NAC119.320. Brokers of record.

     1. Before a broker applies to become a broker of record, he or she must make a personal inspection of the subdivision for which he or she is to be responsible.

     2. The broker of record shall obtain from each purchaser of subdivision property a signed receipt for a copy of the property report and shall keep the receipt along with a copy of any contract of sale or other sales agreement and other material in his or her files, within the State of Nevada. These records must be kept for 3 years or for 1 year after the final payment has been made on any contract for the sale of property, whichever is longer. If the broker of record has established branch offices, the copies of the contracts, agreements, receipts and other material must be maintained at his or her principal place of business. The material is subject to inspection and audit by the Division at any time.

     3. Every broker of record shall teach his or her salespersons and registered representatives the contents of these regulations. The broker of record shall exercise strict supervision over their activities and over the operation of his or her real estate business, and shall conduct business in accordance with law and these regulations.

     [Dep’t of Commerce, Real Estate Div., § 38, eff. 7-16-80]