(Source: The Appraisal Institute)
SRA stands for Senior Residential Appraiser, and is a designation conferred by the Appraisal Institute. 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 SRA designation, the Institute’s most prestigious for its members who practice primarily residential appraisal, is held by real estate solutions providers who are experienced in the analysis and valuation of residential real property.
SRA designates must receive a passing grade on six 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. They must also hold an undergraduate degree from an accredited educational institution (or satisfy a specified alternative).
SRA designates must receive credit for 4,000 hours of experience, including 2,000 hours of residential appraisal experience, all of which must meet strict criteria.
SRA designates must 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.
Because of its rigorous requirements and commitment to providing valuable information, continuing education and other valuable resources to its members, you can be confident an appraiser with an SRA designation will provide you with the very highest quality residential appraisal service.
Subscribe to Our Newsletter
Want to stay updated on AppraisalPro’s latest news and offerings? Our monthly newsletter is a great way to find out about our newest products and services and to keep up with big news in the mortgage industry.