You should examine your rights of revocation contained elsewhere in this contract.

3. The following language or language of similar import may not be used in a contract of sale of a subdivision or lot, parcel, unit or interest in a subdivision: “Purchaser agrees that no representations, oral or implied, have been made to purchaser other than what is contained in this contract.”

4. The following words must be printed clearly and conspicuously immediately above the purchaser’s signature in each contract for the sale of real property:

The purchaser of any subdivision or any lot, parcel, unit or interest in any subdivision not exempted pursuant to the provisions of NRS 119.120 or 119.122 may cancel the contract of sale, by written notice, until midnight of the fifth calendar day following the date of execution of the contract, unless the contract prescribes a longer period for cancellation. The right of cancellation may not be waived. Any attempt by the developer to obtain such a waiver results in a contract which is voidable by the purchaser.

The notice of cancellation must be delivered personally to the developer or sent by certified mail or telegraph to the business address of the developer.

The developer shall, within 15 days after receipt of the notice of cancellation, return all payments made by the purchaser.

5. Every contract of sale of subdivision property located outside Nevada which is sold within this state must contain one of the following sentences:

This contract is to be construed according to the laws of the State of Nevada and specifically chapter 119 of NRS, or

This contract is to be construed according to the laws of ....... Any purchaser solicited in the State of Nevada retains those rights granted him or her under chapter 119 of NRS.

6. No developer, real estate licensee or other agent may make any written or oral statement which changes or tends to change the true nature or legal significance of any contract or legal document approved by the Division.

7. All major improvements which are promised in a subdivision offer must be stated in the contract so as to bind legally the developer to provide them. The Division will decide which improvements are considered major. With the prior approval of the Division, major improvements which are promised in a subdivision may be included in the contract by reference to another document.

8. Every contract of sale of subdivision property which does not require the delivery of a deed to the purchaser within 180 days after the date of sale must be executed in a form which is acceptable for recordation under the law of the jurisdiction where the property is located. A purchaser under such a contract must be advised at the time of the sale that the contract should be recorded in the county where the property is located or as otherwise required by law in order to give notice of the purchaser’s interest in that property. This subsection does not apply to a contract of sale in which the fee title is placed in trust under an agreement or trust acceptable to the Division as provided in subsection 2 of NRS 119.230.

[Dep’t of Commerce, Real Estate Div., § 58, eff. 7-16-80]—(NAC A 10-23-87; 11-8-88; 12-19-89)

HEARINGS AND OTHER PROCEDURES

NAC 119.600 Revocation or suspension of license: Formal hearings. (NRS 119.325) If the Division desires to revoke or suspend the license, permit or registration of a developer, broker, salesperson or registered representative, it will hold a formal hearing after initiating a complaint and giving notice as follows:

1. Upon a complaint being initiated by the Division, the Administrator will schedule the matter for a hearing within 30 days before a person who has not investigated or prosecuted the complaint.

2. The time of the hearing may be continued by the Division or upon motion of the respondent with the approval of the Administrator or a designated hearing officer thereof.

3. The Division will give the respondent at least 20 days’ prior notice in writing of the date, time and place of the hearing, which notice will contain a copy of the complaint, including an exact statement of the charges together with copies of all reports, affidavits and depositions in possession of the Division which may be used in evidence against the respondent.

4. Notice of the hearing may be served by personal delivery to the respondent or by mail to his or her last known business or home address. If the respondent is a salesperson, the Division will also notify by mail the broker employing him or her.

5. The respondent may file an answer within 20 days after service of the notice. The answer must contain an admission or denial of each of the averments contained in the complaint and any defenses upon which the respondent will rely.

6. The answer may be served by personal delivery to the Division at its office in Las Vegas or Carson City or by mail to the principal office of the Division.

7. Before the hearing, the Division may request, and the respondent may produce upon request, documents and other materials which are under his or her control. The Division may take depositions and obtain material by subpoena.

8. All witnesses at the hearing will be sworn by the Administrator or the designated hearing officer and a tape recording of the proceedings will be made and included as a part of the record in the case.

[Dep’t of Commerce, Real Estate Div., § 59, eff. 7-16-80]

NAC 119.610 Formal hearings: Notice of decision. (NRS 119.240)

1. The Administrator or the hearing officer will render a decision within 30 days after the date of the hearing and immediately give notice in writing of the decision to the respondent.

2. If the decision is adverse to the respondent, the Administrator or hearing officer will also state in the notice of decision the date upon which the decision becomes effective, which will not be less than 30 days after the date of the notice.

[Dep’t of Commerce, Real Estate Div., § 60, eff. 7-16-80]

NAC 119.620 Informal meetings. (NRS 119.240) The Division will schedule an informal meeting rather than a formal hearing for matters which may be settled or otherwise do not require a formal hearing, in accordance with the following procedures:

1. The Division will initiate the procedure for an informal meeting by giving notice which must include a concise statement of all the facts necessary to understand the possible violation and a brief statement of the relief desired by the Division, if appropriate;

2. Informal meetings will be held by the Administrator or a designee thereof at a time and place prescribed by the Administrator;

3. The Administrator, the designee or any other party may require a tape recording to be made of the informal meeting;

4. The initiation of an informal meeting by the Division is without prejudice to its right to initiate a complaint and formal proceedings covering the same subject matter pursuant to these regulations; and

5. All matters discussed and all material presented in an informal meeting may be used in a subsequent formal hearing, and the Division will inform all parties of that fact at the beginning of the informal meeting.

[Dep’t of Commerce, Real Estate Div., § 61, eff. 7-16-80]

NAC 119.630 Petition for reconsideration of Division action. (NRS 119.240)

1. Any person aggrieved by an action of the Division except the revocation or suspension of a license pursuant to these regulations, may petition the Division for reconsideration of its action within 15 days after its order.

2. The petition must be in writing and state in detail the grounds on which the petitioner relies.

3. If the petitioner desires to present oral argument with the petition, oral argument must be requested in writing at the time the petition is submitted to the Administrator. If oral argument is requested, the Division will set a time for a hearing to occur no later than 20 days after receipt of the petition. The Division will give at least 15 days’ notice of the hearing.

4. No later than 15 days after receiving the petition or hearing of oral argument the Division will render a decision in writing to the petitioner.

[Dep’t of Commerce, Real Estate Div., § 62, eff. 7-16-80]

NAC 119.650 Petition for adoption of regulations. (NRS 233B.100) Any interested person may petition the Administrator requesting the adoption, amendment or repeal of any regulation. The petition must be submitted in written form, clearly and intelligibly set forth the regulation requested to be adopted, amended or repealed, and be accompanied by relevant data, views and arguments. The Administrator will within 30 days either deny the petition in writing, stating the reasons, or initiate proceedings for the adoption of regulations in accordance with NRS 233B.060.

[Dep’t of Commerce, Real Estate Div., § 64, eff. 7-16-80]