NAC645H.460. Maintenance of records; inspection and audit by Division.

     1. An asset management company or asset manager shall keep at the place of business, or other location approved by the Division, for at least 3 years after the termination of asset management services to the real property:

     (a) Any contractual agreement, power of attorney or other legal authorization entered into by the asset management company or asset manager and a client concerning the provision of asset management services to real property; and

     (b) A copy of the work file for each such property.

     2. The work file must contain:

     (a) The service report for the real property;

     (b) Identification of each asset manager or other employee or independent contractor who performed services on the real property, including the permit number of the asset manager and, if the other employee or independent contractor provided services for which a license, permit or other authorization is required, the number of the license, permit or authorization; and

     (c) Any other pertinent information prescribed by the Division.

     3. All records in the work file must be filed in an orderly fashion, including, without limitation, numerically, chronologically by date or alphabetically, to allow an audit by a representative of the Division.

     4. The records required by this section must be open to inspection and audit by the Division upon its request during its usual business hours, as well as other hours during which the asset management company or asset manager regularly conducts business.

     5. The asset management company or asset manager shall give written notice to the Division of the exact location of the records required by this section and shall not remove those records until after providing notice to the Division of the new location.

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