The Appraisal Foundation recently announced that its Appraiser Qualifications Board (AQB) has adopted the Practical Applications of Real Estate Appraisal (PAREA), which provides new minimum criteria for aspiring appraisers to fulfill their experience requirements via innovative technology.
According the Foundation’s press release, PAREA is designed to offer practical experience in a virtual environment that combines appraisal theory and methodology in real-world simulations – using a wide-range of online virtual reality technologies.
As it currently stands, those seeking to become appraisers must have a supervisor appraiser overseeing their required experience hours, which can be difficult to achieve due to appraiser attrition and high order volume. The Appraisal Foundation believes this limits the number of people who can become appraisers and acts as a barrier to entering the profession.
That said, the Foundation did note that PAREA is not a replacement for the existing model.
“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,” said Lisa Desmarais, The Appraisal Foundation’s Vice President of Appraisal Issues. “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.”