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    Washington Report and State News Dec 18, 2023

    State Adoption of PAREA Continues to Grow

    Forty-eight states have indicated that they will accept the Practical Applications of Real Estate Appraisal, known as PAREA, as an alternative way for appraisers to satisfy the experience requirements necessary to become licensed.

    Twenty-nine states are considered 100% PAREA-ready while 19 others are working on finalizing regulations and policies that apply to PAREA, a process in which the Appraisal Institute remains involved.

    Delaware, Missouri, New Mexico and Virginia recently completed their PAREA-related rulemaking and are now PAREA-ready, while work continues in Arkansas, California, the District of Columbia, Idaho and New Hampshire. The Appraisal Institute is working with regulators in 13 jurisdictions that are in various stages of drafting the necessary rules and regulations and is having productive conversations with regulators in an additional seven jurisdictions.

    Unfortunately, PAREA acceptance in North Carolina has been delayed; the state enacted HB 600 in October, and the legislation pushed back the PAREA effective date to Dec. 31, 2025.