Nevada Administrative Code
Chapter 645H - Asset Management Companies and Asset Managers
STANDARDS OF PRACTICE
Miscellaneous Provisions
Section 645H.450 - Determination of gross negligence or incompetence
Current through December 31, 2024
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:
1. Done his or her utmost to protect the public against fraud, misrepresentation or unethical practices relative to asset management;
2. Performed any work on real property outside of his or her field of experience or competence or licensure;
3. Performed or arranged to have performed any work on real property without using properly licensed persons;
4. Adequately documented any required disclosures of his or her interest in any real property with which he or she is dealing; or
5. Provided a service report to each client for which the asset manager has provided asset management services.
Added to NAC by Real Estate Div. by R147-12, eff. 6-3-2013
NRS 645H.290, 645H.700
