SRA stands for Senior Residential Appraiser and is a designation awarded by the Appraisal Institute. Michael U. Nwosu on the NJRAG team holds an SRA membershipdesignation. When you hire us, you are hiring some of the best appraisers in the United States. Here’s why.
Designated members of the Appraisal Institute are known around the world for their knowledge and experience as well as their unbiased and objective approach to real property appraisal and analysis. To hold one of the AI’s designations, you must meet rigorous education, experience and ethical requirements.
Fewer than 1 percent of all appraisers nationwide have achieved the SRA designation. To obtain the SRA, an appraiser must have more education and experience than a typical licensed or certified appraiser. As you can see, simply being licensed or certified is only a minimum qualification for practicing the profession.
SRA and MAI designated appraisers are at the top of the appraiser hierarchy.
You can read more about the MAI membership designationhere.
Here we explain the SRA professional membership designation, which is held by real estate solutions providers who are experienced in the analysis and valuation of residential real property. Both MAI and SRA are approved by the Appraisal Institute.
The current requirements for the SRA designation are:
- Receive a passing grade on seven examinations that reflect 181 hours of classroom instruction and that test the appraiser’s knowledge of appraisal principles, residential valuation techniques, report writing and standards of professional practice
- Hold an undergraduate degree from an accredited educational institution (or satisfy a specified alternative)
Receive credit for 4,500 hours of experience, including 2,000 hours of residential appraisal experience, all of which must meet strict criteria
Receive credit for a demonstration appraisal report relating to a residential property that demonstrates the ability to present a properly supported value estimate or opinion evaluating the nature, quality, or utility of a parcel of real estate or any interest in, or aspect of, real property, OR fulfill an approved comparable alternative.
In addition to all the above, for the SRA designation, an individual must:
- Have good moral character;
- Meet standards and ethics requirements;
- Pass rigorous education requirements;
- Submit residential experience which must meet strict criteria; and
- Receive credit for the demonstration of knowledge requirement.
Information on requirements for the SRI designation are from The Appraisal Institute.