The Colorado Board of Real Estate Appraisers (“BOREA”) has continued to observe that aspiring appraisers encounter difficulties when searching for a supervisor with whom they can obtain the necessary experience to apply for a real estate license. In addition to other requirements, appraiser applicants must obtain the following experience:
For a Licensed Appraiser (a “LA” credential), at least one thousand (1,000) hours of appraisal experience in not less than six (6) months.
For a Certified Residential Appraiser (a “CR” credential), at least one thousand five hundred (1,500) hours of appraisal experience in not less than twelve (12) months.
For a Certified General Appraiser (a “CG” credential), at least three thousand (3,000) hours of appraisal experience, of which one thousand five hundred (1,500) hours must be non-residential, in not less than eighteen (18) months.
Obtaining this experience is imperative to the application process and appraisal qualifications but obtaining this experience in rural and historically underserved areas can be challenging. Practical Applications of Real Estate Appraisal (“PAREA”) was developed to confront this difficulty in lieu of the more traditional Supervisor/Trainee model. PAREA offers an alternative path to satisfy the experience requirements for a license.
PAREA was adopted by the Appraiser Qualifications Board (AQB) on October 16, 2020, and became effective on January 1, 2021. The Colorado Board of Real Estate Appraisers adopted PAREA into the BOREA Rules on March 4, 2021, and those rules took effect April 30, 2021.
Although BOREA recognizes multiple levels of licensure as discussed above, PAREA provides comprehensive solutions for two (2) of these license levels: Licensed Appraiser (AL) and Certified Residential (CR). The PAREA program satisfies one hundred percent (100%) of those experience requirements. In the event that an applicant seeks a Certified General (CG) level license, PAREA satisfies up to one thousand five hundred (1,500) hours towards this license credential, but the student will still be required to obtain an additional one thousand five hundred (1,500) hours of non-residential experience in the traditional manner.
Before signing up, applicants should understand that PAREA students must complete all appraisal qualifying education requirements prior to beginning a PAREA program.
Understanding PAREA:
PAREA introduces the student to the basics of the appraisal process, including assignment procurement, software options, inspection, scope of work, and methodology. The program will pair the participant with a PAREA mentor who will review the different phases of the program with the participant as the participant progresses forward through the program. The program culminates with the participant completing USPAP compliant appraisals that will be reviewed by the mentor.
Participants will receive a certificate of completion from the PAREA program provider once they complete the specific program (AL or CR). The certificate of completion will be submitted with the other application items to the state.
Scholarships Available:
The Appraiser Diversity Initiative (“ADI”) has partnered with the Appraisal Institute to offer scholarships for PAREA. This program may cover up to 100% of the PAREA tuition. ADI is currently accepting applications through June 15, 2025. All aspiring appraisers should visit ADI’s website for more information:
Appraiser Diversity Initiative Website
If you, or someone that you know, is interested in the PAREA program, additional information, and content requirements can be found The Appraisal Foundation’s website.