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RULE ADOPTIONS
VOLUME 41, ISSUE 16
ISSUE DATE: AUGUST 17, 2009
LAW AND PUBLIC SAFETY
DIVISION OF CONSUMER AFFAIRS
STATE BOARD OF REAL ESTATE APPRAISERS
Adopted Amendments: N.J.A.C. 13:40A-1.2, 2.5, 2A.5, 3.6, 5.4 and
5.10
Temporary Visiting Certificate, Certified General Real Estate Appraiser;
Temporary Visiting Certificate, Certified Residential Real Estate Appraiser;
Temporary Visiting Licenses; Special Course Requirement; Uniform Standards
of Professional Appraisal Practice; Extensions
Proposed: February 2, 2009 at 41 N.J.R. 710(a).
Adopted: April 14, 2009 by the State Board of Real Estate Appraisers,
Cheryle A. Randolph-Sharpe, President.
Filed: July 23, 2009 as R.2009 d.262, with a technical change not
requiring public notice and comment (see N.J.A.C. 1:30-6.3).
Authority: N.J.S.A. 45:14F-7 and 8.
Effective Date: August 17, 2009.
Expiration Date: October 3, 2012.
Federal Standards Statement
A Federal standards analysis is not required because the adopted rule
amendments do not exceed the standards and requirements set forth under
Title XI of the Financial Institutions, Reform, Recovery and Enforcement
Act of 1989, 12 U.S.C. ßß3331 et seq., and the AQB criteria,
which establish and set forth Federal standards and requirements.
Full text of the adoption follows (addition to proposal indicated
in boldface with asterisks *thus*; deletion from proposal indicated
in brackets *[thus]*):
SUBCHAPTER 1. PURPOSE AND SCOPE; DEFINITIONS; SCOPE OF PRACTICE
13:40A-1.2 Definitions
The following words and terms, when used in this chapter, shall have
the following meanings, unless the context clearly indicates otherwise:
. . .
"Jurisdiction" means the 50 United States, the District of
Columbia, American Samoa, Guam, Mariana Islands, Puerto Rico and the
United States Virgin Islands.
. . .
SUBCHAPTER 2. CERTIFICATION OF GENERAL REAL ESTATE APPRAISERS
13:40A-2.5 Temporary visiting certificate; certified general real estate
appraiser
(a) Upon application to the Board and payment of a registration fee,
an appraiser certified as a general real estate appraiser in another
jurisdiction may be issued a temporary visiting certificate as a general
real estate appraiser for a specific appraisal assignment, provided that
the individual submits satisfactory proof to the Board that the individual
has a current valid certificate to practice as a general real estate
appraiser in another jurisdiction.
(b) An appraiser certified by another jurisdiction may apply for no
more than three temporary certificates, with a limit of appraising three
specific properties per temporary certificate, within one calendar year,
except that the Board may waive the limitation based on a showing of
good cause by the applicant.
(c) For purposes of this section, the term "Federally related
transaction" shall mean any real estate-related financial transaction,
which a Federal financial institutions regulatory agency engages in,
contracts for, or regulates. An appraiser certified by another jurisdiction
shall apply for a temporary visiting certificate without the limitations
stated in (b) above if the property to be appraised is part of a Federally
related transaction. The temporary visiting certificate issued under
this section shall be valid for at least six months and shall be extended
upon request for extension to the Board by the applicant.
(d) The temporary visiting certificate issued under (c) above shall
become invalid if the appraiser certified as a general real estate appraiser
in another jurisdiction no longer holds a valid license in that jurisdiction.
(e) (No change in text.)
13:40A-2A.5 Temporary visiting certificate; certified residential real
estate appraiser
(a) Upon application to the Board and payment of a registration fee,
an appraiser certified as a residential real estate appraiser in another
jurisdiction may be issued a temporary visiting certificate as a residential
real estate appraiser for a specific appraisal assignment, provided that
the individual submits satisfactory proof to the Board that the individual
has a current valid certificate to practice as a residential real estate
appraiser in another jurisdiction.
(b) An appraiser certified by another jurisdiction may apply for no
more than three temporary certificates, with a limit of appraising three
specific properties per temporary certificate, within one calendar year,
except that the Board may waive the limitation based on a showing of
good cause by the applicant.
(c) For purposes of this section, the term "Federally related
transaction" shall mean any real estate-related financial transaction,
which a Federal financial institutions regulatory agency engages in,
contracts for, or regulates. An appraiser certified by another jurisdiction
shall apply for a temporary visiting certificate without the limitations
stated in (b) above if the property to be appraised is part of a Federally
related transaction. The temporary visiting certificate issued under
this section shall be valid for at least six months and shall be extended
upon request for extension to the Board by the applicant.
(d) The temporary visiting certificate issued under (c) above shall
become invalid if the appraiser certified as a residential real estate
appraiser in another jurisdiction no longer holds a valid license in
that jurisdiction.
(e) (No change in text.)
SUBCHAPTER 3. LICENSING OF REAL ESTATE APPRAISERS
13:40A-3.6 Temporary visiting licenses
(a) Upon application to the Board and payment of a registration fee,
an appraiser licensed in another jurisdiction may be issued a temporary
visiting license for a specific appraisal assignment, provided that the
individual submits satisfactory proof to the Board that the individual
has a current valid license to practice in another jurisdiction.
(b) An appraiser licensed by another jurisdiction may apply for no
more than three temporary licenses, with a limit of appraising three
specific properties per temporary license, within one calendar year,
except that the Board may waive the limitation based on a showing of
good cause by the applicant.
(c) For purposes of this section, the term "Federally related
transaction" shall mean any real estate-related financial transaction,
which a Federal financial institutions regulatory agency engages in,
contracts for, or regulates. An appraiser licensed by another jurisdiction
shall apply for a temporary visiting license without the limitations
stated in (b) above if the property to be appraised is part of a Federally
related transaction. The temporary visiting license issued under this
section shall be valid for at least six months and shall be extended
upon request for extension to the Board by the applicant.
(d) The temporary visiting license issued under (c) above shall become
invalid if the appraiser licensed by another jurisdiction no longer holds
a valid license in that jurisdiction.
(e) (No change in text.)
SUBCHAPTER 5. CONTINUING PROFESSIONAL EDUCATION
13:40A-5.4 Special course requirement; Uniform Standards of Professional
Appraisal Practice
All licensed and certified real estate appraisers shall be required
to complete the seven hour National Update Course on the Uniform Standards
of Professional Appraisal Practice or its equivalent at least once every
24 months.
13:40A-5.10 Extensions
(a) An applicant for biennial renewal may not obtain an extension of
time within which to satisfy continuing education requirements, except
where a deferral is authorized pursuant to the Real Property Appraiser
Qualification Criteria and Interpretations of the Criteria, effective
January 1, 2008, as promulgated by the AQB of the Appraisal Foundation
as amended and supplemented and incorporated herein by reference as part
of this rule and can be found at *[http://appraisalfoundation.org/s_appraisal]* *http://www.appraisalfoundation.org/s_appraisal/bin.asp?CID=117&DID=287&DOC=FILE.PDF*.
(b) In the event that an applicant for biennial renewal is not able
to satisfy continuing education requirements for the preceding cycle
due to extenuating circumstances as set forth in (a) above, the credential
holder [page=3095] shall be placed in active status for a period of up
to 90 days pending completion of all continuing education requirements,
as set forth in the Real Property Appraiser Qualification Criteria and
Interpretations of the Criteria, as promulgated by the AQB of the Appraisal
Foundation as amended and supplemented and incorporated herein by reference
as part of this rule.
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