OAR 161-020-0160: Practical Applications of Real Estate Appraisal (PAREA)

Practical Applications of Real Estate Appraisal (PAREA) programs approved by the AQB utilize simulated experience training, and serve as an alternative to the traditional Supervisor/Trainee experience model for licensure. To qualify as creditable experience, PAREA programs shall be approved by the AQB and: (1) Contain, at a minimum, the content specified in OAR 161-020-0061. (2) Require participants to possess the following prerequisites prior to commencement of training: (a) For the Licensed Residential Module: 150 hours of qualifying education as specified in OAR 161-020-0110(2)(b) for the Licensed Residential Real Property Appraiser classification. (b) For the Certified Residential Module: 200 hours of qualifying education as specified in OAR 161-020-0110(2)(c) for the Certified Residential Real Property Appraiser classification; and (A) Possession of a valid Licensed Residential Real Property Appraiser credential; or (B) Successful completion of an AQB-approved PAREA program for the Licensed Residential Real Property Appraiser classification. (3) Provide an adequate number of Mentors to ensure timely and competent mentoring for all program participants. (4) Ensure Mentors meet or exceed the following qualifications: (a) Mentors shall be state-certified appraisers and in “good standing” for a period of at least three (3) years prior to being eligible to become a Mentor; and (b) Mentors shall not have been subject to any disciplinary action, within any jurisdiction, within the last three (3) years that affected the Mentor’s legal eligibility to engage in appraisal practice, or to act as a Supervisory Appraiser. A Mentor subject to a disciplinary action would be considered to be in “good standing” three (3) years after the successful completion/termination of the imposed sanction. (5) Ensure program participants produce appraisal reports that comply with USPAP, and meet or exceed the following requirements: (a) Licensed Residential: (A) No fewer than three (3) appraisal reports. (B) Reports must represent a variety of assignment types and property types that are consistent with the Licensed Residential program content; and (C) Reports must comply with the edition of USPAP that is in effect at the time. (b) Certified Residential: (A) No fewer than three (3) appraisal reports. (B) Reports must represent a variety of assignment types and property types that are consistent with the Certified Residential program content; and (C) Reports must comply with the edition of USPAP that is in effect at the time. (6) Provide each program participant that successfully completes PAREA training with a certificate of completion, subject to the following: (a) Participants may not receive partial credit for PAREA training; and (b) Participants may not receive a certificate of completion until all required components of PAREA training have been successfully completed and approved by a program Mentor; and (c) Certificates of completion must be signed by an individual from the training entity qualified to verify a participant’s successful completion; and (d) Certificates of completion must not contain an expiration date or other constraints that either limit or restrict the participant’s ability to receive appropriate credit. (7) Allow participants successfully completing approved PAREA programs to receive the following experience credit: (a) For participants completing an approved Licensed Residential program: (A) Licensed Residential classification: up to 100 percent of the required experience hours; and (B) Certified Residential classification: up to 67 percent of the required experience hours; and (C) Certified General classification: up to 33 percent of the total required experience, none of which is eligible towards the required non-residential hours. (b) For participants completing an approved Certified Residential program: (A) Licensed Residential classification: up to 100 percent of the required experience hours; and (B) Certified Residential classification: up to 100 percent of the required experience hours; and (C) Certified General classification: up to 50 percent of the total required experience, none of which is eligible towards the required non-residential hours.