Nevada Real Estate: NRS 645: General Provisions

Advance Fee
“Advance Fee” means a fee contracted for, claimed, demanded, charged, received or collected for an advance fee listing, advertisement or offer to sell or lease property, issued for the purpose of promoting the sale or lease of a business or real estate or for referral to a business or real estate brokers or salespersons, or both, before the last printing or other last issuance thereof, other than by a newspaper of general circulation.
Agency
1. “Agency” means a relationship between a principal and an agent arising out of a brokerage agreement whereby the agent is engaged to do certain acts on behalf of the principal in dealings with a third party. 2. The term does not include a relationship arising solely from negotiations or communications with a client of another broker with the written permission of the broker in accordance with the provisions of subsection 2 of NRS 645.635
Brokerage Agreement
“Brokerage Agreement” means an oral or written contract between a client and a broker in which the broker agrees to accept valuable consideration from the client or another person for assisting, soliciting or negotiating the sale, purchase, option, rental or lease of real property, or the sale, exchange, option or purchase of a business. The term does not include a property management agreement.
Business
“Business” means the tangible assets and goodwill of an existing enterprise.
Business Broker
“Business Broker” means a person who, while acting as a real estate broker, real estate broker-salesperson or real estate salesperson for another and for compensation or with the intention or expectation of receiving compensation: 1. Sells, exchanges, options or purchases a business; 2. Negotiates or offers, attempts or agrees to negotiate the sale, exchange, option or purchase of a business; 3. Lists or solicits prospective purchasers of a business.
Client
“Client” means a person who has entered into a brokerage agreement with a broker or a property management agreement with a broker.
Commission
As used in this chapter, “Commission” means the Real Estate Commission.
Designated Property Manager
“Designated Property Manager” means a person who has the qualifications required by NRS 645.6055 to be a designated property manager and who is appointed as the designated property manager for an office pursuant to NRS 645.6055.
Owner-Developer
As used in this chapter, “Owner-Developer” means a person who owns five or more lots within a recorded subdivision, shown on an approved parcel map, or the parceling of which has been approved by the county, on each of which there is a single-family residence not previously sold.
Property Management
“Property Management” means the physical, administrative or financial maintenance and management of real property, or the supervision of such activities for a fee, commission or other compensation or valuable consideration, pursuant to a property management agreement.
Property Management Agreement
“Property Management Agreement” means a written contract between a client and a broker in which the broker agrees to accept valuable consideration from the client or another person for providing property management for the client.
Property Manager
“Property Manager” means a person engaged in property management who, as an employee or independent contractor, is associated with a licensed real estate broker, whether or not for compensation.
Real Estate
As used in this chapter, “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.