What Is The MAI Designation In Real Estate Valuation?
In the valuation industry, there are several designations that represent advanced levels of education, experience, and professional ethics. These prestigious designations are set forth by the Appraisal Institute - the “world’s leading organization of professional real estate appraisers.”
The Appraisal Institute’s MAI Membership Designation is one such distinction. It is bestowed upon only those appraisers who have reached the highest standards for commercial, industrial, multi-family, residential and other real estate valuation. MAI designees have a proven record of successfully counseling parties in real estate investments.
What makes the MAI designation so important? Let’s take a closer look.
What Makes The MAI Designation Special?
While there are nearly 20,000 appraisers (globally) affiliated with the Appraisal Institute, not all have reached the MAI standard.
Appraisers with the MAI designation have exceeded compulsory state-certified requirements by gaining the extensive real-world experience and higher levels of education necessary to achieve this prestigious professional status.
Along with these advanced levels of knowledge and experience, MAI candidates must also pass a series of complex and all-encompassing exams that rigorously test their commercial property analysis skills and abilities.
Ethics And Standards
The Appraisal Institute has instituted the strictest requirements of professional ethics and moral character for all MAI designees. To demonstrate their commitment to upholding these requirements, MAI appraisers follow the Appraisal Institute’s Code of Professional Ethics, and Standards of Professional Appraisal Practice.
Candidates for MAI Designation are required to have obtained (at minimum) a four-year undergraduate degree from an accredited educational institution, or be a practicing state-certified General Real Estate Appraiser.
There are also a series of Appraisal Institute designation education courses and diagnostic tests that candidates must take to fulfill educational requirements as part of the designation process.
Once appraisers have been granted the MAI Designation, they must fulfill continuing education requirements mandated by the Appraisal Institute. This ensures that MAI appraisers stay informed, and have the ability to valuate properties as the industry and other contributing factors change and evolve over time.
Recognition Beyond The Valuation Industry
Along with rising within the ranks of valuation professionals, MAI Designated appraisers are also recognized by other industries and authorities such as financial institutions, government agencies, courts of law and professional investors.
The MAI designation is a true differentiator among commercial valuators, and one that should be insisted upon for the most qualified real estate valuation and analysis.
Learn about SRA - another prestigious designation from the Appraisal Institute.