2011 Nevada Revised Statutes
Chapter 645 - Real Estate Brokers and Salespersons
NRS 645.842 - Creation; use; balances; interest and income.
1. The Real Estate Education, Research and Recovery Fund is hereby created as a special revenue fund.
2. A balance of not less than $300,000 must be maintained in the Fund, to be used for satisfying claims against persons licensed under this chapter, as provided in NRS 645.841 to 645.8494, inclusive. Any balance over $300,000 remaining in the Fund at the end of any fiscal year must be set aside and used:
(a) By the Administrator, after approval of the Commission, for real estate education and research; or
(b) For any other purpose authorized by the Legislature.
3. The interest and income earned on the money in the Fund, after deducting any applicable charges, must be credited to the Fund.
(Added to NRS by 1967, 1043; A 1973, 1763; 1979, 119; 1981, 1615; 2003, 1296; 2005, 665; 2010, 26th Special Session, 24)
Disclaimer: These codes may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
