Appraisal Institute

The Institute’s two most widely known designations that candidates for membership can earn are the SRA designation for appraisers of residential real estate and the '''MAI designation''' for appraisers of commercial and industrial real estate.

The Institute is a worldwide leader in residential and commercial real estate appraisal education, research, publishing and professional membership designation programs. Its extensive curriculum of courses and specialty seminars, offered both in the classroom and online , provide a solid education in valuation methodology for both the novice and seasoned practitioner. Its mission is to support and advance its members as the choice for real estate solutions and uphold professional credentials, standards of professional practice and ethics consistent for the good of the general public.

PENDING MERGER ANNOUNCED

On March 5, 2007 the Institute and two other appraisal organization, the '''American Society of Appraisers''' (ASA) and the '''American Society of Farm Managers and Rural Appraisers''' (ASFMRA), collectively made a joint statement that was issued to all members of the three groups. The announcement stated that, after several years of discussion, the governing boards of the three groups have agreed to merge together to form one unified professional appraisal organization. Due to the multi-discipline nature of the new unified group (encompassing ''' Real Property ''' and ''' Personal Property ''' and ''' Intangible Property '''), it will be "''broadly referred to as the '''Property Economics Profession'''''" according to the announcement. [http://appraisalnewsonline.typepad.com/appraisal_news_for_real_e/2007/03/appraisal_organ.html web site of Appraisal Scoop] news article on May 6,2007 entitled "''Appraisal Organizations of the World Unite!!''

HISTORY

With 75 years of history, the Institute serves as an organization for real property valuation professionals. Through its designation programs, peer review process (member review not peer review) education and publication, the Institute maintains a leadership position within the real estate industry and continues to be a major contributor in the American and worldwide real estate appraisal profession. A brief time line of events is as follows: [http://www.appraisalinstitute.org/75thanniversary/history.asp web site of the Appraisal Institute, 75th Anniversary Historic Timeline]

1932 - the American Institute of Real Estate Appraisers (AIREA) is formed by 120 leading real estate appraisers from throughout the country as an affiliate of the National Association of Realtors, and its first office is located at 59 Van Buren Street in Chicago, Illinois. '''The Appraisal Journal''' was launched in October (at that time it was called The Journal of the Appraisal Institute). In November, the Metro New Jersey Chapter becomes the first chartered chapter.

1935 - the Society of Residential Appraisers (Society) is formed when the U.S. Building and Loan League sponsors a group dedicated to establishing guidelines and standards for the residential property appraiser. First office is located at 77 Monroe Street in Chicago, Illinois.

1951 - the AIREA publishes first edition of its textbook '''The Appraisal of Real Estate'''. The Society creates a staff department of education.

1961 - the Society opens a Washington, D.C., office to establish a voice among the leaders of Congress and the federal government.

1966 - the AIREA and the Society hold first consolidation discussions.

1968 - the U.S. government creates Fannie Mae ( Federal National Mortgage Association ), which exerts major influence on the secondary mortgage market.

1970 - the U.S. government creates Freddie Mac ( Federal Home Loan Mortgage Corporation ) to increase the availability of mortgage funds and to provide greater flexibility for mortgage investors.

1981 - the first translated edition of '''The Appraisal of Real Estate''' published in German. Since then, 14 additional international editions of this essential text have been published.

1987 the AIREA and the Society are two of the founding sponsors of The Appraisal Foundation which is created to work with the U.S. government to create a self-regulatory appraisal system.

1989 - the Savings And Loan Crisis reform legislation becomes a top congressional priority and the reform of the appraisal industry is attached to this legislation. The Financial Institutions Reform, Recovery And Enforcement Act Of 1989 passes. Title XI directs the establishment of state appraisal certification and licensing by July 1, 1991, for federally related transactions.

1991 - the AIREA and the Society formally merge, resulting in the creation of the Appraisal Institute with the new official headquarters located at 875 Michigan Ave. in Chicago.

1994 - a coalition including the Mortgage Bankers Association , Fannie Mae , Freddie Mac and the Appraisal Institute, formulate standards for electronic data interchange (EDI).

1996 - the first issue of '''Valuation Insights & Perspectives''' is published. The Appraisal Institute brings appraisal courses to Korea and Turkey. Since then, educational programs have been developed with Germany, Japan and Mexico as well as China, Egypt, Cyrus and Vietnam.

2001 - fifty (50) years after its first printing, the Appraisal Institute publishes the twelfth edition of '''The Appraisal of Real Estate''' textbook. The Appraisal Institute moves its headquarters to present location at 550 Van Buren St. in Chicago

2003 - first MAI designations are conferred upon Korean appraisers who completed the designation program in their home country.

2007 - the Appraisal Institute celebrates its 75th anniversary in service to its members and the public as the leading organization for professional real estate appraisers and analysis. On '''March 5, 2007''' the Institute, the ASA and the ASFMRA collectively made a joint statement that they would unify and merge together into one organization.

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