Nevada Administrative Code
Chapter 645C - Appraisers of Real Estate and Appraisal Management Companies
APPRAISAL MANAGEMENT COMPANIES
Section 645C.387 - Appraisal management company to establish process to review work of independent contractors

1. An appraisal management company shall establish and maintain a process to review the work of each independent contractor who provides services to the appraisal management company to ensure that those services are conducted in accordance with the USPAP .

2. The review process required by this section must include the review of the work of each independent contractor who provides services to the appraisal management company by a person who is a licensed appraiser or certified appraiser in good standing in this State.

3. The review process must ensure that all appraisals are conducted independently as required by the appraisal independence requirements established under section 129 of the Truth in Lending Act, 15 U.S.C. § 1639e, and any regulations thereunder.

4. The review process must ensure that the appraisal management company is selecting an appraiser who has the requisite education, expertise and experience necessary to competently complete the appraisal assignment for the particular market and property type.