All appraisers must be licensed by the State of New Jersey. To appraise commercial real estate the Certified General license is needed and requires, at a minimum, a 4 year college degree, as well as 300 hours of appraisal training courses, 3,000 hours of appraisal experience, and must pass an exam in order to be licensed by the state.
Holders of the MAI designation meet significantly more stringent requirements, including:
- 5 advanced level 36-hour courses, including a final exam.
- Comprehensive Exam - a rigorous exam containing four parts and taken over two full days.
- Demonstration Appraisal - Similar in scope to a college thesis, this requirement is designed to demonstrate the appraiser's thorough knowledge
- Required to conduct his or her professional activities in accordance with the Appraisal Institutes Code of Professional Ethics and subject to a peer review process.
- 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.
- Adhere to strict continuing education requirements to ensure they are up-to-date with the evolving real estate field. In addition, the Appraisal Institute's MAI, SRA and SRPA designations have long been recognized by courts of law, government agencies, financial institutions and investors as marks of excellence in the field of real estate valuation and analysis.