Senate Commerce Committee Statement to Assembly, No. 2279 — State of New Jersey (June 12, 2025)

Summary

Statement of the Senate Commerce Committee, State of New Jersey, dated June 12, 2025, reporting favorably Assembly Bill No. 2279. The 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 way for prospective real estate appraisers to meet experiential requirements for licensure or certification. The statement says that under PAREA prospective appraisers can fulfill up to 100 percent of their experience requirements virtually through real-world simulations, with mentors to supervise them. It says the bill is identical to Senate Bill No. 1312.

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SENATE COMMERCE COMMITTEE

STATEMENT TO

ASSEMBLY,
No. 2279

STATE
OF NEW JERSEY

DATED: JUNE
12, 2025

The Senate Commerce Committee reports favorably
Assembly Bill No. 2279.

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, Assembly Bill No. 2279
is identical to Senate Bill No. 1312, which was also reported by the committee
on this date.

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