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

Summary

A Senate Commerce Committee statement to the Senate on Senate Bill No. 1312, State of New Jersey, dated June 12, 2025, reporting the bill favorably. 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. The statement says prospective appraisers now must find a licensed or certified appraiser willing to supervise them, while under PAREA they can fulfill up to 100 percent of their experience requirements virtually, with mentors. It states that Senate Bill No. 1312 is identical to Assembly Bill No. 2279, also reported by the committee on this date.

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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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