What is an MAI appraisal?

 

MAI Designation 

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 for the MAI designation are:

  • Pass rigorous education requirements
  • Pass a final comprehensive examination
  • Submit specialized experience which must meet strict criteria
  • Receive credit for a demonstration appraisal report
  • Conduct his or her professional activities in accordance with the Appraisal Institute’s Code of Professional Ethics and are subject to a peer review process, which enforces the Code of Professional Ethics
  • Appraisal Institute MAI members are required to adhere to strict continuing education requirements to ensure they are up-to-date with the evolving real estate field.

SRPA Designation 

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:

  • Pass rigorous education requirements
  • Received credit for real estate appraisal experience, at least half of which had to relate to income-producing properties
  • Received credit for one income property demonstration appraisal report, which exhibited two forms of depreciation, physical incurable deterioration or either functional or external obsolescence
  • Conduct his or her professional activities in accordance with the Appraisal Institute’s Code of Professional Ethics and are subject to a peer review process, which enforces the Code of Professional Ethics
  • Appraisal Institute SRPA members are required to adhere to strict continuing education requirements to ensure they are up-to-date with the evolving real estate field.

 

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