Nevada Revised Statutes 318.512 – Appraisal required; selection of appraisers; sale for less than appraisal prohibited
Except as otherwise provided in NRS 318.1177, 318.118 and 318.215:
Terms Used In Nevada Revised Statutes 318.512
- Appraisal: A determination of property value.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustees: means the members of a board. See Nevada Revised Statutes 318.020
1. Before ordering any real property of the district for sale, the board of trustees must:
(a) Except as otherwise provided in this paragraph, obtain two independent appraisals of the real property. If the board of trustees holds a public hearing on the matter of the fair market value of the real property, one independent appraisal of the real property is sufficient before selling the real property. The appraisal or appraisals, as applicable, must have been prepared not more than 6 months before the date on which the real property is offered for sale.
(b) Select the one independent appraiser or two independent appraisers, as applicable, from the list of appraisers established pursuant to NRS 318.5121.
(c) Verify the qualifications of each appraiser selected pursuant to paragraph (b). The determination of the board of trustees as to the qualifications of the appraiser is conclusive.
2. The board of trustees shall not sell the property for less than:
(a) If two independent appraisals were obtained pursuant to subsection 1, the average of the appraisals of the real property.
(b) If one appraisal is obtained pursuant to subsection 1, the appraised value of the real property.