NJ S1749

Requires the State Real Estate Appraiser Board to adopt the Practical Applications of Real Estate Appraisal (PAREA) program as an alternative pathway for prospective appraisers to fulfill experiential requirements for licensure or certification.

PAREA allows prospective appraisers to complete up to 100 percent of experience requirements virtually through real-world simulations combining appraisal theory and methodology, rather than finding a licensed appraiser to supervise them in person.

Addresses the current difficulty prospective appraisers face in locating supervisors, as no formal process exists to connect aspiring appraisers with licensed professionals willing to oversee their training.

Applies to both licensed real estate appraisers and certified general or residential real estate appraisers seeking to meet experience standards set by the Appraisal Qualifications Board of the Appraisal Foundation.

Takes effect 90 days following enactment.