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The Appraisal Institute has launched its Practical Applications of Real Estate Appraisal (AI PAREA) program to expand the depth and scope of the appraiser profession.

The Appraisal Foundation’s Board of Trustees awarded a $500,000 Pathway to Success Grant to the organization for the program, with the stipulation that participant priority be given to veterans, minorities and those in designated rural areas.

AI PAREA is an online program designed to enable aspiring appraisers to gain their required experience hours through a standardized approach using one-on-one guidance from a virtual mentor who is an Appraisal Institute Designated Member. In addition to the basic specification of three Uniform Standards of Professional Appraisal Practice-compliant reports established for PAREA programs, AI PAREA features an additional 10 practice assignments and reports designed to highlight a variety of complexity and property types.

“The AI PAREA program will create tremendous opportunities for aspiring appraisers to meet the experience requirements and open a pathway to entering this respected and rewarding profession,” said Appraisal Institute President Craig Steinley.