New Jersey Senate Bill S1312

New Jersey 2024-2025 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24
• Report Pass: 6/12/25

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

If enacted, S1312 would modify the requirements outlined in previous legislation (P.L.1991, c.68), allowing prospective appraisers to meet up to 100% of their experience requirements through virtual simulations that blend appraisal theory and methodology. This shift is expected to enhance flexibility and accessibility for individuals pursuing a career in real estate appraisal, making it easier to obtain the necessary experience without the traditional barriers of finding a supervisor.

Summary

Senate Bill 1312 requires the State Real Estate Appraiser Board to adopt an alternative program aimed at fulfilling the experiential requirements for individuals seeking licensure or certification in real estate appraisal. This legislation is introduced to address the existing challenges faced by potential appraisers who must find a certified real estate appraiser to supervise their required practical experience. Currently, this process can be cumbersome without a structured framework to assist prospective appraisers in locating a supervising appraiser. The bill seeks to streamline this process through the adoption of the Appraisal Qualification Board's Practical Applications of Real Estate Appraisal (PAREA) program.

Contention

The bill has sparked discussions regarding the adequacy and effectiveness of the PAREA program as a substitute for hands-on experience. Proponents argue that virtual training can adequately prepare future appraisers and address the mentorship issue, while opponents may raise concerns about the potential for reduced quality of appraisal training. There may also be debate on whether virtual experiences can replicate the complexities and nuances of real-world appraisal situations, leading to calls for stringent guidelines to ensure that the alternative program meets the standards necessary for licensure.