NEWARK – The State Board of Real Estate Examiners (Board) has proposed amendments to its scope of practice rules to reflect changes in those rules as applied to real estate appraisers and to its continuing education rules related to the supervision of appraisal management companies.

The proposal removes the prohibition that currently prevents an appraiser from appraising his or her employing broker’s listing and from conducting an appraisal on behalf of any real estate agent under the employ of the broker. The Board believes that the existing regulations limit the public’s access to a broad pool of qualified appraisers, and that the applicable ethics rule of the Uniform Standards of Professional Appraisal Practice adequately protects the public. The proposal also clarifies that the term “complex residential property” excludes a property that has any commercial use, and it authorizes licensed real estate appraisers to appraise one to four complex residential unit properties having a transaction value of less than $400,000 – an increase over the previous amount of $250,000. Further, the proposal expands the scope of topics covered in a required continuing education course for real estate appraisers to encompass the statutes and regulations concerning appraisal management companies.

The proposed regulation and information on how to submit a comment by May 20, 2022 can be viewed here.

###