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Senate Commerce Committee Statement to Senate, No. 1312 (New Jersey, June 12, 2025)

Summary

Senate Commerce Committee Statement to Senate, No. 1312, State of New Jersey, dated June 12, 2025. The committee reports favorably Senate Bill No. 1312, which requires the State Real Estate Appraiser Board to adopt an alternative program for prospective real estate appraisers to acquire experiential requirements for licensure or certification. The bill has the board adopt the practical application of real estate appraisal (PAREA) program as an alternative. The statement says prospective appraisers can fulfill up to 100 percent of their experience requirements virtually and that the bill is identical to Assembly Bill No. 2279, also reported on this date.

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Cite this document

“Senate Commerce Committee Statement to Senate, No. 1312 (New Jersey, June 12, 2025).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2025-06-12-scm-s1312-s1-4b2eedbe98/, SHA-256 ede469d1f0fe121dd871526a5893c2ca08ca6b835a9507f8d90e625e268acc63.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                  SENATE, No. 1312

 STATE OF NEW JERSEY
                      DATED: JUNE 12, 2025

    The Senate Commerce Committee reports favorably Senate Bill
No. 1312.
    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 based on the standards of the Appraisal
Qualifications Board of the Appraisal Foundation.
    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 percent 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.
    As reported by the committee, Senate Bill No. 1312 is identical to
Assembly Bill No. 2279, which was also reported by the committee on
this date.
    This bill was pre-filed for introduction in the 2024-2025 session
pending technical review. As reported, the bill includes the changes
required by technical review, which has been performed.

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