SB 230 — Revises provisions relating to certain real estate professions. (BDR 54-311)

(ReprintedSenate withBill amendmentsNo. adopted on May 23, 2019) SECOND REPRINT S.B.

230230–Senator SENATEDenis BILLJoint NOSponsors: .

230–SENATORAssemblymen DSpiegel, ENISEdwards, FEBRUARYHardy, 18,Roberts 2019and ____________Tolles JOINTCHAPTER.......... SPONSORS :

SSEMBLYMEN SPIEGEL , DWARDS , HARDY , OBERTS AND TOLLES ____________ Referred to Committee on Commerce and Labor SUMMARY—Revises provisions relating to certain real estate professions.

(BDR 54-311) FISCAL NOTE:

Effect on Local Government:

No.

Effect on the State:

Yes.

~ EXPLANATION – Matter in bolded italics is new;

matter between brackets [omitted material] is material to be omitted.

(1) requires a licensee to include his or her Commissionlicense tonumber establishin byany regulationsuch theadvertisement; conditions and limitations under which a licensee may advertise under a nickname.

Existingand (2) requires the Real Estate Commission to establish by regulation the conditions and limitations under which a liceExisting law sets forth certain educational requirements which must be satisfied by an applicant for licensure as a real estate salesperson, real estate broker or real estate broker-salesperson.

(1) establishes a minimum number of total hours of instruction which must be included in a course of instruction for licensure as a real estate salesperson,salesperson; real estate broker or real estaten applicant - *SB230_R2* – 2 – agency and the preparation of contracts for real estate transactions.

Underand section(2) 6.5requires ofan thisapplicant bill,for theselicensure requirementsas applya onlyreal toestate asalesperson, personreal whoestate submitsbroker anor applicationreal forestate licensurebroker- salesperson to thecomplete Reala Estateminimum Divisionnumber of hours of instruction on oragency afterand Januarythe 1,preparation 2020.of contracts for real estate transactions.

Under section 6.5 of this licensure to the Real Estate Division on or after January 1, 2020.lication for Existing law requires a real estate broker or owner-developer to prominently display in his or her place of business the licenses of all real estate broker- salespersons and real estate salespersons who are associated with the broker or billemployed eliminates that requirement and instead requires the licenses to be kept in a secure manner and, upon request, made available for inspection by the publicowner-developer, andas theapplicable. Real Estate Division during usual business hours.

Existing(NRS law645.530) authorizesSection the4 Realof Estatethis Commissionbill toeliminates establishthat byrequirement regulationand ainstead postlicensingrequires curriculumthe oflicenses continuingto education which must be completedkept byin a 645.575)secure Sectionmanner 5and, ofupon thisrequest, billmade requiresavailable thefor Commissioninspection toby adoptthe regulationspublic whichRSand requirethe aExisting minimumlaw ofauthorizes 36the hoursReal ofEstate continuingCommission education,to setestablish forthby certainregulation subjecta matterpostlicensing incurriculum of continuing education which must be completed by certain licensees and provide for an exemption from such subject matter requirements for a person whowithin isthe 65first yearsyear ofimmediately ageafter orinitial olderlicensing andof whothe hasperson. been licensed in good standing as a real estate broker, real estate broker-salesperson or real estate salesperson in this State for 30 years or more.

(NRS 645.575) Section 5 of this bill requires the Commission to adopt regulations which require a minimum of 36 hours of continuing education, set forth certain subject matter in continuing education which must be completed by certain licensees and provide for an exemption from such subject matter requirements for a person who is 65 years of age or older and who has been licensed in good standing as a real - 80th Session (2019) – 2 – estate broker, real estate broker-salesperson or real estate salesperson in this State for 30 years or more.

EXPLANATION – Matter in bolded italics is new;

matter between brackets [omitted material] is material to be omitted.

If a licensee is a real estate broker-salesperson or real estate salesperson, the licensee shall not advertise solely under the licensee’s own name when acting in the capacity as a broker- salesperson or salesperson.

Sec.Secs.

2.2-3.

3.

(Deleted by amendment.) - *SB230_R2* – 3 – Sec.

- 80th Session (2019) – 3 – (b) Not less than 15 hours of instruction in the preparation of contracts in real estate transactions to the extent allowed in the capacity of a licensee;

units(b) inThree thesemester principlesunits ofor realan estate;alentequivalent number of quarter [(b)] (c) Nine semester units orin the equivalentprinciples in quarter units of college level courses in real estateestate; appraisal and business or economics;

[(b)] (c) Nine semester units or the equivalent in quarter units of college level courses in real estate appraisal and business or economics;

On and after January 1, 1986, in addition to other requirements contained in this chapter, an applicant for an original real estate broker’s or broker-salesperson’s license must furnish proof satisfactory to the Real Estate Division that the applicant has - *SB230_R2* – 4 – completed 64 semester units or the equivalent in quarter units of college level courses.

For the purposes of this section, each person who holds a license as a real estate broker, broker-salesperson or salesperson, or an equivalent license, issued by a state or territory of the United States, or the District of Columbia, is entitled to receive credit for the equivalent of 16 semester units of college level courses for each 2 years of active experience that, during the immediately preceding 10 years, the person has obtained while he or she has held such a license, not to exceed 8 years of active experience.

This credit may not be applied against the requirement in subsection 2 for three - 80th Session (2019) – 4 – semester units or an equivalent number of quarter units in broker management or 18 classroom hours of the real estate law of Nevada.

The Commission may adopt regulations setting forth standards of education which are equivalent to the college level courses outlined in this subsection.

The regulations may take into account the standard of instructors, the scope and content of the instruction, hours of instruction and such other criteria as theethe Commission requires.

Sec.

4.

NRS 645.530 is hereby amended to read as follows:

(b) [Prominently display] Maintain in his or her place of business the licenses of all real estate broker-salespersons and salespersons associated with him or her therein or in connection therewith.

- *SB230_R2* – 5 – 3.

- 80th Session (2019) – 5 – 2.

The standards must include, where qualified, generally accredited educational institutions, private vocational schools, educational programs and seminars of professional societies and organizations, other organized educational programs on technical subjects, or equivalent offerings.