Definition
The AI-GRS (Appraisal Institute General Review Specialist) designation is awarded by the Appraisal Institute, a global organization of professional real estate appraisers. This designation signifies that an appraiser has specialized knowledge and competence in reviewing appraisals and appraisal practices for general property types, such as commercial real estate.
Examples
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Commercial Property Review: An AI-GRS designated appraiser might be hired to review the appraisal report of a shopping center to ensure the appraisal is accurate and meets all regulatory and industry standards.
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Institutional Consulting: Banks and mortgage companies often employ AI-GRS designated specialists to review appraisals before funding large loans for properties like office buildings or industrial warehouses.
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Court Testimonies: In legal disputes over property values, an AI-GRS appraiser is often called upon to provide expert testimony, bolstered by their rigorous qualification process and renowned unbiased assessment capabilities.
Frequently Asked Questions
1. What qualifications are required to obtain the AI-GRS designation?
To obtain the AI-GRS designation, candidates must meet rigorous education, experience, examination, and peer review requirements set forth by the Appraisal Institute. This includes holding a certified general real property appraisal license.
2. How does the AI-GRS designation benefit appraisers?
Holding the AI-GRS designation enhances an appraiser’s credibility, expands career opportunities, and demonstrates a high level of expertise and commitment to ethical practices and professional standards.
3. How long does it take to earn the AI-GRS designation?
The duration to earn the AI-GRS designation depends on the candidate’s prior experience and education but typically takes several years, considering the thorough training programs, exams, and experience requirements.
- Appraisal: The process of determining the value of a property, conducted by a professional appraiser.
- Reviewer: An appraiser who specializes in the review process to ensure appraisals are accurate, compliant, and uphold industry standards.
- Certification: A formal process of verifying the qualifications and competencies of professionals in a given field.
- Valuation: The analytical process of determining the current worth of an asset or property.
Online Resources
References
- The Appraisal of Real Estate, 15th Edition, Appraisal Institute.
- “Fundamentals of Appraising” by Appraisal Institute, available through their official publication channels.
Suggested Books for Further Studies
- “The Appraisal of Real Estate” by M. Leary & M.A. Hicks.
- “Appraising Real Property” by Henry S. Harrison.
- “Real Estate Valuation: Principles and Applications” by David C. Ling and Wayne R. Archer.
Real Estate Basics: AI-GRS Fundamentals Quiz
### Who awards the AI-GRS designation?
- [ ] National Association of Realtors
- [x] Appraisal Institute
- [ ] Urban Land Institute
- [ ] International Real Estate Appraisers
> **Explanation:** The AI-GRS designation is awarded by the Appraisal Institute, a global organization dedicated to real estate appraisal standards and education.
### What does an AI-GRS designation signify?
- [ ] Expertise in residential property sales
- [x] Specialized knowledge in reviewing appraisals
- [ ] Proficiency in home inspections
- [ ] Competence in mortgage brokerage
> **Explanation:** An AI-GRS designation signifies specialized knowledge and competence in reviewing appraisals for general property types, such as commercial real estate.
### What is a primary role of an AI-GRS appraiser?
- [ ] Conduct property repairs
- [ ] Negotiate real estate deals
- [x] Review appraisal reports
- [ ] Audit financial statements
> **Explanation:** A primary role of an AI-GRS appraiser is to review appraisal reports to ensure accuracy, compliance, and adherence to industry standards.
### What type of properties does an AI-GRS typically review?
- [ ] Residential properties
- [x] General property types such as commercial real estate
- [ ] Agricultural land
- [ ] Timeshare properties
> **Explanation:** An AI-GRS typically reviews appraisals for general property types, including commercial real estate, such as office buildings, shopping centers, and industrial properties.
### Which educational body provides resources and training for AI-GRS designation?
- [ ] Harvard University
- [ ] Real Estate Investment Trust (REIT)
- [ ] Federal Housing Administration (FHA)
- [x] Appraisal Institute
> **Explanation:** The Appraisal Institute provides resources and training for obtaining the AI-GRS designation and advancing professional standards in property appraisal.
### What are the benefits of having an AI-GRS designation?
- [ ] Immediate career guarantee
- [x] Enhanced credibility and career opportunities
- [ ] Automatic licensure in all states
- [ ] Eligibility for federal grants
> **Explanation:** Having an AI-GRS designation enhances an appraiser's credibility, expands career opportunities, and signifies a high level of expertise and commitment to the field.
### What is a key component of the AI-GRS designation process?
- [ ] Seminar attendance
- [ ] Networking events
- [x] Peer review
- [ ] Field trips
> **Explanation:** A key component of the AI-GRS designation process is the peer review, which ensures the applicant's competence and adherence to high standards required by the Appraisal Institute.
### Can an AI-GRS appraiser be summoned for expert testimony?
- [x] Yes
- [ ] No
- [ ] Only if they have additional certification
- [ ] Only for residential disputes
> **Explanation:** An AI-GRS appraiser can be summoned for expert testimony in legal disputes over property values, utilizing their thorough understanding and unbiased assessment capabilities.
### For which type of institutions are AI-GRS appraisers commonly hired?
- [ ] Florists
- [ ] Government contractors
- [x] Banks and mortgage companies
- [ ] Retail franchises
> **Explanation:** Banks and mortgage companies frequently hire AI-GRS appraisers to review appraisals before funding substantial loans for properties such as commercial buildings.
### How long is the typical timeframe for earning the AI-GRS designation?
- [ ] A few months
- [ ] Six months
- [x] Several years
- [ ] A decade
> **Explanation:** The timeframe to earn the AI-GRS designation is typically several years, due to the comprehensive training, examination, and experience requirements set forth by the Appraisal Institute.
