What is a General Accredited Appraiser (GAA)?
The General Accredited Appraiser (GAA) designation is a prestigious credential awarded by the National Association of Realtors (NAR). It signifies that an individual has achieved a high level of expertise and professional competency in appraising non-residential property, such as commercial, industrial, and institutional properties. This designation is evidence of adherence to stringent standards and commitment to ongoing education and professional growth.
Key Criteria for Obtaining a GAA Designation:
- Active NAR Membership: Candidates must be active members of the NAR.
- Experience: A minimum number of years in the real estate appraisal field, typically not less than 3 years.
- Educational Requirements: Completion of advanced educational coursework in non-residential appraisal, evidenced by certifications or degrees.
- State Certification: Must hold a valid state certification as a general appraiser.
- Professional Standards: Adherence to the Uniform Standards of Professional Appraisal Practice (USPAP).
Examples:
- Commercial Real Estate Appraisal: A GAA-designated appraiser may evaluate the value of a commercial retail complex in a bustling urban area.
- Industrial Property Valuation: Conducting valuations for large industrial properties including warehouses and manufacturing plants.
- Institutional Property Appraisal: Providing expertise in assessing the value of institutional properties like hospitals, schools, and government buildings.
Frequently Asked Questions (FAQs):
Q1: How does a GAA designation differ from an SRA or MAI designation?
- A1: The GAA designation focuses on non-residential appraisals and is awarded through the NAR, while SRA (Senior Residential Appraiser) and MAI (Member, Appraisal Institute) designations are geared towards residential and advanced commercial/investment properties, respectively, and are awarded by the Appraisal Institute.
Q2: What are the benefits of hiring a GAA-designated appraiser?
- A2: Professional validation of high standards, extensive experience, and specialized knowledge in non-residential property appraisals, offering more accurate and credible valuation services.
Q3: Can a residential real estate appraiser earn a GAA designation?
- A3: No, the GAA designation is specifically for appraisers focused on non-residential properties. However, appraisers can pursue other related designations suitable to their field such as SRA for residential properties.
Related Terms:
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Certified General Appraiser: A state credential that allows the holder to appraise all types of real property (residential, commercial, etc.) with no regard to complexity or value.
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Uniform Standards of Professional Appraisal Practice (USPAP): The quality control standards applicable for real property, personal property, intangibles, and business valuation appraisal analysis and reports in the United States.
Online Resources:
- National Association of Realtors (NAR) Website: www.nar.realtor
- Appraisal Institute - Designations and Courses: www.appraisalinstitute.org
- Uniform Standards of Professional Appraisal Practice (USPAP): www.appraisalfoundation.org
References:
- National Association of Realtors. “General Accredited Appraiser.” NAR.
- The Appraisal Foundation. “Uniform Standards of Professional Appraisal Practice.”
- Appraisal Institute. “Designations Overview.”
Suggested Books for Further Studies:
- The Appraisal of Real Estate by Appraisal Institute – Comprehensive guide to professional real estate appraisal practices.
- Fundamentals of Real Estate Appraisal by William L. Ventolo Jr. and Martha R. Williams – Essential reading for understanding the principles and processes of appraising real estate.
- Appraising Commercial Properties by Richard C. Sorenson – Focused resource for detailed methods in valuing commercial properties.
Real Estate Basics: General Accredited Appraiser (GAA) Fundamentals Quiz
### Who awards the General Accredited Appraiser (GAA) designation?
- [x] National Association of Realtors (NAR)
- [ ] Appraisal Institute
- [ ] International Association of Assessing Officers
- [ ] Real Estate Appraisers Board
> **Explanation:** The General Accredited Appraiser (GAA) designation is awarded by the National Association of Realtors (NAR).
### What type of properties does a GAA specialize in appraising?
- [ ] Residential
- [x] Non-residential
- [ ] Agricultural
- [ ] Personal Property
> **Explanation:** The GAA designation signifies expertise in the appraisal of non-residential properties, such as commercial, industrial, and institutional properties.
### Is active membership of NAR a requirement for obtaining the GAA designation?
- [x] Yes
- [ ] No
> **Explanation:** Active membership in the National Association of Realtors (NAR) is a requirement for obtaining the GAA designation.
### How many years of experience is typically required to be eligible for the GAA designation?
- [ ] 1 year
- [ ] 2 years
- [x] 3 years
- [ ] 5 years
> **Explanation:** A minimum of 3 years of experience in the real estate appraisal field is typically required to become eligible for the GAA designation.
### Does the GAA designation allow appraising residential real estate as well?
- [ ] Yes
- [x] No
> **Explanation:** The GAA designation is specifically for appraisers focused on non-residential properties.
### What standard must GAA-designated appraisers adhere to?
- [ ] International Financial Reporting Standards (IFRS)
- [x] Uniform Standards of Professional Appraisal Practice (USPAP)
- [ ] Generally Accepted Accounting Principles (GAAP)
- [ ] LEED Standards
> **Explanation:** GAA-designated appraisers must adhere to the Uniform Standards of Professional Appraisal Practice (USPAP).
### Which organization provides the Uniform Standards of Professional Appraisal Practice?
- [ ] National Association of Realtors
- [x] The Appraisal Foundation
- [ ] Real Estate Appraisers Board
- [ ] Federal Housing Administration
> **Explanation:** The Uniform Standards of Professional Appraisal Practice (USPAP) are provided by The Appraisal Foundation.
### What does holding a state certification as a general appraiser indicate?
- [ ] The appraiser has only residential appraisal knowledge.
- [ ] The appraiser can only appraise agricultural property.
- [ ] The appraiser is only nationally recognized.
- [x] The appraiser has competency to appraise all property types without regard to complexity or value.
> **Explanation:** Holding a state certification as a general appraiser indicates that the appraiser is competent to appraise all property types without regard to complexity or value.
### Which of the following is NOT required for the GAA designation?
- [ ] Advanced education in non-residential appraisal
- [x] A degree in urban planning
- [ ] State certification as a general appraiser
- [ ] Active NAR membership
> **Explanation:** A degree in urban planning is not required for the GAA designation, although it could be beneficial. Requirements include advanced education in non-residential appraisal, state certification as a general appraiser, and active NAR membership.
### What is the primary advantage of hiring a GAA-designated appraiser?
- [ ] Lower service fees
- [ ] Faster service times
- [ ] Broader geographic service area
- [x] Professional validation and high standards in non-residential appraisals
> **Explanation:** The primary advantage of hiring a GAA-designated appraiser is the professional validation and assurance of high standards in non-residential appraisals.
