Overview of Practical Applications of Real Estate Appraisal
Practical Applications of Real Estate Appraisal (PAREA) is a program created by the Appraiser Qualifications Board (AQB) to offer an experience alternative to the traditional supervisor/trainee model. PAREA emphasizes education as a key component of real estate appraisal experience. The program allows for experience credits in various categories, including Licensed Residential, Certified Residential, and Certified General. PAREA programs must meet specific content requirements, such as mentoring and adherence to the Uniform Standards of Professional Appraisal Practice. The need for PAREA arises from a declining number of real property appraisers in Minnesota, with efforts underway to address the supervisor shortage and other barriers to entry into the field.
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PAREA A Brief Overview mn.gov/commerce 1
Disclaimer For the most part, this presentation summarizes information available from the Appraisal Foundation and the Appraiser Qualifications Board (AQB) I personally am not an appraiser and have not participated in a PAREA program This will be a very brief overview; a link to more detailed information will be provided at the end of the presentation 5/10/2024 mn.gov/commerce 2
What is PAREA? Practical Applications of Real Estate Appraisal Created by the AQB Experience alternative to supervisor/trainee model Online and virtual reality technologies 5/10/2024 mn.gov/commerce 3
PAREA = Experience via Education Education, but not education requirements counts solely toward experience requirements Completing all qualifying education is a prerequisite for participating in a PAREA program 5/10/2024 mn.gov/commerce 4
Different Regulator Roles AQB PAREA program approval Minnesota Accepts PAREA program experience in lieu of traditional required experience hours 5/10/2024 mn.gov/commerce 5
Experience Credits PAREA is available for: Licensed Residential experience credit (up to 100%) Certified Residential experience credit (up to 100%) Certified General experience credit (up to 50%) depending on the type of program completed 5/10/2024 mn.gov/commerce 6
Experience Credits 5/10/2024 mn.gov/commerce 7
Requirements for PAREA Programs Content outlines Mentoring Appraisals that comply with the Uniform Standards of Professional Appraisal Practice 5/10/2024 mn.gov/commerce 8
Why is PAREA Needed? Declining numbers In Minnesota, there were a total of 3,512 real property appraisers in 2007; by January 1, 2024, there were 1,914 Supervisor shortage Barriers to entry 5 providers are actively working on developing PAREA programs 5/10/2024 mn.gov/commerce 9
FAQ Who submits the PAREA completion certificate to the state as part of the license application process, the program provider or the appraiser license applicant? After successfully completing a PAREA program, the participant will receive a completion certificate from the program provider. The participant will provide that certificate to the state when applying for an appraiser license. 5/10/2024 mn.gov/commerce 10
FAQ After completing a PAREA program, can a participant apply through the PAREA program to take the appraiser license examination? No, license examinations are not provided through PAREA programs. The individual will need to complete the typical process to take the necessary examination. 5/10/2024 mn.gov/commerce 11
Additional Information The Commerce website includes links to the Appraisal Foundation PAREA Resources page and the Real Property Appraiser Qualification Criteria Visit mn.gov/commerce/licensing/ and click on About in the Appraiser row 5/10/2024 mn.gov/commerce 12
Questions? 5/10/2024 mn.gov/commerce 13
