reglab/housing_qa huggingface dataset:
NJ Rev Stat § 45:14F-18 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-18 - Renewal of licenses, certifications.

45:14F-18 Renewal of licenses, certifications.  18. a. No license shall be renewed unless the renewal applicant submits satisfactory evidence to the board that the renewal applicant has successfully completed the continuing education requirements prescribed pursuant to P.L.1991, c.68 (C.45:14F-1 et seq.). The board shall not require less than the number of hours acceptable to the Appraisal Subcommittee of the Appraisal Foundation for the continuing education of licensed real estate appraisers.  b. No certificate shall be renewed unless the renewal applicant submits satisfactory evidence to the board that the renewal applicant has successfully completed the continuing education requirements prescribed pursuant to P.L.1991, c.68 (C.45:14F-1 et seq.) for the type of certificate for which renewal is sought. The board shall not require less than the number of hours of continuing education prescribed by the Appraisal Qualifications Board of the Appraisal Foundation as a national standard for the continuing education of certified real estate appraisers.  c. Continuing education may include classroom instruction in courses, seminars or other activities as approved by the board. L.1991, c.68, s.18; amended 1991, c.408, s.8; 2017, c.72, s.30.
NJ Rev Stat § 45:14F-19 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-19 - Examinations for licensure, certification

45:14F-19. Examinations for licensure, certification  The examinations for licensure or certification under the provisions of this act shall demonstrate that the applicant possesses the following:  a. An appropriate knowledge of technical terms commonly used in or related to real estate appraisal, appraisal report writing, and economic concepts applicable to real estate law;  b. A basic understanding of real estate law; c. An understanding of the principles of land economics, the real estate appraisal process and problems likely to be encountered in the gathering and processing of data in carrying out appraisal disciplines;  d. An understanding of the standards for the development and communication of real estate appraisal reports established by the board pursuant to this act;  e. An understanding of the grounds for which the board may initiate disciplinary proceedings against a State licensed or certified real estate appraiser, as the case may be;  f. Knowledge of theories of depreciation, cost estimating, methods of capitalization, and the mathematics of real estate appraisal which relate to the classification for which the applicant is applying; and  g. Knowledge of other real estate appraisal principles and procedures which may relate to the classification for which the applicant is applying.  L.1991,c.68,s.19.
NJ Rev Stat § 45:14F-20 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-20 - Renewal of license, certificate after expiration

45:14F-20. Renewal of license, certificate after expiration  If a State licensed or certified real estate appraiser fails to renew his license or certificate prior to its expiration, the appraiser may obtain a license or certificate by satisfying all of the renewal requirements and paying the renewal and late renewal fees, provided that application for the issuance of a new license or certificate is made within one year of the expiration date of the last license or certificate held by the appraiser.  L.1991,c.68,s.20.
NJ Rev Stat § 45:14F-21 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-21 - Certification requirements for persons performing appraisal; exception.

45:14F-21 Certification requirements for persons performing appraisal; exception.  21. a. A person who is not certified pursuant to the provisions of this act shall not describe or refer to any appraisal or other evaluation which he performs on real estate located in this State as "a certified appraisal." b. A person who is not licensed pursuant to the provisions of this act shall not describe or refer to any appraisal or other evaluation which he performs on real estate located in this State as "a licensed appraisal." c. Except as otherwise provided in subsection f. of this section, no person other than a State licensed real estate appraiser, a State certified real estate appraiser or a person who assists in the preparation of an appraisal under the direct supervision of a State licensed or certified appraiser shall perform or offer to perform an appraisal assignment in regard to real estate located in this State including, but not limited to, any transaction involving a third party, person, government or quasi-governmental body, court, quasi-judicial body or financial institution. Nothing in P.L.1991, c.68 (C.45:14F-1 et seq.) shall be construed to preclude a person not licensed or certified pursuant to this act from giving or offering to give, for a fee or otherwise, counsel and advice on pricing, listing, selling and use of real property, directly to a property owner or prospective purchaser if the intended use of the counsel or advice is solely for the individual knowledge of or use by the property owner or prospective purchaser. d. Nothing in this act shall be construed to preclude a person not certified or licensed pursuant to this act from assisting in the preparation of an appraisal to the extent permitted under subsection (d) of section 1122 of Title XI of Pub. L.101-73 (12 U.S.C. s.3351(d)). e. (Deleted by amendment, P.L.1997, c.401). f. A State or federally chartered bank, savings bank or savings and loan association may obtain and use appraisals made by a person who is not certified or licensed pursuant to the provisions of P.L.1991, c.68 (C.45:14F-1 et seq.) in any circumstance where the underlying transaction is a federally related transaction for which federal law and regulation do not require that a certified or licensed appraiser be used. For the purposes of this subsection, "federal law" means Title XI of Pub. L.101-73 (12 U.S.C. s.3331 et seq.); and "federally related transaction" has the meaning as set forth in section 1121 of Title XI of Pub. L.101-73 (12 U.S.C. s.3350). L.1991,c.68,s.21; amended 1995, c.349, s.2; 1997, c.401, s.2.
NJ Rev Stat § 45:14F-22 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-22 - Licensed, certified appraiser to provide business address to board

45:14F-22. Licensed, certified appraiser to provide business address to board  a. Each State licensed or certified real estate appraiser shall provide a designated business address to the board and shall notify the board in writing of any change in that address.  b. A State licensed or certified real estate appraiser shall conspicuously display his license or certificate at his place of business.  L.1991,c.68,s.22.
NJ Rev Stat § 45:14F-23 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-23 - License, certificate returned to State; consent to service

45:14F-23. License, certificate returned to State; consent to service  a. Any license or certificate issued by the board shall remain the property of the State and shall be immediately returned to the board upon its suspension or revocation pursuant to this act.  b. The issuance of a license or certificate to an applicant who is a nonresident of this State shall be deemed to be his irrevocable consent that service of process in any action or proceeding may be made upon him by service upon the board.  L.1991,c.68,s.23.
NJ Rev Stat § 45:14F-24 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-24 - Criteria for approval of courses, schools, instructors, fees

45:14F-24. Criteria for approval of courses, schools, instructors, fees  The board may, by regulation, establish criteria for the approval of real estate appraisal education courses, schools and instructors and may collect reasonable fees as prescribed by the board from applicants for approval.  L.1991,c.68,s.24.
NJ Rev Stat § 45:14F-25 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-25 - Imposition, collection of federal fees.

45:14F-25 Imposition, collection of federal fees.  25. In the event that the government of the United States enacts legislation or rules requiring states to collect fees from appraisers or appraisal management companies licensed, certified or registered by those states and to remit the monies to a federal agency, the board is authorized to impose and collect these fees and may adopt rules requiring the payment of the fees by all appraisers licensed or certified pursuant to the provisions of P.L.1991, c.68 (C.45:14F-1 et seq.) or appraisal management companies registered pursuant to the provisions of P.L.2017, c.72 (C.45:14F-27 et al.).  L.1991, c.68, s.25; amended 2017, c.72, s.31.
NJ Rev Stat § 45:14F-26 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-26 - Board subject to law on expenses and accounts

45:14F-26. Board subject to law on expenses and accounts  The board created by this act shall be subject to the provisions of R.S.45:1-3.  L.1991,c.68,s.26.
NJ Rev Stat § 45:14F-27 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-27 - Short title.

45:14F-27 Short title.  1. Sections 1 through 23 and section 32 of this act shall be known and may be cited as the "Appraisal Management Company Registration and Regulation Act." L.2017, c.72, s.1.
NJ Rev Stat § 45:14F-28 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-28 - Findings, declarations relative to appraisal management companies.

45:14F-28 Findings, declarations relative to appraisal management companies.  2. The Legislature finds and declares that it is in the public interest to establish registration requirements for real estate appraisal management companies that employ, contract, retain or otherwise utilize the services of licensed and certified real estate appraisers to provide appraisal services in New Jersey. This act is intended to provide the State Real Estate Appraiser Board with authority to implement certain provisions of amendments in the Mortgage Reform and Anti-Predatory Lending Act of 2010, Pub.L.111-203, Subtitle F. Sec.1473(2) adding Section 1124 to Title XI of the federal Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. s.3353) (FIRREA), and the Truth in Lending Act, Pub.L.90-321 (15 U.S.C. ss.1601 et seq.), which amendments give certain authority and responsibilities to the board. L.2017, c.72, s.2.
NJ Rev Stat § 45:14F-30 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-30 - Authority of board.

45:14F-30 Authority of board.  4. The board shall have the authority to adopt rules that are reasonably necessary to establish an AMC registration program and implement, administer, and enforce the provisions set forth under this section.  a. The board shall have the legal authority and mechanisms to: (1) review, and approve or deny an AMC's application for initial registration; (2) review and renew, or review and deny an AMC's registration periodically; (3) examine the books and records of an AMC operating in the State and require the AMC to submit reports, information, and documents; (4) verify that the appraisers on the AMC's appraiser panel hold valid State certifications or licenses, as applicable; (5) conduct investigations of AMCs to assess potential violations of applicable appraisal-related laws, regulations, or orders; (6) discipline, suspend, terminate, or deny renewal of the registration of an AMC that violates applicable appraisal-related laws, regulations, or orders; and (7) report to the Appraisal Subcommittee or other appropriate federal regulatory agency an AMC's or other third-party appraisal or appraisal management services provider's violation of applicable appraisal-related laws, regulations, or orders, as well as disciplinary and enforcement actions and other relevant information about an AMC's operations, or other third-party appraisal or appraisal management services provider's operations. b. The board shall impose requirements on AMCs that are not owned and controlled by an insured depository institution and not regulated by a federal financial institution regulatory agency to: (1) register with and be subject to supervision by the State appraiser certifying and licensing agency;  (2) engage only State-certified or State-licensed appraisers for federally related transactions in conformity with any federally related transaction regulations; (3) establish and comply with processes and controls reasonably designed to ensure that the AMC, in engaging an appraiser, selects an appraiser who is independent of the transaction and who has the requisite education, expertise, and experience necessary to competently complete the appraisal assignment for the particular market and property type; (4) direct the appraiser to perform the assignment in accordance with USPAP; and (5) establish and comply with processes and controls reasonably designed to ensure that the AMC conducts its appraisal management services in accordance with the requirements of section 129E(a)-(i) of the Truth in Lending Act, 15 U.S.C. 1639e(a)-(i), and regulations promulgated thereunder. L.2017, c.72, s.4.
NJ Rev Stat § 45:14F-31 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-31 - Determination as to whether an AMC oversees an appraiser panel.

45:14F-31 Determination as to whether an AMC oversees an appraiser panel.  5. For purposes of determining whether, within the 12-month period defined by the State, an AMC oversees an appraiser panel of more than 15 state-certified or state-licensed appraisers in New Jersey or 25 or more state-certified or state-licensed appraisers in two or more states, pursuant to the definition of "AMC" as defined in section 3 of this act: a. An appraiser is deemed part of the AMC's appraiser panel as of the earliest date on which the AMC: (1) accepts the appraiser for the AMC's consideration for future appraisal assignments in covered transactions or for secondary mortgage market participants in connection with covered transactions; or (2) engages the appraiser to perform one or more appraisals on behalf of a creditor for covered transactions or secondary mortgage market participant in connection with covered transactions. b. An appraiser who is deemed part of the AMC's appraiser panel pursuant to subsection a. of this section is deemed to remain on the panel until the date on which the AMC: (1) sends written notice to the appraiser removing the appraiser from the appraiser panel, with an explanation of its action; or (2) receives written notice from the appraiser asking to be removed from the appraiser panel or notice of the death or incapacity of the appraiser. c. If an appraiser is removed from an AMC's appraiser panel pursuant to subsection b. of this section, but the AMC subsequently accepts the appraiser for consideration for future assignments or engages the appraiser at any time during the 12 months after the appraiser's removal, the removal will be deemed not to have occurred, and the appraiser will be deemed to have been part of the AMC's appraiser panel without interruption. d. Prior to assigning appraisal orders, an appraisal management company shall have a system in place to verify that a person being added to the appraiser panel holds the appropriate appraiser credential in good standing. L.2017, c.72, s.5.
NJ Rev Stat § 45:14F-33 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-33 - Applicability of act.

45:14F-33 Applicability of act.  7. The provisions of this act: a. shall apply to an appraisal management company in accordance with section 1124(a), (b) and (c) of Subtitle F of the Mortgage Reform and Anti-Predatory Lending Act of 2010, Pub.L.111-203, amending the Financial Institutions Reform Recovery and Enforcement Act (12 U.S.C. s.3353 (a), (b), (c)); and b. shall not apply to: (1) an employee relocation management company in the course of employee relocation pursuant to its relocation policy; or (2) a person or entity that exclusively employs appraisers on an employer and employee basis for the performance of appraisals for a variety of clients or intended uses of the appraisal other than mortgage lending consumer credit transactions secured by a consumer's principal dwelling. L.2017, c.72, s.7.
NJ Rev Stat § 45:14F-34 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-34 - Irrevocable uniform consent to service of process.

45:14F-34 Irrevocable uniform consent to service of process.  8. An entity or individual applying for a registration as an appraisal management company that is not domiciled in this State shall complete an irrevocable Uniform Consent to Service of Process, as prescribed by the board. L.2017, c.72, s.8.
NJ Rev Stat § 45:14F-35 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-35 - Application fee.

45:14F-35 Application fee.  9. a. The board shall establish by regulation an application fee to be paid by each appraisal management company seeking registration under this act that is sufficient for the administration of the registration process, but in no case shall the fee be more than $2,500. b. A processing fee, similar to that provided for in subsection a. of this section not to exceed $2,500, may be charged by the board in connection with the renewal of a registration. c. A registration granted by the board pursuant to this act shall be effective for a two-year period and may be renewed biennially. d. The board shall require of each appraisal management company seeking registration a surety bond of $25,000. e. Except as otherwise required by federal law, all fees paid by appraisal management companies shall be dedicated to use by the board for regulation of appraisal management companies and State certified and licensed real estate appraisers regulated by the board pursuant to State and federal law. L.2017, c.72, s.9.
NJ Rev Stat § 45:14F-36 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-36 - Prohibitions relative to an AMC.

45:14F-36 Prohibitions relative to an AMC.  10. a. An appraisal management company applying to the board for registration in this State shall not: (1) in whole or in part, directly or indirectly, be owned by any person who has had an appraiser license or certificate in this State or in any other state, refused, denied, cancelled, surrendered in lieu of revocation, or revoked; (2) be subject to the ownership, control, direction, or authority of, or employ, appoint, or otherwise retain, a controlling person who is not of good moral character, which for purposes of this section shall require that such person has not been convicted of, or entered a plea of nolo contendere to, a crime relating to the practice of appraisal or any crime involving financial services, fraud, misrepresentation or moral turpitude. b. For purposes of paragraph (2) of subsection a. of this section, each controlling person of an appraisal management company shall submit to a background investigation to be carried out by the board, in accordance with standards as established by the board by regulation. c. The background investigation authorized under subsection b. of this section shall include but is not limited to a criminal history record information check conducted in accordance with sections 3 and 4 of P.L.1997, c.401 (C.45:14F-10.1 and C.45:14F-10.2). L.2017, c.72, s.10.
NJ Rev Stat § 45:14F-37 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-37 - Designated contact for communication.

45:14F-37 Designated contact for communication.  11. An appraisal management company applying to the board for registration in this State shall designate one controlling person that will be the designated contact for all communication between the board and the appraisal management company. L.2017, c.72, s.11.
NJ Rev Stat § 45:14F-39 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-39 - Licensure.

45:14F-39 Licensure.  13. An employee of, or independent contractor to, an appraisal management company that performs a Uniform Standards of Professional Appraisal Practice Standard 3 review of an appraisal report on property located in this State shall be an appraiser with the proper level of licensure, as prescribed pursuant to P.L.1991, c.68 (C.45:14F-1 et seq.). The provisions of this section shall not apply to any individual conducting an Administrative Quality Control Examination. L.2017, c.72, s.13.
NJ Rev Stat § 45:14F-40 (2021)
2021 New Jersey Revised Statutes|Title 45 - Professions and Occupations|Section 45:14F-40 - Collection of information and fees; reporting requirements.

45:14F-40 Collection of information and fees; reporting requirements.  14. a. With respect to reporting requirements for non-federally regulated appraisal management companies, the board will collect from each AMC registered or seeking to be registered in the State the information and fees that the Appraisal Subcommittee requires to be submitted to it by the State pursuant to regulations or guidance promulgated by the Appraisal Subcommittee. b. With respect to reporting requirements for federally regulated appraisal management companies: a federally regulated AMC operating in the State shall report to the board the information required to be submitted by the State to the Appraisal Subcommittee, pursuant to the Appraisal Subcommittee's policies regarding the determination of the AMC National Registry fee. These reporting requirements will be set forth by the board by rule, and shall include:  (1) a report to the board on a form prescribed by the board of intent to operate in this State; (2) information related to whether the AMC is owned in whole or in part, directly or indirectly, by any person who has had an appraiser license or certificate refused, denied, cancelled, surrendered in lieu of revocation, or revoked in any state for a substantive cause, as determined by the Appraisal Subcommittee; and  (3) if a person has had action taken on his or her appraisal license, the board shall collect information related to whether the license was revoked for a substantive cause and if it has been reinstated by the state or states in which the appraiser was licensed or certified. c. The board is authorized to collect from a federally regulated AMC operating in the State for submission to the Appraisal Subcommittee the AMC National Registry fee. L.2017, c.72, s.14.