In recent years, it has become more difficult for aspiring appraisers to find willing and available supervisors, especially in smaller populated areas. PAREA was developed to fill the need for more options in place of the traditional Supervisor/Trainee model as an alternative path to gain the experience portion of the appraisal license requirements.
- PAREA was adopted by the Appraiser Qualifications Board (AQB) on October 16, 2020, and became effective on January 1, 2021. The State of Colorado Board of Real Estate Appraisers adopted PAREA into Rule on March 4, 2021, to become effective April 30, 2021.
- PAREA provides two programs for the two residential appraiser license levels: Licensed Appraiser (AL) and Certified Residential (CR).
- Participants must complete all appraisal education requirements prior to beginning a PAREA program.
In Colorado, aspiring appraisers can earn 100% of the experience requirements for both the AL and CR credentials. Additionally, the CR program will also count for up to 1,500 hours towards the certified general license experience requirements.
There are no alternatives for 1,500 hours of non-residential experience requirements for the Certified General license, and the Board of Real Estate Appraisers does not approve providers or mentors.
Newly Adopted Board of Real Estate Appraisers Rule
PAREA goes through the basics of the appraisal process, which includes assignment procurement, software options, inspection, scope of work, and methodology. The program pairs the participant with a mentor who will review the different phases of the program with the participant as they progress through. The participant will complete 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.
Developers of a PAREA program will submit proposals of their programs compliant to the AQB for approval. Developers will be responsible for procuring competent mentors.
Keep up to date with PAREA provider approvals by filling out a survey on the Appraisal Foundation website. You can also find out more information about developing a program and more details regarding the content requirements for the program.