The Colorado Chapter

About the Appraisal Institute

The Appraisal Institute is the result of the 1991 unification of the appraisal profession’s two most respected organizations: the American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers.  The Appraisal Institute draws on more than 50 years of experience and fosters high standards in the field of real estate appraising.

Appraisal Institute Membership Designations

The world’s leading organization of professional real estate appraisers, the Appraisal Institute is composed of general appraisal members who hold the MAI, SREA, or SRPA designation and residential appraisal members who hold the SRA or RM designation.  Identified by their experience and knowledge of real estate valuation, these members adhere to a strictly enforced Code of Professional Ethics and Standards of Professional Appraisal Practice.

Holding an Appraisal Institute membership designation sets members apart from the rest of the appraisal community.  Members holding Appraisal Institute designations are recognized as the most qualified in their fields.

MAI     the MAI membership designation is held by members who are experienced in the valuation and analysis of commercial, industrial, residential, and other types of properties, and who advise clients on real estate investment decisions. 

SRPA   The SRPA membership designation is held by members who are experienced in the valuation of commercial, industrial, residential, and other types of properties.

SRA     The SRA membership designation is held by members who are experienced in the valuation of single-family homes, townhouses, and residential income properties up to an including four units. 

HISTORY

When the American Institute of Real Estate Appraisers was founded in 1932, its stated goals were to establish the professionalism of real estate appraisers, select and identify competent members, and uphold high standards of practice.  The first act of the new organization, which was an affiliate of National Association of Real Estate Boards (now the National Association of Realtors), was to draft a code of ethics in 1933.  A publishing program was soon begun with the release of The Appraisal Journal (1932), Appraisal Terminology and Handbook (1935), The Appraiser (1945), and The Appraisal of Real Estate (1951).  The first national appraisal course was taught in 1935 and by the early 1940’s universities throughout the country were sponsoring AIRFA courses.  The professional advancement of members was promoted in the early years by establishing the MAI (Member Appraisal Institute) designation in 1933 and converting junior membership into the candidacy program in 1945.  The RM (Residential Member) designation was added in 1968.

What became the Society of Real Estate Appraisers owes its founding to The Appraising Division of the U.S. Building (now Savings) and Loan League.  Its leadership recognized that improvements in appraisal practice was directly tied to the development of an education program, as well as standards and consistent methodologies for appraisers.  In 1935, the League sponsored, provided office space for, and temporarily funded the fledgling Society of Residential Appraisers, the original name of the organization.  A publishing program was soon begun with the release of Residential Appraisers Review (April 1935), later changed to The Residential Appraiser and then The Residential Appraiser and now The Real Estate Appraiser, and Real Estate Appraisal Principals and Terminology (1958).  From the beginning, the Society placed great emphasis on a local network of chapters as a basis to the Society’s development and the implementation of the Society education program initiatives.  While the professional advancement of members was promoted in the early years by establishing the SRA (Senior Residential Appraiser) designation, by 1963 the professional base of Society membership had changed from a purely residential orientation to a broader market of commercial, industrial and rural properties.  At this point, the Society changed its name to the Society of Real Estate Appraisers and in the 1970’s the SREA (Senior Real Estate Analyst) and SRPA (Senior Real Property Appraiser) designations were established.