                                 CODE OF VIRGINIA

PRACTICAL APPLICATIONS OF REAL ESTATE APPRAISAL PROGRAM EXPERIENCE ACCEPTED (§
54.1-2013.2)

A. For purposes of this section:
			&#8220;Appraisal Foundation&#8221; means the foundation incorporated as an
Illinois Not for Profit Corporation on November 30, 1987, to establish and
improve uniform appraisal standards by defining, issuing, and promoting such
standards.
			&#8220;Appraiser Qualifications Board&#8221; means the board created by the
Appraisal Foundation to (i) establish appropriate criteria for the certification
and recertification of qualified appraisers by defining, issuing, and promoting
such qualification criteria; (ii) disseminate such qualification criteria to
states, governmental entities, and others; and (iii) develop or assist in the
development of appropriate examinations for qualified appraisers.
			&#8220;Certified Residential PAREA Program&#8221; or &#8220;Licensed
Residential PAREA Program&#8221; means a Practical Applications of Real Estate
Appraisal experience training program approved by the Appraiser Qualifications
Board that utilizes simulated experience training and serves as an alternative
to the traditional supervisor and trainee method of achieving appraisal
experience.

B. The Board shall accept evidence of the successful completion of a Licensed
Residential PAREA Program or a Certified Residential PAREA Program to satisfy
the experience requirements established in Board regulations promulgated
pursuant to &#xA7; 54.1-2013 as a condition of licensure as a licensed
residential real estate appraiser, certified residential real estate appraiser,
or certified general real estate appraiser.

C. Applicants completing a Licensed Residential PAREA Program shall receive
credit for:

   1. One-hundred percent of the experience required by Board regulations as a
   condition of licensure as a licensed residential real estate appraiser;

   2. Sixty-seven percent of the experience required by Board regulations as a
   condition of licensure as a certified residential real estate appraiser; or

   3. Thirty-three percent of the experience required by Board regulations as a
   condition of licensure as a certified general real estate appraiser.

D. Applicants completing a Certified Residential PAREA Program shall receive
credit for:

   1. One-hundred percent of the experience required by Board regulations as a
   condition of licensure as a licensed residential real estate appraiser or
   certified residential real estate appraiser; or

   2. Fifty percent of the experience required by Board regulations as a
   condition of licensure as a certified general real estate appraiser.

HISTORY: 2023, c. 106.