What Qualifies for Residential Experience Credit for the SRA Designation Path?
The Definition of Residential Experience is work relating to residential real estate that is covered by Standards Rules 1 through 6, of the Standards of Professional Appraisal Practice, or experience gained by providing practical solutions to residential real property economics problems as may be further defined by the Admissions and Designation Qualifications Committee (ADQC).
The work that is submitted for Experience credit must be the most recent, qualifying work that has been performed within the previous ten years. No more than 2,000 hours of credit may be received for work performed in a twelve (12) month period. Qualifying work includes:
Valuation of real estate: In developing a real property appraisal, the appraiser must identify the problem to be solved and the scope of the work necessary to solve the problem, and correctly employ the appropriate research and analysis necessary to produce a credible appraisal. In reporting the results of a real property appraisal, an appraiser must communicate each analysis, opinion and conclusion in a manner that is not misleading. (Qualifying work must meet Standards 1 and 2.)
Review of appraisal: In reviewing an appraisal and reporting the results of that review, an appraiser must form an opinion as to the adequacy and appropriateness of the report being reviewed and must clearly disclose the nature of the review process. (Qualifying review appraisal work must meet Standard 3.)
Real Property Appraisal Consulting: In developing a real property appraisal consulting assignment, an appraiser must identify the problem to be solved, determine the scope of work necessary to solve the problem, and correctly complete the research and analysis necessary to produce credible results. In reporting the results of a real property appraisal consulting assignment, an appraiser must communicate each analysis, opinion and conclusion in a manner that is not misleading. (Qualifying work submitted must meet Standards 4 and 5.)
Mass appraisal: In developing a mass appraisal, an appraiser must be aware of, understand and correctly employ those generally accepted methods and techniques necessary to produce and communicate credible appraisals. (Qualifying work must meet Standard 6.) See also: Mass Appraisal Experience Guidelines.
Real property economics: Experience gained by providing practical solutions to real property economics problems. The experience must be real estate oriented. There must be a statement of a problem and/or scope-of-work outline. The Candidate must demonstrate data collection and research techniques and provide analysis leading to a conclusion that is provided in a report format. This (problem, analysis, conclusion, reporting) would not be covered by Standard 1-6.
Residential Criteria and Resources
This document includes guidelines for submission of experience, experience screening tips for Candidates preparing for a successful interview, mass appraisal guidelines, instructions and application for college instructors, Appraisal Institute Certification Statements (required), etc.
Common Errors & Issues
Learn how to avoid common errors.
Advisory Guidance Program Application
FREE Option for Candidates for Designation. Candidates have the opportunity to apply for Advisory Guidance which will provide an independent evaluation of your work and help you understand the requirements for specialized experience credit – all for free!
Application for College Instructors
A Candidate may meet the Experience Requirement by receiving credit for at least seven (7) years full time instruction at an approved college or university in a field related to real property economics.
Note: Filling in your experience log on a regular basis (e.g. weekly or monthly) will ensure that your experience details are captured efficiently and accurately.
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