A preference or a requirement?

An MAI, SRA, SRPA, SREA and RM designated appraiser is not so much a necessity as a preference of some lenders. If your lender is requesting an appraiser with such a designation, Fidelity will ensure the fulfillment of that request. 

However, appraisers with such designations often cost considerably more, therefore if the lender is not requiring an MAI, SRA, SRPA, SREA or RM designated appraiser, you will save money and sometimes will save time as well to go with a conventional residential or commercial appraiser. 

What is a MAI, SRA, SRPA, SREA or RM designated appraiser?

An appraiser with an MAI, SRA, SRPA, SREA or RM designation, is an appraiser that has completed continued education with the Appraisal Institute, a global appraiser association whose mission is to advance their profession through professional educational development and advocacy programs.

Appraisal Institute members holding the MAI, SRA, SRPA, SREA or RM designations are required to:

• Complete additional education requirements, submit extensive specialized appraisal experience, demonstrate their appraisal report writing abilities and potentially pass a comprehensive examination. These requirements are in addition to state and federal requirements.

• Conduct his or her professional activities in accordance with the Appraisal Institute’s Code of Professional Ethics and are subject to a peer review process, which enforces the Code of Professional Ethics.

• Adhere to strict continuing education requirements to ensure they are up-to-date with the evolving real estate field.

• In addition, the Appraisal Institute’s MAI, SRA and SRPA designations have long been recognized by courts of law, government agencies, financial institutions and investors as marks of excellence in real estate valuation and analysis.

MAI Designation

The MAI membership 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.

SRA Designation

The SRA membership designation is held by real estate solutions providers who are experienced in the analysis and valuation of residential real property.

SRPA Designation

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

SREA Designation

The SREA membership designation is one which was conferred by an Appraisal Institute predecessor organization and is held by appraisers who are experienced in real estate valuation and analysis and who advise clients on real estate investment decisions.

RM Designation

The RM membership designation also is one which was conferred by an Appraisal Institute predecessor organization and is held by appraisers who are experienced in the valuation of single-family dwellings and multi-family residential properties.

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