Appraisal Institute
Designations
Appraisal Institute
designated members have met rigorous requirements relating to education,
testing, experience and demonstration of knowledge, understanding and
ability. Most designated members hold one or more of the following
designations:
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The MAI membership designation is held by
appraisers who are experienced in the valuation and evaluation of
commercial, industrial, residential and other types of properties,
and who advise clients on real estate investment decisions. The
current requirements that an appraiser must fulfill to receive the
MAI designation are as follows: |
Education:
- Receive a passing grade on 11 examinations that reflect 380 hours
of classroom instruction and that test the appraiser’s knowledge of
basic and advanced appraisal principles, procedures and applications;
report writing; valuation analysis and standards of professional
practice
- Receive a passing grade on a four-module, two-day comprehensive
examination
- Hold an undergraduate degree from a four-year accredited
educational institution
Experience: Receive credit for 6,000 hours of experience, including
3,000 hours of specialized appraisal experience, all of which must meet
strict criteria.
Demonstration Report: Receive credit for a demonstration appraisal
report relating to income-producing property that demonstrates the
ability to present a properly supported value estimate or opinion
evaluating the nature, quality or utility of a parcel of real estate or
any interest in, or aspect of, real property, including handling
physical incurable depreciation, or fulfill an approved comparable
alternative.
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The SRA professional membership designation is held
by real estate solutions providers who are experienced in the
analysis and valuation of residential real property. The current
requirements that an appraiser must fulfill to receive the SRA
designation are as follows: |
Education:
- Receive a passing grade on six examinations that reflect 200 hours
of classroom instruction and that test the appraiser’s knowledge of
appraisal principles, residential valuation techniques, report writing
and standards of professional practice
- Hold an Associate degree from an accredited educational
institution (or satisfy a specified alternative)
Experience: Receive credit for 3,000 hours of Residential Appraisal
Experience (must cover at least 24-months).
Demonstration Report: Receive credit for a demonstration appraisal
report relating to a residential property that demonstrates the ability
to present a properly supported value estimate or opinion evaluating the
nature, quality, or utility of a parcel of real estate or any interest
in, or aspect of, real property, or fulfill an approved comparable
alternative.
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The SRPA membership designation is held by
appraisers who are experienced in the valuation of commercial,
industrial, residential and other types of property. The
requirements that an appraiser must have fulfilled for the SRPA
designation were as follows: |
Education:
- Received a passing grade on a series of examinations that tested
the appraiser’s knowledge of basic and advanced real estate
principles, procedures and applications and standards of professional
practice
- Hold an undergraduate degree from a four-year accredited
educational institution (or satisfy specified alternatives)
Experience: Received credit for real estate appraisal experience, at
least half of which had to relate to income-producing properties
Demonstration Report: Received credit for one income property
demonstration appraisal report, which exhibited two forms of
depreciation, physical incurable deterioration or either functional or
external obsolescence.
Other Designations
Some designated members may also hold the SREA or RM membership
designations, which were conferred by the Appraisal Institute’s
predecessor organizations. The SREA designation is held by appraisers
who are experienced in real estate valuation and analysis and advise
clients on real estate investment decisions. The RM membership
designation is held by appraisers who are experienced in the valuation
of single-family dwellings and two-, three-, and four-unit residential
properties. |
