The Appraisal Institute is a global association whose members are professional real estate appraisers. The Appraisal Institute has about 23,000 members all over the world. Its members are present in nearly 60 countries. This global membership association of real estate appraisers was established in 1932. It works towards making the appraisal system more transparent and supports equal opportunity and fairness in the profession of appraisal. It also performs its activities according to the federal, state and local laws.
The mission of Appraisal Institute is to improve and develop global standards, ethics and professionalism, practices and methodologies by professionally developing the property economics throughout the world.
Role of Appraisal Institute in providing education
The Appraisal Institute is the global association which is an accepted leader throughout the world that educates in commercial and real-estate appraisal. The wide-ranging and all-embracing set of courses and the seminars that the Appraisal Institute offers are very educative in valuation methodology. This education is equally useful for every practitioner- both novice and expert.
The Appraisal Institute is the world’s largest publisher of literature related to real estate appraisal. The books and other materials that this global real estate appraiser association provides is quite vast, and range from basic theory of valuation and techniques to more complicated and advanced applications. There are two periodicals, ‘The Appraisal Journal’ and ‘Valuation magazine’ that are published quarterly by the Appraisal Institute. It also publishes ‘Appraiser News Online’, a weekly e-newsletter.
The members of the Appraisal Institute are mostly property analysts and real estate appraisers. They offer services that relates to valuation to both residential clients which include homeowners, individual customers and commercial clients which include financial institutions, financial planners, attorneys, mortgage lenders and government agencies.
The members of the Appraisal Institute is selected very carefully and they have to meet the requirement pertaining to education, experience and testing. They are also required to have excellent understanding, knowledge and ability. The members who have the designation of SRA have experience in residential valuation and the members having designations of MAI and SRPA have experience in commercial valuation. All the members of Appraisal Institute follow the Code of Professional Ethics and Standards of Professional Appraisal Practice.