The Appraisal Institute (AI) recently announced the organization’s Practical Applications of Real Estate Appraisal program (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 AI to assist with the development of the PAREA program, AI announced in a release.

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 (AQB) 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, AI stated.

AI PAREA, which is an online program, is an alternative pathway for aspiring appraisers to gain their required experience hours to become a licensed or certified appraiser, using a standardized approach. 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.

With the AI PAREA program, participants can appraise properties virtually with one-on-one guidance from a mentor who is an Appraisal Institute Designated Member to help navigate the path to credentialing. Each mentor will answer questions, offer constructive feedback and help participants to develop the problem-solving skills necessary throughout an appraiser’s career.

“The AI PAREA program will create tremendous opportunities for aspiring appraisers to meet the experience requirements and open a pathway to entering this respected and rewarding profession,” AI President Craig Steinley said in the release.

Key elements of AI PAREA include:

• Participants will be supported throughout the program by mentors with years of real-world experience who are Appraisal Institute Designated Members and full-time employees of the organization. AI specifies rigorous requirements for designated membership regarding experience, education and moral character and those individuals demonstrate the highest standards of education and ethics.
• AI PAREA participants will have access to the organization’s 66 chapters to enhance networking opportunities and connect with appraisers who can potentially help participants become geographically competent, meaning that participants can learn about the specifics of local markets from appraisers with that knowledge and experience.
• In addition to the basic specification of three Uniform Standards of Professional Appraisal Practice (USPAP)-compliant reports established for PAREA programs by the AQB, AI PAREA features an additional 10 practice assignments and reports. The assignments are consistent for all participants and include a variety of complexity and property types to reinforce important appraisal concepts and skills.
• The assignments that are part of AI PAREA are developed by an organization with a 90-plus-year history of creating best-in-class education, publications and other appraisal products.
• AI PAREA participants have access to a knowledge center that includes a variety of resources that appraisers use every day including forms software, cameras, GIS, measuring and sketch tools, data services and a multiple listing service (MLS).