NAC645.150. Investigation of financial responsibility of applicant for license as real estate broker; proof of good character of any applicant.

     1. The Division may investigate the financial responsibility of each applicant for a license as a real estate broker. If the Division determines that an applicant is not financially responsible, it may require that the applicant be licensed as a real estate broker-salesperson until he or she meets the requirements of financial responsibility as determined by the Commission. The Division may require an applicant for a license as a real estate broker to submit a credit report to the Division at his or her own expense.

     2. An applicant for a license as a real estate broker shall be deemed financially responsible if the applicant can show liquid assets sufficient to maintain an office for at least 180 days. The applicant’s cash on hand must be on deposit at least 90 days before the date of the application. Anyone denied a license for lack of financial responsibility does not waive his or her right to appeal pursuant to NRS 645.440 by acceptance of a license as a real estate broker-salesperson.

     3. The Administrator may require other proof of the honesty, truthfulness and good reputation of any applicant, including the officers and directors of any corporation, or the members of any partnership or association making an application, before accepting an application for a license.

     4. As used in this section, “liquid assets” means assets that are the equivalent of cash or easily converted into cash. The term:

     (a) Includes, without limitation, money in a checking, savings or money market account and certificates of deposit.

     (b) Does not include a line of credit.

     [Real Estate Adv. Comm’n, § III subsecs. 12 & 13, eff. 10-31-75]—(NAC A by Real Estate Comm’n, 8-21-81; A by Real Estate Div., 3-1-96; A by Real Estate Comm’n by R111-01, 12-17-2001; R031-04, 11-30-2004; R025-10, 12-16-2010)