§ 45:14F-19 — Examinations for licensure, certification

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.