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IFAS (Independent Fee Appraiser – Senior Member)

IFAS Designation

(Source: National Association of Independent Fee Appraisers)

IFAS – Senior Member is a designation awarded to the income-producing property specialist who is a Member of the National Association of Independent Fee Appraisers (NAIFA).

NAIFA was founded in 1961 as a non profit professional association of real estate appraisers. Today, NAIFA has chapters throughout the United States, Canada, and Mexico. The Association’s objectives are to raise the standards of the appraisal profession, gain recognition for its members as qualified professionals, and to promote fellowship among appraisers. There are seven [7] levels of membership with four [4] professional designations plus two [2] designation programs for designated members of other associations that sponsor The Appraisal Foundation.

IFAS designates must first meet the requirements for the IFA – Member designation and must meet the other following requirements for IFAS – Senior Member status.

Education:

Appraisers with this designation must complete a minimum of 165 classroom hours in subjects related to real-estate appraisal including Course 2.0, 2.1, and 2.2 or their equivalent, but at no time shall be below minimum number of hours required by the Appraiser Qualifications Board (AQB) for the Certified General Classification and shall include coverage of USPAP. They must also complete at least four [4] years of college or its equivalent.

Experience:

Receive credit for 3,000 hours of appraisal experience in no less than two [2] years. At least half of the 3,000 hours must include appraisals other than one [1] to four [4] family residential properties.

Demonstration Report:

Submit an original and one copy of an acceptable narrative demonstration appraisal report on an income producing property, which must conform with prescribed guidelines of NAIFA.  Also must submit an Experience Rating Form (ERF), which must be approved by the Chapter Admissions Committee.

Because of its rigorous education and experience requirements and commitment to adhere to strict industry standards and a professional code of ethics, you can be confident an appraiser with an IFAS – Senior Member designation will provide you with the very highest quality residential appraisal service.