Although there are varying opinions on this subject, I’ll share mine. And, should your view differ, please don’t hesitate to comment on this post. Sharing information and opinions is a vital component of our success as Nevada Property Management professionals!
As a matter of personal/office policy, I never introduce the Consent to Act form.
This post is by special request from a Nevada Real Estate Broker in Las Vegas who tells me that, when he attended a mandatory prelicensing class for Property Management, the instructor didn’t fully cover this issue. He is not alone. I’ve heard the same from other Property Management Permit holders. It seems there are quite a few brokers and property managers who are unsure what the Nevada Real Estate Division is looking for, in terms of the annual Trust Account Reconciliation. We’ll review the basics here, and then I would urge you to submit your comments and questions as a reply to this post, so that we can openly share some of the common misconceptions about this area of Nevada Real Estate Law.
As anyone who has ever attended one of my property management classes knows, I welcome questions from the property management community in Nevada, and elsewhere. No, I don’t give legal advice, but I enjoy answering practical questions about the landlord/tenant business, fair housing, rental agreements, management contracts, policies and procedures, risk reduction, and other issues important to our industry. Whenever I do this, I learn something new.
This morning, it occurred to me that, if one person is asking, there may be ten with the same question who are not asking. Odds are, they’ll benefit from the information shared in these email exchanges, too. So, with that in mind, here’s a sampling of questions recently emailed to me, and my responses.
It seems an overwhelming majority of the complaints submitted to the Nevada Real Estate Division concern property management activity; specifically, trust fund handling. Sadly, this case mirrors many others. This is the story of a broker and property manager in the Reno area, doing both sales and property management. After struggling for quite some time with owner complaints regarding her failure to remit funds in a timely manner, this property manager decided to throw herself on the mercy of the Real Estate Division. Sound crazy to you? As it turns out, it was the right thing for her to do. Read on… Continue reading “The Nevada Real Estate Commission at Work”→
In an effort to address the horror stories of grandpa’s ashes being seized and taken to the dump, and homeowners being thrown out of their homes without so much as a judge’s blessing, our lawmakers have created a new chapter of law in Nevada governing “Asset Management.”
This new law was created with the passage and approval of Senate Bill 314 of the 2011 Nevada Legislature, a bill sponsored by Senator Lee, and heavily lobbied for by the Nevada Real Estate Division. Essentially, SB 314 attempts to address the unlicensed practice of property management, as it pertains to work done on behalf of mortgage holders. The law targets activities of those who attempt to seize property, preserve assets, clean up property, or perform other duties related to an impending foreclosure, trustee’s sale, and/or real property liquidation.
Yes. You read that right. Landlord/Tenant Law for commercial properties (any real property not considered a dwelling, as defined in NRS 118A.140) has arrived in Nevada. As commercial property managers in our state can tell you, prior to the passage and approval of AB 398, Nevada had no law specifically governing commercial landlord/tenant transactions, other than NRS 40 which primarily deals with eviction actions.
AB 398, a bill sponsored by Assemblyman Ohrenschall and co-sponsored by Senator Parks, becomes effective October 1, 2011. The legislation amends Title 10 of the Nevada Revised Statutes by adding a new chapter of law pertaining specifically to commercial tenancies. During testimony given in committee, Assemblyman Ohrenschall stated:
“The impetus behind AB 398 was to craft a statute that would be in the best interest of commercial landlords and tenants. Right now, we have a landlord-tenant law which is mostly written for residential purposes, but we try to apply it to commercial tenancies. That is the drive behind this bill. It accomplishes many good things and brings us in line with 20 other states that have a commercial landlord-tenant law separate from residential landlord-tenant statutes.”
Governor Sandoval has signed into law SB368 which affords fair housing protections to the LGBT community in Nevada. The bill, co-sponsored by Senators Sheila Leslie and David Parks, adds to Nevada’s existing protected classes under fair housing law (race, color, religion, gender, national origin, family status, ancestry, disability) two more classes of individuals: gender identity/expression and sexual orientation. Despite some pretty heated testimony in opposition to the bill, it made its way through both the Senate and Assembly without amendment.
Nevada’s AB 226 made its way through both the Assembly and Senate, is now enrolled and approved by Governor Sandoval. This change in landlord/tenant law becomes effective October 1, 2011.
Originally, the bill was written to afford foreclosure protections to tenants in short-sale properties, and to lengthen the time (from 24 to 48 hours) before a lockout could occur in an eviction. These two provisions were stripped from the bill via a significant amendment on the Assembly side.
In a quick review of our local CraigsList rental ads, the term “no pets” is a common refrain. My wholly unscientific poll on these ads places the “no pets” policy at a ratio of about 50% of the total number of ads. As a long-time Nevada Property Manager, I fail to see the logic in a “no pets” policy. Here’s why:
This is reason #1 for me, supporting a pet-friendly policy. No matter how you slice it, a “no pets” statement in your rental ad immediately eliminates over half your potential market. Are vacancies a problem in your management portfolio? Allowing pets will certainly help to bring occupancy levels up.