1. An applicant for a certificate or license issued pursuant to this chapter is not required to pass the examination otherwise required by NRS 645C.320 if:

(a) The applicant holds a certificate or license as an appraiser issued by another state or territory of the United States or the District of Columbia;

(b) The requirements for the examination for the certificate or license issued in that state or territory of the United States or the District of Columbia are substantially equivalent to the requirements for the examination required by this State for a certificate or license; and

(c) The applicant has passed the examination in that state or territory of the United States or the District of Columbia.

2. The Division shall issue a certificate or license to a person who holds a certificate or license as an appraiser issued by a state or territory of the United States or the District of Columbia if it has entered into a reciprocal agreement with the Commission for the issuance of certificates and licenses pursuant to this chapter and the person submits proof to the Division that:

(a) The person has been issued a certificate or license by the state or territory of the United States or the District of Columbia; and

(b) At the time the person files his or her application with the Division, the certificate or license is in effect.

3. The Commission shall not enter into a reciprocal agreement pursuant to subsection 2 unless the provisions relating to the appraisal of real estate, including the requirements for the licensing of appraisers of real estate, in the other state or territory of the United States or District of Columbia are substantially similar to the provisions relating to the appraisal of real estate in this State.

(Added to NRS by 1989, 827; A 1991, 892; 1993, 813)