Nevada Administrative Code Chapter 119 - SALE OF SUBDIVIDED LAND: LICENSING AND REGULATION
Nevada Administrative Code (NAC) Chapter 119 – Sale of Subdivided Land: Licensing and Regulation governs the sale, promotion, and regulation of subdivided land in Nevada. It implements the provisions of NRS Chapter 119, which is Nevada's statutory law on this subject.
📘 Overview of NAC Chapter 119:
This chapter outlines the licensing requirements, registration, advertising rules, inspection procedures, and enforcement mechanisms for subdividers and their agents.
🔑 Key Provisions:
1. Licensing Requirements
Sales Agents & Brokers: Must obtain a real estate license and may require additional registration or approval specific to subdivided land sales.
Permits: Subdividers must register and obtain a permit to sell land in Nevada, even if the land is located outside the state.
2. Registration of Subdivided Land
Required Disclosures: Developers must file detailed information including maps, financial condition, title documents, and amenities offered.
Public Offering Statement (POS): Subdividers must prepare a POS for prospective buyers that includes material facts, property description, and risks.
3. Advertising and Promotional Practices
All advertising must be truthful, and misleading claims are prohibited.
Certain words or phrases (e.g., "guaranteed profits") may be banned or restricted.
All advertisements require prior approval from the Real Estate Division.
4. Inspections and Enforcement
The Nevada Real Estate Division may inspect promotional material, sites, and records.
Violations may lead to suspension or revocation of permits, fines, and cease & desist orders.
5. Trust Accounts and Recordkeeping
Subdividers and agents must maintain accurate records and trust accounts for deposits.
Regular audits or reviews may be required by the Division.
6. Exemptions
Certain types of sales, such as those involving fewer lots or specific family transfers, may be exempt from full registration.
📄 Forms and Compliance
Subdividers must file various forms and fees with the Division.
Renewal procedures and timelines are strictly regulated.
🏛️ Administering Authority:
Nevada Real Estate Division, under the Department of Business and Industry, enforces these regulations.
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