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    AI News Releases Oct 17, 2023

    AI PAREA Program Receives Certified Residential Path Approval from the AQB

    CHICAGO – The Appraisal Institute, the nation’s leading professional association of real estate appraisers, announced that the Appraiser Qualifications Board (AQB) has approved the certified residential real property credential (CR) path for the Appraisal Institute Practical Applications of Real Estate Appraisal (AI PAREA) program.
    This follows the May approval and September public release of the AI PAREA licensed residential (LR) path, an online, simulated appraisal experience program that is an alternative pathway for aspiring appraisers to gain the required experience to become a licensed or certified appraiser. Historically, the primary option for an appraiser to complete experience hours was through a supervisor/trainee model that required the aspiring appraiser to find a supervisory appraiser.
    “We are proud to be the first-to-market with this innovative program,” said Appraisal Institute Board President Craig Steinley*. “Following significant initial interest in our licensed residential path, we are determined to continue opening more virtual doors to new communities of aspiring appraisers.”
    “Continuing to improve and expand our educational, mentorship and Chapter involvement opportunities is one of my highest priorities,” said Appraisal Institute CEO Cindy Chance, “and this AQB approval is another step in ensuring that the best of the Appraisal Institute is reinforced and expanded.”
    Key elements of AI PAREA include:

    • Support by mentors who are Designated Members and full-time Appraisal Institute employees, meeting the rigorous requirements for Designated membership regarding experience, education and the highest ethical and educational standards.
    • Access to the organization’s 66 chapters to enhance networking opportunities and connect with appraisers who help participants learn about specific geographic market characteristics from highly-qualified local appraisers.
    • Exposure to a wide range of real estate appraisal scenarios.  AI PAREA features an additional 10 practice assignments and reports along with the basic specification of three Uniform Standards of Professional Appraisal Practice (USPAP)-compliant reports as established for PAREA programs by the AQB.
    • Access to the knowledge center of the leading professional association of real estate appraisers, including specialist technical resources, software and a multiple listing service (MLS).
    AI PAREA’s LR path was successfully launched in September and registration is open on the Appraisal Institute website. Registration for the CR path is slated for release later this year.  Learn more about AI PAREA.

    *   Craig Steinley, MAI, SRA, AI-GRS, AI-RRS