MAI is not an acronym (i.e. it is not Member of Appraisal Institute). The MAI designation represents the designee is affiliated with the Appraisal Institute. The Appraisal Institute is a global organization for real estate appraisers.
What is the MAI designation?
Designated members (MAI’s) have met thorough requirements. This includes continuing education, courses, testing, experience hours and demonstration of knowledge, understanding and ability. The MAI designation is earned by real estate appraisers who are experienced in the valuation and consultation of commercial, industrial, residential and other types of properties.
How do you obtain the MAI designation?
The MAI designation is held by 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. The current requirements an appraiser must fulfill to receive the MAI designation is as follows:
Education for the MAI Designation
- Hold an undergraduate degree from a four-year accredited educational institution
- Receive a passing grade on thirteen examinations that total 400 hours of classroom instruction that test the appraiser on basic and advance principles, applications and comprehension.
- Receive a passing grade the General Comprehensive Examination. It is a two-day, four-part modular exam. The exam may cover anything in the Appraisal Institute’s required examinations, current appraisal literature, and the Appraisal Institute’s Bylaws and Regulations.
Appraisal Experience Required for MAI Designation
Receive credit for 4,500 hours of specialized experience, over at least a three-year period.
Demonstration Report for MAI Designation
There are several options in completing the demonstration report (demo). Whatever option chosen, the demo will prove the candidate has a full understanding of how to write, substantiate and defend value conclusions.
A detailed description of all MAI requirements is provided on the Appraisal Institute website link below.
MAI Membership Requirements – The Appraisal Institute