Real estate appraisers must complete anti-bias training
Taking aim at systemic racism in the real estate marketplace, licensed appraisers in New Jersey must complete an anti-bias training program to renew their licenses.
The law (A2280) declares it illegal for appraisers to use personal factors including race, religion, sexual orientation and the nation origin of the sellers or buyers to diminish the value of a home.
This discriminatory practice has gone on for far too long, hurting the ability to amass wealth and pass it on to future generations, said Laura Sullivan, director of the Economic Justice Program at the New Jersey Institute for Social Justice.
“With homeownership being one of the most important ways that families build wealth, proactive steps towards reducing racial disparities in homeownership are crucial for closing the racial wealth gap and moving us toward equity,” Sullivan said when Acting Gov. Tahesha Way signed the law in September.
“For far too long, systems were in place that would perpetuate racial bias,” Way said. “With this bill, we will ensure that personal biases don’t influence appraisers.”
Effective date: March 8.