FOR IMMEDIATE RELEASE:
November 18, 2002
FOR FURTHER INFORMATION CONTACT:
Genene Morris (973)504-6327
Date of Proposal: October 7, 2002
Proposal Number: PRN 2002-347
Proposal Summary:
The New Jersey State Board of Real Estate Appraisers is proposing new
rule N.J.A.C. 13:40A-7.5 to establish that a licensed real estate
appraiser, who also maintains licensure as a real estate broker and/or
salesperson, cannot perform an appraisal upon a property and act in the
dual capacities of real estate appraiser and broker and/or salesperson.
The proposed rule would also prohibit the licensee from being employed
by the broker or work with any salesperson who works for the employing
broker. The new rule is designed to avoid the potential conflict of
interest that may exist in such transactions.
Text of Proposal:
The full text of the proposed regulation is posted on the Division of
Consumer Affairs' Web site at:
www.state.nj.us/lps/ca/proposal/relespro107.htm.
Public Comment:
Public comment on this proposal will be accepted until December 6, 2002.
Please direct all comments to:
Dr. James Hsu, Executive Director
New Jersey State Board of Real Estate Appraisers
124 Halsey St.
PO Box 45032
Newark, N.J. 07101
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