45:14F-19. Examinations for licensure, certification
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/nj/title-45/chapter-14f/45-14f-19A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.