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:

MAI Designation Emblem
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.

SRA Designation Emblem

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 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 4,000 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.

SRPA Designation Emblem
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.