MAI designation (source: The Appraisal Institute)
MAI stands for Member, Appraisal Institute. The Appraisal Institute
is an international membership association of professional real
estate appraisers, with more than 18,000 members and 99 chapters
throughout the United States, Canada and abroad. Its mission is to
support and advance its members as the choice for real estate
solutions and uphold professional credentials, standards of
professional practice and ethics consistent with the public good.
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.
MAI designates 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 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. 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.