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

Summary

A Senate Commerce Committee statement to the Senate on Senate Bill No. 3318, State of New Jersey, dated December 19, 2022, 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 appraisers to meet experiential requirements for licensure or certification. The statement says prospective appraisers now must find a licensed or certified appraiser willing to supervise them, with no formal process to help. Under PAREA, it says, prospective appraisers can fulfill up to 100% of their experience requirements virtually through simulations, with mentors.

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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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