Originally published on September 12, 2023, by the Appraisal Institute.
The Appraisal Institute, the nation’s largest professional association of real estate appraisers, announced today that the organization’s Practical Applications of Real Estate Appraisal program (AI PAREA) for the licensed residential path has launched broadly, and registration is now open.
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.
After receiving approval from the Appraiser Qualifications Board in May, AI PAREA initially welcomed select participants who had completed their Qualifying Education and reside in a state which has fully accepted PAREA in lieu of the traditional supervisor/trainee model during the pilot program phase.