NJ Bill Permits RE Agents BPOs No Limits

[GCJim]

As I understand it, the push behind these bills is one individual at the NJAR who got PO'd when he wasn't personally consulted with respect to the Appraisal Board's opinion regarding BPO's.

Anyone know who this is?

 

[GCJim]

FYI......

"Thank you for taking the time to contact my office regarding regulations
governing the authority of real estate brokers, broker-salespersons and
salespersons. I appreciate the opportunity to hear your views on this
important issue.

I would like to advise you that on March 4, 2013, Senate bill S2551,
which would allow real estate brokers, broker-salespersons and
salespersons licensed in New Jersey to prepare a broker price opinion or
comparative market analysis, passed during a meeting of the Senate
Commerce Committee. It now waits to be scheduled for a vote before the
full Senate. Therefore, it is appropriate that you contact the Senate
President to express your opposition and request that he not post the
bill, as he is the sole legislator with the authority to post bills
before the full Senate. I have provided contact information for Senator
Stephen Sweeney should you choose to correspond with him directly.

Senate President Stephen Sweeney
935 Kings Highway
Suite 400
West Deptford, NJ 08086
Phone: (856) 251-9801
Email: SenSweeney@njleg.org

Once again, thank you for writing. Should you need information or
assistance in the future, please do not hesitate to contact me.

Sincerely,

Barbara Buono
Senator, 18th District
BB/cr "

 

[TC NewJersey]

A quote from the bill

"A State or federally chartered bank, savings bank or savings
and loan association may obtain and use appraisals made by a
person who is not certified or licensed pursuant to the provisions of
P.L.1991, c.68 (C.45:14F-1 et seq.) in any circumstance where the
underlying transaction is a federally related transaction for which
federal law and regulation do not require that a certified or licensed
appraiser be used. "

Essentially this law goes well beyond ensuring realtors can do BPO's, they want the ability to do work and call it an appraisal without having to be licensed as an appraiser.

It looks like a landmark bill and very bad for our industry.

I hope everyone in NJ has reached out to their respective local congressmen and if not I urge you to do so today.

In fact, outside of NJ appraiser groups should be actively lobbying against this.

 

[Nikolay Pavlov]

What happened with all this?

 

[coolhandluke]

What happened with all this?

All NJ appraisers were forced to resign and become either realtors or janitors, which did you choose?

 

[TC NewJersey]

What happened with all this?

it passed of course, NJAR essentially wrote the bill

opposition from appraisers was light and not well organized, bill passed with little opposition and by a wide margin

we wait to see the effect

 

[BarbaraNJ]

I believe the statistics (3,000 appraisers vs 97,000 realtors) will be the deciding factor. Even if the 3,000 appraisers all show up, politicians can "count", no matter how bad they were at math in school. If they vote "against" the realtors, they stand to loose lots more votes.

I also don't think it will make a big dent in appraisal work in the long run.

If things get to court, the first thing a lawyer will ask is if the person preparing the valuation is a licensed appraiser. If one lawyer goes to court with a licensed realtor and one goes to court with the licensed appraiser, the appraiser will be portrayed as having much more credibility.

When a comedian was asked what he thought of gay marriage, he responded he was in favor of gay marriage because they were entitled to be as miserable as the rest of us.

The moment a few realtors are sued for their BPO's or have to pay significantly more for liability insurance, they'll go away.

 

[SutnNC]

Received this in my email today:

[url]http://www.appraisalinstitute.org/ano/newsletter/DisplayNwsLtrArticle.aspx?volume=14&numbr=15/16&id=20476[/URL]

 

[TC NewJersey]

yes it passed both legislative houses and was vetoed by Chris Christie, finally a politician who took a stand for appraisers!!!

 

[SutnNC]

Actually, I think he made a good decision for the public. Doing what I/we do, seeing what I/we have seen with regard to Realtors, BPO's and their interpretation of "a comp"......he made a good decision for the people.

The truth; he's probably related to or is close friends with an appraiser. Somebody that he respects got his ear b/c the money to "go the other way" is TOO good.