A Designation of the Highest Standard
MAI is a designation granted to appraisers by the Appraisal Institute. An appraisal prepared by an MAI is the most sought-after appraisal in the real estate industry. The MAI designation is respected by courts, lending institutions, government agencies, corporations, and other individuals desiring the highest quality of appraisal services. The Appraisal Institute has been the world’s leading organization of real estate appraisal professionals for more than 75 years, with over 25,000 members and 91 chapters throughout the world.
Experience and Education
The MAI designation is held by appraisers who are experienced in the valuation of commercial property, and who advise clients on important real estate investment decisions. Appraisers holding the MAI designation have met rigorous requirements relating to education, testing, and experience. Furthermore, MAI appraisers are tested on their demonstration of knowledge, understanding of the overall appraisal process, and ability to solve the difficult issues associated with many types of property. Some of the requirements for becoming an MAI may include:
- Standards and ethics coursework
- 4,500 hours of specialized field experience
- Eight weeks of lower level appraisal coursework
- Credit for a demonstration appraisal report on an income-producing property
- Four weeks of upper level appraisal coursework
- 16-hour comprehensive examination
Additionally, all members are required to maintain good moral character, as well as remain in good standing with the Appraisal Institute. Furthermore, the MAI appraiser may be required to complete 100 hours of continuing education every five years. Finally, MAI members are committed to practicing their profession according to the most stringent code of ethics, as well as adhering to the Uniform Standards of Professional Appraisal Practice (USPAP).
Confidence With Us
At Warfield Appraisal Group, every one of our appraisals is and always has been prepared and certified by Jeffrey L. Warfield, MAI who holds the MAI designation. Commercial property values can exceed several million dollars, and since a significant amount of liability is placed on the appraiser, the most accurate estimate of value is always the priority for the MAI. Appraisers who are only state-certified tend to come and go, given the less-stringent requirements by the governing authorities. The state-certified appraiser has not been through the rigorous training acquired by those holding the MAI designation. Those clients who use the services of an MAI generally tend to feel more comfortable in their commercial real estate valuation decisions. When you’re looking for reliability and confidence, only choose an appraiser that knows what they’re doing – choose an MAI.