This bill mandates the State Real Estate Appraiser Board to implement an alternative program for prospective real estate appraisers to meet their experiential requirements for licensure or certification. Specifically, the board is required to adopt the practical applications of real estate appraisal program (PAREA) established by the Appraisal Qualifications Board of the Appraisal Foundation. This program allows aspiring appraisers to fulfill their experience requirements through virtual simulations that integrate appraisal theory and methodology, thereby addressing the current challenges of finding a licensed supervisor for hands-on experience.

The bill amends existing legal language to clarify the eligibility requirements for licensure and certification as a real estate appraiser. It introduces new provisions that outline the necessary qualifications, including age, moral character, educational background, and appraisal experience, while also specifying that the board must adopt PAREA as an option for fulfilling the experience requirement. This change aims to streamline the process for prospective appraisers and enhance access to necessary training and mentorship. The act is set to take effect 90 days after its enactment.

Statutes affected:
Introduced: 45:14F-10, 45:14F-11