NAC645.310. Real estate broker-salesperson or salesperson: Termination of association or employment with real estate broker or owner-developer.

     1. If a real estate broker-salesperson or salesperson terminates, for any reason, his or her association with the real estate broker with whom he or she is associated, or his or her employment with the owner-developer by whom he or she is employed, the real estate broker or owner-developer shall, in addition to complying with the requirements of NRS 645.580, file with the Division:

     (a) A notice of termination on a form provided by the Division; and

     (b) Any other pertinent information the Division requests.

     2. A real estate broker-salesperson or salesperson whose association or employment with a real estate broker or owner-developer is terminated may personally deliver his or her broker-salesperson or salesperson license to the Division on behalf of the real estate broker or owner-developer if the real estate broker-salesperson or salesperson, at the time he or she submits the license, also submits to the Division the original notice of termination that has been completed and signed by the real estate broker or owner-developer. The original notice of termination must include the signature of the broker or owner-developer, as appropriate, in any designated area on the notice which is required to be completed for the personal delivery of the license.

     3. If a real estate broker or owner-developer does not comply with subsections 1 and 2 and NRS 645.580 in a timely manner, the licensee may apply for an administrative termination on a form provided by the Division.

     [Real Estate Adv. Comm’n, § V subsec. 5, eff. 10-31-75]—(NAC A by Real Estate Comm’n, 8-21-81; R111-01, 12-17-2001; R031-04, 11-30-2004)