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.
(Added to NRS by 2003, 1288)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.