NRS673.2766. Investments in real property for subdivision or residential development.

      1.  Any investment in real property for purposes of subdivision or for residential development must not exceed the market value or appraisal valuation as evidenced by an appraisal report prepared within 120 days of the investment by a member of the American Institute of Real Estate Appraisers, the Society of Real Estate Appraisers, or the Independent Fee Appraisers Society, or by such other appraiser as may be approved by the Commissioner.

      2.  Within 30 days after the investment is made, the association shall provide the Commissioner with a certified copy of one or more appraisal reports on the real property involved and with a title insurance company report, reflecting the chain of title for a period of at least 3 years and the amount of consideration, as available, given for each title transfer that may have occurred during the reported period.

      3.  The Commissioner may require a statement from the association disclosing whether any director, officer or employee of the association has a direct or indirect interest in the real property involved or has had an interest at any time during the past 3 years. Stock ownership in an interested corporation may be considered the direct or indirect interest of the investor. Failure to make a required disclosure is unlawful.

      (Added to NRS by 1969, 962; A 1983, 1784; 1985, 2250; 1987, 1968)