N.J. Admin. Code § 13:40A-1.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 13:40A-1.3 - Scope of practice

(a) The scope of practice of appraisers with the licensed real estate appraiser qualification is the appraisal of non-complex one-to-four residential units having a transaction value less than $ 1,000,000 and complex one to four residential units having a transaction value less than $ 400,000.

1. "Complex one-to-four-unit residential property appraisal" means one in which the property to be appraised, the form of ownership, or the market conditions are atypical. Licensed real estate appraisers shall not appraise a property that includes any commercial use.

(b) The scope of practice of appraisers with the certified residential real estate appraiser qualification is the appraisal of one-to-four residential units without regard to transaction value or complexity. Certified residential real estate appraisers shall not appraise a property that includes any commercial use.

(c) The scope of practice of appraisers with the certified general real estate appraiser classification is the appraisal of all types of property.

(d) The scope of practice of appraiser trainees is the appraisal of those properties which the supervising appraiser is permitted to appraise.

N.J. Admin. Code § 13:40A-1.3

New Rule, R.2007 d.30, effective 2/5/2007.
See: 38 N.J.R. 2628(a), 39 N.J.R. 494(a).

Amended by 55 N.J.R. 112(a), effective 1/17/2023