NAC645.730. Status of registration; required notices.

     1. The Division’s registration of a person as an owner-developer does not constitute a licensure. Such a registrant may not use the term “licensed” either in his or her advertising or oral presentations to prospective purchasers, but this section does not preclude him or her from using the term “licensed contractor.”

     2. An owner-developer shall keep at each of his or her sales offices a copy of the letter of registration sent to the owner-developer by the Division.

     3. Every owner-developer shall within 10 days give written notice to the Division of any change of name, address, or status affecting the owner-developer, or any licensed real estate broker-salesperson or salesperson in his or her employ. The notice must be prepared on a form provided by the Division and be given within 10 days after the change occurs. The proper fee must accompany the notice. The owner-developer shall also notify the Division of the location of the sales office which is to be used by the owner-developer’s licensed broker-salesperson or salesperson.

     4. The registration of an owner-developer will be annulled at such time as the owner-developer fails to employ licensed real estate broker-salespersons or salespersons.

     5. Inactive status is not available for owner-developers.

     [Real Estate Adv. Comm’n, § XVI subsec. 3 pars. a-f, eff. 10-31-75]—(NAC A by Real Estate Comm’n, 8-21-81; 12-16-82)