Legislation Update and Course Content Changes

This is a general service webpage that provides information based on an educational setting. Key Realty School is not a law firm and our employees are not acting as a licensed attorney when acting in the capacity of instructors and educators. The information contained in the webpage is for education information and should not be construed as legal advice to be applied to any specific situation. A licensed attorney should be contacted should said guidance be required.

The following courses have recent updates as it relates to federal / state legislation and general curriculum updates:

Use the following link to review important clarification about the Nevada Business license and requirements thereof as it pertains to Nevada real estate licensees:

This section is designed to provide information about 2019 Nevada legislation potentially changing real estate related Nevada Statute and potential Nevada Real Estate Commission changes to Nevada Administrative Code.

The following Senate / Assembly bills are deemed most important relative to real estate licensees and the practice of real estate in the state of Nevada.

2019 Session Information

SB230 – Click here to examine the bill

What you need to know NOW:

Nevada Real Estate Division Posting / Information release as it pertains to SB230 –

License Number Requirement

Licensees should start changing their advertising materials to include their complete license number. The Division may not start enforcing these new laws until the Commission adopts new regulations and licensees have had adequate time to come into compliance. The Division recommends that all electronic media be transitioned at the earliest to reflect the license number. The license number should be on the any solicitation when deemed reasonably possible.

Use of Nickname

The Commission will set forth regulations on the conditions and limitations under which licensees may advertise under a nickname. If the Commission adopts regulation in late 2020*, then these regulations will go into effect after that point. The Division will allow a reasonable timeframe for the transition and for licensees using “nicknames” to come into compliance.

Continuing Education Requirements

The July 1, 2019 date is for the purposes of promulgating regulation. The Division anticipates the Commission will adopt regulations that prescribe the standards for the additional hours required in the law by late 2020*. The Division also recognizes that continuing educators will need an opportunity to create new classes and content and the Division will also have to update its education requirements, forms, and guides. By late 2020, licensees will be required to complete the additional requirements by their next renewal period.

Pre-Licensing Education Requirements

The Commission will adopt regulations that prescribe the standards for the additional hours required in the law by late 2020*. The Division also recognizes that pre-licensing educators and schools will need an opportunity to create new classes and content and the Division will also have to update its education requirements, forms, and guides. The Division will provide additional guidance on the effective date for the additional pre-licensing education requirements.

Key Realty School Summary –

At present, NAC conflicts with the newly amended NRS. The Nevada real estate division will not enforce the newly amended NRS (amended by SB230) until the NAC coincides with the statutes modified by the bill. The NVREC is taking a cautious approach to the required codification. It is estimated that the commission will memorialize the changes to NAC in late 2019 and then provide a period of time prior to the official active date of said changes. It is estimated that these changes will be active in late 2020 with a 6 month to 1 year window wherein licensees are notified of said changes. (July 1 2021 implementation) 

Use this link to examine recent Nevada Real Estate Commission hearings and the agenda within: http://red.nv.gov/Content/Meetings/Real_Estate_Calendar/

  • A licensee must include his or her license number in any advertisement. Prior to this, the license number was not required to be on business cards and any other advertisements.
  • Licenses can now be kept in a secure manner such as a file cabinet or similar but must be available for inspection when required. Prior to this, brokers had to display all licenses.
    • All other items within the passed bill require advanced real estate commission definition and NAC to complement the modified NRS. Therefore, the balance of said items are still pending as to when these items are to be enforced.

*History has shown that though this bill changes statute, the enforcement of this statute will be done over time and it is highly unlikely that compliance will expect a universal change of the aforementioned items on July 1 2019. That said, licensees should work toward the inclusion of the license number on all postings and brokers can begin storing licenses should they elect.

This bill relates to advertisements by real estate licensees; revising educational requirements which must be satisfied by an applicant for licensure as a real estate salesperson, real estate broker or real estate broker-salesperson; revising provisions governing the maintenance of certain licenses by real estate brokers and owner-developers; revising provisions governing certain regulations of the Real Estate Commission relating to the curriculum and subject matter of continuing education; and providing other matters properly relating thereto.

Summary of Nevada Real Estate Education changes: The Nevada Real Estate Pre Licensing course requirement will increase from 90 hours of pre licensing education to 120 hours of required pre licensing education. The Nevada Real Estate subsequent renewal continuing education hours required to renew a license will increase from 24 hours to 36 hours of continuing education..

PRE LICENSING – It is presently estimated that the commission will meet and modify the Administrative code wherein said universal 120 hour Pre Licensing changes will be discussed and codified in late 2019. It is estimated that the NREC will use July 1 2021 as an implementation date.

CONTINUING EDUCATION: It is presently estimated that the commission will meet and modify the Administrative code wherein said 36 hour continuing education changes will take effect July 1 2021. (Estimated time frame only)  All licensees will be notified approximately 180 days prior to the implementation of the requirement.

Though this contains an overview of recent Nevada statute / code changes or proposed changes, this notification is not held as enforceable as it is designed to merely provide an update to current legal changes that may impact real estate licensees.

SB103, a bill designed to assist with affordable housing by allowing local governments to reduce or subsidize certain fees

 

SB151, a bill to remove and revise certain provisions related to evictions

 

SB398, which would allow local governments to impose rent control and inclusion zoning

 

SB473, revising the definition of affordable housing

 

SB117, a bill that originally contained language that would have required real estate agents to redact some recorded documents and has since evolved into the creation of a form available for homeowners to record

 

SB74, a bill on evictions

 

SB212, a measure dealing with non-consensual towing in residential complexes

 

AB266, which pertains to the sealing of eviction records

 

SB199, a bill that originally would have required real estate agents to disclose property taxes due to buyers and has since been amended to require communication between the recorder and the treasurer or assessor

 

SB367, which would allow pets in low-income housing

 

AB335, A bill revising the fees that an association may charge for services