Appraisal Institute's PAREA receives approval from the Appraiser Qualifications Board

[DWiley]

I bet they list NC as one of those 40 some states. nc is about 2 years from passing anything in their legislature. Board admitted this in their latest meeting. Boards don’t get to change laws by voting.

I’d take the propaganda with a grain of salt.

Fair point. I think once people get to actually see it, some of them may change their view as to how viable it might be for training/experience. If I were still sponsoring trainees I would definitely get them to go through it to augment the traditional training experience.

 

[Non Sequitur]

"The Appraisal Institute announced today that the Appraiser Qualifications Board has provided approval of AI’s Practical Applications of Real Estate Appraisal program for the licensed residential path."

I am curious why they only mentioned the licensed residential path being approved by the AQB.

The PAREA proposal for the CG side was killed almost instantly. PAREA for the residential side moved along because no one stands up for the residential side. The AI supported PAREA because they think they can cash in, but when they handle it the same way they handle everything else residential it will fall on its face. I'm not worried about the AI offering, the others (AMCs, brand X providers, etc.) will be the pump and dump offerings that will flood our ranks with noobs with no real-world experience.

 

[NC Appraising]

I do not have time to research this, as I am getting out of this profession very soon.

Are trainees or whatever they are going to be called, are still going to be required to mentor with someone before they open their own shop?

In other words, they take this PAREA, and then they open their own shop?

 

[John Hassler]

It is my understanding that it has been adopted, to some degree, in about 40 states.

I have seen a preview. Pretty impressive. Cost is a hurdle, but I am not sure that it is any bigger challenge financially than the current process is. Time will tell.

Personally, I think it has great potential for use in CE as well as in the main PARREA program

PAREA is not currently designed for CE as it is an all or nothing class. I wrote to the AQB several years ago that PAREA should be broken into modules for just such a use as CE, as well as for those trainees who had accrued some/most of their hours and for states to issue as corrective education. The AQB was decidedly against any such modular concept.
Hopefully the AI will be receptive to reuse of parts of PAREA. It could be highly beneficial for corrective education when a licensee bungles an appraisal of a specific property type (e.g., rural, new construction, land, etc) and can be required to take targeted education. The developers of AI’s PAREA were receptive when I brought this to their attention so fingers crossed.

 

[Non Sequitur]

I do not have time to research this, as I am getting out of this profession very soon.

Are trainees or whatever they are going to be called, are still going to be required to mentor with someone before they open their own shop?

In other words, they take this PAREA, and then they open their own shop?

Classroom to certified.

 

[Non Sequitur]

PAREA as it was originally proposed with a Certified General path:

 

[DWiley]

PAREA is not currently designed for CE as it is an all or nothing class. I wrote to the AQB several years ago that PAREA should be broken into modules for just such a use as CE, as well as for those trainees who had accrued some/most of their hours and for states to issue as corrective education. The AQB was decidedly against any such modular concept.
Hopefully the AI will be receptive to reuse of parts of PAREA. It could be highly beneficial for corrective education when a licensee bungles an appraisal of a specific property type (e.g., rural, new construction, land, etc) and can be required to take targeted education. The developers of AI’s PAREA were receptive when I brought this to their attention so fingers crossed.

I agree. The first module I would do would be one on 2 to 4 s I think doing a few in the PARREA type environment would be very beneficial to some.

 

[NC Appraising]

Classroom to certified.

You have got to be kidding me?

Classroom to opening your own shop...just like that?

F this.....I'm definitely out of this shet show. I am in my 40's and there is no way I am going to compete with 100's of newbies drooling at the door steps (not to mention the property inspectors) of the remaining national AMCs that will control most of the business.

Why would anyone want to become an appraiser now? I know they do the math, and it looks great. But they have no idea what they are in for.

This is nothing different from becoming a real estate agent.....everybody is going to become one. Heck, we have over 200k in out state.

FWIW, this is what happened to home inspectors in my state. Several large home inspection companies lobbied to get things changed so that they can create a "trainee factory" of home inspectors.

Take a class, pass a test....now you can call yourself a home inspector.

 

[Tiffany Gibbons]

I think it looks pretty good myself and I never had an issue with it

But who would want to become a res license appraiser now (or stay in it ), between lower future volume due to Waivers displacing a large volume of work, low pay via AMC's handling a good percent of the business combined with cheaper appraisal products? Why would any younger or mid-aged person of any talent or ability want to do it go through the training now? Some imo will train for it based on misleading information or ignorance and be sorely disappointed when they encounter the reality.

Exactly, like the homeowners that say, "so how many of these you do in a day?" thinking wow, 5 a day at $650 or whatever they paid for the appraisal. They have no idea about the research or writing a 20 page report with exhibits or driving 100 miles for comp photos. I always knew what I was getting into having worked for appraisers before I was one.

 

[TC]

Working for a county assessor is a much better prospect than res lending work now. Though there is a limited number of assessor jobs so then what?

Hybrid data collector.