A designation refers to the expertise and qualifications a person most hold to obtain certain jobs. Here, we'll discuss what these designations are and how to obtain them.
What is the Appraisal Institute?
The Appraisal Institute is a professional association made up of real estate appraisers and is known globally. The AI's presence can be found in over 50 countries worldwide, containing over 16,000 appraisal real estate professionals. Designations from the AI include MAI, SRPA, SRA, AI-GRS, and AI-RRS. Below, we'll further discuss the MAI and SRA Designations. Click here to learn more about the Appraisal Institute.
Similarities? MAI and SRA Designations
MAI and SRA designations are both recognized by courts of law, government agencies, financial institutions, and investors as marks of excellence in the field of real estate valuation and analysis.
MAI and SRA designated members both agree to adhere to the Appraisal Institute Code of Professional Ethics and Standards of Professional Practice.
All designated members have to meet the following requirements:
MAI: Member, Appraisal Institute
MAI designations are held by appraisers who are experienced in the valuation and evaluation of commercial, industrial, residential, vacant land, and other types of income producing properties. The professionals provide a wide range of services including, but not limited to, providing opinions of value, evaluations, review, and consulting and giving advice on investment decisions.
What Goes into obtaining an MAI?
As mentioned above, 4 comprehensive exams must be passed in order to obtain the MAI Designation. These exams are titled Advanced Income Capitalization, Advanced Market Analysis and Highest and Best Use, Advanced Concepts and Case Studies, and Quantitative Analysis.
SRA: Senior Residential Appraiser
SRA designated members are experienced in the valuation of residential properties.
What goes into obtaining an SRA?