1. A person licensed pursuant to this chapter may prepare and provide a broker’s price opinion and charge and collect a fee therefor if:
(a) The license of that licensee is active and in good standing; and
(b) The broker’s price opinion meets the requirements of subsection 3.
2. A person licensed pursuant to this chapter may prepare a broker’s price opinion for:
(a) An existing or potential seller for the purposes of listing and selling a parcel of real property;
(b) An existing or potential buyer of a parcel of real property;
(c) A third party making decisions or performing due diligence related to the potential listing, offering, sale, exchange, option, lease or acquisition price of a parcel of real property; or
(d) An existing or potential lienholder, except that a broker’s price opinion prepared for an existing or potential lienholder may not be used in lieu of an appraisal for the purpose of determining whether to approve a mortgage loan.
3. A broker’s price opinion must include, without limitation:
(a) A statement of the intended purpose of the broker’s price opinion;
(b) A brief description of the real property and the interest in the real property for which the broker’s price opinion is being prepared;
(c) The basis used to determine the broker’s price opinion, including, without limitation, any applicable market data and the computation of capitalization;
(d) Any assumptions or limiting conditions used to determine the broker’s price opinion;
(e) The date of issuance of the broker’s price opinion;
(f) A disclosure of any existing or contemplated interest of every licensee who prepares or provides the broker’s price opinion, including, without limitation, the possibility of a licensee representing the seller or purchaser;
(g) The license number, name and signature of every licensee who prepares or provides the broker’s price opinion;
(h) If a licensee who prepares or provides the broker’s price opinion is a real estate salesperson or a real estate broker-salesperson, the name of the real estate broker with whom the licensee is associated; and
(i) In at least 14-point bold type, the following disclaimer:
Notwithstanding any preprinted language to the contrary, this opinion is not an appraisal of the market value of the property. If an appraisal is desired, the services of a licensed or certified appraiser must be obtained.
4. If a broker’s price opinion is submitted electronically or on a form supplied by the requesting party:
(a) A signature required by paragraph (g) of subsection 3 may be an electronic signature, as defined by NRS 719.100.
(b) A signature required by paragraph (g) of subsection 3 and the disclaimer required by paragraph (i) of subsection 3 may be transmitted in a separate attachment if the electronic format or form supplied by the requesting party does not allow additional comments to be written by the licensee. The electronic format or the form supplied by the requesting party must:
(1) Reference the existence of a separate attachment; and
(2) Include a statement that the broker’s price opinion is not complete without the attachment.
5. A broker’s price opinion that is submitted electronically is subject to any regulations relating to recordkeeping as adopted pursuant to this chapter.
6. A broker is responsible for all activities of a licensee who is associated with the broker and with the preparation of a broker’s price opinion.
7. The Commission may adopt regulations prescribing the manner in which a broker’s price opinion must be prepared in accordance with the provisions of this section.
8. As used in this section, "broker’s price opinion" means a written analysis, opinion or conclusion that a person licensed pursuant to this chapter prepares for a person described in subsection 2 relating to the estimated price for a specified parcel of real property.
(Added to NRS by 2009, 1936)
Structure Nevada Revised Statutes
Chapter 645 - Real Estate Brokers and Salespersons
NRS 645.001 - "Administrator" defined.
NRS 645.002 - "Advance fee" defined.
NRS 645.004 - "Advance fee listing" defined.
NRS 645.0045 - Agency" defined.
NRS 645.005 - "Brokerage agreement" defined.
NRS 645.007 - "Business" defined.
NRS 645.0075 - "Business broker" defined.
NRS 645.009 - "Client" defined.
NRS 645.010 - "Commission" defined.
NRS 645.013 - "Designated property manager" defined.
NRS 645.015 - "Director" defined.
NRS 645.018 - "Owner-developer" defined.
NRS 645.019 - "Property management" defined.
NRS 645.0192 - "Property management agreement" defined.
NRS 645.0195 - "Property manager" defined.
NRS 645.020 - "Real estate" defined.
NRS 645.030 - "Real estate broker" defined.
NRS 645.035 - "Real estate broker-salesperson" defined.
NRS 645.037 - "Real Estate Division" and "Division" defined.
NRS 645.040 - "Real estate salesperson" defined.
NRS 645.042 - "Used manufactured home" or "used mobile home" defined.
NRS 645.044 - Use of terms "salesman," "saleswoman" and "salesperson" authorized.
NRS 645.0445 - Applicability of chapter.
NRS 645.045 - Administration by Real Estate Division.
NRS 645.060 - Real Estate Commission: Limitation on consecutive service by member.
NRS 645.070 - Real Estate Commission: Oaths of members.
NRS 645.090 - Real Estate Commission: Qualifications of members.
NRS 645.100 - Real Estate Commission: Residency of members.
NRS 645.110 - Real Estate Commission: Officers.
NRS 645.120 - Administrator: Qualifications; restrictions.
NRS 645.142 - Technology Account for Chapter 645 of NRS.
NRS 645.145 - Real Estate Commission: Fiscal year.
NRS 645.150 - Real Estate Commission: Meetings.
NRS 645.160 - Real Estate Commission: Quorum; effect of vacancy; act of majority.
NRS 645.170 - Real Estate Division: Principal and branch offices.
NRS 645.200 - Attorney General: Opinions and action as attorney.
NRS 645.251 - Licensee not required to comply with certain principles of common law.
NRS 645.2515 - Broker’s price opinion: Requirements; duties of licensee; regulations.
NRS 645.252 - Duties of licensee acting as agent in real estate transaction.
NRS 645.255 - Waiver of duties of licensee prohibited.
NRS 645.258 - Duties concerning transaction involving used manufactured home or used mobile home.
NRS 645.260 - One act constitutes action in capacity of broker or salesperson.
NRS 645.270 - Allegation and proof of licensed status in action for compensation.
NRS 645.285 - Owner-developers: Form and contents of application for registration.
NRS 645.289 - Owner-developers: Qualifications and duties of person who acts as sales manager.
NRS 645.300 - Delivery of copy of written brokerage agreement; receipt.
NRS 645.310 - Deposits and trust accounts: Accounting; commingling; records; inspection and audit.
NRS 645.320 - Requirements for exclusive agency representation.
NRS 645.321 - Discriminatory practices unlawful; penalty.
NRS 645.322 - Accounting of use of advance fee charged or collected; Division may demand accounting.
NRS 645.323 - License required for acceptance of advance fee listing.
NRS 645.335 - Depository financial institution prohibited from being licensed.
NRS 645.343 - Educational requirements; regulations of Commission concerning standards of education.
NRS 645.350 - Application: Form and contents.
NRS 645.355 - Investigation of applicant’s background; fees; fingerprints.
NRS 645.370 - Issuance of license to certain organizations doing business as broker; restrictions.
NRS 645.385 - Waiver of requirements of NRS 645.370 and 645.380.
NRS 645.410 - Regulations concerning fees for examination; time for payment of fees.
NRS 645.450 - Time for examinations.
NRS 645.460 - Examination: Subjects covered; acceptance of national examination.
NRS 645.490 - Issuance of license; duty of Real Estate Division; renewal of license.
NRS 645.495 - Nonresident licensee required to authorize service of process upon Administrator.
NRS 645.510 - Authority of license limited to person or place of business licensed.
NRS 645.530 - Delivery; display; maintenance in place of business.
NRS 645.560 - Broker: Erection, maintenance, size and placement of signs.
NRS 645.575 - Continuing education: Standards; renewal or reinstatement of license; regulations.
NRS 645.577 - Placement of license on inactive status; reinstatement.
NRS 645.600 - Inactive status for period of military service; reinstatement.
NRS 645.6054 - Permit to engage in property management: Requirements for certain organizations.
NRS 645.6055 - Designated property managers: Requirements; qualifications; duties.
NRS 645.6056 - Property management agreements: Requirements; contents.
NRS 645.610 - Investigation of actions of licensees and other persons.
NRS 645.615 - Duty to report certain convictions and pleas to Division.
NRS 645.660 - Knowledge of associate or employer of violation by licensee or employee; penalties.
NRS 645.710 - Fees and mileage for witness.
NRS 645.720 - Enforcement of subpoenas.
NRS 645.730 - Depositions; taking of evidence in another state; rights of party to hearing.
NRS 645.740 - Decision of Commission: Rendition; notice; effective date; stay of decision.
NRS 645.770 - Restrictions on issuance of new license, permit or registration after revocation.
NRS 645.785 - Effect of failure to renew license or permit; increased fee for late renewal.
NRS 645.830 - Fees; regulations.
NRS 645.842 - Creation; use; balances; interest and income.
NRS 645.843 - Payment of additional fee by licensee for augmentation of Fund.
NRS 645.844 - Recovery from Fund: Procedure; grounds; amount; hearing.
NRS 645.846 - Court order requiring payment from Fund.
NRS 645.8491 - Administrator subrogated to rights of judgment creditor; deposit of money recovered.
NRS 645.8492 - Waiver of rights.
NRS 645.8494 - Disciplinary action against licensee not restricted.
NRS 645.867 - Designated business brokers: Requirements; qualifications; duties.
NRS 645.8705 - "Brokerage agreement" defined.
NRS 645.8711 - "Commercial real estate" defined.
NRS 645.8715 - "Commission" defined.
NRS 645.8721 - "Disposition" defined.
NRS 645.8725 - "Escrow" defined.
NRS 645.8731 - "Escrow agent" defined.
NRS 645.8735 - "Owner" defined.
NRS 645.8741 - "Owner’s net proceeds" defined.
NRS 645.8781 - Duties of escrow agent upon notice of claim.
NRS 645.8795 - Priority of recorded claim.
NRS 645.8801 - Release of recorded claim.
NRS 645.8805 - Service of notice.
NRS 645.8811 - Escrow agents: Immunity; collection of fees for services.