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The Appraisal Institute, headquartered in Chicago, Illinois, was founded in January 1991 when the American Institute of Real Estate Appraisers (AIREA) and the Society of Real Estate Appraisers (Society) merged together. The AIREA and the Society were respectively founded in 1932 and 1935. It is an international association of professional real estate appraisers. As of February 2007, it has more than 21,000 members and 99 chapters throughout the United States, Canada and overseas.

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 the acknowledged 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 provides 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.

History

With 75 years of history, the Institute continues to serve as the foremost organization for real property valuation professionals. Through its designation programs, peer review process education and publication, the Appraisal Institute maintains its 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:

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. The SRA designation is conferred upon Senior members who have achieved education and experience requirements. 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) is created, 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 - tirst 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.

References

Sources

web site of the Appraisal Institute

External links

Appraisal Institute

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-{{Unreferencedsect|date=February 2007}}The Appraisal Institute was founded in January 1991 when the American Institute of Real Estate Appraisers (AIREA) and the Society of Real Estate Appraisers (Society) merged together.  The AIREA and the Society were respectively founded in 1932 and 1935.  It is an international association of professional real estate appraisers.  As of February 2007, it has more than 21,000 members and 99 chapters throughout the United States, Canada and overseas.
+{{Unreferencedsect|date=February 2007}}The '''Appraisal Institute''', headquartered  in [[Chicago, Illinois]], was founded in January 1991 when the American Institute of Real Estate Appraisers (AIREA) and the Society of Real Estate Appraisers (Society) merged together.  The AIREA and the Society were respectively founded in 1932 and 1935.  It is an international association of professional real estate appraisers.  As of February 2007, it has more than 21,000 members and 99 chapters throughout the United States, Canada and overseas.
+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 Appraisal Institute is the acknowledged 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 provides 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.
+The Institute is the acknowledged 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 provides 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.
-The Appraisal 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.
 == History ==
-With 75 years of history, the Appraisal Institute continues to serve as the foremost organization for real property valuation professionals. Through its designation programs, peer review process education and publication, the Appraisal Institute maintains its 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:
+With 75 years of history, the Institute continues to serve as the foremost organization for real property valuation professionals. Through its designation programs, peer review process education and publication, the Appraisal Institute maintains its 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:
+*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.
-=== 1932 ===
-American Institute of Real Estate Appraisers (AIREA) is formed, in Cincinnati, Ohio by 120 leading real estate appraisers from throughout the country, as an affiliate of the National Association of Realtors. Philip W. Kniskern serves as first president. First office is located at 59 Van Buren Street in Chicago, Illinois.
+*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. The '''SRA designation''' is conferred upon Senior members who have achieved education and experience requirements. First office is located at 77 Monroe Street in Chicago, Illinois.
-'''The Appraisal Journal''' was launched in October (then called The Journal of the Appraisal Institute).
+*1951 - the AIREA publishes first edition of its textbook '''The Appraisal of Real Estate'''.  The Society creates a staff department of education.
-In November, the Metro New Jersey Chapter becomes the first chartered chapter of the Appraisal Institute.
+*1961 - the Society opens a Washington, D.C., office to establish a voice among the leaders of Congress and the federal government.
-=== 1935 ===
-The Society of Residential Appraisers (Society) is formed when the U.S. Building and Loan League resolves to sponsor a group dedicated to establishing guidelines and standards for the residential property appraiser. The '''SRA designation''' is conferred upon Senior members who have achieved education and experience requirements. First office is located at 77 Monroe Street in Chicago, Illinois.
+*1966 - the AIREA and the Society hold first consolidation discussions.
-=== 1939 ===
-First edition of the newly renamed '''The Appraisal Journal''' is published by AIREA. Harry Grant Atkinson is managing editor.
+*1968 - the U.S. government creates [[Fannie Mae]] ([[Federal National Mortgage Association]]) is created, which exerts major influence on the secondary mortgage market.
-=== 1945 ===
-Candidate program leading to the '''MAI designation''' is introduced, although AIREA’s MAI designation goes back to the 1930s.
+*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.
-=== 1951 ===
-AIREA publishes first edition of its textbook '''The Appraisal of Real Estate'''.
+*1981 - tirst translated edition of '''The Appraisal of Real Estate''' published in German. Since then, 14 additional international editions of this essential text have been published.
-=== 1952 ===
-The Society creates a staff department of education.
+*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.
-=== 1961 ===
-The Society opens a Washington, D.C., office to establish a voice among the leaders of Congress and the federal government.
+*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.
-=== 1962 ===
-The Society changes its name from “Society of Residential Appraisers” to “Society of Real Estate Appraisers.” The SREA designation is introduced.
+*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.
-=== 1966 ===
-AIREA and the Society hold first consolidation discussions.
+*1994 - a coalition including the [[Mortgage Bankers Association]], [[Fannie Mae]], [[Freddie Mac]] and the Appraisal Institute, formulate standards for electronic data interchange (EDI).
-=== 1968 ===
-[[Fannie Mae]] ([[Federal National Mortgage Association]]) is created, which exerts major influence on the secondary mortgage market.
+*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.
-=== 1969 ===
-The Society initiates the Young Advisory Council (YAC), a series of roundtable discussions on topics of interest to appraisers and analysts. This concept continues today as the Leadership and Advisory Council.
+*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
-=== 1970 ===
-The federal government creates [[Freddie Mac]] ([[Federal Home Loan Mortgage Corporation]]) to increase the availability of mortgage funds and to provide greater flexibility for mortgage investors.
+*2003 - first MAI designations are conferred upon Korean appraisers who completed the designation program in their home country.
-=== 1972 ===
-The Society establishes the SRPA designation. AIREA moves to create the Appraisal Education Center in Chicago, “where $50,000 in electronic equipment is made available to students who enroll for one of the nine courses now offered at the Institute’s new facility.”
+*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.
-=== 1981 ===
-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 ===
+== See also ==
-AIREA and the society are founding sponsors of [[The Appraisal Foundation]] is established and works with government to create a self-regulatory system.
+== References ==
-=== 1989 ===
+== Sources ==
-Savings and Loan reform legislation becomes a top congressional priority; appraisal reform 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.
+*[http://www.appraisalinstitute.org web site of the '''Appraisal Institute''']
-=== 1991 ===
-AIREA and the Society formally merge, resulting in the creation of the Appraisal Institute. Official headquarters move to 875 Michigan Ave. in Chicago.
-=== 1992 ===
-The Y. T. and Louise Lee Lum Library is established in memory of Y. T. Lum (1903-1977) real estate appraiser, writer, and lecturer from Hawaii and designated member, and his wife, Louise Lee Lum (1909-1963).
-=== 1994 ===
-A coalition including the [[Mortgage Bankers Association]], [[Fannie Mae]], [[Freddie Mac]] and the Appraisal Institute, formulate standards for electronic data interchange (EDI). Era sees the acceptance of automated valuation models (AVMs) and appraisal management companies (AMCs).
-=== 1996 ===
-First issue of '''Valuation Insights & Perspectives''' introduced to Appraisal Institute members.
-Appraiser News Online (ANO) is introduced. The Appraisal Institute’s Internet-based newsletter provides members and real estate professionals with news updates and features.
-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 years after its first printing, the Appraisal Institute publishes the twelfth edition of '''The Appraisal of Real Estate'''.
-The Appraisal Institute moves its headquarters to present location at 550 Van Buren St. in Chicago
-=== 2003 ===
-First Appraisal Summit is held in Washington, D.C. Appraisal Institute members meet with appraisal policy makers to discuss critical industry issues.
-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.
 == External links ==
-* [http://www.appraisalinstitute.org Appraisal Institute]
+*[http://www.appraisalinstitute.org Appraisal Institute]
 [[Category:real estate]]