645C.034 - “Appraisal management company” defined. - Nevada Statutes

645C.034  “Appraisal management company” defined.

      1.  “Appraisal management company” means a person, limited-liability company, partnership, association or corporation which for compensation:

      (a) Functions as a third-party intermediary between an appraiser and a user of real estate appraisal services;

      (b) Administers a network of appraisers performing real estate appraisal services as independent contractors;

      (c) Enters into an agreement to provide real estate appraisal services with a user of such services and one or more appraisers performing such services as independent contractors; or

      (d) Otherwise serves as a third-party broker of appraisal services.

      2.  The term does not include:

      (a) An appraisal firm;

      (b) Any person licensed to practice law in this State who orders an appraisal in connection with a bona fide client relationship when that person directly contracts with an independent appraiser;

      (c) Any person or entity that contracts with an independent appraiser acting as an independent contractor for the completion of appraisal assignments that the person or entity cannot complete for any reason, including, without limitation, competency, workload, scheduling or geographic location; and

      (d) Any person or entity that contracts with an independent appraiser acting as an independent contractor for the completion of a real estate appraisal assignment and, upon the completion of such an assignment, cosigns the appraisal report with the independent appraiser acting as an independent contractor.

      (Added to NRS by 2009, 1513)