Nevada Revised Statutes 645.842 – Creation; use; balances; interest and income
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1. The Real Estate Education, Research and Recovery Fund is hereby created as a special revenue fund.
Terms Used In Nevada Revised Statutes 645.842
- Administrator: means the Real Estate Administrator. See Nevada Revised Statutes 645.001
- Commission: means the Real Estate Commission. See Nevada Revised Statutes 645.010
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- real estate: means every interest or estate in real property including but not limited to freeholds, leaseholds and interests in condominiums, town houses or planned unit developments, whether corporeal or incorporeal, and whether the real property is situated in this State or elsewhere. See Nevada Revised Statutes 645.020
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.