2011 Nevada Revised Statutes
Chapter 645 - Real Estate Brokers and Salespersons
NRS 645.2515 - Broker s price opinion: Requirements; duties of licensee; regulations.

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)