The Appraiser Qualifications Board (AQB), an independent board of The Appraisal Foundation (TAF), issued a Discussion Draft about the Practical Applications of Real Estate Appraisal (PAREA) concept. Unlike an exposure draft that provides detailed prescriptions, a discussion draft requests comments to key questions the AQB is considering, according to a TAF press release.
PAREA offers practical experience in a simulated environment using various technologies for trainees seeking to earn the minimum criteria for appraiser qualifications and training, the release said.
“The point of a discussion draft is to solicit feedback regarding key questions that the AQB is considering,” 2019 AQB Chair Mark A. Lewis, said in the release. “Stakeholder feedback at this time is critical for the AQB deliberations in advance of any future exposure draft regarding this concept.”
Questions the AQB is seeking answers to include:
- What is the maximum amount of experience a trainee should be able to obtain by completing PAREA training?
- What “prerequisites” should be required prior to enrolling in PAREA training?
- What level of “supervision” is appropriate for PAREA trainees?
- What should the minimum qualifications be for those “supervising” PAREA trainees?
- Should PAREA trainees have to complete USPAP-compliant appraisal reports?
- How will this type of experience be verified?
The AQB is seeking comments to these key questions, and others that may be on the minds of appraisers. All comments should be sent to [email protected]
The AQB will be meeting in Denver on May 3, 2019, from 9:00 am to 12:00 pm MT. A virtual reality demonstration will be provided to demonstrate one technology that could be utilized in PAREA. To register to attend in person or by live stream, click here.
For additional information, contact Magdalene Vasquez, Qualifications Board Program Manager at [email protected]