Nev. Admin. Code § 645.185 - Cooperative certificate: Use of certificate
1. A certificate
authorizing an out-of-state broker to cooperate with a Nevada broker is valid
for the earlier of 12 months after the date of issuance or the completion or
termination of the single transaction identified in the application for the
certificate and expires automatically when the transaction has been completed
or has been terminated. The fee paid for the issuance covers only that period
or transaction, as applicable. The certificate is not transferable.
2. A Nevada broker working with an
out-of-state broker holding such a certificate shall immediately report any
change in his or her license status or address or the license status or address
of the out-of-state broker to the Division. Any violation of this subsection
subjects the certificate to revocation.
3. If, at any time during which a cooperative
certificate is in effect, the out-of-state broker or the Nevada broker wishes
to terminate the relationship, he or she must give written notice of the
termination to the Division and the broker with whom he or she has been
cooperating and the out-of-state broker shall immediately surrender his or her
certificate to the Division.
4. If
the license of the out-of-state broker expires or is inactivated, suspended,
revoked or cancelled, the out-of-state broker shall immediately give written
notice to the Division of each Nevada broker with whom he or she is cooperating
and surrender his or her cooperative certificate to the Division.
5. The Administrator may not issue a
cooperative certificate to an out-of-state association, partnership or
corporation which is licensed as a broker. Only a natural person who is a
broker may be issued such a certificate.
6. When acting under a cooperative
certificate, an out-of-state broker shall work through the cooperating Nevada
broker or a licensee associated with a Nevada broker. The Nevada broker shall
be in charge of the transaction from beginning to end.
7. Any money received in a cooperative
transaction may be handled only by the cooperating Nevada broker in accordance
with NRS 645.310.
8. Each
out-of-state broker, while cooperating with a Nevada broker, is governed by the
provisions of this chapter and chapter 645 of NRS. Any violation of such a
provision by the out-of-state broker subjects his or her cooperative
certificate and the Nevada broker's license to fine or suspension, or both, or
revocation. By accepting a cooperative certificate, the out-of-state broker
shall be deemed to have appointed the Nevada broker as his or her agent for
service of all notices and process in any proceeding initiated by the Division
pursuant to chapter 645 of NRS related to the transaction for which the
cooperative certificate was issued.
9. A cooperating out-of-state broker may
authorize only one broker-salesperson or one salesperson employed by him or her
to act in his or her behalf. The authorization must be on a form supplied by
the Division, and a copy must be sent to the Division before the authorized
representative of the out-of-state broker may conduct any transaction. The
authorized representative shall carry the completed form with him or her
whenever the authorized representative is in Nevada for the purpose of
conducting his or her real estate business.
10. An out-of-state broker may cooperate with
more than one Nevada broker and a Nevada broker may cooperate with more than
one out-of-state broker. Each arrangement is considered a separate agreement
for which the appropriate form must be completed and submitted, the appropriate
fee paid and a separate cooperative certificate obtained.
11. An out-of-state broker may not use a
cooperating broker's certificate as authority to sell or attempt to sell real
estate in Nevada on behalf of the owner of that real estate. Such a certificate
may be used only for the purpose of allowing the out-of-state broker or
salesperson to represent a person other than a resident of Nevada in the
purchase of real estate in Nevada.
Notes
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