Pt. 1 is here.
The Preterist View
The second view is called the preterist view. Preter, which means “past,” is derived from the Latin. There are two major views among preterists: full preterism and partial preterism. Both views believe that the prophecies of the Olivet discourse of Matthew 24 and Revelation were fulfilled in the first century with the fall of Jerusalem in AD 70. Chapters 1-3 describe the conditions in the seven churches of Asia Minor prior to the Jewish war (AD 66-70). The remaining chapters of Revelation and Jesus’ Olivet Discourse describe the fall of Jerusalem to the Romans.
Full preterists believe that all the prophecies found in Revelation were fulfilled in AD 70 and that we are now living in the eternal state, or the new heavens and the new earth. Partial preterists believe that most of the prophecies of Revelation were fulfilled in the destruction of Jerusalem but that chapters 20-22 point to future events such as a future resurrection of believers and return of Christ to the earth. Partial preterists view full preterism as heretical since it denies the second coming of Christ and teaches an unorthodox view of the resurrection.
Church historians trace the roots of preterism to Jesuit priest Luis de Alcazar (1554-1613). Alcazar’s interpretation is considered a response to the Protestant historicist interpretation of Revelation that identified the Pope as the Anti-Christ. However, some preterists contend that preterist teachings are found in the writings of the early church as early as the fourth century AD.
Crucial to the preterist view is the date of Revelation. Since it is a prophecy of the destruction of Jerusalem, preterists hold to a pre-AD 70 date of writing. According to this view, John was writing specifically to the church of his day and had only its situation in mind. This letter was written to encourage the saints to persevere under the persecution of the Roman Empire.
Preterists point to several reasons to support their view. First, Jesus stated at the end of the Olivet Discourse, “Truly I say to you, this generation will not pass away until all these things take place” (Mt. 24:34). A generation usually refers to forty years. The fall of Jerusalem would then fit the time Jesus predicted. Second, Josephus’ detailed record of the fall of Jerusalem appears in several ways to match the symbolism of Revelation. Finally, this view would be directly relevant to John’s readers of his day.
There are several criticisms of this view. First, the events described in Jesus’ Olivet Discourse and in Revelation 4-19 differ in several ways from the fall of Jerusalem.
One example is that Christ described his return to Jerusalem this way: “[A]s lightning that comes from the east is visible even in the west, so will be the coming of the Son of Man” (Mt. 24:27). Preterists believe this refers to the Roman army’s advance on Jerusalem. However, the Roman army advanced on Jerusalem from west to east, and their assault was not as a quick lightning strike. The Jewish war lasted for several years before Jerusalem was besieged, and the city fell after a lengthy siege. Second, General Titus did not set up an “abomination of desolation” (Mt. 24:15) in the Jerusalem Temple. Rather, he destroyed the Temple and burned it to the ground. Thus, it appears the preterist is required to allegorize or stretch the metaphors and symbols in order to find fulfillment of the prophecies in the fall of Jerusalem.
Another example of allegorical interpretation by preterists is their interpretation of Revelation 7:4. John identifies a special group of prophets: the 144,000 from the “tribes of Israel.” Preterist Hanegraaff states that this group represents the true bride of Christ and is referred to in Rev. 7:9 as the “great multitude that no one could count from every nation, tribe, people, and language.” In other words, the 144,000 in verse 4, and the great multitude in verse 9 are the same people. This appears to go against the context of the chapter for several reasons. First, throughout the Bible the phrase “tribes of Israel” refers to literal Jews. Second, John says there are 12,000 from each of the twelve tribes of Israel. This is a strange way to describe the multitude of believers from all nations. Finally, the context shows John is speaking of two different groups: one on the earth (the 144,000 referenced in 7:1-3), and the great multitude in heaven before the throne (7:9). Here Hanegraaff appears to be allegorizing the text.
Robert Mounce states,
"The major problem with the preterist position is that the decisive victory portrayed in the latter chapters of the Apocalypse was never achieved. It is difficult to believe that John envisioned anything less than the complete overthrow of Satan, the final destruction of evil, and the eternal reign on God. If this is not to be, then either the Seer was essentially wrong in the major thrust of his message or his work was so helplessly ambiguous that its first recipients were all led astray."
Mounce and other New Testament scholars believe the preterists’ interpretations are not consistent and utilize allegorical interpretations to make passages fit their theological view.
Second, the preterist position rests on a pre-AD 70 date of writing. However, most New Testament scholars date the writing of the book to AD 95. If John had written Revelation after AD 70, the book could not have been a prophecy of the fall of Jerusalem. This presents a significant argument against the preterist position.
Preterists point to several lines of evidence for a pre-AD 70 date of writing. First, John does not mention the fall of the Jerusalem Temple. If he had been writing two decades after the event, it seems strange that he never mentioned this catastrophic event. Second, John does not refer to either Jesus’ prophecy of the destruction of the Temple (Mt. 24, Mk. 13, Lk. 21) or the fulfillment of this prophecy. Third, in Revelation 11:1, John is told to “measure the temple of God and the altar, and count the worshipers there.” Pre-terist argue that this indicates that the Temple is still standing during the writing of Revelation.
The preterist view, particularly the partial preterist view, is a prominent position held by such notable scholars as R. C. Sproul, Hank Hanegraaff, Kenneth Gentry, and the late David Chilton (who later converted to full preterism after the publishing of his books). 
What do you think of this view? Please feel free to share in the comments!