Bill Text: NJ S1312 | 2024-2025 | Regular Session | Introduced
Bill Title: Requires State Real Estate Appraiser Board to adopt alternative program to acquire experiential requirements for prospective real estate appraisers attempting to qualify for licensure or certification.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced) 2024-01-09 - Introduced in the Senate, Referred to Senate Commerce Committee [S1312 Detail]
Download: New_Jersey-2024-S1312-Introduced.html
STATE OF NEW JERSEY
221st LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION
Sponsored by:
Senator NELLIE POU
District 35 (Bergen and Passaic)
Senator TROY SINGLETON
District 7 (Burlington)
Co-Sponsored by:
Senator Johnson
SYNOPSIS
Requires State Real Estate Appraiser Board to adopt alternative program to acquire experiential requirements for prospective real estate appraisers attempting to qualify for licensure or certification.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act concerning experiential requirements for prospective real estate appraisers and amending P.L.1991, c.68.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 10 of P.L.1991, c.68 (C.45:14F-10) is amended to read as follows:
10. a. To be eligible for licensure as a real estate appraiser, an applicant shall fulfill the following requirements:
[a.] (1) Be at least 18 years of age;
[b.] (2) Be of good moral character;
[c.] (3) Have a high school diploma or its equivalent;
[d.] (4) Have real estate appraisal experience which experience shall meet standards for experience acceptable to the Appraisal Subcommittee;
[e.] (5) Have successfully completed a course of study in real estate appraising prescribed by the board and conducted by an approved education provider, which course of study shall meet standards acceptable to the Appraisal Subcommittee; and
[f.] (6) Successfully complete a real estate appraiser licensing examination administered by the board.
b. The board shall adopt, as an option for applicants to fulfill the requirements of paragraph (4) of subsection a. of this section, the practical applications of real estate appraisal program established by the Appraisal Qualifications Board of the Appraisal Foundation.
(cf: P.L.1991, c.408, s.5)
2. Section 11 of P.L.1991, c.68 (C.45:14F-11) is amended to read as follows:
11. a. To be eligible for certification as a general or residential real estate appraiser, an applicant shall fulfill the following requirements:
[a.] (1) Be at least 18 years of age;
[b.] (2) Be of good moral character;
[c.] (3) Have a high school diploma or its equivalent;
[d.] (4) Have real estate appraisal experience that meets the standards for experience prescribed by the Appraisal Qualifications Board of the Appraisal Foundation for the type of certificate sought;
[e.] (5) Have successfully completed a course of study in real estate appraising prescribed by the board and conducted by an approved education provider, which course of study shall meet the standards for the course of study issued by the Appraisal Qualifications Board of the Appraisal Foundation for the type of certificate sought; and
[f.] (6) Successfully complete a real estate appraiser certification examination administered by the board.
b. The board shall adopt, as an option for applicants to fulfill the requirements of paragraph (4) of subsection a. of this section, the practical applications of real estate appraisal program established by the Appraisal Qualifications Board of the Appraisal Foundation.
(cf: P.L.2017, c.72, s.28)
3. This act shall take effect on the 90th day next following enactment.
STATEMENT
This bill requires the State Real Estate Appraiser Board to adopt an alternative program to acquire experiential requirements for prospective real estate appraisers attempting to qualify for licensure or certification.
Under the bill, the board will be required to adopt the Appraisal Qualification Board's practical application of real estate appraisal (PAREA) program as an alternative means of acquiring experiential requirements for a prospective real estate appraiser looking to become a licensed or certified appraiser. Presently, a prospective real estate appraiser must locate a licensed or certified appraiser who is willing to supervise the prospective appraiser as they attain their experiential requirement. The process to find a supervisor is difficult, with no formal process to help aspiring appraisers find a supervisor that can oversee them. Under PAREA, prospective real estate appraisers can fulfill up to 100% of their experience requirements virtually by creating real-world simulations that combine appraisal theory and methodology. PAREA also provides prospective real estate appraisers with mentors to supervise them.
