MAI Designation Reciprocity

[Maui]

Hi gang

What other designations have direct reciprocity with an MAI designation? I'm aware of the CCIM fast track available for those with an MAI, but are there any other similar options?

 

[Terrel L. Shields]

MAI is a brand sold for years and no one else's designation is truly of the same level of salesmanship.

There are other designations. The ASFMRA offers an ARA for rural appraisers. The ASA offers the ASA designation. While these are comparable in terms of obtaining, none have the panache of the MAI. All the other designations are nothing burgers that have very little recognition in the banking industry.

 

[Gobears81]

IRWA has a designation that doesn't have the same requirements if one already has an MAI

 

[Elliott]

From Gemini:

• "International: The closest international equivalent to MAI could be designations offered by the Royal Institution of Chartered Surveyors (RICS). RICS offers designations like Registered Valuer and Chartered Valuation Surveyor, which might have similar competency requirements to MAI.
• Specific Countries:
  • Canada: The Canadian equivalent to MAI could be designations like AACI (Accredited Appraiser Canadian Institute) or CRA (Canadian Residential Appraiser) offered by the Canadian Institute.
  • UK: In the UK, designations like FRICS (Fellow of the Royal Institution of Chartered Surveyors) or MRICS (Member of the Royal Institution of Chartered Surveyors) might be relevant.
  • Australia: Australia uses designations like API (Australian Property Institute) Registered Valuer or CPV (Chartered Professional Valuer).

For a specific country, it's best to research the professional appraisal organizations and their designations related to complex property and income appraisals. You might find information on their websites or by contacting them directly."

1. Appraisal Institute Puerto Rico Chapter (AIPRCC): This chapter is an affiliate of the globally recognized Appraisal Institute. Although the MAI designation itself might not be as common in Puerto Rico, the AIPRCC offers resources and potentially designations geared towards appraisers in the region, including those specializing in complex properties and income approaches [Appraisal Institute Puerto Rico Chapter].
2. Instituto de Evaluadores de Puerto Rico (IEPR): This Puerto Rican institute focuses on real estate appraisers and might offer certifications or designations relevant to your needs. They even list instructors certified to teach courses in areas like "Advanced Residential Applications and Case Studies" which could indicate a focus on complex property valuation [Instituto de Evaluadores de Puerto Rico website].

 

[Tiffany Gibbons]

MAI is a brand sold for years and no one else's designation is truly of the same level of salesmanship.

There are other designations. The ASFMRA offers an ARA for rural appraisers. The ASA offers the ASA designation. While these are comparable in terms of obtaining, none have the panache of the MAI. All the other designations are nothing burgers that have very little recognition in the banking industry.

Most of the other appraisal organizations offer a "fast track" to reciprocity if you have an MAI designation, but it usually doesn't go both ways. The "panache" is largely very effective marketing. But it is like any other designation, no matter how hard an appraiser worked to get it, taking classes, writing demonstration reports, case studies, and taking comprehensive exams, you have to send them over $1000 every year to keep the designation you earned. If I earn another designation, it will probably be a IRWA, which has reciprocity with 2 of my other designations.

 

[Non Sequitur]

MAI is a brand sold for years and no one else's designation is truly of the same level of salesmanship.

There are other designations. The ASFMRA offers an ARA for rural appraisers. The ASA offers the ASA designation. While these are comparable in terms of obtaining, none have the panache of the MAI. All the other designations are nothing burgers that have very little recognition in the banking industry.

I've never run across any other designations at banks, smaller community banks usually have a schmuck in place ordering appraisals and that's where non-designated commercial appraisers get most of their bank business. Other designations are a big nothing burger because MAI's at banks hire other MAI's. And I witnessed the MAI club politics up close. A commercial guy with the bank for 15 years wasn't even considered for a promotion by the MAI chief appraiser, an MAI with no banking experience was hired at 25% higher salary and he placed him in a leadership position over the non-designated guy. The cherry on top was the titles and perks that were given on day one despite bank policy stating certain experience requirements were to be met for those titles/perks. Anyway, nothing new under the sun.

 

[Gobears81]

If I earn another designation, it will probably be a IRWA, which has reciprocity with 2 of my other designations.

I like IRWA a lot for their education and networking. Only quip is they are not the best about filing the CE documents with the state. I was told that this is a responsibility for the local chapter, so you might have no trouble with this. But I took 14 hours this year to keep my designation active, and won't be getting any CE credit for it

 

[Tiffany Gibbons]

I like IRWA a lot for their education and networking. Only quip is they are not the best about filing the CE documents with the state. I was told that this is a responsibility for the local chapter, so you might have no trouble with this. But I took 14 hours this year to keep my designation active, and won't be getting any CE credit for it

All you have to do, in my state anyway, is send the board the syllabus and course content description and your continuing education form (and a $25 fee) and the board will approve it for continuing education. I always did this on my IAAO designation or any appraisal conferences. You just have to pay for the course to be approved since the IRWA didn't but the chapter here does get some classes approved here since we have the busiest TDOT region.

 

[Tiffany Gibbons]

I've never run across any other designations at banks, smaller community banks usually have a schmuck in place ordering appraisals and that's where non-designated commercial appraisers get most of their bank business. Other designations are a big nothing burger because MAI's at banks hire other MAI's. And I witnessed the MAI club politics up close. A commercial guy with the bank for 15 years wasn't even considered for a promotion by the MAI chief appraiser, an MAI with no banking experience was hired at 25% higher salary and he placed him in a leadership position over the non-designated guy. The cherry on top was the titles and perks that were given on day one despite bank policy stating certain experience requirements were to be met for those titles/perks. Anyway, nothing new under the sun.

I have witnessed this as well. Many years ago, I applied for a commercial review appraiser job at a major bank. The Chief Appraiser (who was not an MAI) knew my appraisal work (a copy of my appraisal report went directly to him every time I did a commercial narrative), but he told me he wanted an MAI for the job. We were both "MAI Candidates" at the time. You are right, most of my commercial and farm appraisal work was done for small community banks in outlying counties. In retrospect, I hate review work, I can't imagine what I was thinking then. The MAI also required a 4 year degree unless you were already a "made man", and many of the other designations do not require a 4 year degree. You will see jobs in the Assessment field that require the CAE (from IAAO) or MAI interchangeably. You can also challenge the required classes by challenging the class exams, if you're a good test taker to get credit for classes.

 

[Raven59]

If the IRWA would apply for class approval through the AQB CAP program most states recognize that as a basis for CE acceptance. Last I looked they had less than five approved. A lot of AI’s and McKissocks are on the list.