Limits on NJ licenses/certifications

[Hal Mann]

I am always amazed at how little information is available on the NJ Appraisal Board website. Can anyone tell me what the upper limits are on a NJ licensed appraiser? I am sure that the property must be a non-complex residential, but the value limits are a mystery. On FRT's, is it a transaction amount of no more than $1,000,000 or is it something else?

Thanks.

 

[Gary Glomb]

It is a gray area. Different people tell you different things. According to Chris who used to work for the board, the loan amount cannot exceed 1 million dollars, however if you tell the lender this and they do not have a problem with it you can do it.

 

[Bob Ipock]

http://www.appraisalfoundation.org/s_appraisal/bin.asp?CID=76&DID=287&DOC=FILE.PDF


see page # 8 of the AQB doccument



I. The Licensed Real Property Appraiser Classification
applies to the appraisal of non-complex one to four
residential units having a transaction value less than
$1,000,000 and complex one to four residential units
having a transaction value less than $250,000.
The scope of practice identified herein represents the
consensus of the Appraiser Qualifications Board. The
Federal Financial Institutions Regulatory Agencies, as well
as other agencies and regulatory bodies permit the licensed
classification to appraise properties other than those identified
above. Individuals should refer to Agency regulations and
State law to determine the type of property that may be
appraised by the Licensed appraiser.
All Licensed appraisers are bound by the COMPETENCY
RULE of the Uniform Standards of Professional Appraisal

 

[Hal Mann]

It is a gray area. Different people tell you different things. According to Chris who used to work for the board, the loan amount cannot exceed 1 million dollars, however if you tell the lender this and they do not have a problem with it you can do it.

Well, I can hardly believe that someone made this post. If your client tells you it's ok to shoot anybody you see on the site when you do your inspection, does that mean you can do it?

Gray area, my ***!!!!

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Thanks, Bob. I kinda figured it was a federally-set limit, applicable to all states, but simply could not find a citation. Thanks again.