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 specifies that applicants must be at least 18 years old, possess good moral character, have a high school diploma or equivalent, and complete a course of study in real estate appraising. The amendments also highlight the new option for fulfilling experiential requirements through the PAREA program, which is designed to streamline the process and provide mentorship to prospective appraisers. The act is set to take effect 90 days after its enactment.

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