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The Appraisal Institute (Institute), headquartered in Chicago, Illinois, is an international association of professional real estate appraisers. 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.
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 a 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, offered both in the classroom and online, provide 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.