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Senate Commerce Committee Statement to Senate, No. 3318 (State of New Jersey, December 19, 2022)

Summary

Senate Commerce Committee Statement to Senate, No. 3318, State of New Jersey, dated December 19, 2022, reporting Senate Bill No. 3318 favorably. The bill requires the State Real Estate Appraiser Board to adopt an alternative program for prospective real estate appraisers to acquire the experiential requirements for licensure or certification. Under the bill, the board adopts the Appraisal Qualification Board's practical application of real estate appraisal (PAREA) program. The statement says that currently a prospective appraiser must locate a licensed or certified appraiser willing to supervise, and that under PAREA prospective appraisers can fulfill up to 100% of their experience requirements virtually through real-world simulations.

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Cite this document

“Senate Commerce Committee Statement to Senate, No. 3318 (State of New Jersey, December 19, 2022).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-12-19-scm-s3318-s1-f6bf9041f3/, SHA-256 43c05ce67d5db313ee2d2cf983073afc3e860f1b2e5b75cc8a5acc718eb116cf.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                  SENATE, No. 3318

 STATE OF NEW JERSEY
                  DATED: DECEMBER 19, 2022

   The Senate Commerce Committee reports favorably Senate Bill
No. 3318.
   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.

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