1. The board of trustees may sell or lease real property:

(a) To a responsible bidder in the manner provided by NRS 393.250 to 393.300, inclusive; or

(b) Through a licensed real estate broker. Except as otherwise provided in subsection 3, an exclusive listing may not be given. In all listings, the board of trustees shall specify the minimum price or rental, the terms of the sale or lease, and the commission to be allowed, which must not exceed the normal commissions prevailing in the community at the time.

2. Except as otherwise provided in this subsection, all sales may be made for cash, or for not less than 25 percent cash down and upon deferred payments for not more than 10 years, secured by a mortgage or deed of trust, bearing such interest and upon such further terms as specified by the board of trustees. The sale of a house or other structure that is built by pupils enrolled in a program of instruction offered by a public school in the school district may be for cash or upon such terms and conditions as are determined by the board of trustees.

3. If the board of trustees proposes to sell a house or other structure built by pupils enrolled in a program of instruction offered by a public school in the school district, the board of trustees may enter into a brokerage agreement to list the house or structure with a real estate broker who:

(a) Is licensed in this state;

(b) Maintains an office within the county where the school district is located; and

(c) Has been selected by the board of trustees pursuant to the provisions of NRS 393.247.

4. The provisions of this section apply to all sales and leases of real property, except leases and rentals subject to NRS 393.3251 to 393.3255, inclusive, but if an appraisal is required pursuant to the provisions of NRS 393.240, the board of trustees shall not adopt the resolution described in NRS 393.250 or otherwise commence bidding or listing procedures until the appraisal has been received.

(Added to NRS by 1967, 269; A 1975, 32; 2001, 589)