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What is the Appraisal Institute? 

The Appraisal Institute is a global professional association of real estate appraisers, with over 16,000 professionals in almost 50 countries throughout the world. Our mission is to empower valuation professionals through community, credentialing, education, body of knowledge and ethical standards.

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Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS, and AI-RRS designations.

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The majority of Appraisal Institute professionals are practicing real estate appraisers and property analysts who provide valuation-related services to such clients as mortgage lenders, financial institutions, government agencies, attorneys and financial planners as well as homeowners and other individual consumers.

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Appraisal Institute Designated members have met rigorous requirements relating to education, testing, experience and demonstration of knowledge, understanding and ability. Those individuals holding the Appraisal Institute’s MAI and SRPA designations are experienced in commercial valuation, including industrial, retail and multifamily properties. Those holding the SRA designation are experienced in residential valuation. The AI-GRS designation is held by professionals who can provide reviews of appraisals of a wide range of property types, including commercial, industrial, agricultural, residential, vacant land and others. The AI-RRS designation is held by professionals who can provide reviews of residential appraisals. All Appraisal Institute professionals adhere to a strictly enforced Code of Professional Ethics and Standards of Professional Practice.

Why does the MAI designation matter? 

MAI Membership Designation

The MAI designation has long been recognized by courts of law, government agencies, financial institutions, and investors as a mark of excellence in the field of real estate valuation and analysis.

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The MAI membership designation is held by professionals who provide a wide range of services on all types of real property related to providing opinions of value, evaluations, review, consulting and advice on investment decisions, among other things. Property types may include commercial, industrial, agricultural, residential, and vacant land. 

To become a MAI Designated member of the Appraisal Institute, an individual must:

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  • Have good moral character;

  • Be a Certified General Real Property Appraiser (or meet equivalency)

  • Hold bachelor's degree or higher (or be a Certified General Real Property Appraiser)

  • Meet standards and ethics requirements;

  • Pass rigorous education requirements;

  • Pass a final comprehensive examination;

  • Receive credit for specialized experience that meets strict criteria; and

  • Receive credit for the demonstration of knowledge requirement.

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These individuals have the necessary commercial property valuation experience and knowledge to produce a valuation that ensures confidence. MAI Designated members agree to adhere to the Appraisal Institute Code of Professional Ethics and Standards of Professional Practice, underscoring a commitment to sound and ethical professional practice.

The completion of continuing education requirements assures that MAI Designated members remain informed on trends and changes pertaining to real property valuation, enabling them to provide valuations that reflect the latest in professional practice.

 

What is a Certified General Real Estate Appraiser? 

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The Certified General Real Property Appraiser classification qualifies the appraiser to appraise all types of real property.

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Step 1. License and Education

To become a Certified General Real Property Appraiser, you must hold a bachelor’s degree (or higher) and complete and pass 300 hours* of qualifying education:

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  1. Trainee Real Property Appraiser License or Licensed Residential Real Property Appraiser or qualifying education (at least 75 hours)

  2. Real Estate Finance, Statistics, and Valuation Modeling (15 hours)

  3. General Appraiser Market Analysis and Highest & Best Use (30 hours)

  4. General Appraiser Sales Comparison and Income Approaches (30 hours)

  5. General Appraiser Site Valuation and Cost Approach (30 hours)

  6. General Appraiser Income Approach / Part 1 (30 hours)

  7. General Appraiser Income Approach / Part 2 (30 hours)

  8. General Appraiser Report Writing and Case Studies (30 hours)

  9. Elective**

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OR

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  1. Certified Residential Real Property Appraiser or qualifying education (at least 200 hours)

  2. General Appraiser Market Analysis and Highest & Best Use (30 hours)

  3. General Appraiser Sales Comparison and Income Approaches (30 hours)

  4. General Appraiser Site Valuation and Cost Approach (30 hours)

  5. General Appraiser Income Approach / Part 1 (30 hours)

  6. General Appraiser Income Approach / Part 2 (30 hours)

  7. General Appraiser Report Writing and Case Studies (30 hours)

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*Certain states may require additional education, so please refer to the state's requirements.

FLORIDA licenees: The state of Florida has different versions of the following courses: Real Estate Finance, Statistics, and Valuation Modeling - Florida Version, Appraisal Institute Online Education Packages (pricing)

**Elective: In most states, the following Appraisal Institute courses can be used for certified general real property appraiser electives.

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Please refer to the state's requirements prior to enrolling in these elective courses. The successful passing of these elective exams may also be used to earn credit for the MAI designation.

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Step 2. State Examination

The successful passing of the Certified General Real Property Appraiser examination. Appraisal Institute offers a course of online practice examination questions for real estate appraisers, developed for individuals working towards passing state licensing and certifications examinations.

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Step 3. Work Experience

The accumulation of 3,000 hours of experience in 18 months (or more). Among the 3,000 hours, 1,500 hours must be non-residential appraisal work. Experience minimums may vary in each state, so please refer to the state's requirements.

 

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