What is the MAI Designation?
The MAI 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.
Appraisers holding the MAI Designation have met rigorous requirements relating to education, testing, experience and demonstration of knowledge, understanding and ability.
At a minimum, all states require appraisers to be state licensed or certified in order to provide appraisals to federally regulated lenders. Commercial real estate appraisers must hold the “Certified General” state appraiser license but only a small minority hold the MAI designation awarded by the Appraisal Institute.
Lenders, government agencies, courts, corporations, investors and individual property owners continually seek out the opinions of designated Appraisal Institute members to guide their real estate decisions because they know members are true professionals who have made a commitment to being the best in their field.
How do you obtain the MAI designation?
The current requirements an appraiser must fulfill to receive the MAI designation is as follows:
- Receive a passing grade on 11 exams reflecting 348 hours of classroom instruction that test the appraiser on basic and advance principles, applications and comprehension.
- Receive a passing grade on a four-module, two-day comprehensive examination.
- Hold an undergraduate degree from a four-year accredited educational institution.
- Receive credit for 4,500 hours of specialized experience, over at least a three-year 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.