Section 645.806 - Trust accounts: Annual accounting required; maintenance of records1. A real estate broker who receives money, including, without limitation, rent, a security deposit, a down payment, an advance fee or earnest money deposit, or whose agent or property manager receives such money, shall provide to the Division, on a form provided by the Division, an accounting as required by subsection 5 of NRS 645.310 which shows a reconciliation of each trust account that he or she maintains.2. The reconciliation required pursuant to subsection 1 must be submitted to the Division annually by the expiration date of the license of the real estate broker. The reconciliation must include the calendar month immediately preceding the calendar month of the expiration date of his or her license as a real estate broker.3. If a real estate broker is not required to provide a reconciliation to the Division pursuant to subsection 1, the broker shall provide to the Division, on a form prescribed by the Division, a declaration to inform the Division that the broker is not required to provide a reconciliation of trust accounts. The declaration form must be submitted to the Division annually by the expiration date of the license of the broker.4. 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.5. A broker who violates the provisions of subsection 2 or 3 is subject to an administrative fine pursuant to subsection 1 of NAC 645.695.Nev. Admin. Code § 645.806
Added to NAC by Real Estate Comm'n by R059-98, eff. 7-1-98; A by R092-00, 8-29-2000; A by R097-14, eff. 4/4/2016NRS 645.050, 645.190, 645.310