NJ S2849

Reduces the State Real Estate Appraiser Board from 11 members to 7 members, with the Governor appointing members upon recommendation of the Senate President (3 members) and Speaker of the General Assembly (3 members), plus one State executive department member.

Prohibits licensed appraisers and appraisal management companies from discriminating in property appraisals based on actual or perceived race, color, or national origin of buyers, owners, agents, or neighborhood occupants.

First-time discrimination violations result in voiding the appraisal, requiring restitution of appraisal costs, and mandatory attendance at an anti-bias seminar.

Second violations require license suspension for at least 60 days plus restitution; third violations result in license revocation for at least two years.

Civil penalties of up to $5,000 for second violations within five years and up to $10,000 for third and subsequent violations may be imposed.