1. Any natural person who meets the qualifications of a real estate broker-salesperson or salesperson and:

(a) Except as otherwise provided in subsection 2, is the sole shareholder of a corporation organized pursuant to the provisions of chapter 89 of NRS; or

(b) Is the manager of a limited-liability company organized pursuant to the provisions of chapter 86 of NRS,

may be licensed on behalf of the corporation or limited-liability company for the purpose of associating with a licensed real estate broker in the capacity of a broker-salesperson or salesperson.

2. The spouse of the owner of the corporation who has a community interest in any shares of the corporation shall not be deemed a second shareholder of the corporation for the purposes of paragraph (a) of subsection 1, if the spouse does not vote any of those shares.

3. A license issued pursuant to this section entitles only the sole shareholder of the corporation or the manager of the limited-liability company to act as a broker-salesperson or salesperson, and only as an officer or agent of the corporation or limited-liability company and not on his or her own behalf. The licensee shall not do or deal in any act, acts or transactions included within the definition of a real estate broker in NRS 645.030, except as that activity is permitted pursuant to this chapter to licensed broker-salespersons and salespersons.

4. The corporation or limited-liability company shall, within 30 days after a license is issued on its behalf pursuant to this section and within 30 days after any change in its ownership, file an affidavit with the Division stating:

(a) For a corporation, the number of issued and outstanding shares of the corporation and the names of all persons to whom the shares have been issued.

(b) For a limited-liability company, the names of members who have an interest in the company.

5. A license issued pursuant to this section automatically expires upon:

(a) The death of the licensed shareholder in the corporation or the manager of the limited-liability company.

(b) The issuance of shares in the corporation to more than one person other than the spouse.

6. Nothing in this section alters any of the rights, duties or liabilities which otherwise arise in the legal relationship between a real estate broker, broker-salesperson or salesperson and a person who deals with him or her.

(Added to NRS by 1981, 513; A 1997, 169)