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SRA designation (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.
Woody Fincham, President of FM & Associates, is currently underway to complete his desigination sometime win the next year. He is working hard at meting the demands of education, and also doing his best to insure you get the best possible service. He plans on using the desigination to also start teaching classes with the AI at a later time.
Post desigination Woody is planning to also pass the USPAP Instructors exam. This exam will allow him to teach USPAP to new appraisers, or teach CE for already licensed/certified appraisers.
You may go to the Appraisal Institutes website and read more about this designation, or see what other things they provide. http://appraisalinstitute.com/
SRA designates must meet the following requirements:
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Summary of Requirements for SRA Membership
For general associate members admitted on or after January 1, 2005
For residential associate members admitted on or after January 1, 2005
For complete information on requirements refer to Regulation No. 2 and the SRA Procedure Manual. |
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The Associate Member must have good moral character. |
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The Associate Member must be a Residential Associate Member in good standing. |
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Must provide proof of passing an approved 15-Hour National USPAP Course/Exam and pass the Appraisal Institute’s Business Practices and Ethics Course/Exam. |
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Certified Exam: The residential associate member must pass the AQB approved Certified Residential Real Property Appraiser Examination.
Unless AQB criteria for general or residential state certification is attained, the following exams are required:
Appraisal Institute Examinations:
Note: The associate member must attend Course Advanced Residential Applications and Case Studies/Part 1. The Appraisal Institute may offer an Equivalency Examination to substitute for the above examinations (other than Standards, Ethics and Report Writing).
Total number of hours for Education MUST be at least 200 hours. Suggested course to complete education total hours: Advanced Residential Report Writing/Part 2 (30 hours) |
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Associate degree or higher OR successfully pass the following from an accredited college:
- English Composition;
- Principles of Economics (Micro or Macro);
- Finance;
- Algebra, Geometry or higher mathematics;
- Statistics;
- Introduction to Computers - Word processing/spreadsheets; and
- Business or Real Estate Law.
The course hours must total at least 21 semester credit hours. If an accredited college, junior college, community college or university accepts the College-Level Examination Program (CLEP) examination(s) and issues a transcript for the exam, showing its approval, it will be considered as credit for the college course. Learn more about CLEP at http://www.collegeboard.com/student/testing/clep/about.html
Check for institution accreditation at http://ope.ed.gov/accreditation/Search.asp |
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3,000 hours of Residential Appraisal Experience (must cover at least a 24-months)
Advisory Review: OPTIONAL |
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Residential Demonstration Appraisal Report (narrative), Modular Demonstration of Knowledge, Residential Demonstration Report 45-Hour Package (Advanced Residential Applications and Case Studies/Part 1 and Advanced Residential Report Writing/Part 2), or General Demonstration Appraisal Report (not the research project or three appraisal report alternatives). |
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Virginia Service Area Includes: Chesapeake, Grafton, Hampton, Isle of Wight County, James City County, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach, Williamsburg, York County, Isle ofWight, Smithfield, Franklin and Yorktown.
Appraisal Completion Time: Goal is 48 hours after visiting Subject.
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