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About Our Designations
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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
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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 seven 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 4,500 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
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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.
What is required to become Designated?
Educational paths (click here)
| Summary of Current MAI Designation Requirements* |
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MAI Designation |
| For complete information on requirements, refer to Regulation No. 1 and the MAI Procedure Manual. |
| Standards of Professional Practice (SPP) |
Must attend and pass Course/Exam 410, 15-Hours National USPAP Course and Course/Exam 420, Business Practice and Ethics, within the first year of Associate Membership and the Appraisal Institute's SPP every five (5) years cycle thereafter. For details regarding equivalencies to Course/Exam 410, please refer to Regulation No. 1 (MAI). |
| Required Courses/Exams |
Level I Courses/Exams are waived by meeting AQB criteria/state certification or the equivalent. o o o o o o o o o Exam 110, Appraisal Principles Exam 120, Appraisal Procedures Exam 310, Basic Income Capitalization Exam 320, General Applications You must receive credit for the following Level II courses/examinations: Exam 510, Advanced Income Capitalization Exam 520, Highest & Best Use and Market Analysis Exam 530, Advanced Sales Comparison and Cost Approaches Course/Exam 540, Report Writing and Valuation Analysis Exam 550, Advanced Applications (Note: you must attend Courses 410, 420, and 540. All other examinations may be challenged.) |
| College Degree Requirement |
At least a four-year college degree from an accredited college or university (documented by providing an official transcript sent directly from the college to the Membership Services Department). |
| Demo Report |
Must receive credit for a demonstration appraisal report on an income producing property or receive credit for the research paper or three-appraisal reports alternative. |
| Comprehensive Exam |
Must pass the Appraisal Institute's General Comprehensive Examination. |
| Appraisal Experience |
Initial list of work: You must submit a list of work after performing appraisal work or providing practical solutions to real property economics problems for 3,000 hours over at least two years. You may request a Mentoring Review of this work by your local chapter. Must receive credit for 3,000 hours of Specialized Experience performed after the initial list of work. |
| *Designation requirements as of June 2003. |
| Summary of Current SRA Designation Requirements* |
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SRA Designation |
| For complete information on requirements, refer to Regulation No. 2 and the SRA Procedure Manual. |
| Standards of Professional Practice (SPP) |
Must attend and pass Course/Exam 410, 15-Hours National USPAP Course and Course/Exam 420, Business Practice and Ethics, within the first year of Associate Membership and the Appraisal Institute's SPP every five (5) years cycle thereafter. For details regarding equivalencies to Course/Exam 410, please refer to Regulation No. 2 (SRA). |
| Required Courses/Exams |
Level I Courses/Exams are waived by meeting AQB criteria/state certification or the equivalent. o o o o Exam 110, Appraisal Principles Exam 120, Appraisal Procedures Exam 210, Residential Case Study You must receive credit for the following Level II course/examination: Course/Exam 500, Advanced Residential Form and Narrative Report Writing You must attend a Business Ethics course approved by the Appraisal Institute. |
| College Degree Requirement |
At least a four-year college degree from an accredited college or university (documented by providing an official transcript sent directly from the college to the Membership Services Department), OR you must complete an acceptable college degree alternative. |
| Demo Report |
Must receive credit for a narrative or structured format demonstration appraisal report on a residential property or receive credit for the modular demonstration of knowledge alternative. |
| Comprehensive Exam |
Not applicable. |
| Appraisal Experience |
Initial list of work: You must submit a list of appraisal work after completing 2,500 hours over at least two years. You may request a Mentoring Review of this work by your local chapter. Must receive credit for 2,000 hours of Residential Appraisal Experience performed after the initial list of work. |
| *Designation requirements as of June 2003. |
Associate Members resource page (click here)
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