Title 45, Title 45: PROFESSIONS AND OCCUPATIONS

45:14F-11 Eligibility for certification. 11. a. To be eligible for certification as a general or residential real estate appraiser, an applicant shall fulfill the following requirements: (1) Be at least 18 years of age; (2) Be of good moral character; (3) Have a high school diplo…

45:14F-14. Waiving of requirement for certification, licensure In the event that the Appraisal Subcommittee of the Federal Financial Institution Examination Council grants a waiver pursuant to subsection (b) of section 1119 of Title XI of Pub. L. 101-73 (12 U.S.C. s.3348(b)), the…

45:14F-15 Issuance of license, certificate to out-of-State applicant. 15. Upon payment to the board of the prescribed fee and the submission of a written application on forms prescribed by it, the board may issue a license or certificate to any person who holds a valid license or…

45:14F-16. Payment of application fee All applicants for licensure or certification as a real estate appraiser shall, at the time of making application, pay a non-refundable application fee the amount of which shall be prescribed by the board by rule. L.1991,c.68,s.16.

45:14F-17. License, certificate, effective period, renewal Licenses and certificates shall be effective for a period not to exceed two years and may be renewed biennially. L.1991,c.68,s.17.

45:14F-18 Renewal of licenses, certifications. 18. a. No license shall be renewed unless the renewal applicant submits satisfactory evidence to the board that the renewal applicant has successfully completed the continuing education requirements prescribed pursuant to P.L.1991, c…

45:14F-19. Examinations for licensure, certification The examinations for licensure or certification under the provisions of this act shall demonstrate that the applicant possesses the following: a. An appropriate knowledge of technical terms commonly used in or related to real e…

45:14F-2. Definitions 2. As used in this act: "Another state or other state" means any other state, the District of Columbia, the Commonwealth of Puerto Rico and any other possession or territory of the United States. "Appraisal" or "real estate appraisal" means an unbiased analy…

45:14F-20. Renewal of license, certificate after expiration If a State licensed or certified real estate appraiser fails to renew his license or certificate prior to its expiration, the appraiser may obtain a license or certificate by satisfying all of the renewal requirements an…

45:14F-21 Certification requirements for persons performing appraisal; exception. 21. a. A person who is not certified pursuant to the provisions of this act shall not describe or refer to any appraisal or other evaluation which he performs on real estate located in this State as…

45:14F-21.1 Real estate appraisal, discriminatory practices, prohibited. 1. a. No holder of a license or certification under P.L.1991, c.68 (C.45:14F-1 et seq.) or registration under P.L.2017, c.72 (C.45:14F-27 et al.) shall consider, as part of a real estate appraisal, the race,…

45:14F-22. Licensed, certified appraiser to provide business address to board a. Each State licensed or certified real estate appraiser shall provide a designated business address to the board and shall notify the board in writing of any change in that address. b. A State license…

45:14F-23. License, certificate returned to State; consent to service a. Any license or certificate issued by the board shall remain the property of the State and shall be immediately returned to the board upon its suspension or revocation pursuant to this act. b. The issuance of…

45:14F-24. Criteria for approval of courses, schools, instructors, fees The board may, by regulation, establish criteria for the approval of real estate appraisal education courses, schools and instructors and may collect reasonable fees as prescribed by the board from applicants…

45:14F-25 Imposition, collection of federal fees. 25. In the event that the government of the United States enacts legislation or rules requiring states to collect fees from appraisers or appraisal management companies licensed, certified or registered by those states and to remi…

45:14F-26. Board subject to law on expenses and accounts The board created by this act shall be subject to the provisions of R.S.45:1-3. L.1991,c.68,s.26.

45:14F-27 Short title. 1. Sections 1 through 23 and section 32 of this act shall be known and may be cited as the "Appraisal Management Company Registration and Regulation Act." L.2017, c.72, s.1.

45:14F-28 Findings, declarations relative to appraisal management companies. 2. The Legislature finds and declares that it is in the public interest to establish registration requirements for real estate appraisal management companies that employ, contract, retain or otherwise ut…

45:14F-29 Definitions relative to appraisal management companies. 3. As used in this act: "Administrative Quality Control Examination" means an examination of an appraisal report for compliance and completeness including grammatical, typographical, or other similar errors, which …

45:14F-3 Real estate appraiser board created. 3. There is created within the Division of Consumer Affairs in the Department of Law and Public Safety a State Real Estate Appraiser Board. The board shall consist of 11 members who are residents of the State, two of whom shall be pub…

45:14F-30 Authority of board. 4. The board shall have the authority to adopt rules that are reasonably necessary to establish an AMC registration program and implement, administer, and enforce the provisions set forth under this section. a. The board shall have the legal authorit…

45:14F-31 Determination as to whether an AMC oversees an appraiser panel. 5. For purposes of determining whether, within the 12-month period defined by the State, an AMC oversees an appraiser panel of more than 15 state-certified or state-licensed appraisers in New Jersey or 25 o…

45:14F-32 Registration required for engaging in business as an AMC. 6. a. No person shall, directly or indirectly, engage or attempt to engage in business as an appraisal management company, or advertise or hold itself out as engaging in or conducting business as an appraisal man…

45:14F-33 Applicability of act. 7. The provisions of this act: a. shall apply to an appraisal management company in accordance with section 1124(a), (b) and (c) of Subtitle F of the Mortgage Reform and Anti-Predatory Lending Act of 2010, Pub.L.111-203, amending the Financial Inst…

45:14F-34 Irrevocable uniform consent to service of process. 8. An entity or individual applying for a registration as an appraisal management company that is not domiciled in this State shall complete an irrevocable Uniform Consent to Service of Process, as prescribed by the boa…

45:14F-35 Application fee. 9. a. The board shall establish by regulation an application fee to be paid by each appraisal management company seeking registration under this act that is sufficient for the administration of the registration process, but in no case shall the fee be m…

45:14F-36 Prohibitions relative to an AMC. 10. a. An appraisal management company applying to the board for registration in this State shall not: (1) in whole or in part, directly or indirectly, be owned by any person who has had an appraiser license or certificate in this State …

45:14F-37 Designated contact for communication. 11. An appraisal management company applying to the board for registration in this State shall designate one controlling person that will be the designated contact for all communication between the board and the appraisal management…

45:14F-38 Violations. 12. A violation of this section may constitute grounds for discipline against an appraisal management company registered in this State. However, nothing in this act shall be construed as preventing an appraisal management company from requesting that an appr…

45:14F-39 Licensure. 13. An employee of, or independent contractor to, an appraisal management company that performs a Uniform Standards of Professional Appraisal Practice Standard 3 review of an appraisal report on property located in this State shall be an appraiser with the pr…

45:14F-4. Election of officers, compensation a. The board shall annually elect from among its members a President and Vice-President. The board shall meet at least twice each year and may hold additional meetings, as necessary to discharge its duties. In addition to such meetings…

45:14F-40 Collection of information and fees; reporting requirements. 14. a. With respect to reporting requirements for non-federally regulated appraisal management companies, the board will collect from each AMC registered or seeking to be registered in the State the information…

45:14F-41 Annual certification to the board. 15. An appraisal management company seeking to be registered in this State shall certify to the board, annually, that it: a. requires appraisers completing appraisals, including appraisal reviews, at its request to comply with the Unif…

45:14F-42 Adoption of appraiser independence standards. 16. This act adopts by reference the appraiser independence standards established under section 1639e of the federal Truth in Lending Act, Pub.L.90-321 (15 U.S.C. s.1639e), including: a. the requirements for payment of custo…

45:14F-43 Certification relative to records of service requests. 17. An appraisal management company seeking to be registered in this State shall certify to the board, annually, by submission of a statement signed by the appraisal management company, that it maintains a detailed …

45:14F-44 Responsibilities of certified or licensed appraiser. 18. Any State certified or licensed appraiser performing an appraisal assignment, including an appraisal review, for an appraisal management company, shall be responsible to ensure that the conduct of non-appraiser as…

45:14F-45 Issuance of unique registration number, published lists. 19. a. The board shall issue a unique registration number to each appraisal management company that is registered in this State. b. The board shall maintain a published list of the appraisal management companies t…

45:14F-46 Removal of appraiser from panel. 20. Except within the first 90 days after an appraiser is first added to the appraiser panel of an appraisal management company, an appraisal management company shall not remove an appraiser from its appraiser panel, or otherwise refuse …

45:14F-47 Notification to board relative to material violation. 21. a. An appraisal management company shall inform the board when the appraisal management company has a reasonable basis to believe that an appraiser has committed a material violation of: (1) the Uniform Standards…

45:14F-48 Payment to appraiser. 22. Each appraisal management company shall, except in bona fide cases of breach of contract or substandard performance of services, make payment to an appraiser for the completion of an appraisal or valuation assignment within 60 days of the date …

45:14F-49 Suspension, revocation of registration. 23. a. The board may suspend or revoke any registration issued under this act, levy fines, or impose civil penalties if, after appropriate investigation, the board concludes that an appraisal management company is attempting to pe…

45:14F-5. Certifications required as State certified real estate appraiser 5. No person shall assume or use the title or designation "State certified general real estate appraiser" or the abbreviation "SCGREA" or "State certified residential real estate appraiser" or the abbrevia…

45:14F-50 Rules, regulations. 32. The State Real Estate Appraiser Board shall adopt rules and regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), necessary to effectuate the provisions of this act within 120 days of the effective date…

45:14F-6. License required for State licensed real estate appraiser 6. No person shall assume or use the title or designation "State licensed real estate appraiser" or the abbreviation "SLREA" or any other title, designation, words, letters, abbreviation, sign, card or device ind…

45:14F-7 Act not applicable to certain licensees or activities. 7. The provisions of this act shall not apply to any person who is: a. a real estate appraiser licensed or certified in another state in compliance with federal requirements while on temporary assignment appraising r…

45:14F-8 Powers, duties of the board. 8. The board shall, in addition to such other powers and duties as it may possess by law: a. Administer and enforce the provisions of P.L.1991, c.68 (C.45:14F-1 et seq.) and P.L.2017, c.72 (C.45:14F-27 et al.); b. Examine and pass on the qual…