What is the SRA designation?
Are you familiar with what the SRA designation is? If you’ve never heard this term before then hang around because I’m going to share with you what it is and how it can benefit you if you need appraisal services.
Whenever I’m speaking to a group of real estate agents or other professional who use appraisal services I tell them that the SRA designation, which I hold, is similar to the CPA designation for accountants. The SRA designation is the highest residential real estate appraisal certification awarded by the Appraisal Institute.
A person can be an appraiser without being designated, however, an appraiser that holds the SRA designation is required to have more experience and educational requirements than state certification calls for.
SRA designation requirements
To hold the Appraisal Institute’s SRA designation appraisers must:
- Be of good moral character;
- Meet high standards and ethics requirements;
- Complete and pass extensive educational requirements;
- Submit proof of experience performing residential appraisals; and
- Receive credit for demonstrating their knowledge of residential real estate appraisal concepts and principles
Appraisers who hold the SRA designation must follow the Appraisal Institute’s code of professional ethics and standards of professional appraisal practice.
To satisfy the experience requirements appraisers must submit and receive credit for at least 3,000 hours of appraisal experience within the past 24 months.
This work is screened by Appraisal Institute members to make sure the appraiser has a good grasp of appraisal methods and practices.
Difference between an SRA and a non-designated appraiser
In addition to the minimum requirements for state certification, the appraiser must complete the Standards and Ethics requirement within the first year of Candidacy, must hold a 4 year undergraduate degree (if admitted after January 1, 2015), and must pass a Residential Equivalency examination.
The continuing education requirements for Appraisal Institute members are also more extensive than state certification because they require more hours of classes.
These requirements are good for the consumer because they can be assured that the designated appraiser they choose will most likely have taken additional courses to keep them up to speed on the most recent changes to the industry including better valuation methods.
Tom Horn holds the SRA designation
I have held the SRA designation since 1995 and value the additional training and experience I have obtained by choosing to pursue membership with the Appraisal Institute.
My designation benefits my clients because it allows me to provide a quality service backed by extensive education and many years of experience.
If you need a quote on an appraisal or have an appraisal related question feel free to contact me and I’ll do my best to answer it for you.
Do you have anything you’d like to add? If so leave your thoughts below and we’ll keep the conversation going. As always, thanks for reading.