1. An appraiser may obtain from the Division:

(a) A license as a residential appraiser, which authorizes him or her to perform an appraisal of real estate suitable for or consisting of no more than four residential units in any one transaction, if:

(1) The total value does not exceed $1,000,000 and the complexity of the transaction does not, under the regulations of a federal agency or the classifications and qualifications established by the Appraiser Qualifications Board of the Appraisal Foundation, require a certified appraiser; or

(2) The property is not a complex property;

(b) A certificate as a residential appraiser, which authorizes him or her to perform an appraisal of real estate suitable for or consisting of no more than four residential units in any one transaction, without regard to value or complexity; or

(c) A certificate as a general appraiser, which authorizes him or her to perform any appraisal.

2. A person certified or licensed as a residential appraiser may, under the direct supervision of a person certified as a general appraiser, assist in the preparation and communication of an appraisal that is outside the scope of the certificate or license.

3. Only a person certified or licensed as an appraiser from whom the Division has collected the annual registry fee to be paid to the Federal Financial Institutions Examination Council pursuant to 12 U.S.C. § 3338 and who is in active status on the National Registry of Appraisers is eligible to perform federally related transactions.

4. The Commission may establish, by regulation, additional classifications of licensure or certification, and the qualifications therefor, if necessary to comply with classifications and qualifications established by the Appraiser Qualifications Board of the Appraisal Foundation.

(Added to NRS by 1989, 826; A 1991, 889; 2005, 1292; 2019, 480)