Nevada Revised Statutes 645.6057 – Property management agreements: Duties of holder of permit to engage in property management when entering and performing agreement; exceptions
A person who holds a permit to engage in property management when entering into a property management agreement and performing his or her duties pursuant to such property management agreement, as applicable:
Terms Used In Nevada Revised Statutes 645.6057
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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 property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
1. Shall disclose to each party to the property management agreement as soon as practicable:
(a) Any material and relevant facts, data or information which the property manager knows, or which by the exercise of reasonable care and diligence should have known, relating to the property which is the subject of the property management agreement.
(b) Each source from which the property manager will receive compensation as a result of the agreement.
(c) That the property manager is a principal to the agreement or has an interest in a principal to the agreement.
(d) That the property manager is acting for more than one party to the agreement. If a property manager makes such a disclosure, he or she must obtain the written consent of each party to the agreement for whom the property manager is acting before he or she may continue to act in his or her capacity as an agent. The written consent must include:
(1) A description of the property management agreement.
(2) A statement that the property manager is acting for two or more parties to the agreement who have an adverse interest and that in acting for these parties, the property manager has a conflict of interest.
(3) A statement that the property manager will not disclose any confidential information for 1 year after the revocation or termination of any property management agreement entered into with a party to the agreement, unless he or she is required to do so by a court of competent jurisdiction or is given written permission to do so by that party.
(4) A statement that a party is not required to consent to the property manager acting on behalf of the party.
(5) A statement that the party is giving consent without coercion and understands the terms of the consent given.
‘ (6) Any changes in the property manager’s relationship to a party to the agreement or activity.
2. Shall exercise reasonable skill and care with respect to all parties to the property management agreement in carrying out the terms of the property management agreement and performing his or her duties.
3. Shall provide the appropriate form prepared by the Division pursuant to NRS 645.193 to:
(a) Each party for whom the property manager is acting as a property manager in the property management agreement; and
(b) Each unrepresented party to the property management agreement, if any.
4. Shall seek a rental or lease of real property at the price and terms stated in the property management agreement or at a price acceptable to the client.
5. Shall advise the client to obtain advice from an expert relating to matters which are beyond the expertise of the property manager.
6. Shall account for all money and property the property manager receives in which the client may have an interest as soon as is practicable.
7. Unless otherwise agreed upon in writing, owes no duty to:
(a) Independently verify the accuracy of a statement made by an inspector certified pursuant to chapter 645D of NRS or another appropriate licensed or certified expert.
(b) Conduct an independent inspection of the financial condition of a party to the property management agreement.
(c) Conduct an investigation of the condition of the property which is the subject of the property management agreement.