Suggested Forms

The real estate profession has become increasingly based in legalities. While a handshake can signify an agreement, the contract is the foundation of the real estate transaction today.

With the increased focus on legal issues, NVAR provides members services in the legal arena. Various articles on current and hot legal topics are provided through the weekly NVAR Online News. In addition, the Legal Information Line is available to members.

There are many real estate related questions that arise often. These FAQs (Frequently Asked Questions) by topic are provided to assist you in finding quick answers.

Suggested Forms

Question:  What forms should I have in my files?

 

Response:  The Real Estate Division requires that the broker keep a “complete file” of all documents in the file including without limitation offers that were not accepted and transactions that were not completed.  Here is a list of some common forms.  Also below are the laws regarding record:

 

SOME DOCUMENTS SUGGESTED TO BE IN BROKER’S FILES

 

Real Estate Division Forms

Duties Owed (RED #525)

Consent to Act (RED#524)

Residential Disclosure Guide

Sellers Real Property Disclosure (SRPD)(RED#547)

General Contracts & Documents

Residential Purchase Agreement (RPA)

Lease Agreement

Listing Agreement

Exclusive Right to Represent Buyer

Preliminary Title Report

Counter Offers

Appraisal

Walk Thru Inspection & Release

Copy of EMD check

Copy of Bank Preapproval

Copy of MSL Printout

Trust account records

Addendums

            Short sale addendum

            NRS 113 Waiver

Disclosures

            Properties in CIC  “Before You Purchase…, Did you know…”(RED#584)

            Receipt of Disclosure Form

            Receipt of Resale Package

            Beltway Disclosure

            Lead based paint (properties build before 1978)

New Building

            Public Offering Statement

            Soil Report      

Used Mobile Home Sale

            Used Manufactured/Mobile Home Disclosure (RED #610)

Vacant Land

            Range Land Disclosure(RED #551)

            Vacant Land Disclosure           

Property Managers

            Residential Property Management Agreement

            Residential Lease Agreement

            Foreclosure Addendum to Residential Property Management Agreement

            Foreclosure Addendum to Residential Lease Agreement

Trust account records

 

 

NAC 645.650  Periods for maintenance of certain records by broker and for provision of certain paperwork to broker. (NRS 645.050, 645.190)

      1.  A broker shall keep complete real estate transaction and property management records for at least 5 years after the date of the closing or the last activity involving the property, including, without limitation, offers that were not accepted and transactions that were not completed, unless otherwise directed by the Division.

     2.  A salesman or broker-salesman must provide any paperwork to the broker with whom he is associated within 5 calendar days after that paperwork is executed by all the parties.

     [Real Estate Adv. Comm’n, § VII subsecs. 7 & 10 par. c, eff. 10-31-75]—(NAC A by Real Estate Comm’n, 8-21-81; A by Real Estate Div., 3-1-96; A by Real Estate Comm’n by R186-99, 1-21-2000; R031-04, 11-30-2004)

      NAC 645.655  Records of transactions; trust accounts. (NRS 645.050, 645.190, 645.195, 645.310, 645.633)

     1.  Each real estate transaction of a brokerage must be numbered consecutively or indexed to permit audit by a representative of the Division.

     2.  A complete record of each real estate transaction, together with records required to be maintained pursuant to NRS 645.310, must be:

     (a) Kept in this State; and

     (b) Open to inspection and audit by the Division upon its request during its usual business hours, as well as other hours during which the licensee regularly conducts his business.

     3.  If any records the Division requests to inspect or audit pursuant to subsection 2 are stored electronically, access to a computer or other equipment used to store the information must be made available to the Division for use in its inspection or audit.

     4.  The real estate broker shall give written notice to the Division of the exact location of his records and shall not remove them until he has delivered a notice which informs the Division of the new location.

     5.  A licensee shall not maintain a custodial or trust account from which money may be withdrawn without the signature of a licensee. A signature applied by use of a rubber stamp does not constitute the signature of a licensee for the purposes of this subsection.

     6.  A real estate salesman may not be the only required signatory on a custodial or trust fund account. A real estate salesman may be a cosigner of an account with his real estate broker.

     7.  A real estate broker who files for relief under the bankruptcy laws of the United States shall immediately terminate each trust account established pursuant to NRS 645.310 and deposit all money from each trust account into escrow with executed instructions to the escrow agent or officer to disburse the money pursuant to the agreement under which it was originally deposited.

     8.  A real estate broker who is engaged in property management for one or more clients shall maintain two separate property management trust accounts distinct from any trust account that the real estate broker may have for other real estate transactions. One trust account must be used solely for activities relating to rental operations, and the other trust account must be used solely for security deposits. A real estate broker shall maintain a ledger account for each unit of property he manages regardless of whether the client owns more than one unit under the real estate broker’s management. All rents and deposits for each unit must be deposited into and credited to each property’s management trust account, and all authorized repairs and expenses must be paid out of the corresponding ledger account. For the purposes of this subsection, “unit” means one single-family dwelling unit.

     9.  Property management and real estate transaction trust accounts must be reconciled monthly by the real estate broker or his designee within 30 days after receipt of the bank statement. A real estate broker who permits any trust account, including any ledger account, to fall into deficit and remain in deficit for more than 45 consecutive days in 1 year is subject to discipline pursuant to paragraph (h) of subsection 1 of NRS 645.633 or other applicable charges, or both.

     [Real Estate Adv. Comm’n, § VII subsec. 10 pars. a, b, d & e, eff. 10-31-75]—(NAC A by Real Estate Comm’n, 6-3-86; A by Real Estate Div., 3-1-96; A by Real Estate Comm’n by R111-01, 12-17-2001; R031-04, 11-30-2004, eff. 7-1-2005)

NRS 645.310  Deposits and trust accounts: Accounting; commingling; records; inspection and audit.

      1.  All deposits accepted by every real estate broker or person registered as an owner-developer pursuant to this chapter, which are retained by him or her pending consummation or termination of the transaction involved, must be accounted for in the full amount at the time of the consummation or termination.

      2.  Every real estate salesperson or broker-salesperson who receives any money on behalf of a broker or owner-developer shall pay over the money promptly to the real estate broker or owner-developer.

      3.  A real estate broker shall not commingle the money or other property of a client with his or her own.

      4.  If a real estate broker receives money, as a broker, which belongs to others, the real estate broker shall promptly deposit the money in a separate checking account located in a bank or credit union in this State which must be designated a trust account. All down payments, earnest money deposits, rents, or other money which the real estate broker receives, on behalf of a client or any other person, must be deposited in the account unless all persons who have any interest in the money have agreed otherwise in writing. A real estate broker may pay to any seller or the seller’s authorized agent the whole or any portion of such special deposit. The real estate broker is personally responsible and liable for such deposit at all times. A real estate broker shall not permit any advance payment of money belonging to others to be deposited in the real estate broker’s business or personal account or to be commingled with any money he or she may have on deposit.

      5.  Every real estate broker required to maintain a separate trust account shall keep records of all money deposited therein. The records must clearly indicate the date and from whom the real estate broker received money, the date deposited, the dates of withdrawals, and other pertinent information concerning the transaction, and must show clearly for whose account the money is deposited and to whom the money belongs. The real estate broker shall balance each separate trust account at least monthly. The real estate broker shall provide to the Division, on a form provided by the Division, an annual accounting which shows an annual reconciliation of each separate trust account. All such records and money are subject to inspection and audit by the Division and its authorized representatives. All such separate trust accounts must designate the real estate broker as trustee and provide for withdrawal of money without previous notice.

      6.  Each real estate broker shall notify the Division of the names of the banks and credit unions in which the real estate broker maintains trust accounts and specify the names of the accounts on forms provided by the Division.

      7.  If a real estate broker who has money in a trust account dies or becomes mentally disabled, the Division, upon application to the district court, may have a trustee appointed to administer and distribute the money in the account with the approval of the court. The trustee may serve without posting a bond.

      [27.5:150:1947; added 1955, 76]—(NRS A 1963, 1073; 1975, 1543; 1979, 1539; 1981, 1606; 1983, 152; 1995, 2074; 1997, 958; 1999, 1538)