MAI Appraiser
MAI stands for Member, Appraisal Institute. The Appraisal Institute is an international membership association of professional real estate appraisers, with more than 25,000 members and 99 chapters throughout the United States, Canada and abroad. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. The MAI designation, its most prestigious, is held by appraisers who are experienced in the valuation of commercial, industrial, residential, and other types of property and who advise clients on real estate investment decisions.
MAIs must meet the following requirements:
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 4,500 hours of specialized appraisal experience over at least 36 months, 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. Because of its rigorous requirements and commitment to providing valuable information, continuing education and other valuable resources to its members, you can be confident and appraiser with an MAI designation will provide you with the very highest quality service on virtually any appraisal assignment, even the most complex commercial appraisal.
As you can see, an MAI designated appraiser has completed a significant amount of education on appraisal issues and has demonstrated a high level of knowledge and skill in the field.
Simply put, an MAI Appraisal prepared by an MAI Appraiser is the best you can get!