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, including age, moral character, educational background, and completion of a licensing or certification examination. Notably, it introduces the option for applicants to utilize the PAREA program to satisfy the experiential requirements, which is a significant shift from the traditional method of requiring direct supervision by a licensed appraiser. This change aims to streamline the process for prospective appraisers and enhance access to necessary training and mentorship.

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