Appraisal Institute

The Appraisal Institute is a prominent nonprofit organization based in the United States, primarily focused on the advancement and standardization of the real estate appraisal profession. It is classified under 501(c)6, which includes business leagues and chambers of commerce aimed at improving business conditions. Donations to this organization are not tax-deductible.

History

The Appraisal Institute was formed in 1991 through the merger of two predecessor organizations: the American Institute of Real Estate Appraisers (AIREA) and the Society of Real Estate Appraisers. AIREA was established in 1932, and the Society was founded in 1935. These organizations emerged in response to the need for professional standards in real estate appraisal following the Great Depression.

Mission and Activities

The Appraisal Institute empowers valuation professionals through community engagement, credentialing, professional education, body of knowledge, and ethical standards. It champions the valuation profession and promotes high standards of practice. The organization offers various educational programs and supports the development of professionals in the field. It is home to a large group of real property valuers in the United States, serving clients such as mortgage lenders, financial institutions, government agencies, and attorneys.

Membership and Chapters

As of early reports, the Appraisal Institute has a significant membership base with chapters across the United States, Canada, and internationally. The organization supports a range of membership categories, including Designated Members, Candidates for Designation, Associate Members, and Affiliate Members.

Publications

The Appraisal Institute publishes the Appraisal Journal, a leading publication in the field of real estate valuation.

Initiatives and Philanthropy

The organization is involved in various initiatives to support its members and the broader community. For example, the Appraiser Development Initiative promotes the recruitment and development of new appraisers through scholarships and mentorship programs. Additionally, the Appraisal Institute's Education & Relief Foundation provides emergency financial assistance to individuals affected by disasters.