Types of Designations and Certifications for Appraisers
By ProMatcher Staff
Designations offered by Professional Associations
All real estate appraisers must be licensed or certified by their home state or jurisdiction. However, many certified appraisers choose to join professional associations in order to obtain additional credentials. This helps to reassure clients about the appraiser’s credibility and professional knowledge in a very competitive industry.
The Appraisal Institute
The Appraisal Institute awards four designations:
1. The SRA is for experienced residential real estate appraisers.
2. The MAI is for experienced residential, commercial, and industrial appraisers.
3. The AI-GRS (General Review Specialist) is for general appraisers and it has a focus on risk assessment.
4. The AI-RRS (Residential Review Specialist) is for appraisers that specialize in residential real estate, as well as risk assessment.
American Society of Appraisers
The American Society of Appraisers is a non-profit organization that awards several designations, but the ASA (Accredited Senior Appraiser) is the most popular choice for residential appraisers. Candidates must first be an Accredited Member (AM) of the American Society of Appraisers. Every 5 years, these appraisers are subject to a re-accreditation process to ensure that they are continuing their education.
National Association of Independent Fee Appraisers
The National Association of Independent Fee Appraisers (NAIFA) offers several different professional designations.
1. IFA
A Residential Appraiser Specialist holds the IFA designation.
2. IFAA
An Agricultural Appraiser Specialist holds the IFAA designation.
3. IFAS
A Senior Appraiser Specialist for Non-Residential and Income Properties is an individual that holds the IFAS designation.
4. IFAC
An Appraiser Counselor who has been an IFAS for 3 years is an individual that holds the IFAC designation.
National Association of Realtors
The National Association of Realtors offers two designations to real estate appraisers: the RAA and the GAA. Each one requires additional experience and training beyond the requirements for state certification or licensing.
1. The RAA (or Residential Accredited Appraiser) is reserved for residential appraisers.
2. The GAA (or General Accredited Appraiser) is for appraisers that evaluate residential and commercial properties.
Counselors of Real Estate
All members of Counselors of Real Estate hold the designation of CRE. This association is an invitation-only, membership organization of some of the top professionals in the real estate industry.
National Residential Appraisal Institute
The NRAI offers four professional designations to its members who apply.
1. Certified Data Market Analyst (CMDA)
2. Graduate Senior Appraiser (GSA)
3. Senior Licensed Appraiser (SLA)
4. Senior Certified Appraiser (SCA)
Royal Institution of Chartered Surveyors
Members of the Royal Institution of Chartered Surveyors may apply to become a Fellow of the organization. This designation often appears as FRICS. About 20% of the members of the organization become Fellows.
National Society of Real Estate Appraisers
The NSREA offers three levels of membership.
1. Residential Membership
2. Commercial Membership
3. Master Membership
National Association of Real Estate Appraisers
The National Association of Real Estate Appraisers offers two basic professional designations, in addition several different levels of membership.
1. CREA (Certified Real Estate Appraiser)
2. CCRA (Certified Commercial Real Estate Appraiser)
Related: Types of Associations for Appraisers
About the Author
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| ProMatcher Staff, ProMatcher
Orlando, FL 32803
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