For Immediate Release
Media Contact
Charles Basham III | [email protected]
ADVISORY: Department of Licensing and Consumer Protection Adopts Practical Applications of Real Estate Appraisers Notice of Final Rulemaking
WASHINGTON, DC – The Executive Office of the Mayor recently approved the Practical Applications of Real Estate Appraisers Notice of Final Rulemaking. This is significant as it will help those interested in obtaining their real estate appraiser license by removing a barrier to licensure.
Presently, persons seeking to become licensed real estate appraisers are having difficulties becoming licensed due the challenges they face in completing their real estate appraiser trainee hours. There is currently a shortage in supervisory real estate appraisers who are willing to take on trainees; yet, these trainee hours are required for licensure.
The Appraisal Qualifications Board adopted the Practical Applications of Real Estate Appraisal Program on October 16, 2020. As a state appraiser regulatory agency, the Board of Real Estate Appraisers is required to adopt certification requirements that are no less stringent than those issued by the Appraisal Qualifications Board.
On February 9, 2024, a significant advancement in the licensing of real estate appraisers was achieved. The District of Columbia has joined more than 30 states, including Maryland and Virginia, by adopting the Practical Applications Real Estate Appraisers (PAREA). PAREA is an online program that provides an alternative to the traditional supervisor and trainee requirement for real estate appraiser license applicants. With PAREA, one can employ real estate appraiser theory and methodologies to real world examples.
Presently, there are approximately 127 trainees in the District that are enrolled in the first PAREA program sponsored by the Appraisal Institute.
To learn more about PAREA visit http://tinyurl.com/PAREADC.