Why hire an MAI appraiser vs. an appraiser with minimum qualifications (state license)?
The MAI designation is the most prestigious designation that an appraiser can earn. An appraiser can be a candidate for an MAI designation only after becoming a certified general appraiser.
The requirements to become an MAI are much more rigorous than the requirements set forth to become a certified general appraiser. The MAI designation requires additional education and experience, as well as passing a rigorous examination and completion of a demonstration report.
At a minimum, all states require appraisers to be state licensed or certified in order to provide appraisals to federally regulated lenders. However, only a small minority of commercial real estate appraisers hold the MAI designation awarded by the Appraisal Institute.
- Receive a passing grade on 11 exams reflecting 380 hours of classroom instruction.
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Receive a passing grade on a four-module, two-day comprehensive examination.
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Hold an undergraduate degree from a four-year accredited college or university.
- Receive credit for 4,500 hours of specialized appraisal experience, over at least a 36-month period.
- Receive credit for a demonstration appraisal report relating to an income-producing property that demonstrates the ability to present a properly supported value estimate or opinion, or fulfill an approved comparable alternative.
MAI appraisers must successfully complete the equivalent of 100 hours of accredited continuing education every 5 years in order to maintain their designation.
Designated members of the Appraisal Institute are known for their knowledge and experience as well as their unbiased and objective approach to real property appraisal and analysis.
By engaging the services of a designated member of the Appraisal Institute, you can benefit from the most skilled and experienced real estate appraisal professional in the country.
Rand Bouldin has been an MAI Appraiser since 1997 and has over 35 years of appraisal experience.
