NRS645.370. Issuance of license to certain organizations doing business as broker; restrictions.

      1.  Each limited-liability company doing business as a real estate broker must designate its manager, each partnership doing business as a real estate broker must designate one of its members, and each corporation doing business as a real estate broker must designate one of its officers, to submit an application for a broker’s license.

      2.  Upon such manager’s, member’s or officer’s successfully passing the examination, and upon compliance with all other requirements of law by the limited-liability company, partnership or corporation, as well as by the designated manager, member or officer, the Division shall issue a broker’s license to the manager, member or officer on behalf of the limited-liability company, corporation or partnership, and thereupon the manager, member or officer so designated is entitled to perform all the acts of a real estate broker contemplated by this chapter; except:

      (a) That the license entitles the manager, member or officer so designated to act as a real estate broker only as officer or agent of the limited-liability company, partnership or corporation, and not on his or her own behalf, except as otherwise provided in NRS 645.385; and

      (b) That if in any case the person so designated is refused a license by the Real Estate Division, or in case the person ceases to be connected with the limited-liability company, partnership or corporation, the limited-liability company, partnership or corporation may designate another person who must apply and qualify as in the first instance.

      [Part 9:150:1947; 1943 NCL § 6396.09]—(NRS A 1963, 669; 1975, 1547; 1979, 1543; 1985, 1265; 1997, 168)