Written appraisal of real property required; persons authorized to perform appraisal; retention and inspection of appraisal; exceptions.
1. Except as otherwise provided in subsection 4, a mortgage broker or mortgage agent shall not accept money from an investor to acquire ownership of or a beneficial interest in a loan secured by a lien on real property, unless the mortgage broker has obtained a written appraisal of the real property securing the loan.
2. The written appraisal of the real property:
(a) Must be performed by an appraiser who is authorized to perform appraisals in this state; and
(b) Must not be performed by the mortgage broker or a mortgage agent, unless the mortgage broker or mortgage agent is certified or licensed to perform such an appraisal pursuant to chapter 645C of NRS.
3. A copy of the written appraisal of the real property must be:
(a) Maintained at each office of the mortgage broker where money is accepted from an investor to acquire ownership of or a beneficial interest in a loan secured by a lien on the real property; and
(b) Made available during normal business hours for inspection by each such investor and the Commissioner.
4. A mortgage broker is not required to obtain a written appraisal of the real property pursuant to this section if the mortgage broker obtains a written waiver of the appraisal from each investor who acquires ownership of or a beneficial interest in a loan secured by a lien on the real property. A mortgage broker or mortgage agent shall not act as the attorney-in-fact or the agent of an investor with respect to the giving of a written waiver pursuant to this subsection.
5. As used in this section, “appraisal” has the meaning ascribed to it in NRS 645C.030.
Last modified: February 27, 2006