Assembly Bill No. 447–Assemblyman Carpenter

March 10, 1999

____________

Referred to Committee on Commerce and Labor

 

SUMMARY—Revises provisions relating to regulation of persons who perform certain acts with regard to real estate. (BDR 54-1038)

FISCAL NOTE: Effect on Local Government: No.

Effect on the State or on Industrial Insurance: No.

~

EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted. Green numbers along left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).

 

AN ACT relating to real estate; exempting property managers of certain real estate from certain licensing and permit requirements; and providing other matters properly relating thereto.

 

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

1-1 Section 1. NRS 645.240 is hereby amended to read as follows:

1-2 645.240 1. The provisions of this chapter do not apply to, and the

1-3 terms "real estate broker" and "real estate salesman" do not include, any:

1-4 (a) [Person who, as owner or lessor,] Owner or lessor of property, or

1-5 any regular employee of such a person, who performs any of the acts

1-6 mentioned in NRS 645.030, 645.040, 645.230 and 645.260, [with

1-7 reference to property owned or leased by them, or to the regular employees

1-8 thereof] with respect to the property [so owned or leased, where those acts

1-9 are performed] in the regular course of or as an incident to the

1-10 management of [such property and the investment therein.] or investment

1-11 in the property. For the purposes of this paragraph, "management" means

1-12 activities which tend to preserve or increase the income from the property

1-13 by preserving the physical desirability of the property or maintaining high

1-14 standards of service to tenants. The term does not include sales activities.

1-15 (b) Employee of a real estate broker while engaged in the collection of

1-16 rent for or on behalf of the broker.

1-17 (c) Person while performing the duties of a property manager for a

1-18 property, if the person maintains an office on the property and does not

1-19 engage in property management with regard to any other property.

2-1 (d) Person while performing the duties of a property manager for a

2-2 common-interest community governed by the provisions of chapter 116 of

2-3 NRS, a condominium project governed by the provisions of chapter 117 of

2-4 NRS, a time share governed by the provisions of chapter 119A of NRS, or

2-5 a planned unit development governed by the provisions of chapter 278A of

2-6 NRS, if the person is a member in good standing of, and, if applicable,

2-7 holds a current certificate, registration or other similar form of recognition

2-8 from, a nationally recognized organization or association for persons

2-9 managing such properties that has been approved by the real estate division

2-10 by regulation.

2-11 (e) Person while performing the duties of a property manager for

2-12 property used for residential housing that is subsidized either directly or

2-13 indirectly by this state, an agency or political subdivision of this state, or

2-14 the Federal Government or an agency of the Federal Government.

2-15 2. Except as otherwise provided in NRS 645.606 to 645.609, inclusive,

2-16 the provisions of this chapter do not apply to:

2-17 (a) Any bank, thrift company, credit union, trust company, savings and

2-18 loan association or any mortgage or farm loan association licensed under

2-19 the laws of this state or of the United States, with reference to property it

2-20 has acquired for development, for the convenient transaction of its

2-21 business, or as a result of foreclosure of property encumbered in good faith

2-22 as security for a loan or other obligation it has originated or holds.

2-23 (b) A corporation which, through its regular officers who receive no

2-24 special compensation for it, performs any of those acts with reference to

2-25 the property of the corporation.

2-26 (c) The services rendered by an attorney at law in the performance of

2-27 his duties as an attorney at law.

2-28 (d) A receiver, trustee in bankruptcy, administrator or executor, or any

2-29 other person doing any of the acts specified in NRS 645.030 under the

2-30 jurisdiction of any court.

2-31 (e) A trustee acting under a trust agreement, deed of trust or will, or the

2-32 regular salaried employees thereof.

2-33 (f) The purchase, sale or locating of mining claims or options thereon or

2-34 interests therein.

2-35 (g) The State of Nevada or a political subdivision thereof.

~