What is an "MAI Appraisal"?
An MAI appraisal, commonly misspelled as MIA Appraisal is not a type of appraisal but an appraisal performed by an MAI.
An MAI is an appraiser that possesses the MAI designation, which is depicted following the appraisers name, such as
David J. Glauber, MAI.
The MAI stands for Member of the Appraisal Institute, which is the highest achievement that is available to an appraiser.
The requirements to become an MAI essentially double the requirements set forth for a certified general appraiser. Bear in
mind that an MAI Appraiser is also a Certified General Appraiser.
Virtually all large real estate transactions require an MAI Appraisal and the designation is recognized anywhere in the
If you need an MAI Appraisal, please give us a call, we would be delighted to perform your work.
David J. Glauber, MAI
What type of appraisal do I need?
This question must be answered before an appraisal can begin.
Appraisers and clients have historically created all types of descriptive names for appraisal reports. These different appraisal reports were standardized in the early 1990’s by
USPAP, or Uniform Standards of Professional Appraisal Practice, created from federal requirements.
TYPES OF APPRAISALS: COMPLETE APPRAISAL AND LIMITED APPRAISAL. Although USPAP was changed again in 2007, which eliminated the title of Complete Appraisal and
Limited Appraisal, the terms are still widely used.
The appraisal process includes inspecting the property, researching the data and concluding a value.
COMPLETE APPRAISAL means that USPAP was followed in every way. Practically speaking, it means that every approach to value that applies to the subject, was performed.
LIMITED APPRAISAL PROCESS The most recent changes in USPAP (Uniform Standards of Appraisal Practice) changed in 2006. The term limited appraisal no longer exist.
The report format is how the appraisal or value conclusion and research is conveyed to the client. The report can be one of three written reports:
-Restricted Use Report
-Self Contained Report (no longer used as of USPAP 2014)
These classifications can be simplified as small, medium and large, with restricted being the small and self contained being large.
The restricted report is only intended for a specified client that has knowledge of the property being appraised and the market where it is located. This report is not suitable for use
by a third party, such as a lending institution, court proceeding, estate planning, or anything else, which requires use by a third party. This report is functional for a property owner
who wants to know how much to sell their property for.
APPRAISAL REPORT: This report is the workhorse of the industry. This is the most common report format used because it is functional in any situation. This report gives a
summary description of the property being appraised, the research included and the conclusions presented.
SELF CONTAINED: This report format no longer exist.
Does that answer your question about appraisal reports? If it did not please feel free to call American Appraisers Corp. See main page at AmericanAppraisers.net
How do I become a Commercial or Residential Appraiser?
Being a commercial appraiser is a rewarding field once you’re in it, but it is not easy to break into.
In order to be a real estate appraiser, you must be certified by your state. While it’s true that some states such as Kentucky do not “require” certification, almost all potential clients
will require it.
In order to get certified, you must take several real estate appraisal classes, take a test and document several thousand hours of experience under a certified appraiser. I believe
all states require these things, although not necessarily in that order.
While the education is easy enough to acquire, the experience is not. In order to accumulate enough experience in appraising, you must work under a certified appraiser for two
years at the minimum, (in Kentucky), usually it is much longer. During this period, one should not expect high pay. Once you have your certification, your supervisor will most likely
increase your pay. Unless your supervisor is just a %*!! I have been there.
Anyway, once you have your certification you can work for yourself. That being said, you may find it much easier to acquire new clients by staying with a larger firm, but it is now your
choice instead of you know who’s.
If you plan to become a real estate appraiser, it is best to find someone that will commit to hiring you before you start taking classes.
(502) 267-6320 Office
(502) 267-6344 Fax
10507 Watterson Tr., 2nd Flr
Louisville, KY. 40299
Appraising America one piece at a time