Appraisal Institute: Difference between revisions
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{{Unreferencedsect|date=February 2007}}The '''Appraisal Institute''' (Institute), headquartered in [[Chicago, Illinois]], is an international association of professional real estate appraisers.<ref name=Appraisal-Institute> [http://www.appraisalinstitute.org/about/default.asp web site of the Appraisal Institute, a private, not-for-profit corporation]</ref> It 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. 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''' (Institute), headquartered in [[Chicago, Illinois]], is an international association of professional real estate appraisers.<ref name=Appraisal-Institute> [http://www.appraisalinstitute.org/about/default.asp web site of the Appraisal Institute, a private, not-for-profit corporation]</ref> It 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. As of February 2007, it has more than 21,000 members and 99 chapters throughout the United States, Canada and overseas.ref name=Appraisal-Institute-2> [http://www.appraisalinstitute.org/about/default.asp web site of the Appraisal Institute, current membership status]</ref> |
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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’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. |
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Revision as of 23:12, 7 March 2007
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The Appraisal Institute (Institute), headquartered in Chicago, Illinois, is an international association of professional real estate appraisers.[1] It 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. As of February 2007, it has more than 21,000 members and 99 chapters throughout the United States, Canada and overseas.ref name=Appraisal-Institute-2> web site of the Appraisal Institute, current membership status</ref>
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. 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.