New Jersey Senate Bill S3318

New Jersey 2022-2023 Regular Session

• Introduced: 11/7/22
• Refer: 11/7/22
• Report Pass: 12/19/22

Caption

Requires State Real Estate Appraiser Board to adopt alternative program to acquire experiential requirements for prospective real estate appraisers attempting to qualify for licensure or certification.

Impact

The enactment of SB 3318 is expected to streamline the path to licensure for prospective real estate appraisers, granting them a more flexible and accessible means of obtaining required experience. Current regulations necessitate that applicants find a supervising licensed appraiser, a challenge that has historically hindered entry into the field. By adopting PAREA, which allows up to 100% of experience requirements to be met through virtual environments, the bill could significantly increase the number of qualified candidates entering the profession, thus addressing market demands for real estate appraisal services.

Summary

Senate Bill 3318, introduced in New Jersey, mandates the State Real Estate Appraiser Board to adopt an alternative program to satisfy experiential requirements for individuals seeking licensure or certification as real estate appraisers. This bill aims to improve accessibility to the profession by allowing prospective appraisers to engage in practical applications that can be completed virtually, thus addressing the difficulty of finding licensed supervisors needed for on-the-job training. It requires the board to implement the Appraisal Qualification Board's Practical Applications of Real Estate Appraisal (PAREA) program, which utilizes simulations of real-world scenarios to fulfill training requirements.

Contention

There is an ongoing discussion surrounding SB 3318 regarding the adequacy of experiential learning through virtual simulations compared to traditional on-site supervision. Critics argue that the lack of direct mentorship may limit the thoroughness of training, potentially affecting the quality of future appraisers. Proponents, however, believe that PAREA offers a comprehensive and innovative approach that can enhance learning experiences while expanding opportunities for individuals from diverse backgrounds to enter the appraisal profession. The balance between traditional training methods and innovative approaches under this bill represents a critical point of contention among stakeholders.