Designations
DESIGNATION REQUIREMENTS
The MBREA grants two real estate appraisal designations -- the MRA (General Designation) and the RA (Residential Designation). The MRA designated member is qualified to appraise all types of real property and property interests for which they possess competency in accordance with the USPAP Competency Rule.
The RA designated member primarily specializes in the appraisal of residential properties and property interests for which they possess competency in accordance with the USPAP Competency Rule.
To qualify, members must be a state certified general (MRA or RA) or state certified residential (RA) appraiser, pass written examinations, validate years of professional experience, demonstrate their appraisal proficiency, and meet high standards of personal integrity. Designation is awarded only to those who meet specific requirements relating to experience, examination, and demonstration.
A candidate must be a member in good standing of the MBREA. Proper attitude, interest, attendance and participation in MBREA meetings, functions and activities are considered important criteria.
If you are interested in becoming a Designated Member of the MBREA, please contact us.
I. Education
Candidates must provide documentation that the education requirement has been satisfied. Primary education must be sponsored by MBREA or the Appraisal Institute, American Society of Appraisers, National Association of Independent Fee Appraisers and the International Association of Assessing Officers. If your primary education is not from MBREA or another approved provider, then 30 hours of primary education must be taken from MBREA. This may be accomplished by: 1) challenging the appropriate examinations with or without auditing the course, or 2) by enrolling in the course for credit and successfully passing the examination. Applicants who wish to obtain credit hours will be asked to pay the standard class tuition.
Applicants for the RA designation must have earned the number of hours of primary education required to obtain a certified residential credential, 15 of which must be Uniform Standards of Professional Appraisal Practice, and all of which must have been sponsored by the MBREA or a recognized organization.
Applicants for the MRA designation must have earned the number of hours of primary education required to obtain a general certified license, 15 of which must be Uniform Standards of Professional Appraisal Practice, and all of which must have been sponsored by the MBREA or a recognized organization.
II. Experience
An applicant for the RA or MRA designation must also have been actively engaged in real estate appraising according to the following experience criteria:
An RA applicant must be prepared to demonstrate three (3) years of residential appraisal experience by submitting a log of 15 appraisals per year.
An MRA applicant must be prepared to demonstrate five (5) years of appraisal experience. The requirement for experience may be satisfied by submitting a log of 10 appraisals per year, including at least 5 commercial reports.
Applicant must be prepared to submit a work log to verify experience requirement. The committee will choose five samples from the work log to be reviewed prior to the candidate interview.
III. Other Criteria
Proper attitude, interest, attendance and participation in MBREA meetings, functions and activities are considered important criteria.
When the requirements cited above have been met, a State Certified Member may submit an application for designation with a non-refundable application fee. If the application is accepted, a listing of reports must be submitted as required under the experience review above.
A designated member, who subsequently retires (not a voluntary surrender or revocation due to disciplinary proceedings) her/his license, will be able to maintain her/his designation.
IV. Formal Application
Each application for designation must be made on the official "Application for Designation" form furnished by the MBREA Admissions Committee and shall be accompanied by a non-refundable application fee.
Applicants shall truthfully answer all items related to good moral character in compliance with the MBREA Ethics Code. Full disclosure is expected from all applicants including, but not limited to, circumstances and events which may occur after the date of application.
Any individual who knowingly makes false statements, submits false information or fails to fully disclose information requested on the application, shall be subject to discipline pursuant to Article III of the MBREA Rules and Regulations. Any Candidate for Designation, if convicted of a crime, shall be subject to discipline pursuant to Article III of the MBREA Rules and Regulations.
V. Appraisal Report Submission Requirements
A candidate for designation must submit the following reports. In all cases the reports must demonstrate a calculation for physical depreciation and either functional or external obsolescence.
For the RA Designation:
A Self-Contained appraisal report (narrative/form) utilizing all three approaches to value on a 1-4 family residential dwelling following USPAP guidelines.
For the MRA Designation:
MRA applicants may choose option A or B as follows:
Option A.
Two self-contained reports on commercial income-producing properties with at least two approaches utilized in each report when combined, demonstrate all three approaches to value. One of these reports may be on a 5+ unit apartment building using FHLMC forms or 71A or 71B. If the third approach is not utilized, there must be a full explanation as to why the approach was not applicable.
Option B.
One self-contained report on a commercial income-producing property utilizing the three approaches to value, demonstrating the appropriate methods of analysis.