3. There is created within the Division of Consumer Affairs in the Department of Law and Public Safety a State Real Estate Appraiser Board. The board shall consist of 11 members who are residents of the State, two of whom shall be public members and one of whom shall be a State executive department member appointed pursuant to the provisions of section 2 of P.L.1971, c.60 (C. 45:1-2.2). Of the remaining eight members, three shall be, except for those first appointed, State licensed real estate appraisers, three shall be, except for those first appointed, State certified real estate appraisers, and two shall be representatives of the appraisal management company industry, each of whom shall be State certified real estate appraisers or State licensed real estate appraisers. One representative of the appraisal management company industry shall be affiliated with an appraisal management company that is owned, in whole or in part, by a federally regulated financial institution, and one representative of the appraisal management company industry shall be affiliated with an appraisal management company that is not owned, in whole or in part, by a federally regulated financial institution. The initial real estate appraiser members of the board may hold a real estate appraisal designation from an organization recognized by the Appraisal Foundation, but these appointments shall not be granted or denied on the basis of organizational membership alone.

The Governor shall appoint the public members, the real estate appraiser members, and the representatives of the appraisal management company industry to the board with the advice and consent of the Senate. The Governor shall appoint each member for a term of three years, except that with regard to the real estate appraiser members first appointed, two shall serve for terms of three years, two shall serve for terms of two years, and two shall serve for terms of one year. Each member shall serve until his successor has been qualified. Any vacancy in the membership of the board shall be filled for the unexpired term in the manner provided by the original appointment. No member of the board shall serve more than two successive terms in addition to any unexpired term to which he has been appointed. The Governor may remove a member of the board for cause.

L.1991, c.68, s.3; amended 2017, c.72, s.24.