Senate Bill No. 186–Senator Schneider

 

February 15, 2001

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Referred to Committee on Commerce and Labor

 

SUMMARY—Revises provisions governing contracts for sale of residential property. (BDR 54‑949)

 

FISCAL NOTE:            Effect on Local Government: Yes.

                                    Effect on the State: Yes.

 

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EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.

 

AN ACT relating to property; requiring the real estate division of the department of business and industry to prescribe a form for use in a contract for the sale of residential property; requiring a real estate broker, real estate broker-salesman or real estate salesman to provide the form to a client under certain circumstances; providing a penalty; 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. Chapter 645 of NRS is hereby amended by adding thereto a

1-2  new section to read as follows:

1-3    1.  The division shall, by regulation, prescribe a form for use in a

1-4  contract for the sale of residential property. The division shall provide

1-5  the form free of charge to each real estate broker, real estate broker-

1-6  salesman and real estate salesman.

1-7    2.  If a real estate broker, real estate broker-salesman or real estate

1-8  salesman enters into a brokerage agreement with a client for the sale of

1-9  residential property, he shall provide a copy of the form to the client at

1-10  the time the client signs the brokerage agreement.

1-11    3.  The client may use the form in preparing a contract for the sale of

1-12  the residential property. Additional terms may be included in the form. A

1-13  form other than the form prescribed by the division may be used if that

1-14  form is not prepared for or provided to the client by the real estate

1-15  broker, real estate broker-salesman or real estate salesman.

1-16    4.  Except as otherwise provided in this subsection, a real estate

1-17  broker, real estate broker­salesman or real estate salesman who provides

1-18  to a client the form prescribed by the division pursuant to the provisions

1-19  of this section is immune from any civil or criminal liability that results

1-20  from the client’s use of the form. The provisions of this subsection do not

1-21  apply to any civil or criminal liability that results from the inclusion of

2-1  any additional terms in the form by a real estate broker, real estate

2-2  broker-salesman or real estate salesman.

2-3    Sec. 2.  The provisions of this act do not apply to offenses committed

2-4  before October 1, 2001.

 

2-5  H