Bill
Bill > S3318
NJ S3318
NJ S3318Requires 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
11/07/2022
11/07/2022
In Committee
12/19/2022
12/19/2022
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 an alternative program to acquire experiential requirements for prospective real estate appraisers attempting to qualify for licensure or certification. The bill mandates the adoption of 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 experience requirements. PAREA allows prospective appraisers to complete up to 100% of their experience requirements virtually through real-world simulations and mentorship, instead of the current process of finding a licensed or certified appraiser to supervise them.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Senate Commerce Hearing (11:00 12/19/2022 Committee Room 1, 1st Floor, State House Annex, Trenton, NJ) (on 12/19/2022)
Bill Topics
Banking, Finance, and Domestic Commerce
- ‐ Banking System and Financial Institution Regulation and Reform
Labor and Employment
- ‐ Employment Training and Workforce Development
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S3318 | 11/03/2022 |
| Analysis - Statement SCM 12/19/22 | https://pub.njleg.gov/Bills/2022/S3500/3318_S1.PDF | 12/20/2022 |
| BillText | https://pub.njleg.gov/Bills/2022/S3500/3318_I1.HTM | 11/08/2022 |
| Bill | https://pub.njleg.gov/Bills/2022/S3500/3318_I1.PDF | 11/08/2022 |
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