N.J. Admin. Code § 18:12-4.4

Current through Register Vol. 56, No. 9, May 6, 2024

Section 18:12-4.4 - Appraisal firm: required information to be submitted

(a) An appraisal firm seeking approval from the Director to become a New Jersey revaluation firm shall submit the following information annually:

1. Financial statements, including balance sheets and income statements for the past three years;

2. A list of municipalities both in and outside New Jersey where the revaluations were performed during the past five years;

3. The names and addresses of the officers and the number of years each officer has been engaged in real property valuation;

4. A statement of whether any litigation involving the firm's performance or revaluation contract occurred during the past five years, and a detailed explanation of the nature of such litigation and the results;

5. Any additional information the Director considers pertinent to determine whether the firm has adequate staff and resources to undertake a municipal valuation project;

6. A written statement asserting that the firm shall meet State and Federal requirements with respect to Equal Employment Opportunity laws and minimum wage rates;

7. The names and addresses of the firm's parent corporation and subsidiaries, if any;

8. A copy of the appraisal license or certification for all principals of the firm and/or supervisors employed by the firm and who will be responsible for performing appraisals;

9. The nature and extent of professional appraisal work the firm has performed and the total number of staff currently employed and their titles;

10. A breakdown of general staff resources of the firm with regard to field/building enumerators and clerical office personnel; and

11. An indication that the firm is able to secure a surety bond for the completion of revaluation work performed under contract.

N.J. Admin. Code § 18:12-4.4

Amended by 50 N.J.R. 664(a), effective 1/16/2018