Section 489.411 - Grounds for disciplinary action: Compensation from certain exclusive agreements; conflicts of interest; paying unlicensed person; commingling; allowing unlicensed person to engage in acts requiring licensure; failure to account for or remit money or to discharge final judgment; acting as agent and undisclosed principal The following grounds, among others, constitute grounds for disciplinary action under NRS 489.381:
1. Claiming, demanding or receiving a fee, compensation or commission under any exclusive agreement, authorizing or employing a licensee to sell, distribute, buy or exchange a manufactured home, mobile home, manufactured building or commercial coach or factory-built housing for compensation or commission, where the agreement does not contain a definite specified date of final and complete termination, does not set forth the terms and conditions of the exclusive agreement or is not signed by both the licensee and the owner.2. While the employee, agent or fiduciary of a licensee, soliciting, accepting or agreeing to accept any benefit, fee, commission or compensation for the performance of any of the acts specified in this chapter from any person except the licensee with whom he or she is associated or employed.3. Paying a commission or other compensation to any person or employing any person for performing the services of a person required to be licensed under this chapter who has not first secured a license pursuant to this chapter.4. Commingling the money or other property of his or her principals with his or her own or converting the money of others to his or her own use.5. Knowingly permitting a person whose license has been revoked or suspended or who does not hold a valid license to engage on behalf of the licensed dealer or distributor in acts that require a license.6. In the case of a salesperson, failing to give to the licensed dealer or distributor by whom the salesperson is employed, as soon as practicable after receipt, a deposit or other money or consideration entrusted to him or her by a person dealing with the salesperson as a representative of the licensed dealer or distributor.7. Failing within a reasonable time to account for or to remit any money coming into his or her possession which belongs to others.8. Failure or refusal by a licensee to pay or otherwise discharge any final judgment rendered and entered against the licensee which arises out of the conduct of the licensee's business licensed under this chapter.9. Acting in the dual capacity of agent and undisclosed principal in a transaction.Added to NRS by 1979, 1206; A 1983, 788; 1997, 97; 2009, 1915Added to NRS by 1979, 1206; A 1983, 788; 1997, 97; 2009, 1915