MAI designation (source: The Appraisal Institute)
David Leggett, president of Leggett Appraisal Company, obtained the MAI designation in 2003. MAI stands for Member, 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 MAI designation, its most prestigious, is held by appraisers who are experienced in the valuation of commercial, industrial, residential, and other types of property and who advise clients on real estate investment decisions.
MAI designates must meet the following requirements:
Receive credit for 6,000 hours of experience, including 3,000 hours of specialized appraisal experience, all of which must meet strict criteria.
Receive credit for a demonstration appraisal report relating to income-producing 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, including handling physical incurable depreciation, 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 MAI designation will provide you with the very highest quality service on virtually any appraisal assignment, even the most complex commercial appraisal.