means to manage, oversee or direct actions taken to maintain any real property,
including, without limitation, any actions taken to preserve, restore or
improve the value and to lessen the risk of damage to the property on behalf of
a client before a foreclosure sale or in preparation for liquidation of real
property owned by the client pursuant to a foreclosure sale.
Client means: 1. A
bank, mortgage broker, mortgage banker, credit union, thrift company or savings
and loan association, or any subsidiary thereof that is authorized to transact
business in this State; 2. A mortgage holding entity chartered by Congress; or
3. A federal, state or local governmental entity, for whom an asset management
company provides asset management.
ASSET MANAGEMENT COMPANY CERTIFICATE OF REGISTRATION
Registered Asset Management Company is a person, limited-liability company,
partnership, association or corporation which, for compensation and pursuant to
a contractual agreement, power of attorney or other legal authorization,
engages in asset management on behalf of:
- A bank, mortgage
broker, mortgage banker, credit union, thrift company or savings and loan
association, or any subsidiary thereof which is authorized to transact business
in this State;
- A mortgage holding
entity chartered by Congress; or
- A federal, state
or local governmental entity.
- If an asset
management company is not a natural person, the company must designate a
natural person (on the company registration form) as a qualified employee to
act on behalf of the asset management company.
- Qualified employee
- (a) A director,
officer, member, employee, manager or trustee of a partnership, corporation or
limited-liability company designated by the partnership, corporation or
limited-liability company to act on the behalf of the partnership, corporation
or limited-liability company; or
- (b) A person designated
by a sole proprietorship
Registration of Asset
Management Company Principal Each Principal,
General Partner, Officer, Director, Trustee, Manager, and/or Registered Agent
must register as an Asset Management Company Principal separately from the
company registration. If the management company is not a natural person, a
natural person must also register as a principal.
PERMIT TO ENGAGE IN ASSET MANAGEMENT
A permitted Asset
Manager means a person engaged in the business of asset management who is an
employee or independent contractor of a registered asset management company.
of behalf of a client
applicable laws, an asset manager may, on behalf of an asset management
• Secure real property once it has
been determined to be abandoned and all notice provisions have been complied
• Provide maintenance for real
property in foreclosure, including landscaping and pool maintenance.
• Clean the interior or exterior of
real property in foreclosure.
• Provide repair or improvements for
real property in foreclosure.
• Remove trash and debris from real
property in foreclosure and the surrounding property.
• Dispose of personal property
abandoned on the premises of a residence in foreclosure after the eviction of a
homeowner or tenant of a homeowner.
• Evict a real property owner or
tenant after the time has passed during which the real property owner may
redeem the real property in foreclosure.
• Seize real property in foreclosure.
An asset management
company or asset manager cannot perform any function or service for which a
real estate license is required: (NRS 645.030)
• Cannot market or show a property;
• Cannot negotiate a sale or purchase
• Cannot collect and transmit to the
owner/client rent from a tenant;
• Cannot pay bills on behalf of the
• An asset manager may not handle a
money component of a tenancy. The only monies an asset manager can “touch” or
receive or handle is the compensation they receive from the client in payment
for their asset management services.