NAC645H.450. Determination of gross negligence or incompetence.

In determining whether an asset manager is guilty of gross negligence or incompetence as set forth in paragraph (h) of subsection 1 of NRS 645H.700, the Division will consider, among other things, whether the asset manager has:

     1. Done his or her utmost to protect the public against fraud, misrepresentation or unethical practices relative to asset management;

     2. Performed any work on real property outside of his or her field of experience or competence or licensure;

     3. Performed or arranged to have performed any work on real property without using properly licensed persons;

     4. Adequately documented any required disclosures of his or her interest in any real property with which he or she is dealing; or

     5. Provided a service report to each client for which the asset manager has provided asset management services.

     (Added to NAC by Real Estate Div. by R147-12, eff. 6-3-2013)