Appraisal Institute PAREA Program Receives Approval from Appraiser Qualifications Board

Originally published on May 18, 2023, by the Appraisal Institute.

The Appraisal Institute announced today that the Appraiser Qualifications Board has provided approval of AI’s Practical Applications of Real Estate Appraisal program for the licensed residential path.

The Appraisal Foundation’s Board of Trustees awarded the Pathway to Success Grant to the Appraisal Institute to assist with the development of the PAREA program. The Pathway to Success Conditional Grant is designed to open up the appraisal profession to a new generation of appraisers and stipulates that participant priority be given to veterans, minorities and those in designated rural areas. AI was awarded the full grant amount of $500,000 to build its AI PAREA program in collaboration with its partners. AI committed more than $2 million toward AI PAREA.

PAREA, which is an online program, is an alternative pathway for aspiring appraisers to gain their required experience hours to become licensed or certified appraisers. Historically, the only option for an appraiser to complete their experience hours was through a supervisor/trainee model that requires the aspiring appraiser to find their own supervisor. PAREA is currently accepted in 43 states, and that number is likely to increase as more states adopt this alternative pathway.

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