Bill
Bill > A4647
NJ A4647
NJ A4647Requires 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.
summary
Introduced
09/22/2022
09/22/2022
In Committee
09/22/2022
09/22/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
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.
AI Summary
This bill requires the State Real Estate Appraiser Board to adopt the Appraisal Qualification Board's Practical Application of Real Estate Appraisal (PAREA) program as an alternative means for prospective real estate appraisers to fulfill their experiential requirements for licensure or certification. Currently, prospective appraisers must locate a licensed or certified appraiser to supervise them as they gain the necessary experience, which can be a difficult process. PAREA allows prospective appraisers to fulfill up to 100% of their experience requirements through virtual, real-world simulations combined with mentorship, providing an alternative pathway to becoming a licensed or certified real estate appraiser.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Introduced, Referred to Assembly Regulated Professions Committee (on 09/22/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A4647 |
| BillText | https://pub.njleg.gov/Bills/2022/A5000/4647_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/A5000/4647_I1.PDF |
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