Pilgrum
Senior Member
- Joined
- Mar 6, 2005
- Professional Status
- Certified Residential Appraiser
- State
- Nevada
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Adopted Regulation R091-09
ADOPTED REGULATION OF THE
COMMISSION OF APPRAISERS OF REAL ESTATE
LCB File No. R091-09
Effective April 20, 2010
Adopted Regulation R091-09
ADOPTED REGULATION OF THE
COMMISSION OF APPRAISERS OF REAL ESTATE
LCB File No. R091-09
Effective April 20, 2010
Section 1. Chapter 645C of NAC is hereby amended by adding thereto the provisions set
forth as sections 2 to 13, inclusive, of this regulation.
Sec. 2.
Sec. 2.
As used in sections 2 to 13, inclusive, of this regulation, unless the context
otherwise requires, the words and terms defined in sections 3 and 4 of this regulation have the
meanings ascribed to them in those sections.
meanings ascribed to them in those sections.
Sec. 3.
“Branch office” means any office of an appraisal management company, other
than a principal office, from which an appraisal of property located in this State is ordered.
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Adopted Regulation R091-09
Sec. 4.
Adopted Regulation R091-09
Sec. 4.
“Principal office” means the headquarters or main office of an appraisal
management company.
Sec. 5.
For the purposes of subsection 2 of NRS 645C.600, an appraisal management
company enters into more than nine contracts annually with independent contractors in this
State if, pursuant to a contract or contracts, the appraisal management company assigns more
than nine appraisals annually to independent contractors in this State.
State if, pursuant to a contract or contracts, the appraisal management company assigns more
than nine appraisals annually to independent contractors in this State.
Sec. 6.
1. An application for the initial registration of an appraisal management
company provided by the Division must include the following information:
(a) The name, residence address and business address of the applicant.
(b) The name under which the applicant will conduct business as an appraisal
management company.
(c) The address of the principal office of the applicant.
(d) The address of each branch office of the applicant.
(e) If the applicant is a natural person, the social security number of the applicant.
(f) If the applicant is not a natural person:
(1) The name, residence address, business address and social security number of each
person who will have an interest in the applicant as a principal, general partner, director,
officer or trustee; and
(2) The name of the qualified employee designated by the applicant.
(g) Such other pertinent information as the Division may require.
2. The application must be accompanied by:
(a) A complete set of the fingerprints of the applicant or, if the applicant is not a natural
person, a complete set of the fingerprints of each person who will have an interest in the
(a) The name, residence address and business address of the applicant.
(b) The name under which the applicant will conduct business as an appraisal
management company.
(c) The address of the principal office of the applicant.
(d) The address of each branch office of the applicant.
(e) If the applicant is a natural person, the social security number of the applicant.
(f) If the applicant is not a natural person:
(1) The name, residence address, business address and social security number of each
person who will have an interest in the applicant as a principal, general partner, director,
officer or trustee; and
(2) The name of the qualified employee designated by the applicant.
(g) Such other pertinent information as the Division may require.
2. The application must be accompanied by:
(a) A complete set of the fingerprints of the applicant or, if the applicant is not a natural
person, a complete set of the fingerprints of each person who will have an interest in the
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Adopted Regulation R091-09
applicant as a principal, partner, officer, director or trustee, and written permission
authorizing the Division to forward the fingerprints to the Central Repository for Nevada
Records of Criminal History for submission to the Federal Bureau of Investigation for its
report; or
(b) Written verification, on a form prescribed by the Division, stating that the fingerprints
of the applicant were taken and directly forwarded electronically or by another means to the
Central Repository and that the applicant has given written permission to the law enforcement
agency or other authorized entity taking the fingerprints to submit the fingerprints to the
Central Repository for submission to the Federal Bureau of Investigation for a report on the
applicant’s background.
3. In addition to the information required by subsection 2, the application must be
accompanied by the following:
(a) A recent photograph of the applicant or, if the applicant is not a natural person, a
recent photograph of each person who will have an interest in the applicant as a principal,
partner, director, officer or trustee.
(b) The certifications required by NRS 645C.650.
(c) The statement required by NRS 645C.655.
(d) If the applicant uses an appraiser fee schedule, a copy of the appraiser fee schedule.
4. As used in this section, “qualified employee” means a natural person who is a
principal, general partner, director, officer, manager or registered agent of an appraisal
management company and who is designated by the appraisal management company to act on
its behalf.
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Adopted Regulation R091-09
Sec. 7.
Adopted Regulation R091-09
applicant as a principal, partner, officer, director or trustee, and written permission
authorizing the Division to forward the fingerprints to the Central Repository for Nevada
Records of Criminal History for submission to the Federal Bureau of Investigation for its
report; or
(b) Written verification, on a form prescribed by the Division, stating that the fingerprints
of the applicant were taken and directly forwarded electronically or by another means to the
Central Repository and that the applicant has given written permission to the law enforcement
agency or other authorized entity taking the fingerprints to submit the fingerprints to the
Central Repository for submission to the Federal Bureau of Investigation for a report on the
applicant’s background.
3. In addition to the information required by subsection 2, the application must be
accompanied by the following:
(a) A recent photograph of the applicant or, if the applicant is not a natural person, a
recent photograph of each person who will have an interest in the applicant as a principal,
partner, director, officer or trustee.
(b) The certifications required by NRS 645C.650.
(c) The statement required by NRS 645C.655.
(d) If the applicant uses an appraiser fee schedule, a copy of the appraiser fee schedule.
4. As used in this section, “qualified employee” means a natural person who is a
principal, general partner, director, officer, manager or registered agent of an appraisal
management company and who is designated by the appraisal management company to act on
its behalf.
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Adopted Regulation R091-09
Sec. 7.
The registration of a branch office of an appraisal management company expires
on the same day as the registration of the appraisal management company.
Sec. 8.
1. To renew a registration as an appraisal management company, a registrant
must submit to the Division:
(a) An application for renewal furnished by the Division;
(b) The information required by NRS 645C.665;
(c) The information required by NRS 645C.655; and
(d) The renewal fee required by section 9 of this regulation.
2. An application for renewal and the renewal fee must be received by the Division on or
before the expiration date of the registration. If the application for renewal and renewal fee
are not received by the Division on or before the expiration date of the registration, the
registration expires and the person who held the registration must comply with the provisions
of section 6 of this regulation in order to obtain a registration.
(a) An application for renewal furnished by the Division;
(b) The information required by NRS 645C.665;
(c) The information required by NRS 645C.655; and
(d) The renewal fee required by section 9 of this regulation.
2. An application for renewal and the renewal fee must be received by the Division on or
before the expiration date of the registration. If the application for renewal and renewal fee
are not received by the Division on or before the expiration date of the registration, the
registration expires and the person who held the registration must comply with the provisions
of section 6 of this regulation in order to obtain a registration.
Sec. 9.
1. At the time an applicant submits an application for the issuance or renewal of
a registration as an appraisal management company, the Division shall collect:
(a) For the issuance of an initial registration, a fee of $2,500 and an additional fee of $100
for each branch office of the applicant.
(b) For the renewal of a registration, a fee of $500 and an additional fee of $100 for each
branch office of the applicant.
2. The registration fees prescribed by this section are nonrefundable.
(a) For the issuance of an initial registration, a fee of $2,500 and an additional fee of $100
for each branch office of the applicant.
(b) For the renewal of a registration, a fee of $500 and an additional fee of $100 for each
branch office of the applicant.
2. The registration fees prescribed by this section are nonrefundable.
Sec. 10.
1. An appraisal management company shall notify the Division in writing of
any change in the address of its principal office or any branch office within 10 days after the
change.
change.
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Adopted Regulation R091-09
2. If the Division determines that an appraisal management company has discontinued
business at its principal office or any branch office, and the discontinuation has not been
reported to the Division by the appraisal management company, the Division may cancel the
registration of the appraisal management company.
Sec. 11.
Adopted Regulation R091-09
2. If the Division determines that an appraisal management company has discontinued
business at its principal office or any branch office, and the discontinuation has not been
reported to the Division by the appraisal management company, the Division may cancel the
registration of the appraisal management company.
Sec. 11.
1. An appraisal management company shall establish and maintain a process
to review the work of each independent contractor who provides services to the appraisal
management company to ensure that those services are conducted in accordance with the
USPAP.
2. The review process required by this section must include the review of the work of each
independent contractor who provides services to the appraisal management company by a
person who is a licensed appraiser or certified appraiser in good standing in this State.
management company to ensure that those services are conducted in accordance with the
USPAP.
2. The review process required by this section must include the review of the work of each
independent contractor who provides services to the appraisal management company by a
person who is a licensed appraiser or certified appraiser in good standing in this State.
Sec. 12.
1. An appraisal management company shall give written notice to the Division
of the exact location of the records of the appraisal management company and may not
remove the records until the appraisal management company has delivered a notice which
informs the Division of the new location of the records.
2. An appraisal management company shall maintain a detailed record of each request
for appraisal services it receives and the appraiser who fulfills the request. The record must
include the license or certificate number of the appraiser who fulfills the request for appraisal
services.
remove the records until the appraisal management company has delivered a notice which
informs the Division of the new location of the records.
2. An appraisal management company shall maintain a detailed record of each request
for appraisal services it receives and the appraiser who fulfills the request. The record must
include the license or certificate number of the appraiser who fulfills the request for appraisal
services.
Sec. 13.
1. An appraisal management company shall disclose to an appraiser who has
performed an appraisal as an independent contractor for the appraisal management company
the total amount of money, expressed as a dollar amount:
(a) Paid to the appraiser; and
the total amount of money, expressed as a dollar amount:
(a) Paid to the appraiser; and
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Adopted Regulation R091-09
(b) Retained by the appraisal management company,
Adopted Regulation R091-09
(b) Retained by the appraisal management company,
in connection with the appraisal.
2. An appraiser who has performed an appraisal assignment for an appraisal
management company shall disclose in the body of the appraisal report prepared by the
appraiser the total amount of money, expressed as a dollar amount:
(a) Paid to the appraiser; and
(b) Retained by the appraisal management company,
management company shall disclose in the body of the appraisal report prepared by the
appraiser the total amount of money, expressed as a dollar amount:
(a) Paid to the appraiser; and
(b) Retained by the appraisal management company,
