NAC645.806. Trust accounts: Annual accounting required; maintenance of records.

     1. On or before the date of expiration of his or her license as a real estate broker, a broker who engages in property management or who associates with a property manager who engages in property management shall provide to the Division, on a form provided by the Division, an annual accounting as required by subsection 5 of NRS 645.310 which shows an annual reconciliation of each trust account related to property management that he or she maintains.

     2. The reconciliation required pursuant to subsection 1 must include the 30 days immediately preceding the expiration date of his or her license as a real estate broker.

     3. A broker who engages in property management or who associates with a property manager who engages in property management shall maintain complete accounting records of each trust account related to property management that he or she maintains for at least 5 years after the last activity by the broker which involved the trust account. If the records are maintained by computer, the broker shall maintain an additional copy of the records on computer disc for at least 5 years after the last activity by the broker which involved the trust account.

     (Added to NAC by Real Estate Comm’n by R059-98, eff. 7-1-98; A by R092-00, 8-29-2000)