Assembly Bill No. 447–Assemblyman Carpenter

CHAPTER........

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:

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

  1. 645.240 1. The provisions of this chapter do not apply to, and the
  1. terms "real estate broker" and "real estate salesman" do not include, any:
  1. (a) [Person who, as owner or lessor,] Owner or lessor of property, or
  1. any regular employee of such a person, who performs any of the acts
  1. mentioned in NRS 645.030, 645.040, 645.230 and 645.260, [with reference
  1. to property owned or leased by them, or to the regular employees thereof]
  1. with respect to the property [so owned or leased, where those acts are
  1. performed] in the regular course of or as an incident to the management of
  1. [such property and the investment therein.] or investment in the property.
  1. For the purposes of this paragraph, "management" means activities which
  1. tend to preserve or increase the income from the property by preserving the
  1. physical desirability of the property or maintaining high standards of
  1. service to tenants. The term does not include sales activities.
  1. (b) Employee of a real estate broker while engaged in the collection of
  1. rent for or on behalf of the broker.
  1. (c) Person while performing the duties of a property manager for a
  1. property, if the person maintains an office on the property and does not
  1. engage in property management with regard to any other property.
  1. (d) Person while performing the duties of a property manager for a
  1. common-interest community governed by the provisions of chapter 116 of
  1. NRS, a condominium project governed by the provisions of chapter 117 of
  1. NRS, a time share governed by the provisions of chapter 119A of NRS, or
  1. a planned unit development governed by the provisions of chapter 278A of
  1. NRS, if the person is a member in good standing of, and, if applicable,
  1. holds a current certificate, registration or other similar form of recognition
  1. from, a nationally recognized organization or association for persons
  1. managing such properties that has been approved by the real estate division
  1. by regulation.

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

property used for residential housing that is subsidized either directly or

indirectly by this state, an agency or political subdivision of this state, or

the Federal Government or an agency of the Federal Government.

  2. 2. Except as otherwise provided in NRS 645.606 to 645.609, inclusive,
  1. the provisions of this chapter do not apply to:
  1. (a) Any bank, thrift company, credit union, trust company, savings and
  1. loan association or any mortgage or farm loan association licensed under
  1. the laws of this state or of the United States, with reference to property it
  1. has acquired for development, for the convenient transaction of its
  1. business, or as a result of foreclosure of property encumbered in good faith
  1. as security for a loan or other obligation it has originated or holds.
  1. (b) A corporation which, through its regular officers who receive no
  1. special compensation for it, performs any of those acts with reference to the
  1. property of the corporation.
  1. (c) The services rendered by an attorney at law in the performance of his
  1. duties as an attorney at law.
  1. (d) A receiver, trustee in bankruptcy, administrator or executor, or any
  1. other person doing any of the acts specified in NRS 645.030 under the
  1. jurisdiction of any court.
  1. (e) A trustee acting under a trust agreement, deed of trust or will, or the
  1. regular salaried employees thereof.
  1. (f) The purchase, sale or locating of mining claims or options thereon or
  1. interests therein.
  1. (g) The State of Nevada or a political subdivision thereof.
  1. ~