45:14F-8 Powers, duties of the board.

8. The board shall, in addition to such other powers and duties as it may possess by law:

a. Administer and enforce the provisions of P.L.1991, c.68 (C.45:14F-1 et seq.) and P.L.2017, c.72 (C.45:14F-27 et al.);

b. Examine and pass on the qualifications of all applicants for licensure or certification under P.L.1991, c.68 (C.45:14F-1 et seq.) and registration under P.L.2017, c.72 (C.45:14F-27 et al.);

c. Issue and renew licenses and certificates of real estate appraisers and registrations of real estate appraisal management companies;

d. Prescribe examinations for certification under P.L.1991, c.68 (C.45:14F-1 et seq.), which examinations shall meet the standards for certification examinations for real estate appraisers established by the Appraisal Foundation, and prescribe examinations for licensure under P.L.1991, c.68 (C.45:14F-1 et seq.) and P.L.2017, c.72 (C.45:14F-27 et al.), which examinations shall meet the standards for licensing examinations for real estate appraisers acceptable to the Appraisal Subcommittee;

e. Suspend, revoke or refuse to issue or renew a license, certificate or registration and exercise investigative powers pursuant to the provisions of P.L.1978, c.73 (C.45:1-14 et seq.) and P.L.2017, c.72 (C.45:14F-27 et al.);

f. Establish fees for applications for licensure and certification, examinations, initial licensure and certification, renewals, late renewals, temporary licenses, temporary certifications and for duplication of lost licenses or certificates, pursuant to section 2 of P.L.1974, c.46 (C.45:1-3.2) and for registration as an appraisal management company under section 9 of P.L.2017, c.72 (C.45:14F-35);

g. Establish a code of professional ethics for persons licensed or certified under P.L.1991, c.68 (C.45:14F-1 et seq.) which meets the standards established by the Uniform Standards of Professional Appraisal Practice promulgated by the Appraisal Standards Board of the Appraisal Foundation , and establish rules for appraiser independence for appraisers and appraisal management companies;

h. Establish standards for the certification of real estate appraisers which meet or exceed the minimum criteria for licensure issued by the Appraisal Qualifications Board of the Appraisal Foundation, and establish standards for the licensing of real estate appraisers which meet or exceed the minimum criteria for licensure issued by the Appraisal Qualifications Board of the Appraisal Foundation;

i. Conduct hearings pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.). In any hearing or investigative inquiry, the board shall have the right to administer oaths to witnesses, and shall have the power to issue subpoenas for the compulsory attendance of witnesses and the production of pertinent books, papers or records;

j. Take such action as is necessary before any board, agency or court of competent jurisdiction for the enforcement of the provisions of P.L.1991, c.68 (C.45:14F-1 et seq.) and P.L.2017, c.72 (C.45:14F-27 et al.);

k. Maintain a registry of the names and business addresses of licensees and the names and business addresses of certified individuals and the names and addresses of registered appraisal management companies, and shall forward such materials to the Appraisal Subcommittee of the Federal Financial Institutions Examination Council, and shall comply with any reporting requirements of the Appraisal Subcommittee of the Federal Financial Institutions Examination Council promulgated by any federal agency;

l. Approve providers of real estate appraiser education courses and establish and revise experience and education requirements for the licensure and certification of real estate appraisers in this State;

m. Approve providers of real estate appraiser continuing education courses and establish and revise continuing education requirements for the renewal of licenses and certificates;

n. Adopt and promulgate rules and regulations, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), to effectuate the purposes of P.L.1991, c.68 (C.45:14F-1 et seq.), except that the initial rules and regulations shall be promulgated by the director;

o. Perform any other functions and duties which may be necessary to carry out the provisions of P.L.1991, c.68 (C.45:14F-1 et seq.); and

p. Adopt and promulgate rules and regulations by which market analyses by licensed real estate brokers, broker-salespersons and salespersons may be used as credit for experience toward licensure or certification under P.L.1991, c.68 (C.45:14F-1 et seq.).

L.1991, c.68, s.8; amended 1991, c.408, s.4; 1995, c.349, s.3; 2017, c.72, s.25.