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
Increasing tax rates with increasing levels of taxable income. ...
loan that is not secured by a mortgage on a specific property. It is backed only by the borrower's credit rating. Unsecured loan are typically short term. The disadvantages of this kind of ...
Legal responsibility for something. For example, an owner of commercial property (e.g., restaurant) is legally obligated for damages on that property (e.g., restaurant patron falls and ...
Receipt given for a partial payment made on the sale of property. It shows the buyer has made a down payment. ...
To clip or prune shrubbery,etc. ...
Expenditure paid to occupy property over a specified time period. ...
One-time charge assessed by a bank or other financial institution at the closing of buying real property. The fee increases the effective cost to the borrower. One discount point translates ...
The continued and illegal occupancy of property after a legal period of occupancy has expired. In an estate at sufferance the tenant occupies the property at the sufferance of property ...
Oral defamation of the character or reputation of another. It is the basis for a lawsuit. ...
Have a question or comment?
We're here to help.