NAC119.240. Disposition to persons engaged in the business of construction.

     1. A developer must notify the Division in writing of his or her election to be exempt from registration under subsection 3 of NRS 119.120 (disposition to persons engaged in the business of the construction of residential, commercial or industrial buildings for disposition).

     2. If the developer wishes the Division to determine his or her eligibility for such an exemption, the developer must submit the following information and documents:

     (a) A copy of the recorded plat map;

     (b) The promotional name of the subdivision;

     (c) A sworn, notarized statement signed by the developer that he or she will convey interests in the subdivision only to persons who are engaged in the business of construction of residential, commercial or industrial buildings for disposition; and

     (d) The names and addresses of any real estate brokers who are licensed in Nevada and who will assist in marketing the property.

     3. A developer who is exempt pursuant to this section must report to the Division all sales of 10 parcels or more over any period of time to persons engaged in the business of construction, including the purchaser’s name and address and the lots purchased.

     [Real Estate Div., § 32, eff. 7-16-80]—(NAC A 12-3-84; 11-8-88)