Nevada trust account regulations require:
Correct Answer
B) Separate trust accounts for client funds at Nevada financial institutions, subject to NRED audit
Nevada brokers must maintain separate trust accounts for client funds at Nevada financial institutions, and those accounts are subject to audit by the Nevada Real Estate Division (NRED). Trust account records must be retained for at least 5 years per NRS 645.310. Personal accounts may not be commingled with client funds, and funds are never remitted to NRED.
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Related Topics & Key Terms
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Related Concepts
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
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