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The Appraisal Institute is a global membership association of professional real estate appraisers, with nearly 23,000 members and 92 chapters throughout the world. Organized in 1932, its mission is to support and advance its members as the choice for real estate solutions and uphold professional credentials, standards of professional practice and ethics consistent with the public good. The Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Members of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations.</ref>
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Ethics & Standards
A keystone on which the organization was founded – and by which it continues to serve the public – is that every member agrees to conduct his or her professional activities in accordance with the Appraisal Institute’s Code of Professional Ethics and Standards of Professional Appraisal Practice. As further evidence of its commitment to ethics and standards, the Appraisal Institute has a highly refined peer review process through which it enforces these standards and Code of Ethics.
Designations
The Appraisal Institute confers the prestigious MAI and SRA designations to real property appraisal professionals who have met rigorous requirements relating to education, testing, experience and demonstration of knowledge, understanding and ability.
Appraisers hold the MAI designation that 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.
Real estate solutions providers who are experienced in the analysis and valuation of residential real property hold the SRA designation.
Education
The institute’s two most widely known designations are the "SRA designation" for appraisers of residential real estate and the MAI designation for appraisers of commercial and industrial real estate.
The institute provides residential and commercial real estate appraisal education, research, publishing and professional membership designation programs. Its extensive curriculum of courses and specialty seminars, offered both in the classroom and online, provide a solid education in valuation methodology for both the novice and seasoned practitioner. Its mission is to support and advance its members as the choice for real estate solutions and uphold professional credentials, standards of professional practice and ethics consistent for the good of the general public.
Pending merger
On March 5, 2007 the institute and two other appraisal organizations, the American Society of Appraisers and the American Society of Farm Managers and Rural Appraisers, announced the merger of its governing boards to form one professional appraisal organization. Due to the multi-discipline nature of the new unified group (encompassing real property, personal property and intangible property), it will be broadly referred to as the "property economics profession", according to the announcement.[citation needed]