1. It is unlawful for an employee, director, officer or agent of an appraisal management company to influence or attempt to influence the development, reporting or review of an appraisal through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, bribery or other means, including, without limitation:
(a) Withholding or threatening to withhold timely payment for an appraisal in order to influence or attempt to influence an appraisal;
(b) Withholding or threatening to withhold future business for an independent appraiser;
(c) Terminating an agreement with an independent contractor without prior written notice;
(d) Directly or indirectly promising future business for or increased compensation to an independent contractor;
(e) Conditioning a request for appraisal services or the payment of any compensation on the opinion, conclusion or valuation to be reached or on a preliminary estimate or opinion requested from an independent contractor;
(f) Requesting an independent contractor to provide an estimated, predetermined or desired valuation in an appraisal report or providing estimated values or comparable sales at any time before the completion of appraisal services by the independent contractor;
(g) Providing to an independent contractor an anticipated, estimated or desired value for a subject property or proposed or target amount to be loaned to a borrower, other than a copy of the sales contract for purchase transactions;
(h) Providing an independent contractor or a person or entity associated with the independent contractor stock or other financial or nonfinancial benefits;
(i) Obtaining, using or paying for a second or subsequent appraisal or ordering an automated valuation model in connection with a loan secured by a lien on real property unless:
(1) There is a reasonable basis to believe that the initial appraisal was incorrect and such basis is disclosed in writing to the borrower; or
(2) The second or subsequent appraisal or automated valuation model is performed pursuant to a bona fide appraisal review or quality control process;
(j) Accepting a fee for performing appraisal management services if the fee is contingent on:
(1) An appraisal report having a predetermined analysis, opinion or conclusion;
(2) The analysis, opinion, conclusion or valuation reached in an appraisal report; or
(3) The consequences resulting from an appraisal assignment; or
(k) Any other act or practice that impairs or attempts to impair an appraiser’s independence, objectivity or impartiality.
2. Nothing in this section shall be construed as prohibiting an appraisal management company from requesting that an independent contractor provide additional information regarding the basis for a valuation or correct objective factual errors in an appraisal report.
(Added to NRS by 2009, 1517)
Structure Nevada Revised Statutes
Chapter 645C - Appraisers of Real Estate and Appraisal Management Companies
NRS 645C.020 - "Administrator" defined.
NRS 645C.030 - "Appraisal" defined.
NRS 645C.032 - "Appraisal firm" defined.
NRS 645C.034 - "Appraisal management company" defined.
NRS 645C.037 - "Appraisal Subcommittee" defined.
NRS 645C.040 - "Appraiser" defined.
NRS 645C.045 - "Certificate" defined.
NRS 645C.047 - "Certified appraiser" defined.
NRS 645C.050 - "Commission" defined.
NRS 645C.055 - "Complex property" defined.
NRS 645C.060 - "Division" defined.
NRS 645C.065 - "Federal financial institutions regulatory agency" defined.
NRS 645C.067 - "Federally related transaction" defined.
NRS 645C.070 - "Intern" defined.
NRS 645C.080 - "License" defined.
NRS 645C.090 - "Licensed appraiser" defined.
NRS 645C.100 - "Permit" defined.
NRS 645C.110 - "Real estate" defined.
NRS 645C.120 - "Registered intern" defined.
NRS 645C.130 - "Registration card" defined.
NRS 645C.140 - Purpose of chapter.
NRS 645C.150 - Applicability of chapter.
NRS 645C.190 - Commission of Appraisers of Real Estate: Qualifications and oaths of members.
NRS 645C.230 - Publication and sale of manual or guide concerning appraisals.
NRS 645C.240 - Deposit and use of money received by Division; financial support of Division.
NRS 645C.245 - Technology Account for Chapter 645C of NRS.
NRS 645C.250 - Duties of Attorney General.
NRS 645C.280 - Types and scope of licenses and certificates; regulations.
NRS 645C.290 - Application for certificate or license: Form and contents.
NRS 645C.310 - Period for action on application for certificate or license.
NRS 645C.320 - Qualifications for issuance and grounds for denial of certificate or license.
NRS 645C.405 - Duty to report certain convictions and pleas to Division.
NRS 645C.420 - Placement of certificate or license on inactive status; reinstatement.
NRS 645C.440 - Continuing education: Regulations; approval of courses.
NRS 645C.450 - Fees; regulations.
NRS 645C.463 - Disciplinary or other action for failure to pay money owed to Commission or Division.
NRS 645C.470 - Unprofessional conduct of certified or licensed appraiser or registered intern.
NRS 645C.480 - Additional acts of unprofessional conduct of certified or licensed appraiser.
NRS 645C.530 - Administration of oaths; issuance and enforcement of subpoenas.
NRS 645C.540 - Payment of witnesses for fees and mileage.
NRS 645C.702 - Revocation or suspension of registration: Complaint; hearing; notice of hearing.
NRS 645C.704 - Revocation or suspension of registration: Notice of decision.
NRS 645C.550 - Injunctive relief.
NRS 645C.600 - Applicability of provisions.
NRS 645C.610 - Deposit of money collected; claim for attorney’s fees and costs of investigation.
NRS 645C.665 - Registration: Expiration; requirements for renewal; grounds for denial of renewal.
NRS 645C.680 - Fees; regulations.
NRS 645C.710 - Administrative fines: Grounds; amount; related disciplinary action.
NRS 645C.720 - Unlawful to conduct business of appraisal management company without registration.
NRS 645C.730 - Unlawful to influence or attempt to influence appraisal.
NRS 645C.740 - Unlawful to change appraisal submitted by independent contractor.