Rocket Mortgage Sued

[Sadie]

Oregon hasn't finalized its adoption of PAREA. For most states that have, it replaces 100% of the experience requirement. Participants work on a dozen or so "sample" assignments during the program. Once they graduate, they take the test and they are licensed.

Part of the licensing process in Oregon is the submission and subsequent review of appraisals. The reports need to be approved before the trainee can sit for the exam.

 

[Non Sequitur]

Well, here you do. Its just replaces the training model. That is all its designed to do. "NOTE: Your state may accept PAREA or Practicum as an alternative to Trainee license with Trainee/Supervisory model."

Training is how aspiring get experience hours. Anyway, since the Appraisal Institute is the only approved PAREA provider here's the answer (and a link for more info):

1. Experience: AI PAREA fulfills the AQB experience requirement in many states. Check if it fulfills the requirement in your state!
2. Examination: Once you meet the education and experience requirements, all that’s left is to pass the appropriate National Uniform Licensing and Certification Examination to become either a Licensed Residential Real Property Appraiser (LR) or Certified Residential Real Property Appraiser (CR). We have resources to help you prepare, including our practice exam course.

Appraisal Institute PAREA

Practical Applications of Real Estate Appraisal

www.appraisalinstitute.org

 

[Non Sequitur]

Part of the licensing process in Oregon is the submission and subsequent review of appraisals. The reports need to be approved before the trainee can sit for the exam.

When OR approves PAREA that will not be a requirement for PAREA grads.

 

[Sadie]

When OR approves PAREA that will not be a requirement for PAREA grads.

I don’t think we know that. Everything I have seen says it replaces that training only. Probably every state will be different, like it is now.

 

[Non Sequitur]

I don’t think we know that. Everything I have seen says it replaces that training only. Probably every state will be different, like it is now.

One more time and with a different link:

• When complete the participant is eligible for up to 100% of experience credit for Licensed and Certified Residential credentials.

PAREA

appraisalfoundation.org

 

[Sadie]

One more time and with a different link:

• When complete the participant is eligible for up to 100% of experience credit for Licensed and Certified Residential credentials.

PAREA

appraisalfoundation.org

That’s just experience. That is just one step on the road to licensing. You need the education, the experience, here you need the report reviews, then you can sit for your exam. PAREA was designed to eliminate need for a mentor, not to eliminate any of the rest.

 

[shrubberyvaluation]

That’s just experience. That is just one step on the road to licensing. You need the education, the experience, here you need the report reviews, then you can sit for your exam. PAREA was designed to eliminate need for a mentor, not to eliminate any of the rest.

PAREA was designed for a funnel to AMCs. The rest is just excuses for the program.

 

[Sadie]

One more time and with a different link:

• When complete the participant is eligible for up to 100% of experience credit for Licensed and Certified Residential credentials.

PAREA

appraisalfoundation.org

It’s not clear according to the website. Before PAREA has been completed, the trainee submits 3 reports for review. Those reports must pass review before PAREA is done. FAQs also say that PAREA trainees won’t need any more review. I think each state will decide on their own.

 

[shrubberyvaluation]

As I suspected, nothing to do with discrimination. It was about fraudulent appraisals. Multiple people filling the forms probably part of the reason for the discrepency between reports, not discrimination.

 

[shrubberyvaluation]

The AMC hired the appraiser and it was the appraiser who decided to violate the law. Not a huge AMC fan, but they hired the appraiser and also most likely had the requirement of comply with USPAP in all of their engagement letters. The appraiser is the one who decided to mislead, etc. How were they to know that signature was affixed without the appraiser's knowledge?

I'm sure there were no warnings signs at all. I don't buy the ignorance defense. Could of been ignorant of forging signatures, but written by people out of the country, and this guy slammin em out for probably pennies, had to be sloppy reports. Using runners and written by people out the country, I doubt these were great USPAP compliant reports...