Designated members of the Appraisal Institute are known around the world for their knowledge and experience as well as their unbiased and objective approach to real property appraisal and analysis. To hold an Appraisal Institute designation, an individual must meet rigorous education, experience and ethical requirements. By engaging the services of a designated member of the Appraisal Institute, you will benefit from the most skilled and experienced real estate appraisal professionals around. Most designated members hold one or more of the following designations.
• The MAI membership designation, which 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 SRPA membership designation, which is held by appraisers who are experienced in the valuation of commercial, industrial, residential and other types of property.
• The SRA professional membership designation, which is held by real estate solutions providers who are experienced in the analysis and valuation of residential real property. Currently the Appraisal Institute confers the MAI and SRA designations.
The current requirements to receive the SRA designation are:
Education
Receive a passing grade on seven examinations that reflect 181 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 undergraduate degree from an accredited educational institution (or satisfy a specified alternative)
Experience
Receive credit for 4,500 hours of experience, including 2,000 hours of residential appraisal experience, all of which must meet strict criteria
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
The current requirements to receive the MAI designation are:
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.