N.J. Admin. Code § 13:40A-4.7

Current through Register Vol. 56, No. 11, June 3, 2024

Section 13:40A-4.7 - Real estate appraiser trainee log

(a) A real estate appraiser trainee shall maintain a log on forms provided by the Board, which shall include the following information concerning each appraisal assignment in which the trainee participates:

1. The name and address of the client;

2. The type of appraisal report;

3. The address of the appraised property;

4. A description of the work performed and the scope of review and supervision;

5. The number of hours claimed for the assignment;

6. The type of property;

7. The date of report;

8. The number of actual work hours by the trainee on the assignment; and

9. The signature and certification number of the supervising appraiser. Separate logs shall be maintained for each supervising appraiser, if applicable.

(b) Appraisal logs submitted to the Board shall indicate the nature of the trainee's participation in each assignment and the trainee shall set forth within the log, for each assignment, information indicating whether the trainee was involved in obtaining, calculating, or preparing:

1. Land/site inspections and descriptions;

2. Building inspections and descriptions;

3. Neighborhood descriptions and analysis;

4. Highest and best use analysis;

5. Research of comparable sales and analysis;

6. Cost analysis;

7. Income analysis (only for trainees whose experience includes income properties);

8. Meaningful sales analysis;

9. Correlation of data into final value; and

10. Any other components of the appraisal process.

(c) The trainee shall:

1. Include in the appraisal log submitted to the Board only those appraisal report(s) which indicate(s) that the trainee provided significant assistance;

2. Verify that the trainee's contribution to the report has been indicated in the report before entering the report into the appraisal log; and

3. Notify the Board immediately, in writing, if the trainee has provided significant real property appraisal assistance to a supervising appraiser with an appraisal report, and the supervising appraiser has not indicated that the trainee provided significant real property appraisal assistance in the report, and the scope of the trainee's contribution. For purposes of this subsection, "significant" means the exercise of appraisal knowledge and training, and does not mean clerical or fact gathering tasks.

(d) Failure to comply with this section shall be grounds for:

1. Denial of renewal of the trainee permit;

2. Revocation of the trainee permit;

3. Denial of experience credit for the entire year in which the lack of compliance occurred; and/or

4. Denial of licensure or certification.

N.J. Admin. Code § 13:40A-4.7

Amended by 46 N.J.R. 1747(c), effective 8/4/2014.