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).

1-1 Section 1. Chapter 396 of NRS is hereby amended by adding thereto

1-2 the provisions set forth as sections 2 to 7, inclusive, of this act.

1-3 Sec. 2. As used in sections 2 to 7, inclusive, of this act, "institute"

1-4 means the Lied Institute for Real Estate Studies.

1-5 Sec. 3. The board of regents shall establish the Lied Institute for

1-6 Real Estate Studies at the college of business of the University of Nevada,

1-7 Las Vegas. The dean of the college of business, or his authorized

1-8 representative, shall serve as the director of the institute.

1-9 Sec. 4. The director of the institute shall:

1-10 1. Appoint a board of trustees for the institute to serve for terms of

1-11 not less than 1 or more than 3 years.

1-12 2. Fix the individual terms in such a way as to ensure a continuity of

1-13 experience among the members.

1-14 A majority of the members must be licensed pursuant to chapter 645 of

1-15 NRS.

1-16 Sec. 5. The board of trustees of the institute shall:

1-17 1. Review and offer recommendations for budgets and plans of work;

1-18 2. Review and offer recommendations for research to be performed;

1-19 3. Review and comment upon periodic reports of the institute’s

1-20 research and the financing of its work; and

2-1 4. Generally support and assist the institute in accomplishing its

2-2 purposes.

2-3 Sec. 6. 1. The purposes of the institute are to provide credible

2-4 information not readily available from other sources, educational

2-5 services and specifically directed research to persons licensed pursuant to

2-6 chapter 645 of NRS and other providers of services relating to real

2-7 property, purchasers of real property, institutional customers, public

2-8 agencies and communities in this state and the southwestern United

2-9 States.

2-10 2. The institute shall:

2-11 (a) Conduct studies related to the use and marketing of real property

2-12 and to urban or rural economics;

2-13 (b) Disseminate the findings and results of its studies and similar

2-14 studies conducted elsewhere, through a variety of media;

2-15 (c) Upon request, furnish results of research and expert advice on

2-16 education to the real estate commission;

2-17 (d) Prepare information of interest to purchasers of real property and

2-18 make the information available to the public, universities or colleges and

2-19 appropriate agencies of this state;

2-20 (e) Encourage economic growth and development in this state;

2-21 (f) Support the occupational training and continuing education of

2-22 persons licensed pursuant to chapter 645 of NRS;

2-23 (g) Study and recommend appropriate changes in statutes relating to

2-24 transactions in real property; and

2-25 (h) Within 3 months after the end of each fiscal year, publish a report

2-26 containing a review of the content of its work and a summary of its

2-27 expenditure of public money.

2-28 3. Personnel of the institute performing research and studies

2-29 concerning policy shall periodically review the progress of the work with

2-30 the board of trustees or its designated representative. The results of such

2-31 research or studies may not be published or disseminated until

2-32 designated representatives of the board have reviewed the results and

2-33 their comments have been considered.

2-34 Sec. 7. 1. A special revenue account for the Lied Institute for Real

2-35 Estate Studies is hereby created in the state general fund. Money in the

2-36 account does not revert to the state general fund at the end of the fiscal

2-37 year. Interest earned on the money in the account must be credited to the

2-38 account.

2-39 2. Into the account must be deposited:

2-40 (a) One-Fourth of the money derived from the fee imposed for real

2-41 estate education, research and recovery pursuant to NRS 645.830;

2-42 (b) Charges collected by the institute for publications, educational

2-43 materials and data bases; and

3-1 (c) Gifts or grants from public or private sources.

3-2 3. Expenditures may be made from the account only for the support,

3-3 operation and maintenance of the institute in the accomplishment of its

3-4 statutory purposes and duties, and only if approved by the director of the

3-5 institute.

3-6 Sec. 8. NRS 645.140 is hereby amended to read as follows:

3-7 645.140 1. Except as otherwise provided in this section, NRS