MAI Stands For Designated Member of the Appraisal Institute
The Appraisal Institute is an international membership association of professional real estate appraisers with more than 18,000 members and 99 chapters throughout the United States, Canada and abroad.
Its mission is to support and advance its members as the choice for real estate solutions and to uphold professional credentials, standards of professional practice and ethics consistent with the public good. The MAI designation, its most prestigious, is held by appraisers who are experienced in the valuation of commercial, industrial, residential, and other types of property and who consult with clients on real estate investment decisions.
MAI designees must receive a passing grade on 11 examinations that reflect 380 hours of classroom instruction and that test the appraiser’s knowledge of basic and advanced appraisal principles, procedures and applications; report writing; valuation analysis and standards of professional practice. Designees must also receive a passing grade on a four-module, two-day comprehensive examination and hold an undergraduate degree from a four-year accredited educational institution.
MAI designees must receive credit for 6,000 hours of real estate appraisal experience, including 3,000 hours of specialized experience, all of which is peer-reviewed and must meet strict criteria.
Demonstration Appraisal Report
Designees must receive credit for a demonstration appraisal report – our version of a Master’s Thesis. The property must be income-producing property, and the MAI candidate must demonstrate the ability to present a fully supported value estimate, including a detailed market analysis.
Because of its rigorous requirements and commitment to providing information, continuing education and other valuable resources to its members, you can be confident that an appraiser with an MAI designation will provide the very highest quality service, even on the most complex commercial appraisal and consulting assignments.
Source: The Appraisal Institute www.appraisalinstitute.org