Our work with PAREA graduates
The amount of education and experience required to become a licensed or certified appraiser often surprises people who are unfamiliar with the profession. What most surprises people about process is the sheer number of experience hours trainees must log in order to earn their credential.
What Is PAREA?
Practical Applications of Real Estate Appraisal, or PAREA, provides an alternative to the traditional supervisor-and-trainee experience model for Licensed Residential and Certified Residential appraiser credentials.
After completing the required qualifying education, participants work through simulated appraisal assignments, inspections, measurements, virtual property tours and other practical exercises with guidance from experienced mentors. The Appraisal Institute’s PAREA programs culminate in three independently completed, graded appraisal reports. Successful completion can provide up to 100% of the experience credit required for the applicable residential credential, depending on the program completed and the requirements of the state in which they seek licensure or certification.
PAREA does not eliminate the education, examination or competency requirements for becoming an appraiser. It offers a different way to develop and demonstrate practical appraisal proficiency without requiring a trainee to locate a traditional supervisor. More information is available in the Appraisal Institute’s PAREA FAQs.
A Strong and Consistent Foundation
We at Mosaic enjoy working with PAREA graduates. Although they may not begin their careers with the same volume of field assignments accumulated by someone following the traditional trainee model, we have found that they arrive with something extremely valuable: a strong and remarkably consistent foundation in appraisal theory and methodology.
The traditional supervisor-and-trainee model can produce excellent appraisers, and many of us entered the profession through that path. Its results, however, naturally depend on the supervisor, the types of assignments available and the practices emphasized during training. One trainee may gain broad exposure to complex properties and thoughtful analysis, while another may spend much of the same period completing a narrower range of assignments or learning processes specific to a single practice. In less successful supervisory relationships, trainees may devote substantial unpaid time to administrative work while receiving almost no actual instruction in appraisal work.
PAREA creates a more structured training process. Participants must demonstrate their understanding across a defined series of assignments, respond to mentor feedback and show that they can carry an appraisal problem from initial research through a supported conclusion. This produces graduates who generally share a common vocabulary and a clear understanding of the fundamental principles behind credible appraisal work.
Why PAREA Graduates Fit Well at Mosaic
That foundation aligns closely with Mosaic’s philosophy. We believe strong appraisal practice begins with understanding the problem to be solved, researching the relevant market, developing supportable analyses and communicating the results clearly. Forms, software and established workflows are useful tools, but they should support an appraiser’s judgment rather than substitute for it.
PAREA graduates tend to understand that distinction. They have been asked not merely to complete appraisal forms, but to explain and support the decisions reflected in those forms. That makes our work with them especially rewarding.
Of course, no training program can reproduce every lesson that comes from years of real-world assignments. Exposure to unusual properties, changing market conditions, difficult data and complicated client requirements takes time. PAREA graduates still need opportunities to broaden their experience and apply their knowledge in active markets.
What they frequently possess from the outset, however, is a sound framework upon which that experience can be built. When an appraiser understands the underlying principles, additional experience becomes more meaningful. New property types and unfamiliar situations are not simply added to a collection of past examples; they can be evaluated using an established analytical process. As an independent, appraiser-owned AMC, we make sure our staff has the bandwidth to work closely with PAREA graduates as they gain experience with different property types and client requirements. That can include practical guidance on subjects such as inspecting different property types, completing particular report fields and developing effective comparable-sale searches. This support never extends to directing an appraiser toward a particular value conclusion; appraiser independence is nonnegotiable at Mosaic. As appraisal nerds ourselves, we genuinely enjoy sharing our knowledge with the PAREA graduates we have been fortunate enough to work with.
A Valuable New Path into the Profession
The appraisal profession needs qualified new entrants, but the availability of traditional supervisory relationships has long limited access to the field. PAREA offers an alternative that preserves substantial educational and performance expectations while opening the profession to people who might otherwise struggle to find a path forward.
At Mosaic, we view PAREA graduates as professionals entering the field through a different experience model that often provides an unusually consistent grounding in sound appraisal practice. If you have recently completed PAREA, we encourage you to apply to join Mosaic’s appraiser panel. After submitting your application, email us at orders@mosaicvaluation.com to introduce yourself and let us know which geographic areas you cover.