MAI Appraisal Review - Appraisal Institute
Overview of the Profession
Currently there are more than 90,000 appraisers in the United States, having grown from a few hundred in the 1920s. The issues affecting and areas addressed by the profession have likewise expanded. Both domestically and abroad, appraisers are being used for more and more complex assignments. Additionally, the need for full appraisals is being augmented by the need for consulting, litigation, and other areas of expertise.
The Appraisal Institute is a global membership association of professional real estate appraisers, with nearly 24,000 members and 91 chapters throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Members of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations.
MAI Designation of the Appraisal Institute
The MAI membership designation is held by appraisers who are experienced in the valuation and evaluation of commercial, industrial, residential and other types of properties, and who advise clients on real estate investment decisions.
The current requirements for the MAI designation are:
- Pass rigorous education requirements
- Pass a final comprehensive examination
- Submit specialized experience which must meet strict criteria
- Receive credit for a demonstration appraisal report
- Conduct his or her professional activities in accordance with the Appraisal Institute’s Code of Professional Ethics and are subject to a peer review process, which enforces the Code of Professional Ethics
- Appraisal Institute MAI members are required to adhere to strict continuing education requirements to ensure they are up-to-date with the evolving real estate field.
There are currently about 6,000 practicing, MAI designated appraisers in the U.S. and abroad.
Kelvin Sheahan, MAI, signs each of the review assignments and is directly responsible for the content in the reviews. He has a total of 30 years appraisal experience of which about 15 years has been spent in appraisal review. He spent over 20 years writing narrative appraisal reports for banks, attorneys and developers.
He has appraised a wide variety of property types and had the experience of reviewing an even wider variety of property types with different levels of complexity. This includes a range of assignments involving simple adjustments on a price per acre or price per square foot basis to the proper analysis of a complex multi-tenant DCF analysis involving detailed lease analysis and assumptions. His recent appraisal review clients include a number of lenders throughout the State of California, including Heritage Bank of Commerce, Pacific Capital Bank, San Joaquin Bank, Rabo Bank, Greater Bay Bank, New Resource Bank, East West Bank, Focus Business Bank, Bridge Bank, Lighthouse Bank, Private Bank of the Peninsula, and Summit National Bank, to name a few.
Industrial Warehouse Building
Proposed R&D Building
In-Line Retail Space
Multi-Tenant Retail Complex