What is the SRA?
The SRA is the premier residential designation that appraisers can earn. It conveys the extra steps an appraiser has undertaken to elevate their education and experience beyond that of a basic certification level. When Rachel Massey earned the SRA designation, requirements in addition to certification level classes included a specific report writing course (course 500) as well as three levels of experience review in front of a peer review panel. In addition, it required a narrative appraisal report showing how each adjustment in the report was extracted from the market, all from an actual, real life, completely imperfect property. Developing and communicating this demonstration appraisal report was tantamount to completing a college-level dissertation. Rachel Massey earned her SRA in 2003-4 and has continued taking challenging courses since completion. She also serves as a contract screener for the Appraisal Institute, helping other appraisers towards achieving their goals to designation.
What is the AI-RRS?
This is the residential review designation conferred by the Appraisal Institute on appraisers who have demonstrated expertise in the review process. Reviewing is a subset of the appraisal profession, where one appraiser examines all or part of another appraisers work product and addresses the quality of that work. Reviewing can be very helpful in terms of ensuring that minimum standards were met. It can include the review appraisers opinion of value (which is also an appraisal) or simply a second set of knowledgeable eyes on the work under review.
For more information, check out the Appraisal Institute web page