The MAI professional membership designation is offered by the Appraisal Institute to individuals who have experience in the appraisal of commercial and industrial properties as well as residential and other types of real estate. An MAI member must fulfill stringent education requirements, obtain applicable work experience, and demonstrate skill in the intricacies of real estate valuation.

Recognized by the courts, government agencies, lenders, corporations, and others seeking quality appraisal services, MAI members are committed to practicing their profession according to a strict Code of Professional Ethics and Standards of Professional Appraisal Practice. To maintain their status, many MAI members also fulfill continuing education requirements.

Obtaining the MAI Membership Designation

Prospective MAI members must apply for candidacy in the Appraisal Institute. Candidacy is open to individuals of good moral character who are ready to undertake a professional training program and acquire the requisite real estate appraising experience. An application for candidacy must be submitted on an Appraisal Institute Admissions Department form accompanied by the appropriate filing fee.

Candidates may participate in the activities of local Appraisal Institute chapters. Chapter candidate guidance programs steer candidates through the steps to membership designation. Acquaintance with professionals who practice in their communities also helps further the education and career objectives of candidates.

Qualifications for the MAI membership Designation

MAI membership is offered to candidates who demonstrate their ability to produce succinct and reasoned evaluations and reports conforming to the Appraisal Institutes Code of Professional Ethics and Standards of Professional Appraisal Practice.

General Membership Requirements

At the time of application for membership, an appraiser must have been a candidate in good standing for at least 12 months and must possess good moral character. Candidates must also have earned an undergraduate college degree from an educational institution/approved by the General Admissions Committee prior to being admitted as a member.

Technical Requirements

MAI candidates must have attended the following courses:

• Standards of Professional Practice
• Report Writing and Valuation Analysis

In addition, MAI candidates must have received a passing grade on the seven or more examinations (or their equivalents) required by the Appraisal Institutes General Appraiser Board. These examinations are designed to test the candidates knowledge of real estate appraisal principles, capitalization techniques, urban writing, and valuation techniques. In addition, the MAI candidate must have received a passing grade on a comprehensive examination approved by the Admissions Committee no more than three years prior to applying for MAI membership.

Eligibility for the Appraisal Institutes comprehensive examination shall be limited to candidates who have attended the required courses, received passing grades on all required examinations, completed the technical requirements of the demonstration appraisal report, fulfilled the college degree requirements, and have received credit for 3,500 of the required 4,500 hours of specialized appraisal experience.

Demonstration Appraisal Report Requirements

The MAI candidate must have received credit for one demonstration appraisal report. This report must have satisfactorily demonstrated the candidates ability to present a properly supported value estimate or opinion of the nature, quality or utility of an income-producing property, in accordance with the criteria set forth in the Appraisal Institutes Official Guide to Demonstration Appraisal Reporting. The demonstration appraisal report must utilize all three recognized approaches to value and be dated no earlier than five years prior to the year of submission.

The Appraisal Institute offers the SRA professional membership designation to individuals who have met the organizations requirements related to appraising residential property. This membership category entails fulfilling stringent education requirements, gaining applicable work experience, and demonstrating skill in the intricacies of residential real estate valuation.

Recognized by the courts, government agencies, lenders, corporations, and other seeking quality residential appraisal services, SRA members are committed to practicing their Ethics and Standards of Professional Appraisal Practice. To maintain their status, many SRA members also fulfill continuing education requirements.

Obtaining the SRA Membership Designation

Candidacy for Membership---Individuals who wish to become SRA members must first apply for candidacy in the Appraisal Institute. Candidacy is open to individuals of good moral character who are ready to undertake a professional training program and to acquire the necessary experience in real estate appraising. Applying for candidacy involves submitting a form obtainable from the Appraisal Institutes Admissions Department accompanied by the appropriate filing fee.

Candidates are encouraged to participate in the activities of local Appraisal Institute chapters. Chapter candidate guidance programs steer candidates through the steps to membership designation. Acquaintance with professionals who practice in their community also helps further the education and career objectives of candidates.

Qualifications for the SRA Membership Designation

Membership as an SRA is offered to candidates who fulfill requirements demonstrating their ability to perform valuation analysis and produce succinct and well-reasoned reports in accordance with the Appraisal Institutes Code of Professional Ethics and Standards of Professional Appraisal Practice.

General Membership Requirements

At the time of application for SRA membership, an individual must have been a candidate in good standing for at least 12 months and must possess good moral character. Candidates must also have received at least a four-year undergraduate degree from a degree-granting educational institution approved by the Residential Admissions Committee or comply with an alternative as approved by the Residential Appraiser Board prior to being admitted as a member.

Technical Requirements

SRA candidates must attend required courses, pass required examinations, write a residential demonstration appraisal report, and fulfill the residential appraisal experience requirement.

Required Courses and Examinations

The SRA candidate shall have attended the Standards of Professional Practice course and received passing grades on three or more examinations designated by the Appraisal Institutes Residential Appraiser Board. These examinations are designed to test the candidates knowledge of real estate appraisal principles, residential valuation, and standards of professional practice.

Demonstration Appraisal Report

The SRA candidate shall have received credit for one demonstration appraisal report relating to a one-to-four-unit residential property. Through the report the candidate must present a properly supported value estimate or an opinion of (a) the nature, quality or utility parcel of real estate or (b) any interest in, or aspect of, real property in accordance with criteria set forth in the Appraisal Institutes Official Guide to Demonstration Appraisal Reporting.

The SRPA (Senior Real Property Appraiser) membership designation is held by appraisers who are experienced in valuation of commercial, industrial, residential and other types of properties.

Recognized by the courts, government agencies, lenders, corporations, and other seeking quality residential appraisal services, SRPA members are committed to practicing their Ethics and Standards of Professional Appraisal Practice. To maintain their status, many SRPA members also fulfill continuing education requirements.

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.

Recognized by the courts, government agencies, lenders, corporations, and other seeking quality residential appraisal services, RM members are committed to practicing their Ethics and Standards of Professional Appraisal Practice. To maintain their status, many RM members also fulfill continuing education requirements.

The SREA membership designation is held by appraisers who are experienced in real estate evaluation and analysis and who advise clients on real estate investment decisions.

Recognized by the courts, government agencies, lenders, corporations, and other seeking quality residential appraisal services, SREA members are committed to practicing their Ethics and Standards of Professional Appraisal Practice. To maintain their status, many SREA members also fulfill continuing education requirements.