Inside this issue
  LEGAL: FAQs for Business License Requirements  
By Christal Park Keegan, NVR Legal Information Line Attorney
Are new real estate licensees required to have a business license? If they are are an independent contractor then they need to have a state business license. This is required by the Secretary of State (NRS 602.010). The Real Estate Division ("Division") is not the agency that requires this. They do however ask on the application if you have a state business license (NRS 353C.1965).

When setting up your business classification, a Sole Proprietorship is typically the default legal structure, but the agent should consult a tax attorney/advisor about whether taking the formal legal step of creating a business entity, such as an LLC, is ideal based on the agent's commission and liability potential.

Read more questions and get more answers on issues involving business licenses by clicking here.


  Legal Minute Video: Updated Open House Policy  
  The video in the adjacent link discusses a popular issue often discussed on the Legal Information Line. The topic involves open houses and the most updated rules around hosting these events amid COVID restrictions.

Do you know how Nevada law reads on the subject? Watch the short Legal Minute video and learn all you need to know.  If you have any questions, please call the Legal Information Line at 800-748-6999. Click here to watch the video.


  Notice of annual meeting  
  Nevada REALTORS® will hold its annual membership meeting on Friday, December 11, 2020, starting at 9 a.m. The meeting will be held via Zoom just prior to NVR's regularly scheduled December BOD meeting.

All Nevada REALTORS® members are invited to attend the meeting and ask questions of the association's executive team. Additionally, members are always invited and encouraged to educate themselves on NVR by contacting our office. You can contact NVR at at any time, and your message will be forwarded to the appropriate person.

To view the annual meeting, save this email and use the link here to attend.


  CoreLogic releases Mortgage Fraud Trends Report  

Nevada highlighted for wrong reasons

New York, Nevada, and Florida are the top 3 states for mortgage application fraud risk. Nevada moved into the top 3 for the first time since 2014. Hawaii and Maine are the other states in the top 5 for overall risk levels.

Nevada was the only top-5 state with a fraud risk increase - 8% year-over-year. Per CoreLogic's August 2020 Home Price Insights Report, Las Vegas, NV was ranked in the highest risk category for price decline - at over 70% probability. High unemployment and delinquencies in Nevada were reported in CoreLogic's July 2020 Loan Performance Insights. Click here to read more.