Senate Bill No. 130–Committee on Commerce and Labor

February 5, 1999

(On Behalf of Real Estate Division)

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Referred to Committee on Commerce and Labor

 

SUMMARY—Revises requirements for brokerage agreement that includes provision for exclusive listing. (BDR 54-737)

FISCAL NOTE: Effect on Local Government: No.

Effect on the State or on Industrial Insurance: No.

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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 brokers; revising the requirements for a brokerage agreement that includes a provision for an exclusive listing; 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 645.320 is hereby amended to read as follows:

1-2 645.320 Every brokerage agreement which includes a provision for [an

1-3 exclusive listing] exclusive representation must:

1-4 1. Be in writing.

1-5 2. Have set forth in its terms a definite, specified and complete

1-6 termination.

1-7 3. Contain no provision which requires the client who signs the

1-8 brokerage agreement to notify the real estate broker of his intention to

1-9 cancel the exclusive features of that [listing] agreement after the

1-10 termination of the [listing.] agreement.

1-11 4. Be signed by [both] the client or his authorized representative and

1-12 the [listing] exclusive agent or his authorized representative in order to be

1-13 enforceable.

2-1 5. Have set forth in its terms a complete description of all services the

2-2 exclusive agent will render to the client.

2-3 6. Allow the client to cancel the brokerage agreement if the exclusive

2-4 agent fails to comply with any of the provisions of the agreement.

2-5 Sec. 2. This act becomes effective upon passage and approval.

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