Will an appraisal trainee be able to get their required appraisal hours using an online virtual experience? Yes, according to the Appraiser Qualifications Board (“AQB”) and their Practical Applications of Real Estate Appraisal (“PAREA”) initiative.
At the September 28, 2018 AQB meeting in Raleigh, PAREA was the major topic with AQB members denoting that it will be the board’s major focus moving forward. While the project is ongoing with many of the details yet to be determined, expect trainees in the future to be able to gain appraisal experience by completing virtual modules online. The implementation of PAREA would include multiple exposure drafts seeking comment and would ultimately amend the Real Property Appraiser Qualification Criteria that is followed by the North Carolina Appraisal Board.
The modules are expected to provide experience on a variety of types of properties, approaches to value, characteristics, uses, challenging issues, and more. The trainee would produce an appraisal report and would work with a certified appraiser as a supervisor who has met the AQB’s yet-to-be-determined supervisor qualifications.
Under the current proposal, a trainee could gain up to 75% of their total required experience using these virtual modules. Currently, that would mean a trainee applying to become a Licensed or Certified Residential Appraiser could gain 1875 hours out of the required 2500 hours online using virtual modules. To become a Certified General Appraiser, the trainee could gain 2250 hours out of the required 3000 hours online using virtual modules.
For more details, insights, and comments made at the AQB meeting, please consider taking one of our “Running Your Appraisal Office” appraisal ce courses where we will discuss this issue in great detail. Currently, we have just a few classes posted. Due to demand for information on this and other timely topics, will be adding many other offerings of this class to our website.