American Institute Of Real Estate Appraisers (AIREA)
Definition of "American Institute of Real Estate Appraisers (AIREA)"
The American Institute of Real Estate Appraisers, in short, the AIREA, or the Appraisal Institute as it is known nowadays, is an institute that aims to advance professionalism in the real estate industry and adherence to a code of ethics. Their goal is to promote global standards, practices, and methodologies through a professional evolution of the global real estate industry.
The Appraisal Institute is recognized worldwide not only for the mission statement above but also for its focus as a leader in educational programs for valuation professionals. With over 17,000 professionals of the institute in around 50 countries across the world, the institute promotes equal opportunities, non-discrimination, and professionalism that adheres to federal, state, and local laws.
History of the American Institute of Real Estate Appraisers
Initially, two branches dealt with appraisers’ role in the US: the American Institute of Real Estate Appraisers (1932) and the Society of Real Estate Appraisers (1935). The two branches merged in 1991, and the Appraisal Institute was formed. With a total of 89 years of experience, the Appraisal Institute continues its educational and designation programs for all its members. At the same time, they’re advocating for their industry as a global leader in the valuation profession.
The Appraisal Institute leads the profession towards fostering and promoting the practice of the highest standards. Their work is visible through their peer review process, the educational programs they manage, the professional research, and countless published works.
Members and Designations
Becoming a Designated member of the Appraisal Institute requires an individual to meet a rigorous set of qualifications based on soft and hard skills, experience in the field, and an ethical code. The reason for these strict demands is the role a designated member could attain in relations with government agencies, lenders, corporations, courts, investors, and individual owners. The role of a designated member is to guide any entity’s decision in real estate valuations. The following are the designations given by the Appraisal Institute and their responsibilities:
MAI provides opinions related to value, consulting, evaluation, advice, and review regarding any investment decisions for vacant land, residential, commercial, agricultural, and industrial properties.
SPRA provides opinions related to the review and value of industrial, agricultural, commercial, residential, and vacant land properties.
SRA provides residential real estate services, including evaluations, opinions related to value, advice regarding investments, and consulting.
AI-GRS review appraisals of commercial, agricultural, industrial, residential, and vacant land.
AI-RRS review residential appraisals.
Popular Real Estate Terms
A relatively unknown term, laches or the” doctrine of laches,” means failure to assert one’s rights or a claim in a given matter in time. Failing to take action on a ...
The US real estate market is filled with several confusing legal terms. One of those terms is "attorney-at-law." But who exactly are they? And how do they differ from real estate lawyers? ...
Largest form of owner ship giving the owner complete control including the development off an inheritable estate. ...
Construction of commercial property in a manner that enables each lessee or tenant to have access to the main strip or thoroughfare running through the property. For example, this mode of ...
The National Association of REALTORS® (NAR) is not only a commonly used term in the real estate industry, but it is also the largest trade association in the US. With over 1.4 million ...
The definition of obligee is the person to whom a debt or obligation is owed. An obligee is one party of a contract to who the other party, the obligor, is obligated. An obligee is also the ...
The concept of a release can define various meanings in the financial and real estate business. Typically, it establishes a discharge or literal escape from a loan borrower's economic ...
Regarding the definition of the term adjoining, we see a term used most often to describe a particular position that objects, items, or properties have regarding each other. In the case of ...
An activity by a property owner annoys or seriously disturbs other property owners making it discomforting to use their own property. A wide range of activities can be classified as ...
Have a question or comment?
We're here to help.