Mueller has made the strategic decision to develop a proprietary Practical Applications of Real Estate Appraisal (PAREA) program that will afford individuals with a desire to achieve their appraiser credential an alternative path that doesn’t require supervisory oversight of a trainee for a defined period of time. Instead, the PAREA offering will provide a combination of real world and simulated content, along with professional mentorship, that’s meant to prepare the appraiser for both their credentialing exam and for live production assignments.
The key difference between the manner in which appraisers achieved their credential utilizing the legacy trainee/supervisor model is the mitigation of licensure risk for a participating PAREA program mentor. As many know, the benefits associated with supervising a trainee has been all but entirely eliminated due to lender specific overlays that have limited a trainee’s ability to act as a force multiplier for their supervisor. That force multiplying effect, which ultimately resulted in greater revenue and earning potential for a supervisory appraiser offset much of the concerns associated with the licensure risk of having a trainee. This conundrum lead to material diminution in the number of new entrants to the appraisal profession.
Since the Appraiser Qualifications Board (AQB) has approved the PAREA option, tenured appraisers are now able to offer professional mentorship to the next generation of appraisers without the liability they would have been exposed to as a Supervisor. With this newly minted opportunity to give back to the appraisal profession, again, sans any significant risks tied to the process of mentoring, why wouldn’t you want to get involved?!
To be a mentor is a righteous endeavor. Giving back to the profession by mentoring can be seen as more altruistic, since the mentor will likely not realize the same financial benefits they would have if they were to supervise a trainee, but again, the point of the mentorship aspect of the PAREA program was to empower those with longstanding experience and a deep knowledge of appraisal practice to reengage, get involved and give back. Although you are unlikely to retire from the earnings you generate throughout the mentorship cycle, some compensation for your efforts may be available, so there could be a modest financial upside.
For those of you that feel compelled to contribute as Mentors, I thank you in advance for your willingness to give back to the profession, and would welcome any questions you may have, so don’t hesitate to reach me directly (contact info below). I’m excited to offer up myself and my experience as a PAREA Mentor, and I hope you will join me in this noble effort!
Author: J. Petkovski, CVO
