Nev. Admin. Code § 645C.244

Current through September 16, 2024

Section 645C.244 - Required instruction: Content of courses

The content of the following courses required pursuant to NAC 645C.235 to 645C.243, inclusive, must be as follows:

1. For a course on basic appraisal principles:

(a) Real property concepts and characteristics, including basic real property concepts, real property characteristics and legal descriptions;

(b) Legal consideration, including forms of ownership, public and private controls, and real estate contracts and leases;

(c) Influences on real estate values, including governmental, economic, social, environmental, geographic and physical influences;

(d) Types of value, including market and other value;

(e) Economic principles, including classical economic principles and application and illustrations of economic principles;

(f) An overview of real estate markets and analysis, including market fundamentals, characteristics, definitions, supply analysis, demand analysis and use of market analysis; and

(g) Ethics and how they apply in appraisal theory and practice.

2. For a course on basic appraisal procedures:

(a) An overview of approaches to value.

(b) Valuation procedures that include:

(1) Defining the problem;

(2) Collecting and selecting data;

(3) Analyzing;

(4) Reconciling and final value opinion; and

(5) Communicating the appraisal.

(c) Property descriptions that include:

(1) Geographic characteristics of the land or site;

(2) Geological characteristics of the land or site;

(3) Location and neighborhood characteristics;

(4) Land or site considerations for the highest and best use of real estate;

(5) Improvements by architectural styles and types of construction; and

(6) Residential applications.

3. For the National USPAP Course:

(a) Preamble and ethics rules;

(b) The first standard of the USPAP;

(c) The second standard of the USPAP;

(d) The 3rd through 10th standards, inclusive, of the USPAP; and

(e) Statements and advisory opinions.

4. For a course on residential market analysis and analysis of the highest and best use of real estate:

(a) Residential markets and analysis that includes:

(1) Market fundamentals, characteristics and definitions;

(2) Supply analysis;

(3) Demand analysis; and

(4) Use of market analysis.

(b) An analysis of the highest and best use of real estate that includes:

(1) Test constraints;

(2) Application of the highest and best use of real estate;

(3) Special considerations;

(4) Market analysis; and

(5) Case studies.

5. For a course on valuation of a site and cost approach for a residential appraiser:

(a) Valuation of a site that includes:

(1) Methods; and

(2) Case studies.

(b) Cost approach that includes:

(1) Concepts and definitions;

(2) Replacement or reproduction cost new;

(3) Accrued depreciation;

(4) Methods of estimating accrued depreciation; and

(5) Case studies.

6. For a course on residential sales comparison and income approaches:

(a) Valuation principles and procedures by sales comparison approach;

(b) Valuation principles and procedures by income approach;

(c) Finance and cash equivalency;

(d) Financial calculator introduction;

(e) Identification, derivation and measurement of adjustments;

(f) Gross rent multipliers;

(g) Partial interests;

(h) Reconciliation; and

(i) Case studies and applications.

7. For a course on residential report writing and case studies:

(a) Writing and reasoning skills;

(b) Common writing problems;

(c) Form reports;

(d) Report options and compliance with the USPAP; and

(e) Case studies.

8. For a course on statistics, modeling and finance:

(a) Statistics;

(b) Valuation models, including automated valuation models and mass appraisal; and

(c) Real estate finance.

9. For a course on advanced residential applications and case studies:

(a) Complex property, ownership and market conditions;

(b) Deriving and supporting adjustments;

(c) Residential market analysis; and

(d) Advanced case studies.

10. For a course on general market analysis and analysis of the highest and best use of real estate:

(a) Real estate markets and analysis that includes:

(1) Market fundamentals, characteristics and definitions;

(2) Supply analysis;

(3) Demand analysis; and

(4) Use of market analysis.

(b) The highest and best use of real estate that includes:

(1) Test constraints;

(2) Application of the highest and best use of real estate;

(3) Special considerations;

(4) Market analysis; and

(5) Case studies.

11. For a course on the valuation of a site and cost approach for a general appraiser:

(a) Site valuation that includes:

(1) Methods; and

(2) Case studies.

(b) Cost approach that includes:

(1) Concepts and definitions;

(2) Replacement or reproduction cost new;

(3) Accrued depreciation;

(4) Methods of estimating accrued depreciation; and

(5) Case studies.

12. For a course on sales comparison approach for a general appraiser:

(a) Value principles;

(b) Procedures;

(c) Identification and measurement of adjustments;

(d) Reconciliation; and

(e) Case studies.

13. For a course on income approach for a general appraiser:

(a) Overview;

(b) Compound interest;

(c) Lease analysis;

(d) Income analysis;

(e) Vacancy and collection loss;

(f) Estimating operating expenses and reserves;

(g) Reconstructed income and expense statements;

(h) Stabilized net operating income estimate;

(i) Direct capitalization;

(j) Discounted cash flow;

(k) Yield capitalization;

(l) Partial interests; and

(m) Case studies.

14. For a course on report writing and case studies for a general appraiser:

(a) Writing and reasoning skills;

(b) Common writing problems;

(c) Report options and compliance with the USPAP; and

(d) Case studies.

Nev. Admin. Code § 645C.244

Added to NAC by Comm'n of Appraisers of Real Estate by R158-05, 9-18-2006, eff. 1-1-2008; A by R026-08, 8-26-2008; R196-08, 2-11-2009

NRS 645C.210, 645C.330, 645C.440