Definition
The General Accredited Appraiser (GAA) designation is awarded by the National Association of REALTORS® (NAR) to experienced and certified appraisers who have demonstrated a high level of expertise and professionalism in the field of real estate appraisal. This designation is specifically for state-certified general appraisers who meet additional educational, experiential, and ethical standards set by NAR.
Examples
- Commercial Real Estate Appraisal: An appraiser who primarily focuses on commercial real estate and has extensive experience valuing office buildings, shopping centers, and industrial properties might pursue a GAA designation to substantiate their expertise.
- Valuation for Legal Proceedings: An appraiser with a GAA designation might be called upon to provide expert testimony in court regarding property values.
- Consulting and Advisory Services: A GAA-designated appraiser might offer consulting services to real estate investors, advising on the valuation of potential acquisition targets.
Frequently Asked Questions
What qualifications are required to achieve the GAA designation? To achieve the GAA designation, an appraiser must be a state-certified general appraiser, a member of the National Association of REALTORS®, and meet specific educational and experience criteria established by NAR.
How does the GAA designation benefit an appraiser’s career? The GAA designation can enhance an appraiser’s credibility, create more career opportunities, and potentially command higher fees due to the recognized expertise and professionalism associated with the designation.
Is continuing education required to maintain the GAA designation? Yes, maintaining the GAA designation requires compliance with continuing education requirements set by NAR to ensure that appraisers stay current with industry practices and standards.
How long does it generally take to receive the GAA designation? The timeframe varies depending on the individual’s prior education, experience, and commitment to completing the necessary qualifications. On average, it can take several years of dedicated effort and practice in the field.
Can an appraiser with a GAA designation work in multiple states? While the GAA designation adds a level of credibility, an appraiser must still meet the certification and licensing requirements of each state in which they wish to practice.
Related Terms
- Certified General Appraiser: A professional who is licensed to appraise any type of real property and holds the highest level of certification available for real estate appraisers.
- Appraisal: The process of estimating the monetary value of real property, conducted by a licensed and qualified appraiser.
- Commercial Appraisal: An appraisal focusing specifically on commercial properties such as office buildings, retail centers, and industrial facilities.
- Real Property Valuation: The practice of determining the value of real estate, typically for the purposes of sale, purchase, or legal proceedings.
- Accredited Member (AM): A designation offered by the American Society of Appraisers for real property appraisers who demonstrate a high level of competence.
Online Resources
Suggested Books for Further Studies
- The Appraisal of Real Estate by the Appraisal Institute
- Real Estate Valuation Theory by Ken Allen
- Foundations of Real Estate Appraisal by William L. Ventolo Jr. and Martha R. Williams
- Real Estate Principles: A Value Approach by David Ling and Wayne Archer
References
- National Association of REALTORS®. “General Accredited Appraiser.” Accessed October 2023. https://www.nar.realtor/designations/general-accredited-appraiser-gaa
- Appraisal Institute. “Guide Note 9: General Appraiser Certification Requirements.” Accessed October 2023. https://www.appraisalinstitute.org/education/general-appraiser-certification/
