Nevada Revised Statutes 645.6054 – Permit to engage in property management: Requirements for certain organizations
1. To engage in the business of property management in this State:
Terms Used In Nevada Revised Statutes 645.6054
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- real estate: means every interest or estate in real property including but not limited to freeholds, leaseholds and interests in condominiums, town houses or planned unit developments, whether corporeal or incorporeal, and whether the real property is situated in this State or elsewhere. See Nevada Revised Statutes 645.020
(a) A partnership shall designate one of its members;
(b) A corporation shall designate one of its officers or employees;
(c) A limited-liability company shall designate its manager; and
(d) A broker who conducts business as a sole proprietor shall designate a person who is licensed under the broker, to submit an application for a permit to engage in property management. The partnership, corporation, limited-liability company or sole proprietor shall not engage in the business of property management unless the person so designated has been issued a permit to engage in property management by the Real Estate Division.
2. If the person designated to apply for a permit pursuant to subsection 1 meets the qualifications for a permit set forth in NRS 645.6052, the Division shall issue to that person a permit to engage in property management on behalf of the partnership, corporation, limited-liability company or sole proprietor, and thereupon the person may perform all the acts of a property manager contemplated by this chapter.
3. A person to whom a permit has been issued pursuant to this section may act as a property manager pursuant to the permit only on behalf of the partnership, corporation, limited-liability company or sole proprietor, and not on his or her own behalf. If that person ceases to be connected or associated with the partnership, corporation, limited-liability company or sole proprietor, the partnership, corporation, limited-liability company or sole proprietor shall designate another person who meets the qualifications for a permit set forth in NRS 645.6052 to hold the permit on behalf of the partnership, corporation, limited-liability company or sole proprietor.
4. Any member, officer or employee of a partnership, corporation or limited-liability company, other than the person designated as the property manager pursuant to subsection 1, who wishes to engage in the business of property management must apply in his or her own name individually for a separate permit to engage in property management. Pursuant to such a permit, the member, officer or employee of a partnership, corporation or limited-liability company may act as a property manager only as an officer or agent of the partnership, corporation or limited-liability company, and not on his or her own behalf.