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
Heterogeneous (as opposed to homogenous) means diverse in nature applied to a place or object composed of separate and distinct parts. In other words, heterogeneous describes something that ...
Investigation into the causes of death. A post mortem is normally performed by a public coroner. It might be performed to determine the cause of death of an apartment house tenant. ...
Right to enter and start construction or furnishing property that is in the process of being purchased. ...
Body o law relating directly to condominiums and cooperative developments. Most property law provides vertical ownership of property in the sense that property owners own mineral rights as ...
Architectural plan which may include blue prints of a property project. Designs must meet technological and zoning requirements. ...
A cooperating broker or agent defines a real estate broker who helps another broker in a private property transaction. Typically, the cooperating broker represents the seller and is ...
Legal right of the buyer of real estate for the acquisition price paid if the seller does not render the deed to the property. The buyer's lien is not only for the purchase price paid but ...
The portion of a structure providing the primary ground support. Foundations have a foundation wall forming a permanent below grade retaining wall. All modern foundations rely on concrete ...
The "frost line" is a critical concept in real estate and construction, especially in regions with cold climates. But what exactly is the frost line, and why does it matter? Let’s ...
Have a question or comment?
We're here to help.