- Member of the Appraisal Institute
MAI is a professional designation for real estate 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. Originally, the initials stood for "Member of the Appraisal Institute" (the actual name of the organization at that time was the American Institute of Real Estate Appraisers, or AIREA); since the organization now has many types of members, the initials no longer have a particular meaning.
Members of the appraisal institute are not Licenced to "advise clients on real estate investment decisions." The appraisal institute is no longer a member of the Appaisal Foundation.
The current requirements that an appraiser must fulfill to receive the MAI designation are as follows:
- 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 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.
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