(source: The Appraisal Institute)
AI-RRS stands for Appraisal Institute – Residential Review Specialist. The Appraisal Institute is an international membership association of professional real estate appraisers, with more than 18,000 members and 99 chapters throughout the United States, Canada and abroad. 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 with the public good. The AI-RRS designation is one of two new designations issued by the Appraisal Institute, the first in over 20 years.
This review designation was created to respond to the quickly growing role that appraisal review is filling for risk management of the clients of appraisal services. The designation is designed to offer professional reviewers the skills and knowledge required to handle the due diligence and risk management needed by their employers and clients.
The Appraisal Institute has added new classes that cover the core knowledge needed to become review designated. Those who are currently Appraisal Institute Designated can start fulfilling the requirements to become review designated, while those who are not designated can become candidates in the review designation program. In order to become AI-RRS designated, appraisers must pass the Residential Market Analysis and Highest and Best Use and Real Estate Finance, Statistics, Valuation Modeling exams. They must also complete the Advanced Residential Applications and Case Studies Part 1, Review Theory – Residential and Review Case Studies – Residential classes and corresponding exams. Finally, they are required to pass an AI-RRS comprehensive exam.
AI-RRS designates must receive credit for at least 3,000 hours of residential experience within the last 10 years. Appraisers with state certifications will need to receive credit for at least 1,000 hours of qualifying review appraisal experience.
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