The highly anticipated rollout of the first Practical Applications of Real Estate Appraisal (PAREA) program is now around the corner. After three years of development and one test release, the Appraisal Institute (AI) team says they are ready to release a licensed residential module.
“I have not heard of any glitches or significant problems, so all indications are that things are moving along pretty well,” said Scott DiBiasio, AI state & industry affairs manager.
DiBiasio updated the Texas Appraiser Licensing & Certification Board (TALCB) on AI’s PAREA progress by mentioning the Institute plans to take online-only registrations on September 6, but aspiring appraisers will not be able to register and begin the program all in one day. There is a prescreening to get through first.
“We have a pretty extensive readiness checklist that we make folks go through before we will allow them to register,” DiBiasio said. “The reason for that is we are required by the AQB [Appraiser Qualifications Board] to verify that they have all of their education completed; that it was completed within the last five years. We also ask them questions about their background and if they have anything that could be a potentially disqualifying event. What we don’t want to have happen is for somebody to go all the way through the PAREA program, come to you [TALCB] to apply for a license and find out they have some issue in their past that creates a problem.”
Two weeks is AI’s estimated timeframe it will take for people to complete the “readiness checklist” and registration process before starting the PAREA program. And the Institute is prepared to accommodate up to 225 sign-ups, if not more.
Cost of the program starts at $3,995. Other than paying in full, options such as scholarships, discounts, and payment plans will also be available.
AI launched a PAREA pilot program over the summer in which 15 people from around the country participated. They are expected to finish over the next two months. While PAREA is designed for participants to work at their own pace, six months is the predicted average completion time.
As the Institute prepares for next week’s PAREA rollout, it also works behind the scenes on its certified residential PAREA module that is still in development.
More and more states around the country are starting to accept PAREA as a legitimate form of gaining appraisal experience. The Appraisal Foundation is tracking 42 “PAREA-ready” states including Texas.
TALCB has followed this discussion since PAREA was first adopted by the AQB in 2020. Published online is information on what it is, another provider preparing to launch its own program, and other methods of gaining appraisal experience.
TALCB does not endorse or recommend any of the above or any other education provider.