The Appraisal Institute
is a Chicago, Illinois
-based international association for professional real estate appraisers
formed in 1991 from the merger of the American Institute of Real Estate Appraisers
and the Society of Real Estate Appraisers
As of February 2007, the association has more than 21,000 members and 99 chapters throughout the United States, Canada and overseas.
The institute’s two most widely known designations are the "SRA designation" for appraisers of residential real estate and the MAI designation
for appraisers of commercial and industrial real estate.
The institute provides 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.
On March 5, 2007 the institute and two other appraisal organizations, the American Society of Appraisers
and the American Society of Farm Managers and Rural Appraisers
, announced the merger of its governing boards to form one professional appraisal organization. Due to the multi-discipline nature of the new unified group (encompassing real property
, personal property
and intangible property
), it will be "broadly referred to as the "property economics profession", according to the announcement.