We have found no case law that discusses the specific issue presented here. Courts have, however, discussed licensing requirements for appraisers in connection with their testimony as expert witnesses. Although the question of unlicensed appraisers testifying as experts in Nevada may be an open one, providing an estimate of value to induce third party investors to purchase an interest in a mortgage loan presents an entirely different issue. The estimate may be written or oral. The mortgage broker provides the estimate with the expectation of consummating a mortgage loan for which he will receive a commission or other form of special compensation.
Regulations governing mortgage brokers also address the issue of appraisals.
NAC 645B.080 requires that a mortgage broker provide a lender who is a natural person an appraisal of the property proposed as security unless specifically waived in writing. The Act is clearly intended to protect users of appraisals in this state. It should therefore be given a liberal construction to accomplish that purpose. The use of fraudulently or negligently prepared appraisals as a contributing factor to the savings and loan crisis of the 1980s is well documented. A mortgage broker who is not licensed or certified as an appraiser pursuant to NRS chapter 645C may not prepare and communicate to potential investors his or her estimate or opinion of value of real property proposed as collateral for a mortgage loan.