What are "MAI appraisers"?

The most widely known professional designation is the MAI designation from the Appraisal Institute. The MAI is a designation that requires membership to The Appraisal Institute, along with a professional degree, and extensive further education classes provided by this private organization.

The Appraisal Institute has two other designations for commercial appraisers, the SRPA and the SREA, but the MAI is most widely known.

While generally accepted that the MAI is potentially more "trained" than a Certified General Appraiser, this in itself is not an indication of overall experience. The State of Florida, and any Federally related Appraisals must be completed by a Licensed State Certified General Real Estate Appraiser, this is the sole requirement - along with competence in the specific building type - for a professional commercial appraiser.

Section 1122 (d) of Title XI of FIRREA imposes a non-discrimination requirement on banks in their selection of real estate appraisers. The Federal Reserve Board mandates " PROHIBITION AGAINST DISCRIMINATION.--Criteria established by the Federal financial institutions regulatory agencies, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Resolution Trust Corporation for appraiser qualifications in addition to State certification or licensing may include education achieved, experience, sample appraisals, and references from prior clients. Membership in a nationally recognized professional appraisal organization may be a criteria considered, though lack of membership therein shall not be the sole bar against consideration for an assignment under these criteria."

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