NAC119A.105. Project broker or developer: Commingling of certain money prohibited; maintenance, inspection and audit of records.

     1. A project broker or developer shall not commingle the money or other property of his or her principal with his or her own.

     2. A project broker shall keep records of every transaction clearly indicating deposits, disbursements, dates, names of purchasers and salespersons or sales agents, the records required to be kept pursuant to NRS 119A.400 and other pertinent information, numbered consecutively or indexed to permit audit by the Division.

     3. A project broker shall notify the Division of the names of banks in which he or she maintains trust accounts and specify the names of the accounts on forms provided by the Division. The project broker must consent to inspection and audit of the trust accounts by the Division.

     4. The project broker must give written notice to the Division of the exact location of his or her records of transaction. The project broker may not remove them until he or she has delivered notice to the Division of the new location.

     (Added to NAC by Real Estate Div., eff. 12-3-84; A 5-2-86)