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The Appraisal Institute is an international membership association of professional real estate appraisers, with more than 18,000 members and 99 chapters throughout the United States, Canada and abroad. Its mission is to support and advance its members as the choice for real estate solutions and uphold professional credentials, and promulgate the Code of Professional Ethics of the Appraisal Institute.
The Appraisal Institute claims to be the acknowledged worldwide leader in residential and commercial real estate appraisal education, research, publishing and professional membership designation programs. Members can hold one or more of the following designations:
- The MAI 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 include 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, and receive credit for 6,000 hours of experience, including 3,000 hours of specialized appraisal experience, all of which must meet strict criteria.
- The SRA 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 include receiving 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, and hold an Associate degree from an accredited educational institution (or satisfy a specified alternative), and receive credit for 3,000 hours of Residential Appraisal Experience (must cover at least 24-months).
- The SRPA 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 include receiving 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, holding an undergraduate degree from a four-year accredited educational institution (or satisfy specified alternatives), and receiving credit for real estate appraisal experience, at least half of which had to relate to income-producing properties.
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