Makes clarifying and technical changes to the definitions set out in GS 93A-1-4 as the terms apply to the North Carolina Appraisers Act. Adds the term evaluation and defines the term to mean a determination as to the value of real estate performed for a federally regulated financial institution in accordance with the Interagency Guidelines. Also adds the term Interagency Guidelines and defines the term to mean the Interagency Appraisal and Evaluation Guidelines issued jointly by the Federal Deposit Insurance Corporation, Federal Reserve System, National Credit Union Administration, Office of Thrift Supervision, and the Office of the Comptroller of the Currency.

Enacts GS 93E-1-15, Evaluations performed by appraisers, authorizing evaluations to be performed by persons licensed or certified by the North Carolina Appraisal Board so long as the evaluation is performed in accordance with the Interagency Guidelines. Requires appraisers performing evaluations to develop and report the evaluations in accordance with the Interagency Guidelines. Clarifies that the appraisers do not have to report evaluations in accordance with Standards 1 and 2 of the Uniform Standards of Professional Appraisal Practice but requires an evaluation report to contain a disclaimer, as specified, if the evaluation is not an appraisal performed in accordance with Standards 1 and 2 of the Uniform Standards of Professional Appraisal Practice.