For all Real Estate Appraiser matters, which includes applications, complaints, exams, verification of license, renewals and reinstatements, and general questions contact - AVilese@dca.njoag.gov (Emilio Aviles).
|
ALERTAll are invited to join a webinar, entitled
"Undervalued: The Impact of Appraisal Discrimination on New Jersey's Communities of Color." The webinar is being hosted by the
NJ Division on Civil Rights, and will be offered twice this spring:
April 22, 2024
12:00 - 1:30pm | May 29, 2024
10:00 - 11:30am |
The New Jersey Fair Housing and industry experts will have a discussion on systemic racial inequities in appraisal practices. Racial disparities in residential property appraisals, along with other discriminatory housing practices, contribute to the racial wealth gap, to segregated neighborhoods, and to inequality in homeownership rates, and impact our state in many more ways. Panelists will share historical context on housing inequality, the ways bias appears in residential property appraisals, and explain strategies for advancing equity in the appraisal process. The NJ Division on Civil Rights, in partnership with the NJ Division of Consumer Affairs, has launched a Home Appraisal Discrimination Initiative aimed at eradicating persistent inequities in home appraisals in New Jersey. You can learn more at
https://bit.ly/AG_Appraisal_Discrimination.
|
The New Jersey Legislature created the State Real Estate Appraiser Board to regulate the appraisal profession and evaluate the credentials of applicants for licensure and certification.
This board is responsible for the regulation of real estate appraisers in New Jersey. The category of licenses issued by the board include licensed real estate appraisers, residential appraisers, certified general appraisers and apprentice appraisers.
An appraisal is an independent, unbiased estimate of value of real property. The appraiser is hired by a consumer or by a lender, such as a mortgage company or a bank, to analyze real estate for the purpose of estimating value. The lender then determines whether the property is worth enough to justify or support the loan which is being sought.
The lender may hire an appraiser when the consumer is applying for a mortgage or home equity loan. The appraiser arrives at an appraisal that allows the lender to determine what amount can be loaned to the consumer, if any.
Only licensed or certified appraisers are permitted to appraise real estate.
Some examples of when you may want to hire an appraiser would be when:
- applying for an extension of credit;
- a legal issue is involved, such as settling an estate; or
- there is a transaction involving a financial institution, such as when applying for a mortgage or home equity loan.
