NAC645C.1046. Permit: Limitations; expiration.

     1. A permit is not transferable and is limited to an appraisal by the person named in the permit. The applicant is deemed to have consented to the jurisdiction of the Commission if he or she conducts an appraisal in this State after receipt of the permit.

     2. Except as otherwise provided in subsection 3, an appraisal described in a permit must be limited to:

     (a) One client who is identified in the application.

     (b) One property specifically described in the application or one group of related properties each of which is specifically described in the application.

     3. Except as otherwise provided in this subsection, a permit expires automatically when the holder of a permit communicates the appraisal to the client or 1 year after the date of issuance, whichever occurs first. The term of the permit continues if the holder of the permit must:

     (a) Correct or clarify the appraisal; or

     (b) Testify in court or otherwise defend or explain the appraisal.

Ê A separate permit is required for each appraisal or update of an appraisal or review of an appraisal by another appraiser.

     4. As used in this section, the term “related properties” means properties which are contemplated to be part of a single transaction at the time an applicant submits an application for a permit to the Division, including, but not limited to, properties which are owned by the same client at the time of the application or which are part of the same purchase agreement, loan, nontaxable deferred exchange of real property, lease, condemnation or lawsuit.

     (Added to NAC by Comm’n of Appraisers of Real Estate, eff. 8-4-94; A by Real Estate Div., 3-1-96; A by Comm’n of Appraisers of Real Estate by R100-03, 1-30-2004)