NAC645.350. Involuntary inactivation, suspension or revocation of broker’s license; expiration of license upon death of licensee; death of person acting as broker of brokerage.

     1. If the license of a real estate broker is involuntarily inactivated, suspended or revoked, the real estate broker shall deliver his or her license to the Division with the license of each licensee with whom he or she is associated. A licensee who is associated with the real estate broker may, upon proper application and payment of the required fee, transfer to the association of another real estate broker. No refund will be made when a license is involuntarily inactivated, suspended or revoked.

     2. Upon the death of a licensee, the license held by that licensee automatically expires.

     3. Upon the death of a person who was licensed as a real estate broker and who was acting as the broker of a brokerage, a person who is licensed as a real estate broker in the State of Nevada may submit to the Division an affidavit stating that he or she will act as the broker of that brokerage for not more than 60 days after the death of the person who was acting as the broker of the brokerage. Notice of such an appointment must be submitted to the Division, in writing, within 7 business days after the death of the person who was acting as the broker of the brokerage.

     [Real Estate Adv. Comm’n, § V subsec. 14, eff. 10-31-75]—(NAC A by Real Estate Comm’n by R111-01, 12-17-2001; R031-04, 11-30-2004; R123-06, 6-1-2006)