The Appraiser Qualifications Board Adopts New Pathway for Aspiring Appraisers

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Oct 16, 2020, 16:19 ET

WASHINGTON, Oct. 16, 2020 /PRNewswire/ -- The Appraisal Foundation Appraiser Qualifications Board today adopted the Practical Applications of Real Estate Appraisal (PAREA). These new minimum Criteria provide another pathway for aspiring appraisers to fulfill their experience requirements by taking advantage of innovative technology.

"Technology is opening new doors in the appraisal profession," said Vice President of Appraisal Issues Lisa Desmarais. "The current trainee/supervisor model can sometimes be a barrier to entry for aspiring appraisers. PAREA is not a replacement for this existing model, but it is an alternative pathway for those hoping to become appraisers to gain the required experience to join the profession. We hope state agencies will take advantage of these new minimum Criteria to establish more alternatives and make becoming an appraiser more accessible for anyone looking to join this growing field."

PAREA is designed to offer practical experience in a virtual environment combining appraisal theory and methodology in real-world simulations. This experience can be provided through a wide range of online and virtual reality technologies.

Currently, aspiring appraisers must have a supervisor appraiser oversee their required trainee experience hours, but in many markets, trainees cannot find a mentor, creating a barrier to entry in the profession. This limits the number of people who can become appraisers each year. As The Appraisal Foundation looks to grow diversity in the profession, its boards will continue to explore how technology can help aspiring appraisers gain their required experience to make the appraisal industry more accessible.

BACKGROUND: The Appraisal Foundation is congressionally-authorized to set standards and qualifications for real estate appraisers. It is governed by a Board of Trustees which oversees two additional boards, the Appraisal Standards Board and the Appraiser Qualifications Board, responsible for writing the standards and qualifications respectively.

Media Contact:
Amy Timmerman
(202) 624-3048
[email protected]

SOURCE The Appraisal Foundation