NRS393.280. Oral bids; acceptance of highest oral bid; commission for broker.

  Except as otherwise provided in NRS 393.247:

      1.  Before accepting any written proposal, the board of trustees shall call for oral bids. If, upon the call for oral bidding, any responsible person offers to purchase the property or to lease the property, as the case may be, upon the terms and conditions specified in the resolution, for a price or rental exceeding by at least 5 percent the highest written proposal, after deducting the commission, if any, to be paid a licensed real estate broker in connection therewith, the oral bid which is the highest after deducting any commissions to be paid a licensed real estate broker in connection therewith, which is made by a responsible person, must be finally accepted.

      2.  If a sale or lease is made on a higher oral bid to a purchaser procured by an authorized, licensed real estate broker, other than the broker who submitted the highest written proposal, the board shall allow a commission on the full amount for which the sale is confirmed. One-half of the commission on the amount of the highest written proposal must be paid to the broker who submitted it, and the balance of the commission on the purchase price to the broker who procured the purchaser to whom the sale was confirmed. If a sale or lease is made on a higher oral bid to a purchaser not procured by a licensed real estate broker, the board shall allow one-half of the commission on the amount of the highest written proposal, if that highest written proposal was submitted by a licensed real estate broker.

      [436:32:1956]—(NRS A 1967, 270; 2001, 590)