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
Records maintained as evidence of ownership of the home and any of its contents. ...
Gradual deterioration of land due to nature such as because of floods, hurricanes and storms. Gradual decline in the value of real estate because of poor market and economic conditions. ...
Language commonly used in a fee simple title conveyance. The significance is whether the title is clear and can be passed on to the purchaser's estate including all heirs and those who may ...
A mortgage on which the interest rate is constant, but the payments are structured to increase, so the loan is paid off much earlier. ...
Net return on a real estate investment. It equals the income less the expenses associated with the property. ...
The definition for the gross living area published by the Appraisal Institute’s Dictionary of Real Estate 4th Edition is: “The total area of finished, above-grade residential ...
Platform erected on a roof in some New England homes having a view of the sea. It was said widows of lost seaman would walk on the platform looking out at sea for their husbands to return ...
Appropriateness of the soil for the designated purposes. An example is soil suitable for the growing of vegetables and fruit, or grazing for horses. ...
Income reporting to the Internal Revenue Service using form 1099 stating income earned. For example, An employing real estate broker uses form 1099 to report commissions earned by a real ...
Have a question or comment?
We're here to help.