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.
A candidate must be a member in good standing of the MBREA.
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.
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.
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.
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 if the cost approach is developed, and
- a discussion of functional/external obsolescence and opinions of effective age, and economic life whether or not the cost approach is developed.
Note: Client/Intended use/User (MBREA named as client/intended user. The intended use should be for Demonstration Report purposes related to the RA Designation Process)
For the RA Designation:
An appraisal report (narrative/form), similar to what was formerly called a self-contained report in USPAP, 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:
Two appraisal reports, similar to what was formerly called a self-contained report in pre-2014 USPAP, on commercial income-producing properties with at least two approaches utilized in each report when combined, demonstrate all three approaches to value. The reports must be in a narrative format; form reports are not acceptable. At least two approaches must be developed in both reports and at least one of the reports must develop the cost approach.
One appraisal report, similar to what was formerly called a self-contained report in USPAP prior to 2014, on a commercial income-producing property utilizing the three approaches to value, demonstrating the appropriate methods of analysis. This report can be provided as a "demonstration report," with the MBREA named as an intended user.