Revised: 3/20/17 Form 762
FOR YOUR CONVENIENCE, EXCERPTS FROM THE APPLICABLE NEVADA REVISED STATUTES (NRS)
AND NEVADA ADMINISTRATIVE CODES (NAC) PROVIDE AS FOLLOWS:
NRS CHAPTER 113 - SALES OF REAL PROPERTY
113.100 Definitions. As used in NRS 113.100 to 113.150,
inclusive, unless the context otherwise requires:
1. “Defect” means a condition that materially affects the value
or use of residential property in an adverse manner.
113.130 Completion and service of disclosure form before
conveyance of property; discovery or worsening of defect
after service of form; exceptions; waiver.
1. Except as otherwise provided in subsection 2:
(a) At least 10 days before residential property is conveyed
to a purchaser:
(1) The seller shall complete a disclosure form
regarding the residential property; and
(2) The seller or the seller’s agent shall serve the
purchaser or the purchaser’s agent with the completed
disclosure form.
2. Subsection 1 does not apply to a sale or intended sale of
residential property:
(a) By foreclosure pursuant to chapter 107 of NRS.
(b) Between any co-owners of the property, spouses or
persons related within the third degree of consanguinity.
(c) Which is the first sale of a residence that was
constructed by a licensed contractor.
(d) By a person who takes temporary possession or control
of or title to the property solely to facilitate the sale of the
property on behalf of a person who relocates to another county,
state or country before title to the property is transferred to a
purchaser.
3. A purchaser of residential property may not waive any
of the requirements of subsection 1. A seller of residential
property may not require a purchaser to waive any of the
requirements of subsection 1 as a condition of sale or for any
other purpose.
4. If a sale or intended sale of residential property is
exempted from the requirements of subsection 1 pursuant to
paragraph (a) of subsection 2, the trustee and the beneficiary of
the deed of trust shall, not later than at the time of the
conveyance of the property to the purchaser of the residential
property, or upon the request of the purchaser of the residential
property, provide:
(a) Written notice to the purchaser of any defects in the
property of which the trustee or beneficiary, respectively, is
aware; and
(b) If any defects are repaired or replaced or attempted to be
repaired or replaced, the contact information of any asset
management company who provided asset management services
for the property. The asset management company shall provide
a service report to the purchaser upon request.
5. As used in this section:
(a) “Seller” includes, without limitation, a client as defined
in NRS 645H.060.
(b) “Service report” has the meaning ascribed to it in NRS
645H.150.
Complete NRS’s and NAC’s may be located on the
Real Estate Division website at:
http://red.nv.gov/Content/Administration/Statutes_and_Regulations/
NRS CHAPTER 645H - ASSET MANAGEMENT
COMPANIES AND ASSET MANAGERS
645H.150 “Service report” defined. “Service report” means a
written report on a form prescribed by the Division which is
provided by an asset management company or asset manager
and which lists the specific services performed on real property
for a client.
645H.770 Unlawful acts; penalty.
1. It is unlawful for an asset management company or an asset
manager or other employee, director, officer or agent of an asset
management company to:
(d) Perform any repair, maintenance or renovation on the real
property in foreclosure:
(1) Which is required to be performed by a person holding a
license unless such repair, maintenance or renovation is done by
a person licensed in this State to perform such repair,
maintenance or renovation; or
(2) Which requires a permit or inspection by any governmental
entity in this State, unless the permit is first obtained and the
inspection is performed after completion.
(e) Conduct any activity for which a license or permit is
required pursuant to chapter 645 of NRS without first obtaining
such a license or permit.
(f) Fail to provide the disclosure form required pursuant to NRS
113.130 for a purchaser of a residence in foreclosure for which
the asset management company or its asset manager, employee,
director, officer or agent has provided asset management.
2. A person who violates a provision of this section is guilty of a
misdemeanor.
NAC CHAPTER 645H - ASSET MANAGEMENT
COMPANIES AND ASSET MANAGERS
NAC 645H.450 Determination of gross negligence or
incompetence. In determining whether an asset manager is
guilty of gross negligence or incompetence as set forth in
paragraph (h) of subsection 1 of NRS 645H.700, the Division
will consider, among other things, whether the asset manager
has: 5. Provided a service report to each client for which the
asset manager has provided asset management services.
NAC CHAPTER 113 - SALES OF REAL PROPERTY
113.150 Services may affect, but are not limited to, the
following systems and appliances:
Foundation
Roof and exterior walls
Sewer System & line
Septic tank & leach field
Well & pump
Electrical System
Heating system
Cooling system
Plumbing System
Range / oven / hood-fan
Built-in microwave
Garbage disposal
Trash compactor
Central vacuum
Garage door opener
Dishwasher
Water heater
Smoke detector
Water treatment system
Yard sprinkler system
Alarm system
Bathtub(s)
Shower(s)
Toilet(s)
Sink(s)
Pool/Spa
Sauna / hot tub