In today’s turbulent real estate market you would want a professional with the experience and expertise to make sound real estate decisions. When you see the MAI Real Estate designation, you are definately rest assured that you are making the right decision. And who wouldn’t want that right? Real estate appraisal, land valuation or property valuation is the process called when valuing . It’s value usually obtained is the property's . These appraisals are needed primarily because every property is different from the next, a factor that does not affect assets like corporate stock. Also, all properties are different from each other in it’s location. Thus, making it an important factor in their value.
Every appraisal institute member holding the MAI designation are required to:
- Complete precise education requirements, pass extensive specialized appraisal experience, establish appraisal report writing capabilities and possibly pass a comprehensive examination. All these requirements to obtain the MAI designation significantly above the federal and state requirements.
- Strictly follow continuing educational requirements to ensure they are updated with the volatile real estate field.
- Direct and manage professional activities in congruence with the appraisal institute’s code of professional ethics and are under control to a peer review process, that enforces the code of professional ethics.
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In addition, the Appraisal Institute’s MAI designations have been recognized for a long time by courts of law, financial institutions, government agencies and investors as evidence of excellence in the field of real estate analysis and valuation. The MAI Real Estate appraiser would usually provide a written report on this value to the client. The reports are used as basis for loans, for tax matters, for settling estates and divorces and so on. There are times that the appraisal report is used by both parties to be able to set the price when sold of the property appraised. In some regions, an appraiser does not need a license or certification to appraise property.
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However, most countries require appraisals done by a certified and licensed appraiser (in most countries known as a property valuer or valuation surveyor or land valuer). If the appraiser's judgement is based on market value, then it should also be based on it’s of the real property. Appraisals on more complex property like income producing and raw land are usually reported in a narrated appraisal report. The MAI Real Estate membership designation is maintained by appraisers who are experts in the evaluation and valuation of commercial, residential, industrial and other types of properties who would advise clients on real estate investment questions and decisions.