Contents
- Definition
- Examples
- Frequently Asked Questions
- Related Terms
- Online Resources
- References
- Suggested Books for Further Studies
- Quizzes
Definition
AI-RRS
The AI-RRS designation stands for “Appraisal Institute Residential Review Specialist.” Offered by the Appraisal Institute, this credential signifies advanced training and comprehensive knowledge in residential appraisal review. This designation is designed for those professionals who review residential appraisal assignments for lending institutions, government agencies, or independent appraisal firms, affirming their capability to oversee and ensure the accuracy and quality of residential appraisals.
Examples
- Bank of America’s Residential Review: A certified AI-RRS designated appraiser performs quality control and review processes for residential appraisals submitted to Bank of America, ensuring compliance with internal standards and regulations.
- Fannie Mae Compliance: Fannie Mae utilizes AI-RRS designated professionals to conduct thorough reviews of residential appraisals to align with their stringent appraisal guidelines.
- Independent Audit: An appraisal firm hires an AI-RRS professional to conduct an internal audit of their residential appraisal assignments to uphold accuracy and build client trust.
Frequently Asked Questions
What are the prerequisites for obtaining the AI-RRS designation?
To obtain the AI-RRS designation, candidates need to fulfill specific education, experience, and membership criteria set by the Appraisal Institute. This includes completing several advanced appraisal courses and demonstrating a certain level of residential appraisal experience.
How does AI-RRS enhance an appraiser’s career?
Achieving the AI-RRS designation can enhance an appraiser’s credibility and qualifications. It showcases advanced knowledge and capabilities in residential appraisal review, potentially leading to more career opportunities and higher income.
What types of professionals commonly seek the AI-RRS designation?
The AI-RRS designation is frequently pursued by residential appraisers, quality control managers in lending institutions, regulatory compliance officers, and appraisal reviewers within independent firms.
How often must AI-RRS professionals renew their designation?
The renewal frequency for the AI-RRS designation, including continuing education requirements, is determined by the Appraisal Institute. Typically, professionals must complete ongoing educational courses to maintain their designation.
Does the AI-RRS designation cover commercial properties?
No, the AI-RRS designation specifically focuses on residential properties. For commercial property review expertise, professionals may pursue the AI-GRS (Appraisal Institute General Review Specialist) designation.
Related Terms
- AI-GRS: Appraisal Institute General Review Specialist, designating experts in general (commercial) property review appraisals.
- Certified Residential Appraiser: A professional with credentials for residential property appraisals, able to assess single-family homes and 2-4 unit family properties.
- Appraisal Management Company (AMC): Companies that work with lenders to manage the appraisal process, often employing or consulting with AI-RRS designated reviewers.
- Uniform Standards of Professional Appraisal Practice (USPAP): Guidelines for appraisers conducting valuations in the United States to ensure quality, ethical, and consistent appraisal practices.
Online Resources
- Appraisal Institute - AI-RRS Designation
- Uniform Standards of Professional Appraisal Practice (USPAP)
- Appraisal Foundation
References
- Appraisal Institute. (2021). “AI-RRS Designation Requirements and Guidelines.”
- Fannie Mae Selling Guide. “Chapter B4-1 Appraisal Requirements – Reviewers.”
- Freddie Mac. (2020). “Appraisal Standards and Requirements for AI-RRS Professionals.”
Suggested Books for Further Studies
- “The Appraisal of Real Estate” by the Appraisal Institute: A comprehensive guide to real estate appraisal, including appraisal review processes.
- “USPAP Standard for Real Estate Appraisal and Review” by the Appraisal Foundation: The definitive guidelines for ethical and competent appraisal practices.
- “Reviewing Residential Appraisals: The Complete Guide for Appraisers” by Charlotte Yearby: Practical advice and guidelines for conducting residential appraisal reviews.
