Appraiser Qualifications Board Issues Discussion Draft About Practical Applications for Real Estate Appraisal Concept
Seeks Comments to Key Questions
For Immediate Release
March 28, 2019
(Washington, DC) – The Appraiser Qualifications Board, an independent board of The Appraisal Foundation, issued a Discussion Draft about the Practical Applications of Real Estate Appraisal (PAREA) concept. Unlike an exposure draft that provides detailed prescriptions, a discussion draft requests comments to key questions the AQB is considering.
PAREA offers practical experience in a simulated environment using various technologies for trainees seeking to earn the minimum criteria for appraiser qualifications and training.
“The point of a discussion draft is to solicit feedback regarding key questions that the AQB is considering,” said 2019 AQB Chair Mark A. Lewis. “Stakeholder feedback at this time is critical for the AQB deliberations in advance of any future exposure draft regarding this concept.”
Questions the AQB is seeking answers to include:
- What is the maximum amount of experience a trainee should be able to obtain by completing PAREA training?
- What “prerequisites” should be required prior to enrolling in PAREA training?
- What level of “supervision” is appropriate for PAREA trainees?
- What should the minimum qualifications be for those “supervising” PAREA trainees?
- Should PAREA trainees have to complete USPAP-compliant appraisal reports?
- How will this type of experience be verified?
To access the Discussion Draft, click here . All comments should be sent to [email protected].
The AQB will be meeting in Denver, Colorado on May 3, 2019, from 9:00 am to 12:00 pm MT. A virtual reality demonstration will be provided to demonstrate one technology that could be utilized in PAREA. To register to attend in person or by live stream, click here. For a list of all events go to www.appraisalfoundation.org. Please contact Magdalene Vasquez, Qualifications Board Program Manager, at [email protected] to answer questions.
The Appraisal Foundation is the nation’s foremost authority on the valuation profession. The organization sets the Congressionally-authorized standards and qualifications for real estate appraisers, and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals. This work advances the profession by ensuring appraisals are independent, consistent, and objective. More infor
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